Credit Control

It sounds like something out of a Hollywood gangster film - a $50 million fraud, an attempt to launder the proceeds by buying a Picasso painting, and an undercover FBI agent who foiled it all.It sounds like something out of a Hollywood gangster film - a $50 million fraud, an attempt to launder the proceeds by buying a Picasso painting, and an undercover FBI agent who foiled it all.

But no, this is a real-life story. In place of gangsters, you can substitute stockbrokers whose crime was illegally fiddling share prices in a worldwide scam. After being caught red-handed, their actions led to the collapse of the firm they worked for, London-based Beaufort Securities, which was declared insolvent by the Financial Services Authority (FSA) in March.

Contractors and SME suppliers in the UK could finally be in line for legal protection from losses in the event of a client collapsing.

In the wake of several high-profile insolvency cases such as that of Carillion, which raised fears that suppliers could be left billions out of pocket in unpaid invoices, the government has launched a review of corporate governance regulations for companies entering insolvency.

Fears over the future of embattled toy retailer Toys R Us continue to mount after its UK business announced it was to seek a Company Voluntary Arrangement (CVA) to handle a mounting debt crisis.

The company, which is thought to have made a trading loss for seven out of the past eight years, has announced plans to close a minimum of 26 stores in the UK, with a loss of 800 jobs.

Wholesaler Palmer & Harvey has entered administration after failing to restructure significant debts owed to suppliers. The Palmer & Harvey Group, the UK’s fifth-largest privately owned business and the country’s largest tobacco supplier, had been in takeover talks with Carlyle, the private equity firm.

But after talks broke down, directors from several Palmer & Harvey group companies made an application to London’s High Court to enter administration to help ease an increasingly unmanageable debt burden.

Wholesaler Palmer & Harvey has entered administration after failing to restructure significant debts owed to suppliers.

The Palmer & Harvey Group, the UK’s fifth-largest privately owned business and the country’s largest tobacco supplier, had been in takeover talks with Carlyle, the private equity firm.

Monday, 30 October 2017 13:33

50% Off Experian Credit Reports

If your business doesn’t lay the right groundwork when working with customers, you’re leaving yourself wide open to the risk that you’ll never get paid at all. Time and again, we hear of well-meaning companies putting in in hours of labour - and investing into raw materials - only to find that their customer doesn’t have the means to pay the bill.

According to National Statistics, 4,547 companies entered insolvency in Q2 2017. And over the next few years, we foresee a turbulent time for small companies which could increase this figure significantly. If you don’t yet have full understanding of the companies you're dealing with, and their creditworthiness, your business could be just a few short months from a serious cashflow crisis.

Safe Collections is pleased to offer half-price credit reports from Experian. You pay just £9.99 to check the official credit report for your client; a small fee, but a big weight off your mind.

It is every supplier’s worst nightmare. You have finally secured a lucrative contract with a big name global brand, giving you what feels like a sense of security and assurance for future earnings.

Then, all of a sudden, the unthinkable happens - the company goes bust. From a position of relative comfort, you now find yourself at the back of a long queue chasing unpaid invoices you may well never recover.

Depending on how reliant your business is on that one big client, you could easily find yourself in jeopardy too, unable to absorb the loss.

Thursday, 20 July 2017 12:51

Vertu Corporation Limited in Liquidation

Vertu Corporation Limited, the well-known British manufacturer of luxury smartphones, has finally filed for insolvency after being passed between owners since 2012.

The company was known for its spangly, jewel-encrusted handsets which came with equally ludicrous price tags. Its entry-level handset cost a cool £6,500; prices stretched to more than £250,000 for the garish Vertu Signature Cobra.

The UK’s supermarket watchdog has published its annual grocery code compliance list, naming and shaming supermarkets for poor treatment of suppliers and other breaches of the industry code of practice.The UK’s supermarket watchdog has published its annual grocery code compliance list, naming and shaming supermarkets for poor treatment of suppliers and other breaches of the industry code of practice.

This year, Asda has secured the dubious honour of having the poorest relationship with its suppliers, leapfrogging its West Yorkshire rival Morrisons which topped the shame list last year. Iceland, meanwhile, was ranked worst for overall compliance with the Groceries Supply Code of Practice in the past year.

The Grocery Code Adjudicator (GCA) has attracted sharp criticism for claiming that there is “no evidence” that late payments by supermarkets cause problems for suppliers.

Christine Tacon made the comments to Food Manufacture magazine, claiming that in the four years she has been in the role, retailers were honouring an average of 98 per cent of invoices on time.

The remarks have attracted disbelief and outrage from suppliers’ representatives in the industry. The Food and Drink Federation (FDF) pointed out the the government recognised there was a chronic cross-industry problem with late payments affecting SMEs, which make up 96 per cent of UK food and drink manufacturers.

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