A leading accountancy firm has estimated that companies and organisations in the UK could be losing up to £200m as a result of ‘shadow insolvencies’. A ‘shadow insolvency’ is a term for when a company becomes insolvent but doesn’t disclose any assets when it enters liquidation. This means there is no money to pay to
An increasing number of small and medium-sized enterprises (SMEs) are struggling to escape from the financial uncertainty left by the recession, according to a new survey. Research by insolvency specialists Begbies Traynor shows that the number of UK companies that were suffering ‘significant distress’ in Quarter 2 of 2014 was 237,000, which is 60,000
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More than 20% of businesses would be put under considerable financial strain if interest rates were to rise by one percentage point, according to a recent survey. The Business Distress Index was conducted by insolvency trade body R3, which interviewed decision makers at 500 businesses. The findings showed that 16% of businesses would be in
Late payment and cash flow remain two of the key problems faced by businesses in the UK, according to a recent survey carried out by credit card company American Express. The survey revealed that 95% of business owners and managers continue to prioritise efficient cash flow practices, and consider it a key factor towards long-term
Figures released by the Asset Based Finance Association (ABFA) have revealed that small businesses are forced to wait longer than large businesses to receive payment. Businesses with turnovers of less than £1m wait an average of 71 days for payment. That is 23 days more than businesses with turnovers of £500m and above, who wait
The problems small firms face with late payments from larger businesses is being tackled in a new set of guidelines put forward by the government. Hundreds of large firms have signed the Prompt Payment Code but many of them don’t always meet the standards required. Overdue invoices have been identified as one of the major
Late payments are the cause of 20% of insolvencies of small to medium-sized enterprises (SMEs) according to a recent study. SMEs can be vulnerable if their customers don’t pay them on time, with cash flow problems potentially leading to major problems such as being unable to pay staff or buy essential materials. In a survey
Up to one million small to medium-sized enterprises (SME) in Europe fail to recover cross-border debts. The average amount of debt written off by these companies is €600. This means that €600m is lost to cross-border debts every year. Due to the relatively small figure that the average SME is owed, they often find it
Late payments now lead to more credit insurance claims than insolvency, according to a recent survey. In the first three quarters of 2013, 60% of claims were made because of a customer’s protracted default, with 40% because of customer insolvency. That is in contrast to 33% for protracted default and 67% for insolvency the previous