Machins Solicitors LLP
Leading Solicitors in Bedfordshire, Hertfordshire & Buckinghamshire
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New plans to protect businesses against late payments

Posted: 5th November 2020   In: Debt Collection Services

The government is considering new powers to give businesses more protection against late payment of invoices.

Figures provided by Pay UK show that £23.4 billion worth of late invoices are owed to small firms across Britain, impacting on their cash flow and ultimate survival.

Small Business Minister Paul Scully has announced a new set of proposals to ensure these firms are paid on time. 

The proposals, which would give new powers to the Small Business Commissioner (SBC), are being put to public consultation. They include:

Small Business Minister Paul Scully said: “Late payments are a terrible burden for small businesses, not only disrupting their cash flow but posing a threat to their survival in many cases. We are committed to tackling this problem, supporting small businesses at this critical time for the British economy by helping them to secure payment on time.” 

The consultation runs until 24 December 2020. Businesses are invited to share their views here.

We shall keep clients informed of developments.

Please contact Neil O'Callaghan if you would like advice about credit control and debt collection.

 

Posted by: Neil O'Callaghan
Dispute Resolution
Luton Office