Skip to content
What is the Prompt Payment Code?
The Prompt Payment Code (PPC) was established in December 2008 and is a voluntary code that sets the standard for payment practices. In March 2020, the Prompt Payment Code was transferred from the Chartered Institute of Credit Management (CICM) to the Small Business Commissioner’s office to bring all late payment initiatives under a single umbrella. […]
Construction Industry: Administrations On the Rise
According to data provided by Creditsafe, May saw 35 construction companies fall into administration. This is a considerable jump from the 9 construction companies who fell into administration in April, although February is still the highest month of 2020 with 36 administrations recorded. The coronavirus has had a huge impact on many construction businesses with […]
Small Business Commissioner’s plea to big businesses
At a time when all businesses are facing increased pressure on cash flow, the Small Business Commissioner’s appeal to big businesses in the UK is welcomed by the small business community. The Small Business Commissioner (SBC) has written to a number of big businesses who are displaying the worst payment practices during the current pandemic. […]
Late Payments: Can I charge interest and late fees?
We have previously reported how SME’s in the UK are wasting hours chasing late payments and how they are impacting the mental health of business owners. This is a longstanding issue and not just something that has come about from the current pandemic. Did you know you can add interest and additional fees to your […]
Unpaid B2B Invoices Up by 23% in the UK
A recent study by Sidetrade, a B2B artificial intelligence platform, has found that since 11th March 2020, the UK has seen a 23% increase in unpaid B2B invoices. Sidetrade has launched the very first unpaid invoice tracker to provide objective insights into unpaid B2B invoices. The tracker is based on statistical analysis of 26 million […]
Statutory Demands & Winding Up Petitions Ban: What You Need to Know
On Thursday 23rd April, the UK Government announced their plans to bring forward emergency insolvency legislation. Commercial property landlords have now been temporarily banned from issuing statutory demands and winding up petitions to businesses struggling due to the coronavirus. The Government press release stated: “High street shops and other companies under strain will be protected […]
Common Late Payment Excuses and How to Deal with Them
It is well known that SMEs across the UK are chasing more than £50bn in late payments. Reaching the payment due date and not seeing the money in your bank is very frustrating. To help, we’ve put together some of the most common excuses for not paying invoices on time, along with some tips on […]
Recruitment Agencies: Is there hidden revenue you could be chasing?
We understand that due to the current COVID-19 situation, recruitment agencies who serve industries impacted by the pandemic are finding it extremely difficult. As an agency owner, you may have furloughed some or all of your staff and are currently trying to keep your business afloat during this time of uncertainty. Although new business may […]
Top Tips On Getting Your Invoices Paid On Time
With SMEs across the UK chasing over £50bn in overdue invoices, we thought we would put together some tips on how you can ensure your invoices are paid on time. Agree clear payment terms Make sure your payment terms are clear, these should be in writing and ideally in the form of a contract. Payment […]
My Debt Recovery COVID-19 Press Release
We are currently going through a period of economic uncertainty as a direct result of the global coronavirus pandemic. Whilst the outlook for the economy cannot be predicted, we want to provide advice, assistance and certainty to our clients and that’s why we pledge the following: Certainty With all new and active engagements, we […]
