Product category:
Printing Industry Finance
News Release from: Experian
Edited by the Printingtalk Editorial
Team on 26 February 2003
Simpler accounts will damage small
businesses
The proposal in the White Paper on Company Law (issued on 16 July)
The proposal in the White Paper on Company Law (issued on 16 July 2002) to modernise and simplify company law to reduce the reporting requirement for a further 15,000 companies will make it more difficult for those companies to obtain the vital credit facilities they need to grow their businesses and lead to more bad debt, warns information technology company Experian The White Paper proposes that the definition of the turnover of a small business is raised to the EU maximum of £4.8 million
This article was originally published on Printingtalk on 9 Feb 2004 at 8.00am (UK)
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"Every commercial lender and many businesses take credit references on their customers before agreeing loans, leasing arrangements or trade credit," says Steve Kilminster, managing director of Experian's business information division.
"The basis of the credit reference is the statutory financial statement filed at Companies House.
Some of this information is already limited, and further reduction in the quality of the information available could actually hit the very businesses the latest proposals are trying to help," he added.
Kilminster said that it is ironic that at the same time the UK Government is increasing the rights of auditors to ensure the accuracy and integrity of company accounts and speed up their filing at Companies House - both of which he welcomes.
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