The Late Payment of Commercial Debts (Interest) Act 1998 is often considered a lifeline for many small businesses in the UK, as they chase and battle late and outstanding invoices. One of the guidelines within the act is that of Statutory Interest, interest that can be applied to an invoice as soon as it becomes […]
There is a clear focus from the government to improve businesses’ payment performance and, as a result, reduce late payment in the UK. As such, the Office of Small Business Commissioner was set up as an independent public body to specifically look at ways to tackle late payment and poor payment practices. One such way is the rollout and […]
It has been an ongoing battle when it comes to how best to tackle late payments and indeed reduce the volume of late payments we now see. The latest intervention now sees the Government stepping up its efforts in a bid to crack down on the situation and change the culture of late payment being the norm. In the UK alone, […]
Both formal insolvency procedures, liquidation and administration, are proceedings that businesses can use to resolve their financial problems. Often, these two terms are confused with each other; however, there are very clear differences, and it’s important for business owners to be clear in their understanding of these differences to decide on which one is best and most appropriate for them. In this post, […]
Closing your business might be something you’re considering for a number of reasons; it doesn’t have to be because the business is struggling financially. In fact, if your business is solvent and has no outstanding debts, you do have a choice about how you close it down. The two main options include striking off the business from Companies House and ultimately dissolving the […]
We know that cash flow issues are the reason for approximately 90% of business failures. Where expenses run ahead of money coming in, making it more and more difficult for a company not only to manage but to survive. This is where progress invoicing can prove beneficial. A form of invoice accounting that helps to support business […]
It’s important when entering into a new or renewed commercial lease that you review all terms and conditions and fully understand where responsibility for certain aspects of the building, property, and lease lies. Opting to lease a commercial property is a significant decision, investment, and commitment, so it’s vital that you understand all key areas of the lease. Working as B2B debt […]
Invoice reconciliation is a method of controlling and managing your finances, and most importantly, ensuring that you are up to date with collecting outstanding invoices. However, for invoice reconciliation to be effective, there must be robust processes and procedures in place for the credit team to follow and adhere to. In this post, we look at […]
An individual voluntary arrangement is often considered a flexible solution to help you manage outstanding debt issues. An IVA is a legally binding arrangement/agreement between creditors and debtors. As a professional business debt collection agency with years of experience behind us, we would always recommend gathering as much information as possible on all debt solutions. There are […]
Also known as a DRO, a Debt Relief Order is an arrangement that a debtor can apply for to help support them with repaying their debts. This is typically for debts up to the value of £50,000, which the debtor is no longer able to pay. There are qualifying rules and criteria that the debtor […]