10 June, 2022 in Industry News

NI firms had 93,000 overdue invoices on their books in April, new report shows

A new report from insolvency and restructuring tradebody R3, said while the north recorded strong start-up numbers in 2022, there are signs of trouble ahead.

R3’s analysis of the data from business intelligence provider Creditsafe, shows almost 3,000 new businesses were set up here in the first four months of the year. However, the research also flagged up issues around late payment of invoices.

R3 chair for Northern Ireland, James Neill said: “Payment behaviour is usually one of the biggest signs of financial distress and not being able to pay the bills on time is often an indicator of more severe cashflow difficulties, so it’s critical business owners and directors have full sight of their financial position and are aware of the signs that suggest their business is struggling.”

If you are currently struggling with payments or have other financial worries our dedicated team of advisors are here to help. Get in touch with Michael Drumm or Shauna McStravick for a confidential discussion on the options available.

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