Understanding Trading Experiences in Construction Credit. In the world of construction, making informed credit decisions is crucial. Businesses need to rely on timely and accurate information to safeguard themselves against financial risks. Top Service’s trading experiences play a pivotal role in this process, providing companies with the detailed insights necessary to evaluate potential credit extensions. […]… Continue Reading
Emma Reilly, FCICM, CEO of Top Service Ltd and a renowned credit expert, expresses her delight in announcing that Top Service has successfully recovered over £100 million for its members. This achievement highlights the effectiveness of the comprehensive range of debt recovery services the company provides.… Continue Reading
Over the past two decades, Rachel has not only witnessed significant growth within the company but has also experienced personal and professional development. In her reflection, Rachel shares insights into her journey at Top Service and highlights some of the most notable achievements of our members. We’d like to take this opportunity to thank Rachel […]… Continue Reading
Credit management involves making sure a business gets paid for the goods or services it supplies by checking that the potential customer is creditworthy, then taking all necessary steps to turn the invoices it raises into cash. Put simply, it’s minimising risk and maximising cash. Using his credit management experience that spans over decades, Philip […]… Continue Reading
The ISG Construction Ltd’s statement of affairs has been filed. Here are some key points: ❗ The total amount of un-secured creditors is listed at around the £90,000,000 mark. ❗ISG Central Services Ltd is listed as the creditor with the highest value owed at £48,344,934.83. ❗The next, in order of value is HMRC at £24,245,968.82 […]… Continue Reading
Insolvency figures for September 2024 reflect both monthly and yearly changes, alongside significant developments in the construction sector. Total Company Insolvencies:1,973 cases, marking a 2% increase from August 2024 with 30 more cases, but a 7% decrease compared to September 2023. Breakdown by Insolvency Type: Creditors’ Voluntary Liquidations (CVLs):1,575 cases, up 2% from last month. […]… Continue Reading
When a company faces insolvency, administration can offer salvation – a chance to reorganise and breathe. This legal process, introduced by the Insolvency Act 1986, aims to rehabilitate struggling companies, giving them some much-needed “breathing space” from creditors while they work towards recovery. What is Administration? Administration allows an insolvent company to be restructured and […]… Continue Reading
Compulsory liquidation is a legal process where a court orders the winding-up of an insolvent company, typically at the request of a creditor, because the company cannot pay its debts. Once the order is made, the company ceases trading, and an appointed liquidator will sell the company’s assets to repay creditors. Key Facts: Petition to […]… Continue Reading
Creditors’ Voluntary Liquidation (CVL) is a formal insolvency process initiated by the company’s directors when they realise the company is insolvent and can no longer pay its debts. In this process, the company voluntarily chooses to wind up its affairs and liquidate its assets, with creditors having the right to appoint a liquidator to oversee […]… Continue Reading
Understanding the CVA When a limited company is struggling financially, the directors might consider a Company or Corporate Voluntary Arrangement (CVA) as an alternative to liquidation. This option is specifically available to limited companies. Sole traders and partnerships would need to explore different avenues, such as an Individual Voluntary Arrangement (IVA). What is a CVA? […]… Continue Reading
