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Plans have been announced by the Insolvency service, to introduce a 90-day moratorium on companies nearing insolvency. This three-month period is to allow ailing businesses to produce a turn-around plan with no threat of a winding-up petition from creditors. An article by Insolvency News states that this is a similar model to that used by […]
The supposed implications of Brexit on UK businesses are vague at best; in an article online, David Carter of The Sheriff’s Office, states that ‘no one actually knows what will happen’. Nevertheless businesses need to prepare for all eventualities should Britain choose to leave the EU on the 23rd June. Collecting Payment from Customers Collecting payment […]
Offering credit to a customer is risky business, but more often than not it is a necessary risk in order to stay competitive in their field. If I liken a credit risk policy to a sat nav, it should direct you from the moment you get in your car (agree your contract with a prospective […]
Following a consultation on court closures, it has been announced that 86 out of the 91 courts originally proposed will close over the next 18 months. The reason for the court closures has been put down to a need to save money throughout the system, and proposals to develop online courts to increase access to […]
Lord Justice Briggs’ Interim Report for the Civil Courts Structure review was published at the end of December 2015, detailing the consideration of an online court system to be used by Litigants without Lawyers used as an alternative for the current costly, protracted and time consuming county court procedures. What is the proposed online court? […]
Late payment continues to be an enormous burden on SMEs throughout the UK. With much of the blame pointing towards the poor payment practices of larger businesses, as well as a number of respondents to the Small Business Commissioner consultation pointing towards Government contractors’ ‘particularly poor’ behaviour.* Recent figures of late payment The latest figures […]
Following their discussion paper in February 2015, the Government have recently published their proposals of how they can challenge late payment in business. There has been much talk about the Small Business Commissioner, the role of which will be to help small businesses avoid going to court to resolve payment disputes, with plans already set […]
Responses for the Small Business Commissioner consultation were published last week, with regards to how the SBC could aid small businesses throughout the UK to resolve poor payment practices, including late payment in small business, that has plagued UK businesses. How can the SBC Help in Tackling Late Payment in Small Business? The government report […]
It was announced in January that there would be a significant hike in the insolvency threshold of individuals*, and with the changes set to take place in October it is highly advisable for companies to be prepared for the implications of this on their business. The threshold for the amount of debt an individual can […]
Your Credit Management function is vital to your business to maintain positive cash flow and reduce the risk of bad debt. Read below, our guide to 10 facts about Credit Management your business needs to know for the benefit of your cash flow. 1. Late payment accounts for £32.4bn owed to SMEs, according to BACs research […]