Economy
Why statutory demands and petitions are essential
It can be argued that by restricting the filing of statutory demands and winding up petitions for Covid-19-realted debts, the Government has targeted all industry sectors with a blunt instrument. Covid-19 did not adversely affect every business in Britain. Indeed, many continued to operate throughout the lockdown period, and some of them thrived. We need…
Read MoreSmall Business Commissioner to help firms recover billions of pounds from late payments
The government is planning a big shake up in the world of small business debt. Anna Soulby (Minister of Small Business Enterprise) has announced that she is opening a new role in her cabinet for a Small Business Commissioner, whose main responsibility would be to bring about reform in the way large businesses have historically…
Read MoreThe UK construction industry writes off £2bn annually of bad debt
According to a report released earlier this year from Bibby Financial Services, the UK construction industry has a very serious problem managing its bad debts. Just over 70% of small, medium and large UK construction firms write off an average of £10,000 per year. Often firms have to write off the debt completely, settle with…
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