February 19 2016
Small companies are resorting to the courts more and more often when chasing late invoices and overdue payments from customers, new research has shown.
According to figures published by Ormsby Street, County Court Judgements (CCJs) brought by smaller businesses rose by 23% from the first half of 2015 to the second. The average value of the CCJ pursued in the study sample was £4,619.
Samantha White, CEO of My Credit Controllers said:
“Late payments drive owners of small business to distraction. Cash flow is critical to any business, but with more limited choices for external financing it is even more so for SMEs. At the same time, small business managers have much better things to spend their time on than chasing customers to get paid.“
“Fortunately credit control and debt collection outsourcing is available. While court action is a credible threat, we find that in most cases the intervention of a professional credit control team can avoid the need for costly and time consuming court action.”
How we can Help: