Credit, Collections & Insolvency News
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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New research by Upflow has found that over half of outstanding invoices (57%) are late, with a third of invoices (33%) taking longer than 90 days to be paid. Upflow says that throughout several industries, there is a worrying trend that if invoices are not paid on-time or within the first 30 days of becoming…
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Data from Cornwall Insight’s newly launched Business Energy Cost Forecast has revealed that a typical small business such as a pub, restaurant or independent retailer is paying over £5,000 more a year in energy bills than prior to the energy crisis, with bills predicted to rise further from the April 2025 – March 2026 contract…
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New analysis by FreeAgent has found that late payments in the UK have increased by 49.3%, with the average late payment rate now higher than it was during the same period the previous year (43% in 2022-2023). Late payments are also higher than it was during the 2020 calendar year (46%), which suggests that the…
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The number of overdue invoices in Scotland has reached its highest level this year, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that businesses in Scotland had 538,172 unpaid invoices on their books last month – the highest monthly total in 2024…
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Late payments to UK small businesses surged over the last three months, with payments delayed by more than a week on average, according to the latest research by Xero. Payments to small businesses were made 7.3 days late, on average, between April and June. This is an increase of 1.8 days compared to the January…
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New analysis by Forvis Mazars has found that the HMRC has collected an extra £14.4 million in tax from insolvencies since it regained its ‘preferential creditor’ status in insolvencies. HMRC was given ‘Crown Preference’ priority in insolvencies in December 2020. That preferred status allows it to reclaim tax owed from an insolvent business ahead of any…
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New research by Novuna Business Cash Flow has found that 33% (a third) of small and medium-sized enterprises (SMEs) in the UK urgently require financial support within the next year to continue their operations. This survey highlights the heavy reliance on personal sources of finance, with 19% of SMEs resorting to using their own savings,…
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Nearly one in 12 SMEs, around 440,000 firms, say they have missed tax payment deadlines in the past year with a third of them admitting to missing five or more, new research from Premium Credit. The study with SME owners and managers found 8% of the UK’s 5.55 million SMEs have missed tax payment deadlines for…
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Credit Connect Media hosted the return of its Commercial Credit & Collections Conference last week at the Met Hotel in Leeds which saw trade credit, insolvency, and economic change and discussed by fourteen leading credit, collections and insolvency professionals. In the sixth edition of the Commercial Credit & Collections Conference series, hosted by Credit Connect…
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New analysis by Atradius has reviewed the political parties’ key business-related pledges with the Conservatives, Labour and Liberal Democrats having all made promises to tackle the late payments crisis harming businesses. Labour says it would stamp out the late payment of invoices via new legislation to force large businesses to reveal their payment practices. The…
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