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Problems Recovering Payment for your Invoices?

29/05/2009

Late payment of invoices is becoming a greater problem for businesses.

From the start of the year to February, late payments increased by 20% and the average sum owed to businesses by late paying customers is £2,400 according to research carried out by Barclays.

The government, with The Institute of Credit Management (ICM) have devised a series of structured initiatives to help smaller businesses tackle the crucial issue of late payment, the Prompt Payment Code is one of them. Businesses can apply to become a signatory to the Prompt Payment Code by agreeing to specific terms and conditions. This gives suppliers confidence in any company that signs up to the code that they will be paid within clearly defined terms, and that there is a proper process for dealing with any payments that are in dispute.

Smaller businesses should consider the content of the Prompt Payment code, which can be found at www.promptpaymentcode.org.uk. The code has been in place since November 2008 and it is anticipated it will be adopted by many businesses over time.

Please contact us to discuss your options in recovering payment of outstanding invoices and how to recover the appropriate level of interest and compensation to which you are entitled.