Top Service News
Response to National Insolvency Report: Monthly Statistics October 2021
Published on
National Insolvency figures published (16 November 2021) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in October 2021 was 1,405:
- 63% higher than the number registered in the same month in the previous year (864 in October 2020), but
- 5% lower than the number registered two years previously (pre-pandemic; 1,480 in October 2019).
- The report also notes that in ‘October 2021 there were 1,248 Creditors’ Voluntary Liquidations (CVLs), which is slightly higher than pre-pandemic levels.’
(Statistics published in https://www.gov.uk/government/statistics/monthly-insolvency-statistics-october-2021)
Temporary Insolvency Restriction Protections put in place to support businesses during the pandemic started phasing out from 1st October 2021. New targeted measures to support small business and commercial tenants will come into force until March 2022 and will include:
- Protect businesses from creditors insisting on repayment of relatively small debts by temporarily raising the current debt threshold for a winding up petition to £10,000 or more.
- Require creditors to seek proposals for payment from a debtor business, giving them 21 days for a response before they can proceed with winding up action.
“The true picture of the impact of company and individual insolvencies to the construction industry is likely not to be fully understood until the 12 months ending 2021. With the threshold for issuing a petition being increased we advise our members to look at their options for collection and take advice from their collections service provider on the best course of action.” Emma Miller, Company Director Top Service Ltd
Post Insolvency Debt Collection Service
We provide Insolvency Practitioners with a tailored end to end Post-Insolvency Debt Collection Service. We provide our service in collaboration with Silverback Commercial Law who offer competitive rates if legal action is required to recover monies owed.
What we offer
- Free of Charge Ledger Consultation
- Collections Process with online access to live information on all cases
- Retention & Contract Collections
- Legal Action to Recover monies owed
- Dispute resolution
What makes us different?
- Our bespoke collection strategies mean that no case is treated the same. Our access to credit information and exclusive trading experiences enables us to change strategy quickly when our incoming intelligence is received, providing excellent results.
- Fast, effective collections. We know that speed is of the essence, so all collections are given top priority. We don’t just go through the motions, our experienced and highly skilled team members are adept at tricky negotiations, dispute resolution, tracing absconded debtors and thinking outside of the box to achieve tangible results.
- Fully compliant. We have been trading for 30 years and we have always taken compliance very seriously. We are authorised by the FCA and Top Service Ltd is a corporate member of the Credit Services Association (CSA). All senior Top Service staff are members of the Chartered Institute of Credit Management and collections professionals are hand-picked and trained to the highest standards.
- We have 30 years of experience in collecting commercial and contract debts.
To discuss our Post Insolvency Collections Service with a member of our expert team please email insolvencycollections@top-service.co.uk.
Are you struggling to recover the money you are owed?
Contact our helpdesk team today on 01527 518800 to discuss how Top Service can support and help you protect your business.