
Difference between liquidation and administration
After running into financial difficulties in 2017, Carillion has gone into liquidation. While often bandied around in the news, it?s not a term you?ll find explained, which has left some to ponder the difference between words such as liquidation and administration.
On average, the large businesses that filed payment reports to the government were late with their payments 71 per cent of the time.?Nine of the top ten companies named in the list did not pay invoices within an agreed term more than an eye-watering 90 per cent of the time! This league of shame has come about after new rules were introduced last April where all large UK companies are required to publish specific information regarding their payment practices, such as the average time taken to pay their bills, twice a year.?Failure to do so is a criminal offence carrying a hefty fine. Perhaps, similar to the naming and shaming of those not paying the minimum wage, the publishing of this late payment practices league, will spur others into not making appearance the next time it is published. Of course, late payment practices are not a cancer confined to the big boys. SMEs can be guilty too, often caused by their dealings with the corporates and passing on the delays to their suppliers.? Therefore, it is a cultural issue, which has a significant economic impact that has to be weeded out at every level of business. I have always said when it comes to payment for a service, ?a fair day?s pay for a fair day?s work.? While that mainly applies to individuals, the same sentiment should be the case for small businesses. If they are contracted to do a job and deliver the service or product agreed they should be paid for it, and on time.?No ifs, not buts and definitely no 120 day terms!
The current bloke isn?t up to the job, so I?m running for London mayor, says Charlie Mullins
Frustrated by the government and London mayor Sadiq Khan, Pimlico Plumbers boss Charlie Mullins has thrown his hat into the ring to take over. Share this story