National Insolvency figures published (15 Jan 2022) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in January 2022 was 1,560: More than double the number registered in the same month in the previous year (758 in January 2021), and Similar to the number registered two years previously (pre-pandemic; 1,508 in January 2020). […]… Continue Reading
A phoenix operation is when a company is liquidated and the directors simply buy its assets cheaply, set up a new company, and continue to trade with the same or a similar name. Hiding previous failures from the public, it lets them leave creditors with nothing. As phoenix operations rise from the flames, it’s often […]… Continue Reading
National Insolvency figures published (19 Jan 2022) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in December 2021 was 1,486: 20% higher than the number registered in the same month in the previous year (1,237 in December 2020), and 33% higher than the number registered two years previously The published report […]… Continue Reading
A good invoicing system sends a professional message and helps define your business brand as one to trust. Formalising your demand for timely payment, the right invoicing process will keep your business organised and will be particularly useful should a customer fail to pay, leading to legal proceedings. An invoice is a record of the […]… Continue Reading
National Insolvency figures published (17 December 2021) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in November 2021 was 1,674: · 88% higher than the number registered in the same month in the previous year (891 in November 2020), and · 11% higher than the number registered two years previously (pre-pandemic; 1,509 in November […]… Continue Reading
Companies House has called for company directors and accountants to file their annual accounts due by the end of December early to avoid delay and to enable more time for the processing of accounts filed on paper for the 2020/21 financial year. Top Service director Emma Miller has the following advice: “December is always a […]… Continue Reading
The terms and conditions document for any business is the contract between the business and the customer for your supply of goods or services, and which regulates the business relationship. The same document could be called many other names, such as “business terms”, “terms of sale” or “T&C’s”. To many businesses, “terms and conditions” presents […]… Continue Reading
Now the economy has fully opened and the financial support is needed to be repaid and / or coming to an end it is important that credit management stays on top of the priority list. We urge our members and the wider construction industry to focus on understanding their customers and suppliers to manage business relationships whilst keeping cash […]… Continue Reading
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 […]… Continue Reading
With a personal guarantee in place, you may think you’ve got all bases covered should a customer begin to miss payments. However, construction industry creditors often find themselves in costly disputes with guarantors. Vague or badly drafted personal guarantees can leave you high and dry, with creditors questioning the legality or enforceability of a guarantee […]… Continue Reading
