Credit, Collections & Insolvency News
Underwriting a new Invoice finance deal is said to be the point of greatest risk for the lender. Saying “no” is easy but will not grow your business, and there will still be uncertainties no matter what analysis you have done. 1. Fine tune your decision chain – can a deal be done? Move from…
Read more
Yet again, the UK Government is looking into the issue of late payments. In this year’s Spring Statement, Philip Hammond, the Chancellor of the Exchequer, expressed his desire to investigate further how late payments can be eliminated. He announced a “Call for Evidence” into the issue. Influential trade bodies and small businesses welcomed the initiative…
Read more
Does your business charge late payment interest on overdue invoices? It’s one of many useful tools that businesses have in their fight against late payment, yet many fail to utilise it. According to research from the Federation of Small Businesses (FSB), 84% of small businesses have been paid late for a product or service. Not only…
Read more
Since the Apprenticeship Levy was introduced almost a year ago, employers are still confused about what it means for them. According to the CIPD, the professional body for HR and people development, 22% are still unaware whether they have to pay the levy or not. And for those businesses that are aware and paying, they…
Read more
It’s no secret that digital technology continues to play an increasingly prominent role in modern society. For many, smart devices now take the place of credit cards and travel tickets, with some even ditching their regular weekly shop, replaced by a simple online transaction and delivery service, which can be completed in minutes and at…
Read more
I am motivated by a pathological fear of waste. I cannot comprehend the logic of a sports car: what’s the point of transport that is limited to a speed limit, which then has to stop more often for fuel, which then makes the overall journey time longer. And don’t get me started on Bitcoin. Waste,…
Read more
The plight of Open Banking is dependent on consumers offering information from their current account in exchange for improved products and better deals. So, what are the chances of success? Developments in the financial services sector over the last decade should provide a reliable marker. Let’s take the changing way people apply for credit cards…
Read more
Poor cash flow has an effect on many companies, even those with highest profits. When you are always taking on more customer orders and dealing with the day-to-day business, it can be difficult to envisage that the company is actually in a serious situation due to poor cash flow. Although cash flow is by no…
Read more
There are no traffic jams along the extra mile.” – Roger Staubach Credit Controllers and Credit Managers everywhere have so many choices to make every single day. They can keep their heads down, call all the overdue accounts, pass on the queries raised by customers, raise a few credit notes, (when they are finally approved!)…
Read more
This year, many lenders will embark on a journey to gain an Internal Ratings Based (IRB) status. Following the Basel Committee on Banking Supervision’s (BCBS) recent announcement on significant reforms to Basel III, including an aggregate output capital floor of 72.5%, lenders are faced with squeezed interest margins and increased competition from the rise of challenger…
Read more
Following on from last year’s saga in the cases of OneSavings Bank v Burns and Shear v Clipper Holdings [1], Sheriff Hamilton at Greenock in Promontoria (Henrico) Limited v The Firm of Portico Holdings (Scotland) and Linda Arthur [2] has confirmed a degree of flexibility for lenders in executing the prescribed statutory form, when assigning…
Read more
Technology and software are an essential part of business today. This is especially true in the accounts and credit management worlds where organising and sharing data, tracking orders, scheduling tasks and managing workloads are key to long-term success and growth. The type of software used to manage these processes, and store the data they generate,…
Read more
The impact of late payment on suppliers has always been well documented. But, what’s rarely talked about is the impact that not paying on time has on the business which chooses to skip a payment deadline. With rising business costs, late payment and economic uncertainty high on businesses’ minds it can be tempting to delay…
Read more