Large companies will be required to publish details on how quickly they pay their suppliers, under draft regulations set out by small business minister, Margot James. Coming into force from April 2017, a “duty to report” will require large companies and limited liability partnerships (LLPs) to publicly report twice yearly on their payment practices and…
UK SMEs are owed more than £586 billion in outstanding invoices according to recent figures from Lloyds Bank Commercial Banking. The average small business is owed more than £108,000 in unpaid invoices, an increase of 8% since January 2016, with almost a third of firms citing late payments as the biggest cause of cash flow…
At least one fifth of UK corporate insolvencies in the past year were caused by late payment or the insolvency of another company, according to new research by insolvency and restructuring trade body R3. A survey of the insolvency profession reveals that late payment for goods or services was a primary or major cause of…