There’s to be a new Groceries Code Adjudicator with increased powers to protect supermarket suppliers from unfair practices. The adjudicator will be responsible for enforcing the Groceries Code, which was put in place by the Competition Commission in 2008. It applies to the 10 retailers with a turnover in the groceries market in excess of
Figures released by the credit reference agency, Experian, show that companies in the UK paid their bills 1.3 days earlier in the third quarter of 2012 than they did during the same period in 2011. Experian’s late payment index shows that between July and September this year, companies took 24.88 days beyond the agreed terms
The number of firms going out of business reached its highest level for two years in the first quarter of 2012 as the economy hit a “period of stagnation”. Figures released by the financial services firm RSM Tenon showed that more than 400 companies became insolvent every week. This was a 5% increase on the
The directive is due to be implemented next year. Businesses from all the participating member states will then be under the same obligation to ensure that invoices are paid on time. The main points in the EU Directive are: Public authorities will be required to pay suppliers within 30 calendar days of receipt of an
A company has won an injunction preventing a former employee and his new firm from using some of its confidential documents. The employee had left Churchill Retirement Living Ltd to work for a rival company called McCarthy & Stone Retirement Lifestyles Ltd. While working for Churchill, the employee was subject to contractual duties relating to
The Government is backing efforts by the Small Business Economic Forum (SBEF) to tackle the ongoing problem of late payment of invoices. Ministers are urging companies to sign up to the Government Prompt Payment Code. So far, more than 1,100 businesses have done so. They represent an estimated 60% of the total UK supply chain
The growing problem of late payment is threatening the survival of many SMEs, according to new research. The credit reference agency Graydon UK, working in conjunction with the Forum of Private Business, surveyed 500 small firms across the UK. The responses showed that 16% had almost been put out of business as a result of
People declared bankrupt may have to use some of their untaken pensions to pay their debts, following a High Court ruling. When a person is declared bankrupt, the courts will assess their income and decide how much they can afford to pay their creditors each month, usually for a period of three years until the
The number of businesses facing critical levels of financial distress was 24% higher in the last quarter of 2011 than in same period in 2010. The statistics are contained in the Red Flag Alert compiled by Begbies Traynor. The Professional Services sector was the worst affected showing a rise of 61%. Travel and Tourism was
At Machins Solicitors LLP we offer bespoke debt collection services to suit individual requirements. We have niches in a number of specialist debt collection areas including landlord’s service/management fees, consumer finance and business debts. What evidence of the debt do I need? Ideally you will have a written and signed contract. However you may have