Category: Small Business Commissioner
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Late payments: CIOB backs hard cap on time for invoices to be paid
The Chartered Institute of Building (CIOB) has said it supports a hard cap on the time allowed for invoices to be paid or disputed to end poor payment practices in the industry. In its response to the government consultation on late payments, CIOB also backed “financial consequences” for those who ignore the rules, as well…
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Firms that pay suppliers late could be fined millions under new laws
“Late payments have plagued the sector for too long, causing significant cashflow challenges, hindering growth, and in many cases, forcing businesses to shut up shop. Over the past decade, construction firms have accounted for approximately 18% of total insolvencies in England and Wales, whilst accounting for less than 15% of companies. View the original article…
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New small business commissioner appointed to end late payments
The government has appointed Emma Jones CBE as the new small business commissioner responsible for tackling late payments and unfair payment practices in the private sector. Jones is the founder of Enterprise Nation, a network supporting small businesses. She takes over from Liz Barclay, who led on the design and delivery of the new Fair…