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Pre-pack administration is often viewed by business leaders and their advisors as a last resort, to be avoided at all costs. While nobody sets out to fail in business, running into difficulty in today’s economic climate is a genuine problem for many companies.

Chasing outstanding payment is a difficult part of working life that virtually every small business needs to accept. Whether they are big or small, keeping track of invoices that could boost the company coffers is one of the first rules of good business practice.

SME’s growth prospects are being hampered by a number of factors in the current climate. This includes a lack of credit availability, skills shortages and wavering consumer confidence.

The idea that the summer can be relied upon to kick-start a revival for struggling high street stores is a common theme that can be heard at this time of year.

When the government made a huge effort to propel SMEs in the UK to the forefront of the general economic recovery by throwing their weight behind the Funding for Lending Scheme, they will have hoped that companies everywhere will have received a boost in confidence.