26 Sep 2022 / Back to latest updates

Do not fall foul of aged debts

In light of the current economic climate you don’t need us to tell you of the increasing challenges faced by businesses.

The continuing and unprecedented rise in interest rates, now being the highest level for 14 years at 2.25% in an effort calm inflation which is at a 40-year high of 9.9%, and the pound touching a record low against the dollar as markets react to the UK’s biggest tax cuts in 50 years. In addition to which some economists have speculated that the Bank of England may call an emergency meeting to further raise interest rates this week notwithstanding the Bank of England warning the UK may already be in a recession.

With business insolvencies having increased by 72% over the past year and four in five estimating they are at breaking point stating the economic landscape is worse than during the pandemic we are seeing not only debtor companies but now creditors falling over as a result of due payments not being recovered.

Do not fall foul of aged debts, it is imperative monies are received as they fall due. The present climate is not going to improve anytime soon.

Should you require assistance in recovering monies due to you do not hesitate to let us know.