Credit, Collections & Insolvency News
New analysis from MarketFinance has found that SMEs are being stretched by longer payment terms. The analysis found that businesses typically agree 45-day payment terms from completion of work or delivery of goods. Despite this, almost two-fifths (39%) of invoices issued in 2019 (worth over £34b2) were paid late, an improvement on 2018 when 43%…
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The Commercial Credit & Collections conference has confirmed its speaker agenda for the next event which takes place in January. CVR Global and Aon’s Commercial Credit & Collections conference agenda now includes speakers from Onguard and Cifas whilst three Credit Managers will debate the impact of technology on credit management. The event will open with…
Read moreMounting 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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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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The number of insolvencies of pub and bar companies has increased by 13% to 530 in the last year (year-end September 30, 2019) up from 470 the previous year according to new UHY Hacker Young research. The research shows that this is the third successive year in which pub company insolvencies have increased. This is…
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Nine out of 10 business owners across construction suffer a range of mental health issues due to payment and other business pressures, according to a survey run by leading engineering services trade bodies BESA and ECA. The new survey, conducted in association with 25 other construction trade bodies, found that business owners have an array…
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Declining turnover is often identified as the initial sign of corporate distress, but a new study from Euler Hermes shows it is not as reliable as it seems. Euler Hermes’ study highlights three other indicators that can provide warning signs up to four years before an acute insolvency risk for European small and medium enterprises (SMEs)…
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