Begbies Traynor Group
Begbies Traynor Group
Date:
03/03/2021
Author:Begbies Traynor Group 03/03/2021
Chancellor discontinues flagship Bounce Back Loan Scheme amid flurry of new fiscal measures
Chancellor Rishi Sunak announced the dissolution of the UK government’s highly popular Bounce Back Loan Scheme (BBLS) in his Budget this lunchtime, which included £65 billion in new fiscal measures to support the UK’s economic recovery from the pandemic.
Begbies Traynor Group
Date:
25/02/2021
Author:Begbies Traynor Group 25/02/2021
Defeating zombification of the UK economy is an urgent challenge
The origin causes of ‘zombie’ firms will maintain pressure on banks, and the government, to exercise a greater fiduciary duty in managing distressed SMEs and corporates. This will skew banks’ preferred strategy towards corporate turnarounds, rather than insolvencies, in the management of defaulted loans.
Begbies Traynor Group
Date:
22/02/2021
Author:Begbies Traynor Group 22/02/2021
Pandemic policy responses by the UK government and the Bank of England (BoE) and the reaction from corporates have created the right conditions to breed a new generation of ‘zombie’ companies that could drag on the UK economy if left unchecked.
Begbies Traynor Group
Date:
19/02/2021
Author:Begbies Traynor Group 19/02/2021
VAT Reverse Charge: Assessing the impact on cash flow
Having already been delayed twice, the VAT reverse charge will finally come into force for those within the building and construction sector on 1 March 2021. This will see the way in which some companies operating within the industry change the way they handle, invoice and pay VAT.
Begbies Traynor Group
Date:
05/02/2021
Author:Begbies Traynor Group 05/02/2021
A different kind of NPL wave is on the way
The UK Government and Bank of England’s (BoE) extraordinary monetary and fiscal support averted a full-blown UK corporate insolvency crisis last year. But a new wave of non-performing loans (NPLs) is merely delayed.
Begbies Traynor Group
Date:
02/02/2021
Author:Begbies Traynor Group 02/02/2021
Begbies Traynor and Rodgers Reidy Collaborate over Tucan Travel Administration
Specialist tour operator and travel agency Tucan Limited has ceased trading with the immediate loss of nine jobs. The company filed a notice of intention to appoint Gareth Prince, Mark Malone and Joanne Hammond of insolvency specialists, Begbies Traynor as administrators on 2 February 2021 after falling into unprecedented financial difficulties as a result of the Covid-19 pandemic. It is anticipated that the company will formally enter into administration on or before 16 February 2021.
Begbies Traynor Group
Date:
21/01/2021
Author:Begbies Traynor Group 21/01/2021
630,000 UK businesses now in significant financial distress as new lockdown comes into effect
The latest Red Flag Alert research for Q4 2020 has recorded 630,000 businesses in ‘significant distress1’ after the largest numerical quarterly leap (73,000) in financially distressed companies since Q2 2017. This 13% increase (from 557,000 in Q3 2020) comes as the UK is plunged into another nationwide lockdown.
Begbies Traynor Group
Date:
18/01/2021
Author:Begbies Traynor Group 18/01/2021
Brexit deal offers businesses new freedoms and red tape
An hour before New Year’s Day, at 11pm on 31 December 2020, the UK completed its formal departure from the European Union (EU). It was an unceremonious conclusion to the four-and-a-half-year saga since the referendum. Nevertheless, a new era has now begun – with new freedoms and new bureaucracies. On Christmas Eve, the EU-UK Trade and Cooperation Agreement (TCA) was agreed. Together with 2019’s Withdrawal Agreement, these two treaties now govern the UK’s future trading relationship with its largest, and nearest, neighbour – worth around £670bn in 2019.
Begbies Traynor Group
Date:
18/01/2021
Author:Begbies Traynor Group 18/01/2021
BTG Global Advisory Announces Offshore Expansion
BTG Global Advisory (BTG GA) member, Begbies Traynor Group plc, today announces that it has completed the acquisition of CVR Global LLP (“CVR”). CVR is a leading independent firm of insolvency pra
Begbies Traynor Group
Date:
12/01/2021
Author:Begbies Traynor Group 12/01/2021
Covid debt mountain looms when pandemic finally brought to heel
The latest UK national lockdown represents a new kind of challenge for the Government: to articulate to Covid-weary households and businesses that things will soon get better, but first they will worsen. An ambitious national vaccination campaign is underway, raising hopes that the end of the pandemic is in sight. However, at the same time we are in the grip of the virus with rates of infection soaring, exacerbated by a virulent new strain. The latest lockdown aims to protect the NHS and save lives, but it will also increase business failures. Indeed, once Covid-19 is finally brought to heel, the next challenge will be the Covid corporate debt mountain, amassed by companies forced to accept additional leverage through government loan schemes to bolster their survival prospects.
Begbies Traynor Group
Date:
22/12/2020
Author:Begbies Traynor Group 22/12/2020
Retail and hospitality braces for a bleak winter as covid-19 takes its toll
In the run-up to Christmas, new data from leading insolvency firm, Begbies Traynor, has revealed the full impact of the Covid-19 crisis and tough trading conditions, which shows that nearly 40,000 (39,232) retailers – including both online and bricks and mortar stores – are now in significant financial distress.
Begbies Traynor Group
Date:
14/12/2020
Author:Begbies Traynor Group 14/12/2020
UK Expands Support to Export Finance
Access to export loans has been widened in an effort to boost export activities as the post-Brexit transition period nears its end.
Begbies Traynor Group
Date:
01/12/2020
Author:Begbies Traynor Group 01/12/2020
Could the government pivot to a regional-focused SME lending programme post-CBILS?
After Prime Minister Boris Johnson reluctantly announced a second national lockdown in England on Halloween to suppress the second wave surge in coronavirus cases, Chancellor Rishi Sunak responded by extending the government’s flagship loan schemes. It was perhaps inevitable, but the current extension may be the last.
Begbies Traynor Group
Date:
19/11/2020
Author:Begbies Traynor Group 19/11/2020
Pandemic to accelerate SME’s embrace of alternative lenders
The maturity of the UK’s private debt market over the last decade represents a significant silver lining for growth-focused SMEs navigating the intensifying second wave of the pandemic. Back in 2008, UK high street banks controlled over 90% of the SME market for refinancing and new lending, but they were also at the epicentre of the crisis, which limited liquidity.
Begbies Traynor Group
Date:
15/11/2020
Author:Begbies Traynor Group 15/11/2020
Banks’ near-term compromised bandwidth may prompt SMEs to embrace alternative lenders
Britain’s recent descent into a coronavirus ‘second wave’ with the UK government succumbing to scientific and political pressure to enforce another national lockdown in England, will blunt the momentum of any short-term economic recovery. Early predictions of the cost in lost GDP in the fourth quarter is forecast to be shallower than the 25% plunge in the second quarter. 2000+ Strong team
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