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LATEST NEWS & EVENTS Insolvency body finds more businesses using maximum overdraft facility  More businesses could be seeking help from an insolvency lawyer as new figures reveal an increase in firms using their maximum overdraft facility. Corporate insolvency body R3 says there has been a nine-point rise in businesses making the most of existing credit lines over the last quarter. A fifth (22 per cent) make frequent use of their maximum overdraft facility, while 43 per cent are reporting decreased profits. R3 President, Frances Coulson, comments: "Businesses are not out of the woods yet, with signs of distress increasing compared to last quarter on most key indicators. "This worrying trend largely mirrors the slowdown in GDP growth we saw last quarter." Additionally, the proportion of firms experiencing difficulty in paying invoices is up three points to 17 per cent compared to September 2010. It comes as Experian reports that businesses are taking longer to settle bills, with the average payment period increasing by around a day over the quarter. UK firms paid invoices an average of 26.13 days late in July, August and September, up from 25.26 days in the preceding quarter. Posted by Alex McLean 
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