Late payments affecting small firms

The recent research findings published by the Insolvency Service, R3, indicates that late payments for goods and services was the primary cause of insolvencies in the past year, with a figure of 23 per cent, up on 2014’s figures of 20 per cent. Separate research also indicated that sole traders in Britain lose a total of £8.1bn per year from late, delayed or underpayments. 15,958 insolvencies were recorded in the past 12 months, with the construction sector being cited as having the worst record for late payment.

Our partner business, BM Advisory, specialises in providing restructuring, recovery and insolvency solutions for businesses and individuals. We understand the issues that can impact on business performance and success, and we find innovative solutions for businesses and individuals in distress. We provide bespoke advice, that is easy to understand, pragmatic and independent. If you would like to discuss any aspect of your personal financial situation or that of your business, contact Andy Pear or Mike Solomons of BM Advisory. Your initial consultation will be free of charge and without obligation, and we will discuss your individual situation and advise the best course of action. Alternatively, please contact your usual Beavis Morgan Partner.