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…
