Recast Late Payment Directive Consultation

Businesses that have been surviving at the edge of affordability - commonly called 'zombie businesses' for their inability to survive any further change in the health of their cashflow - could be particularly keen to see the Late Payments Directive introduced as planned.

The Department for Business, Innovation & Skills is running a consultation until October 19th on the Late Payments Directive (or European Directive 2011/7/EU, to use its proper name), which should help many small businesses to receive full payment of their invoices within 30 days - and to charge interest on top of any debts that go unpaid for longer.

 

Local authority late payments are almost as much of a problem now as when, in 2008, the government first introduced a ten-day target for settling its invoices in the regions, reports the Forum of Private Business.

Following on from our mock interview with Dodgy Dave the Debt Collector below you can find an infographic containing Nine Top Tips to avoid dodgy B2B Debt Collectors.

The tips are from the pen of our MD Sid Home.  Sid is a former British Transport Police officer and has been the Managing Director of Safe Collections since the company was incorporated in 1984.

When you've been left out of pocket by a non-paying client, it's only natural that you should want to claim back what is rightfully yours.

So how do you know who to trust? We spoke to Dodgy Dave the Debt Collector - a prime example of the kind of person you probably don't want to trust with your money.

Late payments are a burden that all businesses must bear, and we fully understand and appreciate the annoyance that they can cause to all of our clients, whether big or small. So when a customer leaves you with an unpaid invoice, it's equally understandable that you might choose to 'encourage' them to pay up in any way possible.

Increasingly, that for some people means taking to the social networks to name and shame the non-paying client and try to embarrass them into paying. There are clear problems with this approach - for a start, you have to wonder whether a business owner happy to renege on a contract is likely to be shamed into settling their account simply because of a bit of bad word of mouth. But we were curious to find out just how often naming and shaming actually works - so we asked you.

Continuing our series of articles on debt collection in the USA, this article covers the Statute of Limitations and Interest Rates on a state by state basis. This article is based on a recent review conducted by our American Debt Collection partner via their network of state based debt collection attorneys.

Before considering legal proceedings to recover an business debt in America we would recommend you first read the preceding three articles in this series.

Part 1 - USA Debt Collection Procedures

Part 2 - Ten Questions to ask before Suing a Debtor in the USA

Part 3 - USA Debt Collection - Court Witnesses

An official hospitality centre for African nations during the London 2012 Olympic games has been forced to close amid allegations that suppliers have unpaid invoices totalling hundreds of thousands of pounds.

The center, situated opposite the Royal Albert Hall, featured an exhibition area and restaurant open to the general public as well as reception area for games participants, sponsors and officials.

The government's ongoing pledge to help small businesses keep their cashflow looking healthy has taken a new turn - and it's like 'improving' policing by asking criminals to turn themselves in.

Ministers in the Department for Business, Innovation and Skills work with representative groups of small firms on the Small Business Economic Forum.

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?

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