Carly Davies

Businesses urged to monitor cash flow as Covid restrictions ease

June 7th 2021
 

Businesses are being urged to monitor their cash flow as corporate insolvencies look set to rise despite the easing of lockdown restrictions. Carly Davies Debt Recovery Manager provides an update. The insolvency and restructuring trade body R3 says that government support such as the furlough scheme have masked the difficulties some companies are facing. There were 2,384 seasonally adjusted corporate insolvencies in the first quarter of this year, a reduction of…

businesses

Business Commissioner to prioritise crackdown on late payments

May 12th 2021
 

The newly appointed Small Business Commissioner is to spearhead a national effort to crack down on late payment of invoices – which cause thousands of small businesses to close every year. Carly Davies Debt Recovery Manager provides an update. Former journalist Liz Barclay will be the first woman to hold the position, which was created in 2016 to help small businesses secure the payments owed to them and to galvanise UK…

New rules to ensure large firms pay invoices within 30 days

February 5th 2021
 

The government is strengthening the Prompt Payment Code to ensure large companies pay small businesses on time. Carly Davies Debt Recovery Manager reports. Companies that have signed up to the code will be obliged to pay invoices within 30 days – half the time outlined under the current agreement. Despite almost 3,000 companies signing the code, poor payment practices are still rife, with many payments delayed well beyond the current 60-day…

businesses

New plans to protect businesses against late payments

November 17th 2020
 

The government is considering new powers to give businesses more protection against late payments of invoices. Carly Davies Debt Recovery Manager provides an update. Figures provided by Pay UK show that £23.4 billion worth of late invoices are owed to small firms across Britain, impacting on their cash flow and ultimate survival. Small Business Minister Paul Scully has announced a new set of proposals to ensure these firms are paid…

businesses

Treasury introduces new rules for sending out debt letters

November 4th 2020
 

The Treasury is introducing new rules on how businesses should construct letters sent to people in debt. Carly Davies Debt Recovery Manager provides an update. The emphasis will be on helping customers to better understand and manage their debts, reducing distress and supporting mental health Default Notices are designed to give people who are falling behind on their debts fair warning before lenders take further action, but much of the…

Payment holidays ‘could sound the death knell for some firms’

August 27th 2020
 

Businesses that have offered payment holidays to customers may be damaging their own chances of survival, according to the Chartered Institute of Credit Management (CICM). By Carly Davies Debt Recovery Manager. A survey by CICM of its members suggests that of the 83% of firms who had offered a payment holiday, two thirds (66%) said there would be a negative impact on revenues and profits. Of those, a quarter (25%)…

businesses

Company directors ‘should be held responsible for late payments’

February 24th 2020
 

Company 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 2020
 

Businesses 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 2019
 

A 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…

Vegetarianism ‘not a protected belief’ under the Equality Act

November 1st 2019
 

Vegetarianism is a “lifestyle choice” and not a philosophical belief capable of protection under equality legislation, the Employment Tribunal has ruled. The landmark judgment came in a case involving a waiter at the Fritton Arms hotel on Lord Somerleyton’s estate in Suffolk, George Conisbee worked for the hotel from April 2018 until his resignation in August the same year. He claimed he had been a victim of discrimination, arguing that…

Claire Davies
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