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How to recover aged debts
It’s getting harder for businesses to recover overdue debts, according to research from the invoice financing firm Liberis.
A survey carried out in March found that small UK businesses are owed £14.9bn in late payments, up from £13.9bn only six months ago.
A quarter are owed more than £20,000 and half say that aged debts have hindered investment in their business.
They spend, on average, £5,000 a year in time trying to recover these funds.
In this podcast Rob Winder, head of the debt and property recovery team at Burnetts Solicitors, looks at what businesses can do to improve debt recovery and how to identify potential defaulters before they run up big debts.