Credit, Collections & Insolvency News
Mounting concerns such as late payments (54 per cent), cyber-attacks (27 per cent) and tax rates (44 per cent) have left the UK’s entrepreneurs fearing for the future. Other challenges include the cost of staff recruitment (19 per cent), maintaining or increasing levels of productivity (31 per cent) and uncertainty over Brexit (44 per cent).…
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Nearly half of small business owners and managing directors (47 per cent) had to stop their own pay due to the impact of unfair payment practices by their buyers, according to new survey findings from engineering services trade bodies ECA and BESA. Overall, three-quarters of business owners said they had made sacrifices, including reducing their…
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The Specialist Engineering Contractors’ (SEC) Group (representing the largest sector in UK construction by value) has said that amidst a deteriorating picture of payment abuse and insolvencies in the construction industry, that it will be writing to all the parties on 13th December seeking their support for new payment legislation. SEC Group’s CEO Rudi Klein…
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Samantha Barrass has been named as the first Chief Executive Officer of the Business Banking Resolution Service (BBRS). The BBRS has been set up to resolve disputes between small and medium-sized businesses and their banks to deliver independent transparent, fair and reasonable outcomes The BBRS is backed by Britain’s six biggest high street lenders. Sarrass…
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A new survey shows that small businesses are spending on average more than one working week chasing late payments. SMEs spend a total of 56.4 million hours looking for overdue payments, most of which are done after hours. According to a report commissioned by Intuit QuickBooks, 56.4 million hours a year were used to look…
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Construction company Laing O’Rourke has been reinstated to the Prompt Payment Code (PPC). The company has been reinstated to the Government’s code seven months after being removed for failing to pay suppliers on time. The Prompt Payment Code is a voluntary code which is administered by the Chartered Institute of Credit Management (CICM)on behalf of…
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Credit Connect has announced its inaugural Credit & Collections Technology company power list for 2019. The power list is the first edition of what will be an annual round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements…
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The UK’s SME late payment debt has risen to a staggering £23.4 billion, up £10.4 billion on the £13 billion owed in 2018 – according to figures released by Pay.UK, which runs the Bacs Direct Credit and Direct Debit payment services. On top of that, the research shows that UK SMEs are now facing a…
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Research from Xero and PayPal, has revealed that 37% of small businesses owners have considered closing their company because of cash flow issues caused by late payments. The findings highlight the scale of the late payments challenge facing British small businesses, who are owed an average of £23,360 in overdue invoices on any one day…
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High street chains have closed almost 6,000 stores so far this year, according to the Centre for Retail Research, which also revealed that retailers with 10 or more stores have already closed 5,834 shops in 2019 – up 77% on the whole of last year. Some 708 shops have been closed by large retailers falling…
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The number of manufacturing businesses entering insolvency has hit a five-year high rising 7% to 1,466 in the last year (to 30 September 2019) up from 1,373 the previous year, says chartered accountants and business advisors, Moore. Moore says that the rise in manufacturing businesses going insolvent is being driven in part by Brexit-related uncertainty…
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Responding to the speech delivered by Labour leader Jeremy Corbyn this morning, Federation of Small Businesses (FSB) National Chairman Mike Cherry, said “It’s very positive to see the Labour party putting late payments and business rates at the top of its business agenda.” “Our late payment crisis remains the biggest scourge afflicting the UK’s small…
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Responding to the Conservative Party election pledge to cut the jobs tax and business rates, Federation of Small Businesses (FSB) National Chairman Mike Cherry, said “Cutting the jobs tax is a strong, pro-small business move, as it will help half a million small firms raise wages and keep more people in work. FSB has consistently…
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