How businesses can deal with debt collection during Covid-19
May 18th 2020Natalie Tatton Solicitor in our Dispute Resolution team provides some top tips for debt collection during Covid-19. With businesses across the country facing financial uncertainty, it is important that your own business is protected as far as possible. Although there is some government support to businesses, there are going to be financial problems as a result of Covid-19 and many businesses have already seen their income reduce significantly. Many individuals…
Company directors ‘should be held responsible for late payments’
February 24th 2020Company directors should be held responsible for late payment of invoices, according to a survey of supply chain managers. The research, carried out by the Chartered Institute of Procurement & Supply, found that seven out of 10 respondents believed there should be independent oversight and stronger penalties to prevent businesses abusing their suppliers. The survey also found that British businesses are being weighed down by a chronic culture of long…
Businesses urge new government to tackle late payment abuse
January 9th 2020Businesses across different sectors are urging the new government to end late payment practices that are crippling many small companies. They say the existing Prompt Payment Code isn’t working and fear a surge in company insolvencies if no action is taken. David Frise, CEO of the Building Engineering Services Association (BESA), said repeated failures by previous governments to deal with late payment culture meant company failures were almost inevitable. He…
Leasing firm wins claim over outstanding invoices worth £560k
December 11th 2019A vehicle leasing company has won its claim to recover more than £560,000 in unpaid invoices following a dispute with a customer. The case involved Venson Automotive Solutions Ltd v Morrisons Facilities Services Ltd. The two companies had entered into a contract in which Venson leased a fleet of 1,014 vehicles to Morrisons. The hire agreement contained a clause stipulating that if Morrisons disputed any of the invoices, it needed…
New measures being planned to ensure SMEs are paid on time
July 15th 2019By Carly Davies Credit Control & Debt Recovery The government is planning to ease the cash flow burden on small firms by making the boards of large companies accountable for late payments to suppliers. It is part of an ongoing effort to tackle the issue of late payment, which can be the difference between success and failure for many SMEs. Large companies could also face fines and have binding payment…
Government warns 10,000 businesses to pay SME invoices on time
May 3rd 2019By Carly Davies Credit Control & Debt Recovery The government has written to 10,000 businesses to warn them they must pay their suppliers on time or risk being barred from winning public contracts. Officials from the Cabinet Office have written to the businesses – which include all the government’s current strategic suppliers – to remind them of the new rules on prompt payment, which come into force this autumn. Under…
Call for evidence to combat late payments to small businesses
November 2nd 2018Mark Aspin, Director and Head of Dispute Resolution The government is urging businesses to highlight their experiences of late payment and put forward ideas to ensure earlier settlement, especially by large companies. One in four UK businesses say that late payments are a threat to their survival. Research by the Federation of Small Businesses suggests that prompt payments could add £2.5 billion to the UK economy and keep an extra…
