Latest rise in insolvencies puts spotlight on late payment
With corporate insolvencies on the rise in the UK, late payment continues to blight many businesses leaving owner managers spending many hours of their working day chasing debts.
Whilst the Office for National Statistics reported that UK GDP growth has risen to 0.5% in Q3 2011, the latest statistics from The Insolvency Service reveal the there were a total of 4,242 compulsory liquidations and creditors' voluntary liquidations in Q3 2011. This figure is an increase of 6.5% year-on-year.
These statistics clearly show how tough the economic climate currently is for businesses whilst recent research by Hilton–Baird Collection Services has shown that late payment of debts remain a persistent problem for the average business owner.
How is your business coping with late payment, and what measures do you have in place to protect against it?