Two fifths of SMEs forced to take legal action over late payments
A survey by Hitachi Capital Business Finance found the proportion of SMEs that were taking legal action chasing late payments from clients had grown from 31% to 40% over the past year. A fifth of SME owners did not pay themselves when they were left with unpaid invoices. Over 60% of SMEs are affected by late payments according to Hitachi, with 35% having to seek short term loans to stay afloat, it said.