Business news 4 November 2024
BoE set to lower interest rates but mortgage rates rise in response to Labour’ borrowing plans. More budget fallout, manufacturing, markets, insolvencies & more business news that we thought would interest our members.
James Salmon, Operations Director.
BoE set to lower interest rates
Analysts expect the Bank of England to lower interest rates this week, with the Monetary Policy Committee (MPC) forecast to cut the base rate by a quarter-point to 4.75%. While forecasts suggest that last week’s Budget will push up inflation, official figures released in October boosted hopes of a rate cut as inflation fell to 1.7%, its lowest level since April 2021, and wage growth eased again to its lowest level in two years. Suren Thiru, economics director at the ICAEW, said: “Though a November interest rate cut looks nailed on, the upward pressure on inflation from higher business costs resulting from the Budget may mean that the rate cutting cycle over the next year is slower than many expect,” while RSM economist Thomas Pugh said: “We doubt the MPC will want to signal that faster rate cuts are on the way,” adding that the Budget “has changed the outlook for inflation next year.”
But mortgage rates rise in response to Labour’ borrowing plans
High street lenders have increased mortgage rates in response to Labour’s increase in government borrowing, which pushed up bond yields and sent the pound down sharply. Skipton Building Society and Coventry Building Society followed Virgin Money in raising rates. This comes ahead of a Bank of England meeting next week when many had expected a rate cut to be announced. But the chance of that has fallen dramatically from 95% before the Budget to 77% on Friday. The Treasury watchdog has forecast that interest rates will stay higher for longer as a result of Labour’s Budget.
Budget cuts threaten business growth
According to a recent poll by the Institute of Directors, two thirds of business leaders believe the Budget will impede their growth ambitions due to necessary cuts in pay rises, recruitment, and investment. Business confidence has plummeted further since Rachel Reeves’s speech, with Roger Barker, director of policy at the IoD, stating: “By imposing significant new tax burdens on business, the Government has taken a major risk with the economic recovery.” The Chancellor’s £40bn tax increase package, primarily affecting employers’ National Insurance contributions, is expected to raise hiring costs significantly. Paul Falvey from BDO highlighted that sectors like retail and hospitality are particularly vulnerable, with some businesses potentially facing financial distress.
S&P and Moody’s issue Budget warnings
Rachel Reeves’s Budget plan to increase borrowing has drawn warnings from ratings agencies S&P and Moody’s regarding the UK’s public finances. S&P described the fiscal position as “constrained” and noted that while increased spending could “mechanically boost growth in the short term,” the long-term effects remain uncertain. Moody’s expressed concerns that the policy presents “an additional challenge” to already difficult fiscal consolidation prospects, leaving the Government with a “limited buffer” against financial shocks. Reeves’s plan includes an increase in state spending by nearly £70bn annually, funded by higher taxes and borrowing, which has led to rising yields on government bonds. The Office for Budget Responsibility predicts a temporary boost to GDP from these measures, but warns of subsequent downgrades and increased pressure on inflation and interest rates.
OBR warns over fiscal illusions
The independent Office for Budget Responsibility (OBR) has warned Chancellor Rachel Reeves against resorting to fiscal “illusions” to balance the nation’s books under new debt rules. In its Budget report, the OBR highlighted possible concerns over the new debt rules, which it said created “different risks and policy incentives” from the previous ones, adding that it calibrated its forecasts for the economy so as to “minimise the potential illusion.”
Siddiq: 60% of Brexit impact still to come
Tulip Siddiq, the Economic Secretary to the Treasury, has warned that much of the impact Brexit will have on the British economy is yet to be felt. Citing Office for Budget Responsibility (OBR) forecasts that the economy would shrink by 4% in the long run due to Brexit, Ms Siddiq said that Britain’s imports and exports would end up 15% lower than they would have had the UK stayed in the EU. She also flagged OBR analysis which suggests that just 40% of the impact of Brexit has materialised so far.
