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Navigating through COVID-19 and Late Payment

The announcement of a national lockdown on 23rd March 2020 caused much uncertainty and chaos for many of the businesses within the United Kingdom. It has now been months of worry and despite the UK Governments attempts to navigate the country through the pandemic and help our businesses along the way, it appears that there is a lengthy period of uncertainty still to come.

Recent results from a survey by the Office of National Statistics has shown that 54% of UK trading Businesses are dealing with unpaid invoices and many of these businesses have been left in the dark as to when these invoices will be paid.

The solvency of many of our businesses is going to be brought into question over the coming months, the likes of Debenhams and Carphone Warehouse had to call in the administrators early on in the pandemic and it is therefore not the time to be pushing those unpaid invoices to the side.

With the potential for many unpaid debts to turn into bad debts in the very near future, it is more appropriate than ever to ensure that you are protecting your business and cash flow by maintaining regular contact with your debtors regarding the monies outstanding and not being afraid to act on late payment at the earliest opportunity, as the chances of recovery are increasingly higher when you are not in an extensive queue with a number of other creditors.

Should you need further assistance with the collection of unpaid invoices, Forbes Collect are here to aid you in the most efficient and cost-effective way, taking the pressure off your business and resources whilst pursuing the debtor with the maximum amount of pressure, therefore enhancing the likelihood of recovery and avoiding an unpaid debt becoming a bad debt.

For more information contact Sophie Jackson in our Forbes Collect department via email or phone on 0333 207 1135. Alternatively send any question through to Forbes Solicitors via our online Contact Form.

Learn more about our Forbes Collect department here

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