Lamport Bassitt Solicitors - Legal News - Debt recovery 'increasingly needed by SMEs'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Debt recovery 'increasingly needed by SMEs' Debt recovery is becoming increasing necessary for small to medium-sized enterprises (SMEs) in the UK, it has been revealed. According to direct debit payment processor Bacs, a million such organisations have now been hit with late payments. They are owed a combined total of £30.4 billion, the organisation claims. This figure is considerably higher than that recorded in 2007, when the amount owed to SMEs stood at £18.6 billion. Meanwhile, more companies in the south of England reported problems with late payments that in any other area. Responding to the findings, managing director of Bacs Michael Chambers said: "While many businesses which owe money to others do undoubtedly have problems in paying bills quickly, there is a question mark over those who may be 'playing' the system and delaying payment for as long as they can." Recently, Phil Orford, chief executive of the Forum of Private Business, claimed that the current system of debt recovery is "expensive and cumbersome" and needs improving. Related Articles: 31/1/2012 - Mediation services could be the healthy alternative during divorce 27/1/2012 - NHS trust faces legal action over mileage rates 24/1/2012 - Ken Clarke backs mediation services push 11/1/2012 - Djanogly renews calls for mediation over court 23/12/2011 - Landbanking companies ordered into liquidation More Dispute Resolution News