Top Service News
Insolvency Statistics April 2023
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The Insolvency Service have released statistics for April 2023. Overall there has been a 15% decrease in corporate insolvency (compared to April 2022). Compulsory liquidations rise, along with registered Administrations and CVA’s. CVL’s decrease, compared to April 2022.
Emma Reilly, CEO & credit management expert at Top Service Ltd commented “a comment made from a new member to Top Service has stuck with me recently. He said ‘just one avoidable bad debt is one too many’ and he is absolutely right.
Recently, whilst out and about talking to our members I’m finding there is a lot more awareness around assessing a potential customers credit worthiness when it comes to considering extending credit facilities. The awareness can flounder when it comes to keeping up to date with changes to the customers ability to pay, once credit facilities have been extended.
Keeping the due diligence up throughout the business relationship is vital to reduce the risk of being exposed to bad debt. There aren’t always standard warning signs when it comes to flagging a potential insolvency. There will nearly always be other creditors and intelligence that can be gathered from the industry that will forewarn you. That’s why industry specific credit information is so important”.