Last month’s Office of National Statistics (ONS) release shows that the UK’s productivity malaise continues unabated and shows no sign of coming to an end. This sustained stagnation follows from the Financial Crisis and contrasts with patterns following previous UK economic downturns, when productivity initially fell, but subsequently recovered to the previous rate of growth…

With the UK’s smaller businesses currently owed £14.2 billion in late payments, we are regularly being assured the government takes the matter seriously and continues to look for ways to tackle the ongoing issue. In recent years, a number of new initiatives have been introduced by the government with this in mind. This includes the…

The Pre-Action Protocol for debt claims was brought in with the best of intentions, with the objective being to protect the vulnerable and encourage parties to act in a reasonable and proportionate manner, while looking to foster early communication and thereby avoiding unnecessary court action. The reasoning behind this is entirely commendable and it’s a…

Artificial Intelligence, two words that can mean a dozen different things to a dozen different people, words that can either be an opportunity, a threat, or both. At its most basic, AI is helping credit and collections businesses to use algorithms to solve issues that they would have ordinarily have dealt with manually. It enables…

The media is awash with articles discussing the virtues and pitfalls of AI, VR, AR or Blockchain. But even though you may be bewildered, it is impossible to ignore how these technologies are impacting not only our personal lives from a very basic level today but more importantly into our future.  Which let’s face it…

Despite the name’s popularity, it seems that nothing about Blockchain technology has yet been truly defined. Many of us have heard of it and do have a small basic understanding of its purpose but there is still a substantial amount of unanswered questions. For those individuals who work within the finance sector, there seems to…

Data management can be divided up into five themes: Data Capture: Identification and collection of data. Data Organisation – Retention and organisation of data for flexible, efficient use and maintenance. Data Exploitation – Conversion of data into useful business information. Data Knowledge – Acquisition, retention and presentation of information about data that are required in support of ‘Data Capture’,…

It’s over a year since regulations requiring large companies and limited liability partnerships (LLPs) to report on their payment practices came into force. However, 30 July 2018 marks the first reporting deadline for many of these large companies – those with December year ends. So now is a good time to highlight what this reporting…

Late payments blight cause major issues at small businesses across the UK, disrupting growth plans and potentially putting companies at risk. The numbers don’t lie – Dun & Bradstreet research shows UK SMEs are owed more than £63,800 in late payments on average, with 11 per cent owed more than £100,000. Even worse, FSB research…

A CVA is a process used by a company to compromise liabilities with its creditors. The company proposes the CVA to its creditors and if the required majority vote in favour, the CVA is implemented by the directors under the supervision of an insolvency practitioner. As long as the required majority vote in favour, the…

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