Posted by John North, Partner
Are you writing off recoverable debts?
The UK is home to over 1 million SMEs and our economy is undoubtedly reliant on the collective revenue that our local businesses generate. With reports showing that SMEs across the UK wrote off nearly £5.8bn worth of debts in the financial year 2015/2016, the equivalent of £21,000 per day, is it safe to assume that these were all irrecoverable or could more be done to improve credit control and cash flow for our SMEs?
Charlotte Newlyn discusses the reasons motivating such a staggering write off and the options available to creditors looking to recover monies owed to them which they may otherwise feel they have no choice but to give up on.