Credit, Collections & Insolvency News
The number of invoices being paid after their due date in Northern Ireland fell more than 35% in September 2023 compared to the same period in 2022, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that overdue invoice numbers in Northern Ireland…
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Small businesses in the UK are facing a worsening late payment crisis, with payment times hitting a three-year high. According to Xero’s quarterly small business index, small firms are waiting an average of 29.4 days to be paid by their customers, with payments in September being made 7.7 days after the due date. The manufacturing…
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The Federation of Small Businesses (FSB) has labelled the upcoming Autumn Statement a watershed moment for the Government to cement its commitment to the small business community and cultivate conditions that focus on business recovery. The call comes exactly one month before the Chancellor delivers his speech to set the economic agenda for the next…
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The Government has announced tougher measures to tackle the issue of late payments to small businesses. These new measures will be included in the upcoming Prompt Payment & Cash Flow Review, due to be published shortly and will improve delivery and enforcement of policies, enabling more small businesses to get paid on time. Late payment…
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The Secretary of State has said that she is committed to tackling late payments, reducing regulatory barriers and boosting exports – harnessing the two halves of her Department, Business and Trade, to focus on small firms following the Federation of Small Businesses’ (FSB) new office opening in Westminster. Business and Trade Secretary Kemi Badenoch said…
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Businesses in Wales had 84,451 fewer unpaid invoices on their books in July 2023 than July 2022, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that overdue invoice numbers in Wales have fallen from 233,925 in July 2022 to 149,474 in July…
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Latest research by the Chartered Institute of Procurement & Supply (CIPS) has found that rules designed to force large companies to reveal how long they take to pay suppliers have failed to improve payment practices. The duty to report legislation, introduced in 2017, has found that the average time it takes a large business to…
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Businesses in Scotland had 131,396 fewer unpaid invoices on their books in July 2023 than July 2022, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that overdue invoice numbers in Scotland have fallen from 552,897 in July 2022 to 421,501 in July…
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UK freelancers and small business owners continue to be struggle by the problem of late payment, according to new research by cloud accounting software company FreeAgent. Analysis of invoices sent by FreeAgent’s small business customers between June 2022 and June 2023 has revealed just under half (43%) of invoices sent over the past 12 months…
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Latest data from Time Finance has what it calls uncovered the true impact of late payments for SMEs with 75% of UK businesses worrying about cashflow as a direct result of overdue invoices from their customers. In a recent survey into the worsening challenge of late payments, Time Finance found that chasing payments was damaging…
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UK faces a liquidity gap of £570 million according to predictions by Allianz Trade. The research says that the recent banking crisis has drawn into sharp focus other weak spots within the global economy and concentrated minds of businesses leaders to protect themselves against further contagion. But with forecasts predicting that the $30trn global liquidity…
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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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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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