The economic climate is worsening and with the recent news of IT recruitment specialist Greatfleet going into administration because its major creditor refused to extend further terms, cash flow is becoming a major issue for some clients and agencies.
When faced with more bills than they can pay right now, many firms have a strict order of priority for which creditor gets cash now, and those that get cash when it becomes available. Contractors frequently find themselves low down the food chain for prompt payment.
Has your client or agency turned into a persistent late payer?