The Insolvency Service has published the latest figures for June 2024, offering a detailed overview of the insolvency landscape in the UK. Here’s a breakdown of the numbers: Registered Company Insolvencies Breakdown: In June 2024, a total of 2361 company insolvencies were recorded, with the following distribution: 📈 1866 Creditors’ Voluntary Liquidations 🚫 302 Compulsory […]… Continue Reading
What is a Notice of Intention? A Notice of Intention (NOI) is filed either by a company, its directors or a floating charge holder (usually a bank) outlining that they wish to enter the company into Administration if an immediate solution to the company’s financial problems cannot be found. The notice which is filed at […]… Continue Reading
We are thrilled to announce the appointment of Philip King FCICM as a Non-Executive Director at Top Service, effective July 1st. Philip brings a wealth of experience in the credit management industry. After starting his career in the construction sector, Philip spent 14 years as Chief Executive of the Chartered Institute of Credit Management, and […]… Continue Reading
We’re thrilled to unveil our new logo, marking a significant milestone in our journey. This refresh represents our commitment to innovation and growth in the UK construction and credit management sector. Behind the scenes, we’ve been diligently preparing to realise our vision and solidify our market position. Our focus remains on delivering unparalleled value to […]… Continue Reading
The Insolvency Service has released the latest figures for May 2024, providing a comprehensive overview of the insolvency landscape in the UK. Company insolvency dropped 6% compared to April 2024 but insolvency remains higher than those seen during Covid-19 and between 2014 – 2019. 📈 Overview of Registered Company Insolvencies In May 2024, a total […]… Continue Reading
The Insolvency Service has released the latest figures for April 2024, shedding light on the insolvencies in the UK. Here’s a breakdown of the numbers: Registered Company Insolvencies Breakdown: In April 2024, a total of 2,177 company insolvencies were recorded, with the following distribution: 📉 1,715 Creditors’ Voluntary Liquidations 🚫 300 Compulsory Liquidations 🏢 144 […]… Continue Reading
Understanding Retention of Title Supplying goods on credit can be a risky business. In the midst of tough economic times, it is more important than ever for businesses to protect themselves against the risk of a customer becoming insolvent. What is Retention of Title (ROT)? A valid ROT clause allows a supplier to retain ownership […]… Continue Reading
A message to Top Service members from Emma Reilly FCICM, CEO at Top Service Ltd & Credit Expert: How can insolvency happen without any warning signs?… Continue Reading
From 22nd May, 2024, any money claims up to £10,000 must undergo a free one-hour mediation session through HMCTS’ Small Claims Mediation Service. This means small claims mediation is now mandatory. This new requirement aims to reduce the number of claims reaching court, freeing up to 5,000 judicial sitting days annually to focus on more […]… Continue Reading
A Winding-Up Petition can have a detrimental Impact on a company and with the number of Compulsory Liquidations rising it’s important to understand the processes, risks and consequences of Winding-Up Petitions, we explain these below. What is a Winding-Up Petition? A Winding-Up Petition is a document filed at the courts usually by a trade creditor, […]… Continue Reading
