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Late payers threaten to demolish building firms

A quarter of small and medium-sized building firms are at risk of going out of business because clients don't pay their bills promptly. One in four smaller construction firms surveyed by invoice processing firm Tungsten Corporation reported that late payments meant they faced the threat of having to stop trading. The study also revealed that 42% of building firms felt the late-payment problem had not improved in the past 12 months, with 32% suggesting it had become worse. Despite the scale of the problem, just 22% of respondents had heard of the Prompt Payment Code.

 

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