The second annual survey of global credit trends and risks, which last year highlighted the escalating problem of late payment in business, launches on 1 February.
P&A Receivables Plc, which provides international credit management and debt collection services, has designed the survey in partnership with the MSc degree in Finance at Sheffield Hallam University’s Business School.
Last year the survey revealed that more than two years after the introduction of a code of conduct to crack down on late payment in business the problem is getting worse. The survey of credit and finance professionals showed that more than two thirds of leading international and UK suppliers were being paid late by their customers.
Laurie Beagle, divisional director at P&A Receivables, is the founder and chair of several international credit forums run by P&A which bring together credit and senior managers from corporates in diverse industry sectors across the world. He said: “We know from forum members that there are still great concerns about late payment, particularly in the light of the Euro Zone crisis. The survey helps them weigh up the risks of trading in certain counties and with particular sectors.
“Trading continues to be tough for businesses across the world and they need cash to be able to survive and grow. If they don’t get paid some businesses may have to make redundancies, or worse still, close down.”
Last year 540 financial experts in IT, manufacturing, distribution and service companies completed the survey which highlighted construction, retail and hospitality/leisure as the most risky sectors with whom to trade.
P&A Receivables Services Plc is a division of The P&A Group of Companies, one of the largest independent insolvency and debt collection firms in the country, acting for multinational PLCs and financial institutions as well as accountants, solicitors and business advisors across the UK and Europe.