For more than three decades we have been seeking feedback from both clients and team members about how we can improve our services and elevate our levels of customer service.  The majority of our service enhancements over the years have been as a result of this valuable feedback for which we are very grateful.

As we grow it becomes more difficult to effectively capture ideas, suggestions and feedback from team members so we have recently launched a ‘Lunch With A Director’ initiative where every team member has the opportunity of one-to-one time with a director over a nice lunch.

We’ve had a really positive response from our team so far.

We have a highly skilled and experienced workforce who add so much value in terms of insights and new ideas and we can’t wait to be able to spend one-to-one time with everyone in the coming year.

Never underestimate the power of completing and submitting your insolvency paperwork—it’s your key to navigating the insolvency process as a creditor! We asked our friends at PKF to share their thoughts with us and our members.

Submitting a proof of debt form when receiving notice of an insolvency is important as this will not only mean your claim is submitted for dividend purposes, but it will also allow a creditor the chance to have their say on the outcome of the pre-appointment process, and later on in the insolvency as it progresses.

Due to the limited and variable time frames of insolvency processes, timely submission is paramount to safeguarding creditor rights. 

Once the proof of debt form is submitted, creditors gain several benefits:

• Have a say on who is appointed in the insolvency.
• Air any concerns about how an entity behaved.
• Have a say on the costs of the insolvency.
• Have a more direct say on how the insolvency progresses by forming a committee.

Submitting a claim gives access to the insolvency paperwork, which in turn allows a creditor the opportunity to vote on the appointment of an alternative insolvency practitioner of choice to replace the proposed firm of practitioners. This is done by using a proxy vote. This alternative insolvency practitioner could be a trusted insolvency partner firm who, if appointed, would have a more hands on approach to investigating a creditor’s concerns.

Having access to the paperwork and progress reports also allows a creditor to keep track of developments and to vote on decisions such as the insolvency practitioners fees. This keeps costs lower and could therefore mean more funds allocated to the dividend pot. In turn, this could mean enhanced returns to creditors.

If an appointment of an alternative insolvency practitioner of choice is unsuccessful due to voting outcomes, then another option to have a more hands on approach as a creditor is to request and vote in favour of a creditors committee. This will allow creditors a greater say in key decisions of the insolvency process.

All of the above are important reasons as to why submitting claims and proxies as a creditor in an insolvency are important and should not be delayed. 

Given the complexity and duration of insolvency processes, creditors may find themselves overwhelmed by paperwork and communication demands. The Creditor Services team at PKF offer a free service to all Top Service members and can assist with the following:

• Advice and support regarding any formal or non-formal insolvency process.
• A bespoke lodging and proxy management service which alleviates the administrative burden for creditors and reports back on all insolvencies in a simplified format.
• Representation at creditor meetings.
• Seeking the appointment of licensed insolvency practitioners of PKF to investigate insolvent entities and creditor concerns.

If you would like to more about the services offered to Top Service members by PKF Creditor Services, please get in touch via creditorservices@pkfgm.co.uk

There were 1769 company insolvencies registered for January 2024, reported by the Insolvency Service. 

Made up by:

339 compulsory liquidations

1294 creditors voluntary liquidations

120 administrations 

16 CVA’s

Compared to January 2023, there has been a 5% increase in company insolvencies in January 2024.

A proactive approach to credit management will help to support businesses through what is expected to be a difficult first quarter of 2024. 

Understanding what credit management information, tools and services are available to your business will help you to achieve your business financial goals.

Amidst the news that the UK has officially entered recession, businesses are seeking ways to minimise debt and maximise cash flow. 

The economy shrunk by a larger than expected 0.3% between October and December, after it had already contracted between July and September. The UK is in recession if it fails to grow for two successive quarters.

A proactive approach to credit management can support you and your business in achieving these goals.

We are working with thousands of construction businesses, supporting them to secure a successful future.

Communities in the London boroughs of Newham and Southwark are to benefit from the acceleration of thousands of new homes, across three major brownfield regeneration projects, through a pioneering partnership.

Reflecting the strong need in London for affordable homes, 40 per cent of the new homes on two of the sites, which have planning permission, are to be genuinely affordable for local people. The first homes should be ready in 2027 alongside retail and leisure facilities.

The three projects are:

• Twelvetrees Park, Newham. The 26-acre site is being transformed into a mixed-use neighbourhood including close to 4,000 homes, of which 40 per cent will be affordable, a secondary school, park, playground and 177,000 square feet of commercial space. The funding will support the second of four phases to regenerate the former depot and coach park.
• Bermondsey Place, Southwark. Nearly 1,400 homes, 40 per cent of which will be affordable, created across a 5.4-acre former light industrial site, alongside a network of public parks, playgrounds, commercial spaces, footpaths and a one-acre civic square. Funding will bring together several parcels of owned land to ignite progress.
• Beckton Riverside, Newham. Up to 2,800 private and affordable homes, subject to planning consents, will be created under the first phase of delivery across a larger site of 28 acres. Following planning consent, the funding will expedite vital infrastructure works on the former gasworks.

Read More here: https://www.gov.uk/government/news/major-regeneration-investment-to-accelerate-8000-new-homes-in-newham-and-southwark?utm_medium=email&utm_campaign=govuk-notifications-topic&utm_source=e382ed9a-e608-4980-b28e-e949420a05b8&utm_content=daily

All major housing developments are now required to deliver at least a 10% benefit for nature with England becoming the first country in the world to make Biodiversity Net Gain a legal requirement.