Chancellor: I was ‘wrong’ on tax claim
The Chancellor has admitted she was “wrong” to say higher taxes were not needed during the election campaign. Rachel Reeves, who in the run up to July’s election said the UK needed growth, not higher taxes, told Sky News’ Sunday Morning with Trevor Phillips that once in power, Treasury officials outlined the scale of a “huge black hole in the public finances” which was “beyond which anybody knew about at the time of the general election.” Ms Reeves was speaking in the wake of her first Budget, in which she set out tax hikes worth £40bn. She went on to insist that future Budgets will not bring similar measures, saying: “We’ve now set the spending envelope for the remainder of this parliament, we don’t need to increase taxes further.” She also gave an “absolute commitment” that the Government would stick to a manifesto pledge that there will be no tax increases on “working people,” with no hike in income tax, National Insurance and VAT “for the duration of this parliament.”
Reeves ‘not immune’ to criticism over tax decisions
Chancellor Rachel Reeves has defended the decision to increase National Insurance (NI) contributions for employers during the Budget, saying that while saying she is “not immune” to the criticism she has received, the Government has to “raise the money to put our public finances on a firm footing.” Ms Reeves told BBC One’s Sunday with Laura Kuenssberg that while the previous Conservative government cut NI contributions made by workers without the money to do so, Labour had not reversed the move because it would be a “direct breach” of the party’s manifesto.
Badenoch: Tories have ‘completely opposite’ approach to economy
New Conservative leader Kemi Badenoch says her approach to the economy will be “completely the opposite” to that of Chancellor Rachel Reeves. She told the BBC’s Sunday with Laura Kuenssberg: “It is not the Government that creates growth, it is business that creates growth,” adding that this is “completely the opposite of what Rachel Reeves is doing.” She also said she could “make the argument” that Labour’s decision to increase employers’ National Insurance contributions “is not going to grow our economy and will leave all of us poorer.” Ms Badenoch added that the VAT hike on private schools is a “tax on aspiration” that “won’t raise any money.”
Erosion of tax relief may hinder entrepreneurs
Concerns have been raised over the future of Business Asset Disposal Relief, previously known as Entrepreneurs’ Relief. Currently valued at a maximum of £100,000, this relief is set to decrease to £60,000 in two years, alongside a significant cut in the annual tax-free allowance for capital gains from £12,300 to £3,000. Chancellor Rachel Reeves said the Government is “committed to creating a positive environment for entrepreneurship,” yet many entrepreneurs fear that the erosion of this relief will make the UK less attractive for starting and exiting businesses. Paul Falvey, a tax partner at BDO, says that over the years the tax break has proved to be “a very valuable relief for business owners,” while Matthew Emms, BDO’s head of share plans and incentives, said that even with the erosion of the tax break, it remains attractive for employees.
Employer NI move hits women hardest
Experts have warned that the recent increase in employers’ National Insurance contributions will disproportionately affect women. The Institute for Fiscal Studies highlighted that “in proportional terms, the employer NICs reforms do have a bigger impact on those on low earnings than those on middle or high earnings.” With the threshold for employer contributions dropping from £9,100 to £5,000, hiring lower-paid workers will become more expensive, increasing costs by 5.4% compared to 2.5% for average earners. Approximately 59.5% of low-paid jobs are held by women, exacerbating the existing gender pay gap, particularly for those aged 40 and over.
Reform is needed to make Britain a great place to do business
Sir Keir Starmer has attempted to quell market jitters with a piece in the Saturday FT seeking to assure investors that his government would seek to carry out reforms alongside its spending and borrowing plans. He claims tough fiscal rules will “lock in stability” while Labour’s “corporate tax road map” would “provide boardrooms with a stable and competitive framework for long-term investment.”
Government faces anger from rural constituents
The Labour Government is coming under increasing pressure to row back on its inheritance tax raid on farmers with the National Farmers’ Union planning a protest in London later this month. Labour MPs are calling for the Treasury to consider raising the threshold at which the tax is applied after farming constituents read the riot act. Elon Musk has even chimed in telling Sir Keir Starmer to leave the farmers alone, sating: “We [owe] farmers immense gratitude for making the food on our tables!” The NFU has warned that half of working farms will be hit by the tax raid, despite the Treasury’s claim that less than a quarter will be affected. Tom Bradshaw, president of the NFU, said: “The Treasury’s figures which claim this will only affect one in four British farms are misleading.” The Guardian cites one proponent of Labour’s plans – Robert Palmer, executive director of Tax Justice UK, who has long campaigned for changes to agricultural relief. “I can understand why some farmers are nervous,” Palmer said, “but the truth is that the vast majority of APR goes to the wealthiest families, many of which don’t have much to do with farming. It’s important to understand the wider context. The country is in a mess and public services need a lot more money.” The Environment Secretary Steve Reed tries to justify the tax hike in a piece in the Saturday Telegraph, insisting that only the wealthiest farmers will be impacted.
