It is a familiar feeling for many business owners, discovering a tax bill is due and realising you don’t have enough working capital set aside to pay for it. Lack of working capital is a good reason to borrow money, but only if it can help you grow your business.
In the contract between the supplier and the recipient of goods, there is a specific condition that title or ownership of the goods doesn’t pass to the recipient on delivery or collection (which is the normal situation); it happens only when the goods have been paid for in full.
Everyone recognises that these are difficult and challenging times for the retail market, but please understand that by communicating with suppliers and indeed customers and having regular meetings with them, means that difficult situations can, but not always, be averted.
Have you received notification that one of your customers has entered, or is about to enter an insolvency procedure? Is this leaving you with unpaid debt? We offer a creditor representation service that is completely free of charge.