News
24 November 2006
Late payment culture puts companies at risk
Business failures in the UK are running at 9,971 for the first 9 months of 2006, a rise of 2.5% compared to the first three months of 2005, as published by The Insolvency Service (http://www.insolvency.gov.uk/) this month.
With more and more companies facing the problem of late payment from their customers, Beswicks Solicitors have taken steps to help their clients get to grips with the risk of bad debts, with the launch of a specialist corporate debt recovery service.
“It is clearly a growing problem,” explains Iain. “Cash is the lifeblood of a business. Businesses are facing higher costs in terms of the recent rise in interest rates, rising fuel prices and raw material costs. In addition, many companies still have a culture of late payment and these issues can combine to seriously threaten the financial health of a business, if debt management is not taken seriously.”
Iain brings fifteen years experience in the corporate debt recovery field to the Beswicks litigation team and he will provide a dedicated service for companies in Staffordshire and the North Midlands.
Iain Bould
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