Credit, Collections & Insolvency News
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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The Government has confirmed that it is launching new measures to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing small businesses £22,000 a year on average and leads to 50,000 business closures a year according to Intuit QuickBooks, The government will…
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The Government has unveiled new measures to support small businesses and the self-employed by tackling late payments, which is costing small businesses £22,000 a year on average and leads to 50,000 business closures a year. The new Fair Payment Code will replace the old Prompt Payment Code, which will be open to signatories this autumn.…
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One in six business to business (B2B) sellers (suppliers) are offering business customers over two months to pay their invoices, according to a new joint report from economic consultancy Cebr and iwoca. The report reveals the number of suppliers offering repayment terms over 60 days to customers has surged from just 7% of suppliers in…
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The Intellectual Property Office (IPO) has issued a fresh warning to customers to beware of misleading requests for payments, sent by unsolicited organisations. These typically take the form of invoices requesting payment for trade marks, designs, or patents services. Such ‘services’ – once paid for – may simply never be provided, or may be of little…
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Over 3.6 million (72%) small and medium-sized enterprises (SMEs) have some form of outstanding late payment from customers, leaving them £96,772 out of pocket on average, according to new research from Aldermore’s SME Growth Index. The total value of late payments has increased from the end of 2023, up 41% from £68,715 with outstanding balances…
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