As the UK trade credit industry looks ahead to 2024, several challenges are poised to shape its landscape, particularly within the UK construction sector. It is predicted that we will experience more of the same with regards to insolvency for the first quarter of 2024 but forecasters remain positive that Q2 will see insolvency figures […]… Continue Reading
As we enter into December, the Department for Business and Trade have released their monthly statistics on 6th December 2023. We discuss below turnover trends, turnover forecast, future price increases and construction output. 1. Turnover Trends: In October 2023, a substantial 20.6% of construction businesses reported a decreased turnover when compared to the previous month, […]… Continue Reading
Reports of overdue payments shared exclusively within the Top Service community by Top Service members continue to climb as we make our way through the last quarter of 2023. Whilst this demonstrates an uncertain time for those operating within the construction industry, sharing trading experiences is the most up to date information available, enabling informed […]… Continue Reading
It’s been well documented that Squibb Group have had a series of issues over the last 12 months. Founded by Harry Squibb 75 years ago, the company quickly established it’s name in the construction industry as one of the largest demolition contractors in the UK. Take a look at a timeline of a downward spiral […]… 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 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
