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Company liquidations rise over 50% in a year
Small businesses are being warned that they must introduce more effective debt collection procedures, following new figures revealing that company failures have increased 56% since last year.
Debt recovery law firms are also reporting an unprecedented jump in the volume of bad debt being chased, with debt firm Lovetts claiming pursuance of bad debt is up 97% since the first quarter of 2008.
"The previous attitude towards frequent late payers may have been accepting, but in this economic climate businesses need to ensure they are tackling late payment and debt head on. For small businesses it can be a matter of survival or failure," said Charles Wilson, chairman of Lovetts.
Post Date: May 19th, 2009
Debt recovery law firms are also reporting an unprecedented jump in the volume of bad debt being chased, with debt firm Lovetts claiming pursuance of bad debt is up 97% since the first quarter of 2008.
"The previous attitude towards frequent late payers may have been accepting, but in this economic climate businesses need to ensure they are tackling late payment and debt head on. For small businesses it can be a matter of survival or failure," said Charles Wilson, chairman of Lovetts.
Post Date: May 19th, 2009
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