Credit, collections & insolvency news
New research from R3 shows that in November, the number of overdue invoices in Northern Ireland fell to a 2024 low. The restructuring body’s analysis of data provided by Creditsafe shows that businesses in Northern Ireland had 62,544 unpaid invoices on their books last month – the lowest monthly total in 2024. Overdue invoices in…
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The National Federation of Roofing Contractors (NFRC) is calling for ‘real consequences’ to help address the ‘endemic culture’ of late payment within the UK construction industry. The NFRC’s latest State of the Roofing Industry report has revealed that 45% of respondents experienced delays getting paid in quarter three of 2024. The proportion of those not…
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UK Debt Expert has warned that self-employed people and small business owners are facing mounting financial challenges as debt levels rise and expensive winter months approach. The recent Autumn Statement introduced changes that may add strain to small business finances, particularly with an increase in National Insurance contributions and Maxine McCreadie from UK Debt Expert has raised…
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The Government has announced the launch of a new Fair Payment Code aimed at tackling late payments, with research showing that SMEs are on average owed £22,000 a year. It comes on top of an earlier announced consultation which will investigate the scale of the problem and best solutions. The code, overseen by the Small Business…
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The UK’s retail sector continues to display resilience amid economic pressures with notable trends in late payments and insolvencies as the year concludes. The data from trade credit insurer Atradius also highlighted a rise in payment defaults in specific retail categories but remains optimistic about the sector’s ability to adapt and thrive in 2025. The…
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Newly published research has revealed that nearly one in three firms surveyed (31%) believe they’ll need to embark on a wave of redundancies in the coming year according to research Evelyn Partners. The research also showed that 30% of business owners polled say it’s likely they’ll default on debt over the next 12 months. The research…
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The number of overdue invoices on the books of Scottish firms increased by 42.8% in October 2024 when compared to the same period in 2023, according to new research by R3, the UK’s insolvency and restructuring trade body. The analysis of data provided by Creditsafe shows Scottish businesses had 600,588 invoices that had gone past…
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The number of Welsh companies with overdue invoices on their books reached a 2024 high in September, according to new research from R3, the UK’s insolvency and restructuring trade body. Analysis of data provided by Creditsafe shows that 18,360 Welsh businesses had unpaid invoices on their books last month – the highest monthly total of…
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The value of bad debt suffered by small businesses has surged by a staggering 127 per cent in the last six months, according to a report by SME funder, Bibby Financial Services (BFS). According to the latest SME Confidence Tracker from Bibby, businesses have written-off an average of nearly £40,000 in unpaid invoices in the…
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Latest Red Flag Alert research has highlighted the challenging conditions UK businesses continue to face, with the number of companies facing ‘significant’ financial distress up 5% in Q3 2024 to 632,756 businesses (Q2 2024: 601,950). The steady increase in companies experiencing ‘significant’ financial distress was driven by noticeable increases in distress in the Utilities (+19.3%),…
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The British Business Bank’s latest Nations and Regions Tracker reveals a significant increase in external finance usage among UK small businesses, with 46% now leveraging it, a rise of 10% from the previous year. Notably, Wales leads with 53% of smaller businesses using external finance, marking a 16 percentage-point increase. Despite this growth, 61% of…
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Electricity bills for small industrial consumers, including large retail and leisure units as well as small manufacturers, are set to rise to around £200,000 more than pre-crisis levels in 2026 according to data from Cornwall Insight’s Business Energy Cost Forecast. The report revealed that small industrial businesses are predicted to be paying £550,000 annually (£238…
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New research by Direct Line has found that the average tradesperson is chasing £6,000 in late payments. The data has shown that 81 per cent of tradespeople are chasing late payments, with the average tradesperson chasing seven outstanding invoices A fifth (22 per cent) of tradespeople say pursuing late payments is taking time away from…
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