A company called "The Emergency Services (Media Dept) Limited" that falsely claimed to be linked to the emergency services in an attempt to convince small businesses in to placing adverts in its publications has been wound up in the High Court following an investigation by the Insolvency Service.

Telesales operators from the company would cold call small businesses across the country and claim to be "connected" to the Police or other emergency services and then try to sell advertising space in a magazine, with the funds raised allegedly going to support these services. In reality these funds were largely destined for the owners and no one else.

Published in Credit Control

 

The zombie apocalypse could be coming sooner than you think, with R3, the Association of Business Recovery Professionals, warning that an even greater number of companies are now showing the hallmarks of being 'zombies'.

It's a term that rose to prominence at the height of the recession, and was used to refer to those firms capable of covering their outgoings, but only just - and which would therefore very quickly fall into insolvency if their interest rates rose, or their cash flow was interrupted.

Published in Credit Control

Credit control failures are a worry at the best of times, and none of us want to be left with overdue invoices to chase - or with unpaid invoices of our own that become subject to debt recovery action with interest and penalties added on top.

But a lax approach to credit control has taken a new turn in recent days, as a large number of spam emails have started circulating which claim to be chasing overdue invoices.

Published in Credit Control

    A LONG TIME AGO, IN A GALAXY FAR, FAR AWAY    

THE REBEL ALLIANCE SECURED A FAMOUS VICTORY    

BLASTING THE DEATH STAR OUT OF THE SKY    

WITH MOMENTS TO SPARE              

BUT THEIR ACTIONS CAME AT A PRICE...              

EMPIRE CONTRACTS CONTAIN A NON-PAYMENT CLAUSE    

ALLOWING PAYMENT TO BE WITHHELD    

IN THE EVENT OF REBEL ACTION

    IT IS NO SURPRISE THAT    

DARTH VADER'S FORMER HOME    

CAME TO BE KNOWN AS THE DEBT STAR   

Published in Credit Control

A publicly accessible database of company directorships could soon become a reality, following the conclusion of a consultation by the Department for Business, Innovation and Skills.

The proposals outline plans for a central registry of company beneficial ownership information - including details of trustees, where relevant, and of individuals with ownership of more than 25% of the shares in a company, or the equivalent proportion of its voting rights.

Published in Credit Control

It's good to know that, when a dodgy dealer makes off with client money and there's no record of where it's gone, they will face prosecution to the fullest extent of the law.

New figures from the Department of Business, Innovation and Skills show that the BIS Criminal Enforcement Team achieved 198 successful prosecutions in the 2012-13 financial year.

Published in Credit Control

The Professional Contractors Group have called for an anonymous hotline to be created, allowing small business owners to 'name and shame' large companies that pay late or otherwise try to use their 'brand power' to manipulate payment terms.

While the PCG are calling it a 'witness protection' hotline, we prefer to call it Slimeshoppers, as it doesn't get much lower than a big business trying to use their size as an excuse to withhold payment to small suppliers.

Published in Credit Control

Britain's small to medium-sized enterprises (SMEs) contribute some 99.9% to the private sector - but are facing losses of around £3.7 billion due to poor credit control and debt collection processes.

A report from Exact, a provider of business and finance software, tallies up the costs of non-payment to UK SMEs, with some fairly alarming figures for individual examples of unpaid invoices.

Published in Credit Control

Slow payments represent a substantial risk to small and medium-sized businesses, who must often meet the cost of materials and labour for a month or more while waiting for customers to settle invoices.

But SMB cash flows were recently given what seemed to be a much-needed shot in the arm, in the form of the Prompt Payment Code - a commitment from big firms to pay their invoices as soon as reasonably possible, rather than withholding important funds from their SMB suppliers.

Published in Credit Control

The world of credit control brings to mind the infamous Donald Rumsfeld quote:

"There are known knowns; there are things we know that we know. There are known unknowns; that is to say, there are things that we now know we don't know. But there are also unknown unknowns - there are things we do not know we don't know."

Admittedly he was talking about weapons of mass destruction, but the same applies to your customers' financial situations, and effective credit control eliminates as much of the 'unknown' as possible, and maximises the 'known knowns'.

Published in Credit Control
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