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A European Commission Directive that gives businesses the right to claim interest on late payments will come into effect on 8 August 2002, three months earlier than envisaged.
The legislation was originally due to be implemented in the UK on 1 November 2002 but has been brought forward in line with an EC Directive.
It is the third and final phase of a late payments law – The Late Payments of Commercial Debts (Interest) Act 1998 – which currently allows small businesses to claim interest on overdue bills from similar-sized and larger businesses.
15/03/2002
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Tyco International Ltd. today announced that its financial services subsidiary, CIT Group Inc., filed a registration statement on Form 10 with the Securities and Exchange Commission (SEC) relating to the pro rata distribution of the shares of CIT to Tyco shareholders. Tyco expects the distribution to be completed during the second calendar quarter of 2002. CIT intends to file an application to list its common stock on the New York Stock Exchange under the symbol "CIT."
13/03/2002
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New research on projected borrowing patterns highlights need for better relationships between banks and SMEs
The British Bankers' Association today launches the first ever 'Banking Code' aimed specifically at supporting small business in their relationships with banks. The code builds on the huge success of the Banking Code for personal customers, which was first published in 1991, and reflects a growing desire by banks to ensure small businesses are given the standard of service and support they need to help their business to flourish.
13/03/2002
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The accounts of Singer and Friedlander Factors Ltd for the year ended 31 December 2001 have today been released, showing a dramatic increase in losses before tax. The company, which was absorbed by Close Invoice Finance in December 2001, recorded its second consecutive loss. The loss before tax in 2000 was Ј1.33m, however it had more than doubled in 2001 to Ј2.96m.
12/03/2002
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HSBC Invoice Finance (UK) ltd, the factoring and invoice discounting arm of HSBC, has today released its annual accounts for the financial year ended 31 December 2001.
The accounts showed that profit had risen by 10.34% on the previous year from Ј42.533m to Ј46.933m. Turnover also climbed from Ј118.037m to Ј120.882m, which represents an increase of 2.41%. These increases give the company its highest recorded profit margin within the last five years, an impressive 38.83%.
11/03/2002
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While business start-ups totalled 342,000 in 2001, down 15% on the previous year, the small business picture is not as bad as it might seem, according to research published by Barclays.
11/03/2002
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Asta Funding, Inc, a leading factor and consumer receivables asset management and liquidation company, today announced that it has formed a strategic alliance with a major consumer receivables management company. This new alliance will enable our newly formed subsidiary Palisades Acquisition, LLC to purchase distressed consumer receivables from companies that have relationships with the consumer receivables management company.
11/03/2002
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The British Bankers’ Association will launch a code of conduct today covering small businesses, pitching for improved self-regulation ahead of the government’s long-awaited report on competition in the sector.
The voluntary code will parallel the existing framework for personal customers , and set benchmarks making it easier for companies to assess charges and switch accounts between banks to get the best deal, including the transfer of their credit histories.
07/03/2002
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NMB- Heller Ltd have today released their annual accounts for the year ended 31 December 2001. Pre-taxation profits have risen by 11.05% from Ј6.306m to Ј7.003m. This represents a second year of growing profit for the company as pre-taxation profits rose by 14.6% year on year in the previous period after a fall of 8.3% in 1999.
Turnover, however, has fallen by 6.68% from Ј37.433m to Ј34.932m, but the profit margin (the ratio of profit to turnover) is at its highest level in over five years.
The second note to the accounts provides the following breakdown of turnover:
07/03/2002
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As part of its ongoing strategy to further strengthen its financial position and diversify its funding sources, CIT Group Inc. announced today that it has completed a US$1bn securitization facility backed by home equity loans. The facility will support the planned securitization of approximately US$1.8bn of home equity loans over the next few months.
06/03/2002
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