UK-based firms are facing losses of around 1.86 billion (appr. $2.46 billion) which could result from unpaid invoices, even though the nations businesses have received financial support from the governments COVID-19 relief packages.
Red Flag Alert, an insolvency company that assists businesses with safeguarding their operations from financial risks, has revealed that UK firms may write off 20 million or more in bad debt in 2020 compared with last year.
Red Flags Write Off Report data from November 13, 2020, confirms that the total levels of written off business-related debt in the United Kingdom have increased by 1% so far in 2020 (ip from 1.84 billion to 1.86 billion).
While there was a decline in the total number of company insolvenc…
Read the full article at: https://www.crowdfundinsider.com/2020/12/170197-insolvency-firm-red-flag-alert-reports-that-uk-companies-are-facing-1-86b-in-losses-due-to-unpaid-invoices-following-covid-19-outbreak/