Recovering Business Debt during Coronavirus New Emergency Business measures have been revealed that will restrict recovering business debts during the Coronavirus pandemic. Yesterday, details of the expedited measures to ‘protect’ companies were reported in a shock move by the Department for Business. The New measures purport to include preventing Court Action to recover Business Debt and […]
23% Increase in Unpaid Business invoices Unpaid Business Invoices are on the increase according to new data from finance experts. There has been a sharp rise of 23% according to AI platform provider Sidetrade since the lockdown began. This follows an analysis of 26 million B2B invoices. The payment behaviour of 3.7 million firms in […]
Business Customers not paying due to Coronavirus? It is an unfortunate fact that many firms in the UK are faced with Business Customers not paying due to Coronavirus. As well as decreased sales, existing customers not paying is putting a major strain on small Businesses cash flow situation. Whilst it is understandable that some business […]
£29m has been written off as the firm responsible for the student finance system firm tightens its debt recovery procedures. With new means of revealing debtors’ work and income status, and advancement in chasing European students who have since left the country, the Student Loans Company (SLC) have made improvements across the board in an attempt […]
Are Directors Liable for Company Debts? Normally, Directors of Limited Companies in the UK are not usually held personally liable for Limited Company debts. Sometimes, the courts can hold one or more of a company’s Directors accountable for a firm’s debts during an insolvency process if a Director has found guilty of wrong-doing. Once a […]
Take action to collect owed Monies Experts are sending out the message to take action to “Collect owed monies or put your company at risk”. More than ever, businesses are failing due to the very solvable issue of unpaid business invoices. According to R3, a leading UK trade insolvency trade organisation, almost a quarter of […]
Customer gone into liquidation? After the Christmas period, January is often a very challenging time for businesses – large and small. If the Christmas period hit them particularly hard, some firms are forced to call in the administrators or go into liquidation. If you have a supplier or customer that has gone into liquidation taking […]
The British Chambers of Commerce has called for more government spending on infrastructure as it predicted that UK GDP would shrink by 0.4% in 2012. The BCC also cut its forecast for 2013, from 1.9% to 1.2% growth. The industry body said the eurozone crisis and a sharp rise in food and oil prices posed […]
Business insolvencies have fallen slightly in June, according to Experian’s latest Business Insolvency Trends report. 0.08% of the business population became insolvent in June, a small improvement on 0.09% in the previous month. SMEs with between 1-100 employees were the only group to see improvements in their insolvency rates. Those businesses with 101 or more […]
Despite complaints from insolvency practitioners that staff and budget cuts at the Insolvency Service are allowing unscrupulous directors to escape justice, the Department for Business, Innovation and Skills shelved an initiative to streamline the process for reporting misconduct. The Government said a drive to reduce red tape for the smallest companies was behind the decision. […]