LatePAID

Late payment of commerical debt

2009-10-27T19:34:17+00:00

Cash flow is all too important in the current economic times. It's important to stay on top of debtors, its important to have terms and conditions on invoices and its still important for Blue Autumn to continue its legal action in regard to being paid late by Fourseasons healthcare.

Just noticed we got a mention in the Fpb Autumn edition.

Business edition

Blue Autumn on the Warpath over latepayments

2009-07-12T17:16:40+01:00

Blue Autumn Ltd has issued a high court writ against Fourseasons healthcare for latepayments. Read what has been said by the daily telegraph. On the Warpath !

Apple being sued over late payment

2009-05-11T05:22:00+01:00

Read article , apple being sued over late payments

Late payment by Big Business strangling small Business

2009-05-10T04:25:00+01:00

Late payment strangles small business

Firms hit hard by late payers

2009-05-09T16:24:20+01:00

" The scale of late payments has grown in value despite companies investing a significant amount of time and money to stop the problem "

Fourseasons Healthcare, opens new homes, but how ?

2009-04-28T08:28:09+01:00

Fourseasons plan to open a new home in Limavady, as stated in this article., but where are they getting the money from if they can't pay their debts ?

Seems very strange that they continue to expand, especially as the cupboard is empty. Should they not pay their debts before opening any new homes. Maybe this happens when you have no money you continue to splash out !!! Building business by paying suppliers late, building on other peoples money, an old trick, stretch the credit. This is where the latepayment legalisation comes in, pay on time or else we will enforce our rights.

If this company goes bust the Northern Ireland assembly should consider moves to break this groups monopoly of care in Northern Ireland, but lets wait and see what happens, but I do believe that they maybe are too big for the Northern Ireland market and that the care of our relatives would be better catered for by the smaller groups and individuals.

Fourseasons Healthcare, nursing homes refinance problems

2009-04-17T12:00:07+01:00

Fourseasons as all those involved in the care home business know are a major player in the UK nursing home market. I recently saw this article on the group's troubles.

It is times like this we are glad that we no-longer supply nurses uniforms , nor any other type of uniforms to this group. I certainly would not be sleeping well in my bed if I was a supplier to Fourseasons Healthcare at this present time.

If this article represents what is happening, it does seem that we as tax payers may be left holding the bills here, as RBS, now mostly owned by the tax payer is also, from what I have read the major lender here too.

Doesnt seem fair that a company that relies mostly on government funding, by way of residents fees is maybe considering going bust, leaving huge debts for the tax payer and others to pick up the tab, then start again the next hour with everything in place, except the debt, and still expects the government to keep them in business by way of suppling customers.

Its easy for any business to say we are viable and have a sound business operation, but just cant pay our borrowings. How much more money we all would have, if we didnt have to pay our debts and how many more viable businesses would there be out there. This statement by fourseasons just seems nonsense.

It might be legal to go down the road of pre-pack adminstration, but is it moral ? Especially as this is all government money, by way of funding.

The government should never have allowed this group to hold a monopoly of the care home market in Northern Ireland. If this group does go bust, then our local government should step in to break the group up and have it sold in smaller lots to protect the tax payers from having to pick the bill up again in the future.

Where has all the money gone , anyhow?

I always thought there was a law against this sort of phoenix activity, but looks like labour got rid of all that. Come back Maggie , I think that appear to be the cry out there, all is forgiven !!!

For those creditors supplying companies like this, they need to be very careful, but maybe they too are ok if they have the debt insured, so the losers will be those companies unable to get credit insurance, generally the small businessman, the insurance companies who will have to pay out when this fails, and the tax payer.

BE CAREFUL OF GIVING OUT CREDIT !!!! BE AWARE OF THE DANGERS !!!

Firms Hammered by Late Payments

2008-11-09T20:39:53+00:00

Firms hammered by Late Payments !

I saw this article in the sunday times.

Another sign as to how cash flow can be affected by late payments and the effects this late payment can have on a business.Still no mention here of using the late payment legalisation, maybe things might be different if this was implemented.

How many small business have not heard of this legalisation and their rights under it ?

Lots I guess

Banking Advice 1935 PS: Be Cautious in letting money out in book debts

2008-10-17T10:17:26+01:00

I came across an old letter from Ulster Bank Ltd, that I thought I would share here.

Its advice given in 1935 to a new Belfast firm, called Allen, Burton & Colbert. Mens wear & uniforms suppliers. I guess if banks had of given this sort of advice today, things might have been different in the credit markets.

This advice was during the 1930's when times were difficult, maybe this will be the sort of advice we will hear in these coming months.

Dear Sirs,

With Reference to the overdraft of £300 which you have asked for and to which the directors have agreed, they point out in the letter to me how important it is for you to avoid bad debts.

The directors are anxious that you should be successful. They trust that you will be able to avoid the unpleasant and depressing experience of working hard to provide for loss. We shall be happy to make enquiries for you at any time.

PS: BE CAUTIOUS IN LETTING MONEY OUT IN BOOK DEBTS

Good advice, which is still important today.

Payment Pledge for Small Firms

2008-10-13T15:36:45+01:00

Payment within 10 days !

The government pledges to pay all its invoices ' as soon as possible ' to ease small businesses' funding crisis.

It aims to pay all its bills within 30 days but Mr Brown promised it would pay small and medium -sized businesses within 10.

At last ! The sort of news small businessess' have been waiting for, instead of waiting 45, 90, 120 days for payment we have a pledge for payment within 10. I wonder how long this will be the case, lets hope the days of late payment from government bodies is gone.

About time those big private companies took notice too !. The days are gone or going when businesses can take credit terms to suit themselves. Watch this space !!!!