Fraudulent Emergency Services Advertising Company Wound Up

A company called "The Emergency Services (Media Dept) Limited" that falsely claimed to be linked to the emergency services in an attempt to convince small businesses in to placing adverts in its publications has been wound up in the High Court following an investigation by the Insolvency Service.

Telesales operators from the company would cold call small businesses across the country and claim to be "connected" to the Police or other emergency services and then try to sell advertising space in a magazine, with the funds raised allegedly going to support these services. In reality these funds were largely destined for the owners and no one else.

Unpaid Invoice Spammers Insidious New Tactic

We have previously covered how unpaid invoice spammers target credit control failures using an archaic .arj file to spread malicious software, but a new and considerably more dangerous threat has just started to land in inboxes throughout the UK and across the globe.

This latests threat is more insidious as it uses a well known file format to deliver a malicious payload specifically designed to steal sensitive financial data from users.

Zombie businesses 'try to run before they can walk'

 

The zombie apocalypse could be coming sooner than you think, with R3, the Association of Business Recovery Professionals, warning that an even greater number of companies are now showing the hallmarks of being 'zombies'.

It's a term that rose to prominence at the height of the recession, and was used to refer to those firms capable of covering their outgoings, but only just - and which would therefore very quickly fall into insolvency if their interest rates rose, or their cash flow was interrupted.

'Overdue invoice' spammers target credit control failures

Credit control failures are a worry at the best of times, and none of us want to be left with overdue invoices to chase - or with unpaid invoices of our own that become subject to debt recovery action with interest and penalties added on top.

But a lax approach to credit control has taken a new turn in recent days, as a large number of spam emails have started circulating which claim to be chasing overdue invoices.

Business overdrafts - the hidden credit crunch

Business overdrafts have been called the 'hidden credit crunch' following the news that while traditional bank business loans have fallen 9% in the past two years, the banks have called in 23% of overdrafts in the same period.

The figures come from a report by finance providers LDF, who say traditional bank business loans fell from £187 billion to £170 billion in the two years to March 2014, while overdrafts fell from £18.2 billion to £14.1 billion.

Google privacy ruling: Should bad debtors have the 'right to be forgotten'?

EU legislators have been working for two years on a 'right to be forgotten' - specifically, the right to request that information about your past should be removed from the Internet, or made inaccessible when people search for your name on a search engine.

But this week, the Court of Justice of the European Union seemed to find a 'right to be forgotten' already in European law, in a preliminary ruling relating to a case brought by a Spanish man against Google and its Spanish subsidiary.

Unpaid Invoices to blame for a fifth of SME failures

We often warn that late payment can be more than just an inconvenience for many small firms, as the interruption to cash flow can put them at risk of failing to pay their own debts, bills and invoices - potentially leading to insolvency.

Now newly published figures from R3, the Association of Business Recovery Professionals, show the extent to which this is the case, with late payment cited as a major or primary factor in the failure of one in five companies in the past year.

Cable: Big businesses have profited 'for long enough' from late payment

Late payments to SMEs must not be an acceptable way for big businesses to boost their own profits, according to business secretary Vince Cable, who is taking action to improve the transparency of corporate payment practices.

In a recent government consultation, the majority of respondents voted in favour of disclosure as a means of tackling late payments - and the government is now planning to require publication of payment practices by large companies.

The Prompt Payment Code will also be strengthened, with signatories held more accountable for their actions - although it is worth remembering that this is currently still a voluntary initiative.

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