Why am I flagging this up? In the wake of the Brexit shock, we need to be aware that late payment reflects a recessive attitude and one that is extraordinarily destructive to the economy. As R3 president, Andrew Tate, pointed out: “A business can have a great product and great staff, but if it doesn’t get paid for what it sells, or if it is over-reliant on one supplier or customer, things can go wrong very quickly.”

In my case, reassurances from the media and elsewhere have not eased the gloom I feel over the vote to leave the EU. Neither did a recent meeting with the managing director of a regional insolvency company, who reported a substantial increase in business in recent weeks. So I think we should be reminding the firms we deal with of the risks posed by supply chains and customer bases. As R3 explains: “If a business is not paid upfront, it is essentially acting as a lender.” However, unlike the banks, the debt is unsecured.

In the past, government has acknowledged the problem and attempted to intervene – unsuccessfully. Under the law, if there is no agreement when money will be paid for goods or services, payment is late after 30 days for public authorities and business transactions. That is to say, 30 days after the customer receives the invoice or the goods and services are delivered (if this is later).

But the law may be cold comfort for a business struggling with bad debt and given my gloomy view of Brexit. I think we should be reminding our clients of the need for credit checks and other precautions. R3 recommends making sure contract terms and conditions include a ‘Retention of Title’ clause – checked by a lawyer – to ensure the retrieval of goods from an insolvent customer if they have not been paid for.

Leaving the EU means [leaving a] ‘belt and braces’ [approach] in terms of company finances and should there be any Brexit optimists out there I will repeat: late payment is a recessive attitude that can be the forerunner of a proposition down the line that we should all work to prevent.

We need to do what we can to mitigate the uncertainty and problems faced by our clients and make them aware of the threat posed by late payment. This is especially so in international work – for example, we must not allow EU customers to adopt a negative attitude (on account of Brexit) when it comes to settling up. Incomes have already shrunk with sterling’s decline, so it’s time to challenge poor excuses such as the financial director is on holiday, or the dog has eaten the invoices.

Finally, where the debtor company is known to be suffering, then early mediation is crucial. Payment by instalments is better than leaving it to chance, as long as the situation is closely monitored. Remember, income equates to money in the bank, not outstanding invoices!