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Small business commissioner to help firms chasing payments avoid court Small business commissioner to help firms chasing payments avoid court
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Small businesses losing out on billions of pounds in late payments are to get help from a special commissioner to tackle payment disputes.Small businesses losing out on billions of pounds in late payments are to get help from a special commissioner to tackle payment disputes.
Under government plans, firms would be able to seek advice from and make complaints to a new small business commissioner.Under government plans, firms would be able to seek advice from and make complaints to a new small business commissioner.
Small businesses are currently owed more than £26bn in late payments, the small business minister, Anna Soubry, said, as she pledged to help firms at the mercy of bigger businesses.Small businesses are currently owed more than £26bn in late payments, the small business minister, Anna Soubry, said, as she pledged to help firms at the mercy of bigger businesses.
Companies which fail to make payments on time may be “named and shamed” after the Small Business, Enterprise and Employment Act 2015 made it compulsory for Britain’s biggest companies to report on their payment policies and practices.Companies which fail to make payments on time may be “named and shamed” after the Small Business, Enterprise and Employment Act 2015 made it compulsory for Britain’s biggest companies to report on their payment policies and practices.
With the help of the new commissioner, small firms will be offered mediation services, in a hope they can save millions by avoiding court disputes to recoup the money they are owed. With the help of the new commissioner, small firms will be offered mediation services in a hope they can save millions by avoiding court disputes to recoup the money they are owed.
More than half of small businesses surveyed by the Federation of Small Businesses last year had been the victim of late payments within the previous 12 months.More than half of small businesses surveyed by the Federation of Small Businesses last year had been the victim of late payments within the previous 12 months.
Soubry said: “The government is backing small businesses to grow and create more jobs and opportunity.Soubry said: “The government is backing small businesses to grow and create more jobs and opportunity.
“Small businesses are owed £26bn in late payments and spend millions more chasing down money they have already earned through hard work. This is simply unacceptable – it limits their growth and productivity, and can put an otherwise successful business at risk.“Small businesses are owed £26bn in late payments and spend millions more chasing down money they have already earned through hard work. This is simply unacceptable – it limits their growth and productivity, and can put an otherwise successful business at risk.
“The small business commissioner will tackle the imbalance of bargaining power between small suppliers and large customers, and encourage them to get round the table and sort out disputes at a fraction of the cost of going to court. It will also provide advice, investigate complaints and see where further action is needed to clamp down on unfair practices.”“The small business commissioner will tackle the imbalance of bargaining power between small suppliers and large customers, and encourage them to get round the table and sort out disputes at a fraction of the cost of going to court. It will also provide advice, investigate complaints and see where further action is needed to clamp down on unfair practices.”
The Department for Business, Innovation and Skills has launched a consultation on the role of the commissioner.The Department for Business, Innovation and Skills has launched a consultation on the role of the commissioner.