The UK currently has the highest proportion of invoices that are paid late, with 9% written off as bad debt. Alan Laing, United Kingdom & Ireland Managing Director at Sage, said, “In 2017, it is totally unacceptable for 18% of all payments paid to Small and Medium businesses to be paid late. Entrepreneurs rely on low [...]
We can assist you collecting late payments from your clients, the penalties which the debtors may incur should deter them from doing so again. Don't leave late payment too late before reacting. Cash flow problems as a result of not acting quickly can seriously damage your business. Keeping a tight rein on invoice collections from the beginning is [...]
The following is an excerpt from a recent report published by Lloyds. Whilst there are an array of invoice financing options open to businesses, they are at a cost and as our clients find, not all invoices are financed - that's when they look for risk free no upfront payment solutions such as debt recovery, to assist [...]
Businesses and individuals are being priced out of court, warns the Bar Council, as figures from the Registry Trust show a 19 per cent drop in county court judgments against businesses in the first half of 2016. Chairman of the Bar, Chantal-Aimée Doerries QC, said: "The courts risk becoming out of bounds for many as the [...]
At least one fifth of UK corporate insolvencies in the past year were caused by late payment or the insolvency of another company, according to new research by insolvency and restructuring trade body R3. A survey of the insolvency profession reveals that late payment for goods or services was a primary or major cause of 23% [...]
Enterprise Act becomes law, but when will it really help small firms resolve issues such as late payment?
The Enterprise Act includes measures to: - establish a Small Business Commissioner to help small firms resolve issues such as late payment - include the actions of regulators in the government’s £10 billion deregulation target and increase transparency through annual reporting requirements - extend the successful Primary Authority scheme to make it easier for businesses to [...]
SMEs will be disadvantaged in chasing late payments from big business customers the Bar Council has warned. Wealthy individuals and big business will have the upper hand in court proceedings if further increases in court fees get the go ahead under plans announced by the Ministry of Justice, the Bar Council has warned. The Bar Council, which [...]