Credit, Collections & Insolvency News
Research by Nucleus Commercial Finance has found that most SMEs find the current cost-of-living crisis more of a burden than the pandemic lockdowns. The research found that around two-thirds of those surveyed said the current cost-of-living crisis is proving more of a burden on their business than the pandemic lockdowns, with nearly 70 per cent…
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The UK economy proved to be more resilient than expected at the end of 2022 but the squeeze on household real incomes and the impact of past interest rate increases will likely derail short-term momentum, with UK growth expected to be negative this year at -0.3% and only 0.6% in 2024 according to the latest…
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New data from Time Finance has revealed the worsening challenge of late payment debt as it finds SMEs are owed on average quarter of a million pounds in outstanding invoices. In a recent survey, the alternative finance provider to UK SMEs, uncovered that one in three businesses are forced to wait between 60 and 120…
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The digital revolution is in full swing! Perhaps we are so engaged and invested on a daily basis that we fail to recognize how powerful the present developments are and how they transform firms and their connections with their business partners. Credit management is involved in all aspects of a commercial relationship, from the initial…
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Scottish firms had over 1.2 million overdue invoices on their books this winter, new research from insolvency and restructuring trade body R3 has revealed. R3’s analysis of data provided by Creditsafe shows 1,231,703 invoices were overdue in Scotland over the winter months – with 416,856 in December 2022, 400,272 in January 2023 and 414,575 in…
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Trade credit insurer, Atradius, has reported a 79% increase in claims for late and failed payments in the food sector amid national supply shortages of products like eggs and some vegetables. The analysis shows that the agriculture sector also saw claims more than double (119% increase) last year. Atradiius says that the rise in claims…
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A new report by the Federation of Small Businesses (FSB) has found that 52% of small businesses experience late payment delays. The FSB says the report lays out the failure of current measures in place to hold late payers to accounts and demands small businesses are given better protection. The survey found that 25% of…
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Latest market analysis by Octane Capita has revealed that the monthly average level of outstanding lending within the construction industry fell by 4% in 2022, the first annual decline seen since 2019, with residential construction the only sub-sector to see growth at 9.2%. The analysis of Bank of England lending data shows that £35.8 billion…
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New research from Direct Line business insurance has indicated that tradespeople are currently owed on average £6,984 which is past the due date for payment. Late payments are a longstanding issue and many tradespeople have had to write off significant sums. On average, the largest single invoice they have given up chasing on payment comes…
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Analysis by Lloyds shows that optimism among businesses in London dipped in February, with uncertainty over whether the economy will fall into recession having an impact on confidence. Optimism among the capital’s companies has dipped 19 points to 18%, according to the bank’s business barometer, with this coming in slightly lower than the 21% national…
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Almost two-thirds (65%) of UK retail business owners report that the rising cost of living has made running their business harder, with nine out of ten (87%) of those businesses saying it has been the “toughest winter in memory” for their business according to a new poll by Santander. The data revealed the biggest challenges…
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Data from small business accounting platform Xero has indicated that late payment days are worsening. The research found that the average time it takes to get paid rose by 0.6, to 30.5 days in January, the longest payment time recorded since September 2020. In January, payments to UK small businesses were also late by an…
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Research jointly conducted by Federal Management and Frontline Collections has found that 79% of small business owners say that their mental health suffered as a result of business late payments. The majority of smallest businesses (less than 5 employees) said they are constantly worrying about not being paid at all. A further 41% said that late payment…
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