The current increase in insolvency figures, coupled with rising material costs & labour shortages, highlights the importance of taking preventative measures when taking on new customers as well as keeping cash flowing through the business with the effective collection of overdue invoices. By implementing effective credit management practices, you can protect your business from the […]… Continue Reading
As the construction sector’s only specialist credit reference agency we have been monitoring the situation closely and have been providing our members with up-to-the-minute updates. We have been tracking sporadic periods of slow payments by Henry Construction Projects Ltd for the past decade but the frequency of slow payments has increased over the past twelve […]… Continue Reading
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 […]… Continue Reading
The Insolvency Service has today released it’s monthly report on company insolvency which shows a blanket rise across the board, compared to March 2022. Of the 2,457 registered company insolvencies in March 2023: There were 2,011 CVLs, which is 9% higher than in March 2022; 288 were compulsory liquidations, which is more than twice the number […]… Continue Reading
Government efforts to reform Companies House won’t achieve their aims without closing risky loopholes, insolvency and restructuring trade body R3 has warned. The Economic Crime and Corporate Transparency Bill aims to address the misuse of UK company registrations and removals by reforming the powers of Companies House. Nicky Fisher, Vice President of R3 said “The […]… Continue Reading
Recent statistics from the Government-backed British Business Bank (BBB) reveal that challenger & specialist banks have now overtaken traditional banks when it comes to small business lending. In a survey carried out in the last quarter of 2022, 55% of the small businesses questioned had accessed finance from a challenger or specialist bank as opposed […]… Continue Reading
Have you heard of the British Business Bank (BBB)? It was set up by the UK Government to help improve access to finance for smaller businesses. The bank doesn’t lend directly but has relationships with 130 lenders, leasing companies and venture capital funds. The BBB is currently administering the ‘Recovery Loan Scheme’ which helps UK […]… Continue Reading
New data from Mazars, the international tax firm, shows that HMRC tried to shut down 440 limited companies in the last quarter of 2022 over unpaid tax debts, a 46% increase from the 301 that it tried to close the previous quarter. Michael Pallott, Partner at Mazars, says that the number of winding-up petitions can […]… Continue Reading
