IoD says late payments made worse by Covid

The Institute of Directors has warned that the coronavirus crisis has exacerbated a longstanding late payment problem for British businesses, as it called for tougher powers for the government’s small business commissioner, who can mediate on payment disputes between companies. The IoD said around two in five business have faced an increase in overdue commercial debts over the past year. A poll of IoD members found that two in five want the commissioner to be allowed to oversee disputes between small businesses, as well as between small and large companies, as he can now. Nearly half think the commissioner should be allowed to issue binding monetary awards when mediating on disputes, and one in three said that he should be able to compel the provision of evidence so that he can rule on complaints.

Read more: The Times

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