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5 firms removed and 12 suspended from Prompt Payment Code


After failing to pay their suppliers on time, a total of 17 companies have been either removed or suspended from the Prompt Payment Code.

The aim of the Prompt Payment Code, monitored by the Chartered Institute of Credit Management (CICM), is to provide assurances for suppliers and in particular small businesses that a company commits to paying invoices on time.

In order for companies to gain this stamp of approval, they must pledge to adhere to a guideline when it comes to paying invoices, that states that 95% of all supplier invoices are to be paid within 60 days. 

With large businesses now having to publicly report on their payment practices, the CICM has been reviewing these companies in a search for non-compliance.

The 5 companies who will be removed from the code are:

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A further 12 companies were identified as non-compliant but have committed to make changes agreed with the CICM. They have been suspended until they can demonstrate these changes and prove that their actions have bought them back in line with the Code.

These companies are:

However, there are companies already making changes in the right direction. The Go-Ahead Group Plc, a passenger transport provider, was able to file data to show that it had met the criteria for the Code, and so was re-instated.

CICM’s Chief Executive, Philip King, said: “The Board is disappointed with the actions of a minority who continue to treat their suppliers unfairly and has no satisfaction in having to name them publicly.

“Conversely, we are encouraged by the actions taken by The Go-Ahead Group which has now positively engaged with the Board and given us the reassurances we need to allow them to remain a Signatory to the Code. We will continue to monitor their position to ensure future reported data shows the expected improvements and compliance.

“As part of our work driving culture change to end late payments, we will continue to challenge signatories to the Code if the obligatory Payment Practice Reporting data suggests that their practices are not compliant with the Code.”

If you’re struggling to recover an invoice that hasn’t been paid on time, Hilton-Baird Collection Services can help.  Get in touch and get help with your late payment worries today.


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