Top Service News
Corporate Insolvency Reaches Record High
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In 2023, UK corporate insolvencies reached a staggering total of 25,159. Among these, the construction industry bore a significant brunt, accounting for just over 15% of the total insolvencies.
For construction businesses, navigating through uncertain economic times demands a proactive approach to financial management. Throughout 2023 the construction industry suffered over 10 insolvencies per day & the need for robust debt recovery strategies and risk management solutions have become increasingly paramount.
On a brighter note, the increased levels of insolvency seem to be also having a positive impact on the credit management industry. There is increased awareness of robust, efficient & effective credit management practices. Recognition for those working within credit management has increased & the construction industry in particular is becoming more aware of the most up to date & relevant information available to them.
At Top Service, our goal is to support you and your business by reducing your exposure to bad debt. We achieve this by offering early alerts for potential cash flow challenges encountered by construction businesses, while also delivering highly effective debt recovery solutions aimed at enhancing cash flow.