{"id":41261,"date":"2018-05-10T12:48:08","date_gmt":"2018-05-10T11:48:08","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=41261"},"modified":"2018-05-10T13:01:05","modified_gmt":"2018-05-10T12:01:05","slug":"small-construction-firms-facebankruptcy","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/small-construction-firms-facebankruptcy\/41261\/","title":{"rendered":"Bankruptcy on the cards for more than 70% of small construction firms"},"content":{"rendered":"

New research suggests many small construction firms are struggling to cope financially due to the knock-on effects of late payments and are likely to face bankruptcy or liquidation<\/h2>\n

The study reported that one in every 213 companies are falling into liquidation \u2013 the highest record since 2013.<\/p>\n

The research commissioned by The Prompt Payment Directory<\/a> (PPD), a payment rating website for businesses, listed the most commonly used excuses for late payments including: \u201cWe can\u2019t pay until our own customers pay their overdue invoice\u201d (32%), \u201cthe accounts person is away\u201d (23%) and \u201cwe can\u2019t pay until business turnover improves\u201d (17%).<\/p>\n

Ahead of Mental Health Awareness Week<\/a> (14-20 May), the research examined the personal, financial and business impact of late payments on owners and found the issue had worsened since PPD\u2019s first study which was launched last spring.<\/p>\n

The study states that 62% of the 400 business owners, MD\u2019s and CEO\u2019s polled, said that late payment issues<\/a> meant that they had not been able to pay themselves for some time. A third agreed that late payments not only caused serious financial implications, but significantly impacted upon staff morale, recruitment and retention.<\/p>\n

Moreover, a substantial 38% of business owners struggled to pay business rates and a quarter struggled to pay mortgage or rental payments on their offices.<\/p>\n

The findings follow an industry-wide fear for the future of the supply chain, caused by Carillion\u2019s collapse earlier this year.<\/a><\/p>\n

Hugh Gage, Managing Director of The Prompt Payment Directory<\/a> said: \u201cRecent high profile cases such as Carillion have made many more people aware of the cost of late or non-payment and how it can affect smaller construction firms, but in reality this has been going on for years.<\/p>\n

\u201cOur latest research reveals that the impact of late payments has got even worse since last year and is having even deeper repercussions on smaller companies nationwide, it\u2019s affecting and even destroying people\u2019s business, health and lives.<\/p>\n

\u201cConstruction business owners need to arm themselves against some of the most common late payment issues and fight back against these poor practices as it\u2019s always best to try and avoid them from the outset by using due diligence through credit reference agencies, or services such as The Prompt Payment Directory which rates businesses\u2019 payment behaviour by those that it affects – their suppliers.\u201d<\/p>\n

The research was carried out despite the Government\u2019s Prompt Payment Code<\/a> (PPC) and last April\u2019s enforcement of the Government\u2019s new \u2018Duty to Report\u2019 scheme that requires large companies to report on payment practices twice a year.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

New research suggests many small construction firms are struggling to cope financially due to the knock-on effects of late payments and are likely to face bankruptcy or liquidation.<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[824,676,276],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-41261","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-carillion","8":"tag-construction","9":"tag-government"},"acf":[],"yoast_head":"\nBankruptcy on the cards for more than 70% of small construction firms<\/title>\n<meta name=\"description\" content=\"New research suggests many 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