Post Pandemic –
Act now to recover the money owed to your company
According to Uk Debt Collection News small and medium sized businesses (SMBs) had on average £21,373.00 of Late Payments owed to them at the end of May 2021, this amounts to more than 67% of a typical SMB monthly turnover. See full article here SME’s owed 21k on average due to late payments – UK Debt Collection News (ukdcnews.co.uk)
Almost 90% SMBs had an overdue invoice in May causing “significant financial distress”. Small businesses do not typically have large cash funds to finance their outgoings and even a small delay can be what tips the bank balance into the red.
Come August/September, this figure could be much higher as Government aid is rolled back, and the true impact of the Coronavirus pandemic on businesses becomes apparent.
Companies in this position are those that are more likely to be late with their payments. Those companies that enter insolvency as a result will never be in a position to pay back what they owe unsecured creditors, apart from perhaps a few pence in the £. And most suppliers are unsecured creditors.
Cash is the lifeblood of your business
We can’t emphasis strongly enough that if someone owes you money you must act to recover it quickly while they are still liquid, especially if your own cashflow is under threat. Companies are beginning to fail with alarming regularity at present, so make sure unpaid debt doesn’t drag you down with them.
Lane & Company are ready to act on your behalf, working quickly, intelligently, and sympathetically to recover all that you are owed.
Our Letters before Action start from £5 (and no commission) and are successful in 90% of cases. It could be the best £5 your business has spent.
Let us help – please contact us on 01922 700 730.
Leave your Debts in our Capable Hands
All articles posted on the Lane and Co website are intended for information purposes only and do not represent legal advice on which reliance should be placed. Visitors to the website are hereby placed under notice that they should take appropriate steps to verify such information. No visitor should act or refrain from acting on the information contained in any article without first verifying the information and as necessary obtaining legal and/or professional advice.