Wrongful Trading is Back; Prompt Payment Code Changes; and Cashflow Planning

Business Finance Bulletin

Although the moratorium on Statutory Demands and Winding Up petitions was recently extended, the moratorium on Wrong Trading was not. Opening this latest Bulletin, I look at how the reintroduction of Wrongful Trading with effect from 1st July could impact company Directors. Late payment continues to be concern for small businesses, but I have good news with changes to the Prompt Payment Code now coming into effect. We look at the new commitment signatories to the Code made have in terms of paying small business invoices quicker than before. To wrap up this edition, a look at how with sales increasing for many businesses, now more than ever is the time to plan your cashflow requirements for the next few months.