Credit, collections & insolvency news
The National Federation of Roofing Contractors (NFRC) is calling for ‘real consequences’ to help address the ‘endemic culture’ of late payment within the UK construction industry. The NFRC’s latest State of the Roofing Industry report has revealed that 45% of respondents experienced delays getting paid in quarter three of 2024. The proportion of those not…
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The Government has announced the launch of a new Fair Payment Code aimed at tackling late payments, with research showing that SMEs are on average owed £22,000 a year. It comes on top of an earlier announced consultation which will investigate the scale of the problem and best solutions. The code, overseen by the Small Business…
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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 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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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 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 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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New research by Allianz Trade in its latest report on global Days Sales Outstanding (DSO) and Working Capital Requirements (WCR) has found that the looming profitability squeeze could extend payment delays further The research found that profitability is the number one driver of payment terms in Europe, more impactful than financing or the business cycle.…
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Small firms are hampered by late payments and have dampened growth expectations for 2024, according to the Small Business Index (SBI) for Q4 2023, published in full by the Federation of Small Businesses (FSB). The report is a temperature check of small firms’ sentiment and experiences at the end of last year, and analysis of…
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A Government watchdog set up to tackle late payments has reclaimed less than £800,000 for small businesses since June 2021. The Office of the Small Business Commissioner, launched in December 2017, has recovered £8.5 million owed to small businesses, with £7.8 million retrieved before June 2021. The Commissioner attributed the lower amount recovered to resolving…
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