Debt Recovery

New Commissioner ‘to help small firms tackle late payment issues’

The government is planning to appoint a Small Business Commissioner to help firms tackle late payment problems and unfair practices carried out by larger companies.

 

The move comes after research by Bacs showed that small and medium-sized businesses are owed a total of £26.8 billion in overdue payments and that £10.8 billion is spent per year in attempts to recover overdue payments.

 

A survey by the Federation of Small Businesses in 2014 revealed that 51% had experienced late payment within the previous 12 months.