R3’s analysis of data provided by Creditsafe shows that businesses in Northern Ireland had 62,544 unpaid invoices on their books

The number of overdue invoices in Northern Ireland fell to a 2024 low in November, according to new research from R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe shows that businesses in Northern Ireland had 62,544 unpaid invoices on their books last month – the lowest monthly total in 2024 so far.

Overdue invoices in Northern Ireland decreased by 5.6% year-on-year from November 2023’s figure of 66,230, and Northern Ireland was one of only two UK regions or nations to see overdue invoice numbers fall over this period, along with East Anglia which saw a 0.8% fall.

Ian Leonard, chair of R3 in Northern Ireland, says: “It’s encouraging to see overdue invoice numbers falling after several months of increases since the summer. While this is a positive sign, businesses must remain cautious, as the next few months of data will be crucial to understanding whether this marks the start of a longer-term recovery or just a brief respite amid ongoing economic pressures."

Despite the fall in overdue invoice numbers, November also saw a 5.4% year-on-year increase in the number of Northern Irish companies with overdue invoices on their books, rising to a total of 8,461.

Ian, who is a director at Interpath Advisory, continues: “The yearly rise in the number of businesses with overdue invoices is partly due to a significant rise in start-ups across Northern Ireland over the last year and a half. As the total number of companies operating in Northern Ireland has grown, so has the count of those with overdue payments, reflecting this broader increase in business activity.

“However, it’s important to acknowledge that the challenging business climate many have faced over the past few years is still likely influencing these numbers, as firms continue to contend with rising costs and wage pressures. Without a consistent improvement in payment practices or cash flow, companies may struggle to manage their debt and maintain operations.

“I would urge business owners and directors that are seeing their debt levels rise or are worried about their ability to pay their invoices on time to seek advice as soon as they can from a qualified professional. Most R3 members in Northern Ireland will be happy to provide a free initial consultation so you can explain the challenges you’re facing, and help you understand the best course of action for you and your business.”