| Debt Recovery – 62% Take 121 Days to Settle Invoices!
The Queen’s Speech confirmed a new Conservative Enterprise Bill which, for most SMEs, cannot come into play soon enough! The bill is aimed to reduce the need for debt recovery, helping small business in settling late payments and disputes.
Figures from Hitachi Capital Invoice Finance show that only a mere 38% of invoices are settle after 60 days in the North West! And here’s another horrifying statistic with the remaining 62% taking on average 90-121 days! Waiting 4 months for payment sounds criminal – and probably should be!
“The impact is that many SMEs in the region are unable to reach their growth potential because they are too cash-poor to invest in the business and their time is being consumed by chasing invoices (…) And unfortunately, until businesses are given no other option than to pay on time, SMEs are going to continue getting caught up in this inward cycle.” – John Atkinson, the firm’s head of commercial business.
It remains to be seen what the new Bill will bring in regards to the terms of forcing companies to pay invoices on time. Levi Solicitors commercial recoveries team have extensive, hands on experience of debt recovery. Recovering money owed to you quickly, efficiently and cost effectively.
Let us chase your debt, and get on doing what you do best – your day job. Instructing us to recover your debts will give you peace of mind to concentrate solely on your business development.