UK facing its longest recession

If you haven’t heard about the soaring inflation and interest rates in the past few months you must have been hiding under a rock, or maybe that is where we would all prefer to be at this time with the economy the way it is.

It was further announced yesterday that the Bank of England is warning that the UK is facing its longest recession since records began, raising interest rates to 3% which is the biggest increase since 1989.

The panic in the economy is real, with everyday families gearing up to tackle higher mortgage rates amidst fears of skyrocketing energy prices this winter. Whether you are a small, medium, or large business owner, the effect of inflation and the increase of interest rates means less money in the bank for businesses, and less flexibility for late paying debtors. And with everyone feeling the pinch your debtors will be feeling the pinch too and you may find your debtor days increasing.

So, what do you do?

Getting solicitors on board to stave off late paying debtors might be the thing your credit control procedure is missing. It is always better to get advice early on, rather than when it is perhaps too late.

If you are a business that is struggling to pay its bills do get in touch with our Corporate Restructuring and Insolvency team. Taking action whilst you still have some runway left in your business can make a huge difference on your choice of outcome.

Contact the Commercial Dispute Resolution team at IBB and we would be happy to discuss your options with you.

For more information or to discuss further, please contact our specialist dispute resolution lawyers on 0330 175 7621 or email commercialdisputes@ibblaw.co.uk.