Biodiversity Net Gain (BNG) will apply to applications for major developments only and will be implemented for small sites (between 1 and 9 dwellings) from 2 April 2024. Roll-out of BNG for Nationally Significant Infrastructure Projects is expected in late 2025.

How Biodiversity Net Gain Works  

• Biodiversity Net Gain (BNG) will apply to new planning applications, rather than existing applications.   
• BNG is measured in biodiversity units calculated through the statutory metric tool. This calculates how many units a habitat contains before development, to then calculate how many biodiversity units are needed to provide at least 10% BNG. 
• The statutory biodiversity metric considers the size, quality, location, and type of habitat. 
• BNG can be achieved through on-site units, off-site units, or through statutory biodiversity credits. These credits will be available as a last resort from the government, to prevent delays in the planning system. 
• It is also important that BNG provides lasting benefits for the environment. That is why we have set out how the improved significant on-site and off-site habitats will be managed for the long term. Significant on-site and all off-site gains will need a legal agreement with a responsible body or local authority to monitor the habitat improvements over the 30-year period. 
• Natural England has also created a Habitat Management and Monitoring Plan template to support management. 

Read More Here: https://www.gov.uk/government/news/new-housing-developments-to-deliver-nature-boost-in-landmark-move?utm_medium=email&utm_campaign=govuk-notifications-topic&utm_source=1e0d45ae-dc4e-47fe-bb95-5b6fc604e085&utm_content=daily

Companies House is aiming to introduce the first set of measures under the Economic Crime and Corporate Transparency Act on 4 March 2024.

The Economic Crime & Corporate Transparency Act gives Companies House the power to play a more significant role in disrupting economic crime and supporting economic growth.

What will change?

The first set of changes introduced by the Economic Crime and Corporate Transparency Act includes:

1. Greater powers to query information and request supporting evidence.

2. Stronger checks on company names.

3. New rules for registered office addresses.

4. A requirement for all companies to supply a registered email address.

5. A requirement for all companies to confirm they’re forming the company for a lawful purpose when they incorporate, and to confirm its intended future activities will be lawful on their confirmation statement.

6. The ability to annotate the register when information appears confusing or misleading.

7. Taking steps to clean up the register, using data matching to identify and remove inaccurate information.

8. Sharing data with other government departments and law enforcement agencies.

Emma Reilly FCICM, CEO at Top Service Ltd commented “The construction industry is facing an ongoing battle with identifying potential fraudulent activity, particularly when opening trade credit accounts. The changes being introduced in March are welcomed in both the construction industry & credit management industry overall. This overhaul is well overdue in my opinion & I look forward to further clarification about the future planned changes including Director ID verification checks”.

We have confirmed that Readie Construction Ltd entered Administration

Readie focused on projects that valued between £5m – £100m, primarily in the industrial and commercial sectors. The company has been running for 16 years and according to the last accounts for the trading year ending 31st March 2023 had a pre-tax profit of £ 1.73 million & turned over £421 million. According to the accounts, the business transferred ownership to an EOT (Employee Ownership Trust) in March 2021.

Over the past 11 months, we have sent 9 early warnings to our Top Service members regarding potential cash flow issues. These warnings are based on our trading experiences, which are exclusively available to our Top Service members. Our specialism in the construction industry is what sets us apart from traditional credit reference agencies. Our information enables our members to make the most informed credit decisions.

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.

How CICM is partnering with Top Service to advance the credit profession in the construction sector.

We are excited to announce a new Corporate Partner.

We are thrilled to announce that Top Service Ltd has taken a significant leap forward by becoming a proud corporate partner of the Chartered Institute of Credit Management (CICM). As the exclusive provider of credit reference information and debt recovery services tailored for the construction industry, Top Service brings over 30 years of credit management expertise to the table. This strategic partnership marks an exciting development that promises to benefit CICM members and the broader construction community.

Top Service Ltd: A Credit Management Powerhouse:

With a rich legacy spanning three decades, Top Service Ltd has established itself as a credit management powerhouse. Specialising in providing credit reference information and debt recovery services exclusively for the construction sector, Top Service brings unparalleled expertise to the table. The company’s commitment to excellence and its extensive network within the industry make it a natural fit for the CICM’s mission to empower credit management professionals.

 A Personal Perspective:

As a longstanding member of the CICM, I have personally experienced the immense value that this community provides to credit management professionals. The tools, resources, and collaborative spirit of the CICM have been instrumental in shaping the success of individuals in the field. Now, as a representative of Top Service Ltd, it is an honour to join the CICM as a corporate member and contribute our support to this vibrant community. – Emma Reilly, CEO

 Top Service’s Commitment to the CICM Membership:

Top Service is uniquely positioned to support CICM members by offering access to the latest credit information and debt recovery services tailored specifically for the construction industry. With approximately 6,000 branches and depots spanning various sectors within construction, Top Service’s reach is extensive. This strategic partnership is not just a collaboration; it’s a commitment to providing CICM members with the tools and insights needed to confidently assess credit risk and make informed decisions.

Looking Ahead:

As we embark on this exciting journey with the CICM, we anticipate that the partnership with Top Service Ltd will be a game-changer for credit management in the construction industry. Members can expect a wealth of resources, expert advice, and support to navigate the complexities of credit management effectively.Stay tuned for updates on the upcoming resources and initiatives that will further enhance the value of CICM membership. Together, we are poised to elevate credit management standards within the construction sector, empowering professionals to make the best, most informed credit decisions. As we join forces, we invite CICM members to be a part of this transformative journey and look forward to collectively shaping the future of credit management.