US employers rethink plans after NICs raid
The UK has been made less attractive to US businesses looking to invest in Britain due to Labour’s increase National Insurance (NI) costs, according to the chief executive of British American Business. Duncan Edwards said: “For the UK leaders of American-owned companies looking to get more investment from their head office, their task has definitely just become more difficult as the costs of doing business in the UK will rise. Coupled with the Employment Rights Bill, this will make the UK less attractive for big American employers.”
Wealthy flee UK as non-dom status axed
Several prominent tax and wealth advisors have expressed grave concerns over the Government’s decision to abolish the non-dom regime, labelling it a “monumentally stupid decision.” The changes, set to take effect in April 2025, will replace the current system with one based on residency, which may incentivise short-term visits but discourage longer stays. James Quarmby, founding partner at Stephenson Harwood, noted that “dozens and dozens” of his clients are likely to leave due to these reforms. The Budget also included a temporary repatriation facility extension, which was welcomed by some, but overall, the reforms are expected to have a significant impact. Leslie Macleod-Miller, chief executive of Foreign Investors for Britain, warned of severe economic consequences from the anticipated exodus of wealthy individuals, stating: “This exodus will have severe consequences for our economy.”
9m Brits will pay top tax rate by 2028
By 2028, an estimated 15% of British adults will be classified as higher-rate taxpayers, according to analysis from the Institute for Fiscal Studies (IFS). This increase will see 9m workers paying 40% or more in income tax, up from 6.5m today. Chancellor Rachel Reeves’ decision to maintain a freeze on income tax thresholds for an additional three years will result in over two-thirds (67%) of adults paying income tax. Currently, 11.8% of the population pays the higher 40% rate or the 45% additional rate. The IFS report takes into account the Office for National Statistics’ population growth predictions alongside Office for Budget Responsibility projections.
Markets
Friday, the FTSE 100 closed up 0.83% at 8177.15 and the Euro Stoxx 50 closed up 1.04% at 4877.75. Over in the US the S&P 500 rose 0.41% to 5728.80 and the NASDAQ rose 0.80% to 18239.92 as Intel and Amazon reversed market losses earlier in the week.
This morning on currencies, the pound is currently worth $1.296 and €1.188. On Commodities, Oil (Brent) is at $75.0 & Gold is at $2738. On the stock markets, the FTSE 100 is currently up 0.66% at 8231 and the Eurostoxx 50 is up 0.24% at 4889.
US Nonfarm Payrolls increased by just 12,000 in October, down sharply from September and below the estimate for 100,000, the Bureau of Labor Statistics reported Friday. In what had already been expected to be a downbeat report, October posted the smallest gain since December 2020 – impacted by storms in the Southeast and a significant labor impasse. The US unemployment rate, however, held at 4.1%, in line with expectations. A broader measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons also was unchanged at 7.7%.
UK Manufacturing fell into contraction territory for the first time in six months in October as uncertainty around the Budget struck. Data showed that the manufacturing purchasing managers index (PMI) fell to 49.9 this month, from 51.5 in September. This marked the first time the index had sat below the neutral 50-point mark since April, as a reduction in new orders caused output to slow.
China Factory Activity swung back into expansion among smaller manufacturers in October, according to a private survey released on Friday. The Caixin manufacturing PMI came in at 50.3 in October, beating the median estimate of 49.7. The reading was 49.3 in September, 50.4 in August and 49.8 in July. A PMI reading above 50 indicates expansion in activity, while a reading below that level points to contraction.
Amazon beat Wall Street estimates with its third quarter numbers. Amazon reported $158.9 billion in revenue with $1.43 per share earnings, surpassing analysts’ projections of $157.29 billion in revenue and $1.16 earnings per share.
Intel posted stronger-than-expected third-quarter earnings and revenue, despite challenges in artificial intelligence and restructuring costs. Intel reported 17 cents earnings per share, surpassing analysts’ estimates of a two-cent loss, and achieved $13.28 billion in revenue, slightly ahead of forecasts.
