The Economic Crime and Corporate Transparency Act recently came into force. This new legislation gives Companies House increased powers to tackle economic crime including the types of fraudulent activity that leaves unsuspecting trade creditors out of pocket. Every company, including dormant and non-trading limited companies, must file a ‘confirmation statement’ once a year. This information […]… Continue Reading
The Economic Crime and Corporate Transparency Act recently came into force. This new legislation gives Companies House increased powers to tackle economic crime including the types of fraudulent activity that leaves unsuspecting trade creditors out of pocket. The hope is that these new measures will lead to improved transparency and more accurate and trusted information […]… Continue Reading
The Economic Crime and Corporate Transparency Act recently came into force. This new legislation means that micro companies and small companies will need to file more in-depth financial information on the public register at Companies House. If a company meets two of the following three criteria it is classed as a ‘micro company’; turnover less […]… Continue Reading
The insolvency statistics for October 2023 were released on Tuesday 14th November 2023. Understanding company insolvency trends can be crucial for you and your business, below we delve into the data for October 2023 and breakdown the statistics into a useful Year on Year and Month on Month Comparison. Registered Company Insolvencies Year on Year […]… Continue Reading
We are proud to reveal that so far in 2023, we have collected £25 million for our members through our debt recovery service.. Increasing Reports of Overdue Balances Within the construction industry we have seen an increased number of reports from our members relating to overdue balances. These reports and the rising insolvency figures mean […]… Continue Reading
What is a Notice of Intention and What Does it Mean for Creditors? Due to rising inflation rates, interest rates and considerable uncertainty within the construction industry, insolvency rates have increased. Specifically within the construction industry we have seen an increase in the appointment of Administrators and an increasing number of Notices of Intent to […]… Continue Reading
Is Court Action The Best Way Forward? Number of Judgments Increasing On 7th September 2023, the Ministry of Justice released their quarterly statistics for the second quarter of 2023, covering the period from April to June 2023. During this period a total of 276,965 judgments were secured, marking an increase of 11,679 when compared to […]… Continue Reading
On Friday 13th October the latest Insolvency Statistics for September 2023 were announced. Below, we shed light on how these statistics may impact you and your business. Company Insolvencies Year on Year Comparison Company Insolvency has risen by 17% in September 2023 when compared to September 2022. The total number of company insolvencies in September […]… Continue Reading
According to a recent survey conducted by Top Service Ltd, 85% of individuals employed in credit management did not initially plan for it to be their chosen career path. A significant number of individuals working in credit management express feelings of being undervalued. In some cases, they believe that the sales function within a business […]… Continue Reading
