Payment Delays Quotes

Liquidity problems can occur in central clearing, even if all counterparties have the financial resources to meet their obligations, if they are unable to convert those resources into cash quickly enough.

The business was in a very difficult state when I first took over the company. I walked into a situation where cheques were getting written, popped in drawers, so that when people phoned up, they could honestly say, 'Look, we've signed the cheque. You'll get it ultimately.'

Every two months, I would get an email, 'Skeleton Twins update: still don't have the money!'

Anything past 90 days constitutes 'severe,' but all late payments stay on your report for seven years if reported.

No more misquoted forms, lost invoices, redundant entries, missing checks, or delays caused by incomplete paperwork.

We had some rough times in TNA. We had some pay issues, and this and that, they were some other issues. But at that time, we were working harder than we ever worked. Even though, you know, we were being paid late and all, we worked harder than we worked before.

We would go to visit a wholesaler, say in Napoli. We would go out, have a very long lunch, mozzarellas, wine. We would reach an agreement. And then the client would pay with a cheque that was postdated by six months, nine months. They were financing themselves by delaying their payments.

More than 60 percent of small businesses face payment delays. That can cause a serious cash flow crisis. So, as president, I will explore new ways to arm small businesses with the tools to fight back and level the playing field.