UK factory activity shrinks
The UK’s manufacturing sector experienced its first contraction since April, with the S&P Global UK manufacturing PMI survey recording a reading of 49.9 for October, down from 51.5 in September. This decline was attributed to a drop in new orders, driven by a “lack of market confidence” as firms adopted a “wait-and-see approach” ahead of the Government’s Budget announcement on October 30. The survey also highlighted a decrease in demand from both domestic and export clients, marking the 33rd consecutive month of falling export orders. Despite the contraction, manufacturing employment increased for the third time in four months as companies hired more workers to manage backlogs.
Ryanair to cut UK flights after air tax rise
Ryanair’s chief executive, Michael O’Leary, has announced a 10% reduction in flights to and from UK airports next year, attributing this decision to Labour’s planned increase in air passenger duty (APD). O’Leary stated that the tax rise would make air travel “much more expensive” and could result in five million fewer passengers at UK airports. He described the tax increase as a “short-sighted tax grab” that would hinder the UK’s competitiveness compared to countries like Ireland and Sweden, which are abolishing travel taxes to boost tourism.
Separately Ryanair reported interim revenues of €8.6bn up 1% whilst pre-tax profit fell 16% to €2.07bn. Ryanair said delivery of new Boeing aircraft would impact FY25 guidance. The board said operating expenses were sharply higher due to rising staff costs. Ryanair shares were off 3% in early trading.
Cost of health benefits to wipe out NICs raid
Official forecasts indicate that spending on health and disability welfare is projected to increase by over £19bn by the end of the current parliament, significantly surpassing the £16.1bn expected revenue from the rise in employer National Insurance contributions. The Centre for Social Justice (CSJ) highlighted that Britain’s “welfare iceberg” is consuming essential tax revenues intended for public services. The Office for Budget Responsibility (OBR) has warned that the surge in health-related benefit claims post-Covid will likely become a permanent burden on public finances. Andy Cook, CSJ’s chief executive, stated: “Radical action is needed to address the epidemic of long-term sickness and economic inactivity.” The Government plans to publish a white paper aimed at getting people back to work, with further reforms to disability benefits expected next year.
Pension industry poised for overhaul
Rachel Reeves has indicated that a significant overhaul of the pension industry is on the cards as ministers look to unlock cash to cover the cost of the Government’s infrastructure initiatives. The Chancellor said she will use her first Mansion House speech to set out her “ambitions for our financial services industry and the next steps on pension reform, which will unlock more private investment to fuel our growth mission.”
Aerospace firm close to collapse
Flying taxi business Vertical Aerospace is looking to avoid collapse after founder Stephen Fitzpatrick, reneged on a promise to inject $25m into the business. While the firm’s largest creditor, Mudrick Capital, has proposed a $75m lifeline for Vertical, the board has drafted in advisers at FRP and Teneo to explore a possible rescue deal. Ovo Enery founder Mr Fitzpatrick – who owns a 69% stake in the start-up – has the power to overrule the board and is understood to be reluctant to agree a deal that would lead to him losing control.
ISG went bust with debts nearing £1bn
Construction company ISG collapsed with debts of almost £1bn, according to estimates made by its directors. The filings logged at Companies House show that ISG went bust in September owing £981m to creditors. Around £615m of this is owed to third-party creditors, a group made up largely of suppliers, while £90m is owed to HMRC. ISG’s external auditor, MHA, said that it had delayed signing off the company’s 2023 audit because of going concern issues. The collapse of ISG, which has appointed EY as administrator, is the biggest in the construction sector since Carillion, which failed with £7bn debts in 2018. Liam Byrne, chair of the Business Select Committee, said ISG’s collapse provided “fresh evidence for why urgent reform of the British audit industry is now so essential.” The Chartered Institute of Internal Auditors, which represents 10,000 internal auditors, has written to Mr Byrne and Business Secretary Jonathan Reynolds, asking for an investigation of ISG’s internal governance structure.
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Appointment of Liquidators – PINK COSMETICS LONDON LIMITED
Appointment of Liquidators – M&S PROPERTY MANAGEMENT (SOUTHERN) LLP
Appointment of Liquidators – BREAL CAPITAL LIMITED
Appointment of Liquidators – JKT TABLEWARE HOLDINGS LTD
Appointment of Liquidators – HILTBROW LIMITED
Appointment of Liquidators – WAW STATISTICAL CONSULTING LTD
Appointment of Liquidators – BJ UNWIN FORESTRY CONSULTANCY LTD
Appointment of Liquidators – JULIA ROSS CONSULTING LTD
Appointment of Liquidators – ZEPPELIN HOLDINGS LIMITED
Appointment of Liquidators – PROJECT LININGS LIMITED
Appointment of Liquidators – ENDCLIFFE CONSULTANCY LIMITED
Appointment of Liquidators – MR G GHANI LTD
Appointment of Liquidators – CHEDAYATH LTD
Appointment of Liquidators – CARBERRY CONTRACT SERVICES LTD
Appointment of Liquidators – NEIL CAMPBELL LIMITED
Appointment of Liquidators – MBM GROUP SERVICES LIMITED
Appointment of Liquidators – WILLIAM DULCIE LIMITED
Appointment of Liquidators – TGS POTATOES LIMITED
Appointment of Liquidators – IFS COLLECTIVE LIMITED
Appointment of Liquidators – PM CONTROLS AND RISK SERVICES LTD
Appointment of Liquidators – FREEMANS STRATEGY HOUSE LTD
Appointment of Liquidators – WILLESTHORPE LIMITED
Appointment of Liquidators – DMI IP LIMITED
Appointment of Liquidators – WATERLOO CORPORATION LIMITED
Appointment of Liquidators – UP (PARTNERSHIP) LIMITED
Appointment of Administrator – DAISOL LIMITED
Appointment of Liquidators – NORTH LONDON PROPERTIES LIMITED
Appointment of Liquidators – GARRATTS WOLVERHAMPTON LIMITED
Appointment of Liquidators – WEST TECH COMPUTER SERVICES LIMITED
Appointment of Liquidators – YOUNG SAMUEL CHAMBERS (“YSC”) LIMITED
Appointment of Liquidators – T E GORE & SON (POTATOES) LIMITED
Appointment of Liquidators – HIGHWAY TO THE WORLD LIMITED
Appointment of Liquidators – ALPHA BRAVO DELTA HOLDINGS LIMITED
Appointment of Liquidators – SEVEN AND A HALF LTD
Appointment of Liquidators – DRIVEON DEVELOPMENTS LIMITED
Appointment of Liquidators – HOLDEN PLANT HIRE LIMITED
Appointment of Liquidators – PMCPRO LTD
Appointment of Liquidators – HOLDCOTEMP1234 LIMITED
Appointment of Liquidators – DSH WEALTH MANAGEMENT LTD
Appointment of Liquidators – 18 PROSPER HILL LIMITED
Appointment of Liquidators – ROCK REBELS LTD
Appointment of Liquidators – MAXCROFT SECURITIES LIMITED
Appointment of Liquidators – HILL VALLEY ESTATES LTD
Appointment of Liquidators – MOTORHOMES WANTED LIMITED
Appointment of Liquidators – P+R INVESTMENTS LIMITED
Appointment of Liquidators – LEANFIX LIMITED
Appointment of Liquidators – COVERSAFE CLOTHING LIMITED
Appointment of Liquidators – HORNCHURCH CONSTRUCTION PLANNING LIMITED
Appointment of Liquidators – ATMAN MEDICAL UK LTD
Appointment of Liquidators – SRJM LIMITED
Appointment of Liquidators – TIGA AERO SERVICES LIMITED
Appointment of Liquidators – AMASTAN LIMITED
Appointment of Liquidators – VALE ESTATES LIMITED
Appointment of Liquidators – L & VA PROPERTIES LIMITED
Appointment of Liquidators – WYNWOOD DIGITAL SERVICES LIMITED
Appointment of Liquidators – AMELIA BOND SEARCH & SELECTION LIMITED
Appointment of Liquidators – CLWYD WELDING SERVICES LIMITED
Appointment of Liquidators – ALDRICH HOLDINGS LIMITED
Appointment of Liquidators – PANTHER TRAVEL LIMITED
Appointment of Liquidators – MODERN EDGE DEVELOPMENT GROUP LTD
Appointment of Liquidators – VW COMMS CO LTD
Appointment of Liquidators – VACATION CARE INTERNATIONAL LIMITED
Appointment of Liquidators – ASPELLA LIMITED
Appointment of Liquidators – AES EDUCATIONAL CONSULTANTS LTD
Appointment of Liquidators – SHANTI GARDENS LIMITED
Appointment of Liquidators – PRESTIGE WORLDWIDE JR LTD
Appointment of Liquidators – HALE DEVELOPMENT CONSULTANTS LIMITED
Appointment of Liquidators – BINFIELD SLEEP CLINIC LTD
Appointment of Liquidators – VITSIPPA LIMITED
Appointment of Liquidators – PIERS SHERLOCK PROJECTS LIMITED
Appointment of Liquidators – CROFT HOMES (CUMBRIA) LIMITED
Appointment of Liquidators – MACKAY RESOLUTION LTD
Appointment of Liquidators – GORKY LIMITED
Appointment of Liquidators – PJ HOLLAND CONSULTING LIMITED
Why you should become a member of CPA!
