UK Government tightens up Prompt Payment Code

The UK Government has tightened up the Prompt Payment Code so that signatories must pay 95% of their invoices from small businesses within 30 days (previously 60 days). Of course this is a move in the right direction, but are small businesses really going to report their largest clients (and risk losing their business) unless they [...]

2021-08-09T11:07:08+02:00August 9th, 2021|Categories: News|Tags: |

Weaknesses in Recruitment Sector Terms of Business

The majority of UK recruiters use very similar terms of business, mostly based on those from one of the leading associations. Whilst the terms cover most eventualities, they do have some significant flaws that can weaken the recruiter’s position, in some cases allowing the client to avoid payment altogether. The good news is that these [...]

2021-08-09T10:32:34+02:00August 9th, 2021|Categories: News|

Recruitment debt collection feedback (construction sector)

‘My company is a recruitment agency specialising in the construction / technical sectors. It’s rare that clients refuse to pay us so I did not have much experience of using debt collection agencies or law firms. A construction / developer company owed us several thousand pounds for contractor fees but also c. £15k in temp [...]

Boosting cash flow for Recruiters

The current market conditions due to COVID-19 can be particularly harsh for recruiters, especially those specialising in sectors directly hit by suspension of day-to-day operations. Whilst there may be less new business to be had right now, there are still actions you can take to help cash flow. Collecting invoices already outstanding It’s likely there [...]

Global Insolvency Predictions for 2020

Euler Hermes are predicting a further rise of +6% in global insolvencies for 2020 with business failures rising for the fourth consecutive year. The combination of the low pace of economic momentum, mainly in advanced economies and in the industrial sector, and the lagging effects of trade disputes, political uncertainties and social tensions, will keep companies [...]

2020-03-27T15:17:16+01:00January 10th, 2020|Categories: Business, Insolvency, International debt, News|Tags: |

Number of UK CCJ’s against businesses up by over 20%

The number of CCJ’s against incorporated businesses rose by 22% last quarter (against the same period in 2018) whilst he average value of each claim reduced by 12% to under £3k. At this level, even if the judgement is paid, the creditor can often end up losing money due to solicitor’s fees and the investment in [...]

2020-03-27T15:17:29+01:00December 19th, 2019|Categories: credit control, Debt, late payment, News, SME|Tags: |

Sterling acquires debt recovery client base from Octempo Receivables Management Ltd.

On 18th November Sterling Outsourcing Sp zoo came to an agreement with Octempo Receivables Management Ltd to acquire certain assets including Octempo’s international debt collection client base. Sterling Debt Recovery is an international debt collection agency based in Krakow, Poland. The business has international expertise and staff, helping to overcome language and cultural barriers to payment. Sterling [...]

2020-01-22T15:44:57+01:00November 19th, 2019|Categories: News|Tags: , , , , |

A County Court Judgment doesn’t guarantee payment

Collecting a debt after legal action taken and enforcement failed In a case this month a new client came to us in a last ditched attempt to get their debt paid. They had already taken legal action themselves using Money Claim Online and had been successful in so far as they were awarded default judgment, but [...]

2019-06-06T16:01:50+02:00June 6th, 2019|Categories: Business, Debt, Finance, late payment, News|Tags: , , |

International Debt Recovery

The debtor stops responding: Although the benefits of expanding your business internationally are obvious, how does one deal with overseas debt and debtors? International debt collection may prove challenging if the debtor believes he is beyond your reach. Despite a stringent approach to credit control our client, an international payment services provider, had been unable to [...]

2019-05-08T09:37:23+02:00May 8th, 2019|Categories: International debt, News|Tags: , |

Recruitment Debt Collection Ireland

Customer refuses to pay: Recruitment debt collection is an area in which we specialise. In this update we look at the collection of a debt for one of our clients an international recruitment company whose head office is in the UK. They had correctly formed a contract with their customer and went on to successfully introduce [...]