Night of the Living Debt as 'Zombie Businesses' take over the UK!
Watch your backs people - there's a zombie revolution taking place, and the bloodthirsty brutes have got a taste for your money.
R3, the Association of Business Recovery Professionals, says there are already 146,000 'zombie businesses' out there, including much of the retail sector, leaving Britain's high streets looking like something out of a horror movie, financially speaking.
Gloomy news from the Forum of Private Business in recent weeks, as FTSE 100 companies are again being urged to abolish the late payments culture by settling their invoices on time, and banks are again being urged to lend more to cash-strapped small businesses.
In an ongoing climate of tight availability of finance in all its forms, and with outstanding invoices totaling tens of billions of pounds, it can be easy to wonder what's the point in chasing payments?
A failure to follow the 'golden rules' of credit control is leaving many SMEs facing a significant burden of payment chasing this summer, says RBS Invoice Finance.
The bank's specialist team has compiled figures showing that small firms are currently receiving payments an average of 30 days beyond the agreed deadline.
In part two of our series on Debt Recovery in the USA our American Debt Collection agent outlined the 10 questions any creditor must ask prior to taking a claim to court in the USA. Whilst many of the points raised in this piece are not entirely dissimilar to the questions any creditor should ask before pursuing legal action, one critical point is often overlooked.
If your company is considering taking legal action in the USA to recover unpaid invoices, you will be expected to provide at least one witness at trial. Our US affiliate explains:
