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Payment terms continue to decrease in Australia, according to CreditorWatch’s Business Risk Review Report for October 2020. In the same manner, business administrations fell. While these may be encouraging signs that the economy is improving, payment times remain 157 per cent higher, on average, the report noted. In early September,
The COVID-19 pandemic rocked the world disrupting the way employers run their businesses. When the government announced lockdowns and business closures, companies scrambled to find ways to continue operating. At the same time, employers had to look after their employees’ safety. With the pandemic still ongoing, there seems to be
Businesses are looking to explore insolvency options as the Australian government ends its aid and moratoriums by late September. A survey conducted by Jirsch Sutherland found that 51% of businesses and directors are contemplating the insolvency route in the next six months. Because of this, experts warn of an insolvency
Late payments surged to an average of 49 days in June, according to CreditorWatch’s latest data. In comparison, debtors paid within 11 days for the same month last year. This is not surprising as COVID-19 has reportedly affected 70% of Australian small, medium, and large businesses. The increase in late payments suggests several things. This