Huge support from businesses to ban late payments.

A report to be published this week by YouGov and the payments business Basware indicates that 61pc of British companies with less than 250 staff strongly support legislation that would force payment of bills within 45 days, only 11pc would oppose legislation. The demise of Carillion this year, a renowned late payer, highlighted the ineffectiveness of government attempts to curb the problem.  The outsourcer has been accused of waiting 120 days to pay some suppliers, despite having signed to the [...]

Are we heading for an 80’s ‘Lawson boom’ repeat?

Credit rating agency Fitch has warned that the UK’s households are borrowing more money than they are saving for the first time since the so-called Lawson boom in the Eighties. British families are on average, savers.  However, for the past nine months households have been in deficit which long term could have significant consequences for the UK economy.  Fitch said in a report published last week, “It is typically the household sector that does the saving”. Said Brian Coulton, Fitch’s [...]

More ‘reward’ for outsource giants in wake of Carillion demise

The bosses of Mitie and Serco will appear in front of Parliament’s Public Administration and Constitutional Affairs Committee this week as the Government gathers evidence in an attempt to avoid another high profile collapse of a business providing core services to institutions such as schools and hospitals. Rupert Soames, the chief executive of Serco and Phil Bentley, the chief executive of Mitie, are expected to speak about how companies tender for work from the public sector, addressing concerns that profit [...]

New Data rules have generated a 23pc year-on-year growth in demand for lawyers

The impending implementation date, 25th May 2018, for the General Data Protection Regulation, GDPR, has seen the number of jobs available for lawyers in the UK increase by nearly 25pc in the first few months of this year. The new GDPR is intended to give people more control over their personal data and companies will face stricter rules about how they store and use customer’s data..  Many companies concerned that they may be in breach of the new rules are [...]

Are you ready?

The new General Data Protection Regulation (GDPR) comes into effect on May 25 and according to a recent survey by the Institute of Directors (IoD) only six in ten company directors are confident that they will be fully compliant with the new law. Under GDPR, individuals must opt-in whenever data is collected on them, currently many firms only give customers the option to opt-out. If businesses fail to comply they would face extra audits and be forced to delete data.  Ultimately [...]

More Insolvencies expected to follow Carillion’s demise

The effect of the collapse of Carillion, the Goliath construction company which won the Government’s HS2 Project, and which also managed infrastructure schemes, military contracts, hospitals and schools leaves shockwaves in the construction industry which are yet to settle. The enormity of its demise is all too clear; Carillion employed approximately 20,000 and it is estimated its debts to ordinary creditors exceed £900M and had a pension deficit of approaching £600M. As with any large-scale liquidation the knock-on effect [...]

Stripes Solicitors has been recommended as a Leading Law Firm in the Legal 500 2017 UK results for the North West

We are delighted to announce that we have been recommended as a Leading Law Firm in the North West region in the 2017 edition of the Legal 500. The Commercial Debt Recovery team celebrate their tier 2 ranking with many of our lawyers  achieving the status as “Leading Individuals” for their expertise within their field. The results released today commend Stripes for our “insight, quality and speed of service” and “keeping clients fully informed of progress throughout the process”. The Legal 500 [...]

SMEs in Manchester are least affected by late payments

Overdue invoices or late payments are a bug bear most small to medium-sized enterprises (SMEs) have to encounter.  However, according to research from the cloud accounting platform FreeAgent, Manchester is the least affected region to be plagued by late payments compared to the rest of the UK.  FreeAgent revealed that more than three-quarters of the invoices (79%) sent in Manchester last year were paid on time, placing the city well above the UK average. The issue of late payment [...]

Consumer debt judgments at an all time high

Between January and March 2017, county court judgments (CCJs) against consumers have reached the highest total for more than a decade, as creditors issued claims over smaller debts. In the first quarter, 298,901 debt judgments were registered against consumers in England and Wales, a noticeable rise of 35 percent compared to that of the same period in 2016. The average value of a consumer CCJ fell for the eighth consecutive year, dropping nearly 20 percent in the first quarter (year-on-year) to [...]

Court Fee Concern As Record Low For CCJs.

The number of County Court Judgments against businesses has fallen, according to the Registry Trust’s latest figures, increasing speculation that higher court fees are preventing businesses from accessing court procedures to recover debts.   The number of CCJs against businesses in England and Wales fell by 21% from 99,670 to 78,739 in 2016 – the lowest on record.   Registry Trust chair, Malcolm Hurlston CBE, said the continuing reduction suggested that businesses have been managing their debts better since the vote to leave [...]

New Duty To Report Regulation is updated and will come into force from April 2017

An updated set of draft regulations that specifically requires large companies in the UK to disclose their payment practices has been recently published and the legislative measures are intended to come into force as from April this year. The new 'Duty to Report' will lead to much greater transparency of the payment practices of the country's large companies and limited liability partnerships (LLPs). They will be required to publicly report twice yearly on their payment practises and performance, including the average time taken to [...]

FCA’s proposed rules for the secondary annuity market published today

The Financial Conduct Authority (FCA) has today published a consultation on its proposed rules and guidance for the secondary annuity market. The Government has confirmed that buyers and brokers in this market will need to be authorised by the FCA. The FCA has proposed that brokers must set out their charges upfront and agree them with the consumer selling their annuity, rather than being paid by commission from firms acting as buyers. In order to help consumers judge the value of their [...]