Payment delays ‘leave firms facing bankruptcy’

SMALL firms are being forced to wait longer than ever before being paid, resulting in many facing bankruptcy.

The banks have been accused of failing to provide adequate credit and the Government is “doing nothing” to help, according to small business group ISME.

Firms are now waiting 76 days on average for payment, which is the longest period on record and up from 60 days two years ago. This is one of the longest waiting periods in Europe, according to ISME.