The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid, since 1914. We have supported our members through all sorts of difficult trading environments. With high interest rates and a struggling economy and elevated insolvencies, our services can help your business navigate these difficult waters.
Unlike other credit management and debt collection companies, we offer a range of services to our members that are all included as part of a fixed annual subscription, tailored to your needs.
Under your annual subscription you will have access to our main services:
- Our Creditcare credit reports provide credit ratings and limits along with a host of detailed information on your potential customers to enable you to trade with confidence and set appropriate credit policies for new customers.
- Our monitoring service will alert you to any significant changes in the status of those customers.
- Our Overdue account recovery service can be used to chase up payment on any invoices to those customers that have not been paid on time. Unlike other debt collection companies, this service directs your customer to pay direct to you and allows you to maintain your goodwill with them, rather than inserting ourselves into your relationship with you customer and insisting they pay CPA instead. Our Overdue account recovery service resolves over 80% of accounts referred to us.
All of the above services and other complimentary services such address verification, are included in your subscription!
And for the small minority of debts not resolved through our Overdue account recovery service, you can refer the debt to our collections department to escalate the late payment collections process.
CPA eases cash from tardy debtors – Efficiently, Effectively, Economically and Ethically. And we provide credit information so you can monitor and assess your key customers and be warned of any potential risks. CPA has been improving business cash flow for over 100 years, by tackling late payers and campaigning against the late payment culture in the UK.
Unlike other credit management companies, we offer our members a fixed annual subscription regardless of how high the value of their debts maybe!
Rather than to borrowing more money to improve your cashflow, CPA suggests that business owners tackle the problem at its source. If late payments are a strain on your cashflow, then talk to CPA about how we can help you reduce those late payments.
Just call Peter Uwins, CPA’s National Sales Manager, on 020 8846 0000 (business hours) or email nsm@cpa.co.uk today.
When you see your money come in, you will be so glad you used CPA.
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections
Do you have a commercial late payer that is causing you grief? Use CPA’s no-win, no-fee, commercial debt recovery service!
If you have a particular business customer who is late paying and causing you sleepless nights, why not offer it to CPA’s collection department for purchase on recourse?
CPA’s collection department will then pursue the debt. We will be liable for any costs incurred and then when we have recovered the debt, we will pay you the net principle debt recovered less our percentage.
Once you have enjoyed that success then you can consider the more cost effective membership which includes our Overdue Account Recovery service and Status/Credit reports as well as a range of other complimentary services.
Just call 020 8846 0000 and ask for Godfrey Nelson or Cris Shirley (business hours) or email debtpurchase@cpa.co.uk today.
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.
Get compensated for previous late payments
Have you been paid late by business customers in the last six years?
Maybe you no longer work with them. Under legislation, you are entitled to compensation you for those late payments you have suffered.
You put up with the PAIN – now claim the GAIN!
Claim late payment compensation (LPC) from former business customers who paid you late in the last six years!
CPA (LPC) Recoveries is using our bespoke software and decades of experience to do just that for our clients
Check our compensation calculator to see how much your business could be owed!
Discover NOW the potential value of late payment compensation hidden in your sales ledger!
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.