New Debt Recovery Measures Announced

It has been announced this month that the government have put in place new debt recovery measures, to ensure that small businesses are paid on time. Holmes & Hills debt recovery solicitors are experienced in working with small to medium sized enterprises, and understand the strain that cash flow issues due to late payment can cause.

Under the new government regulations, large corporations could be fined for failing to pay smaller suppliers on time. Small Business Minister Kelly Tolhurst said:

“The vast majority of businesses pay their bills on time, with the amount owed in late payments halved over the last five years. But as a former small business owner, I know the huge impact a late payment can have on the ability of a small business to plan, invest and grow.'

'Small businesses are the backbone of our economy and through our modern Industrial Strategy we want to ensure the UK is the best place to start and grow a business. These measures will ensure that small businesses are given the support they need and ensure that they get paid quickly - ending the unacceptable culture of late payment.”

The measures introduced include:

• New powers for the Small Business Commissioner to tackle late payments through fines and binding payment plans
• Company boards to be held accountable for supply chain payment practices for the first time
• The introduction of a new fund to encourage businesses to use technology to simplify invoicing, payment and credit management.

Debt Recovery advice and guidance

For businesses struggling to make ends meet due to late payment, Holmes & Hills debt recovery services can help.

To contact our debt recovery team, call 01787 275275 to discuss your situation with a specialist solicitor. We will advise you on the most effective way to go about recovering the debt, and provide you with an estimate for undertaking this on your behalf.