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Top Service News

Make credit management a top priority to support and protect your business

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When the first covid lockdown hit in March 2020 many construction businesses stopped trading and for a short time the focus shifted to collecting unpaid invoices and debt recovery. At the time, government support including the furlough scheme supported the collections process and helped businesses to maintain relationships with customers whilst collecting cash.  Now the […]… Continue Reading

Understanding different types of corporate insolvency

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Within this article we take a high-level look at the different types of corporate insolvency processes. As with every insolvency process these can be complicated and time consuming so, please feel free to contact us should you have specific questions about any of the following processes.  Company Voluntary Arrangement (CVA) A Company Voluntary Arrangement (CVA) […]… Continue Reading

Response to National Insolvency Report: Monthly Statistics June 2021

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National Insolvency figures published (16 July 2021) by the Government’s Insolvency Service have indicated a 19% increase in business insolvencies in England and Wales compared to the previous month’s figure of 1,014, this is a rise of 63% compared to June 2020’s figure of 741[1]. The number of registered company insolvencies in June 2021 was 1,207 this […]… Continue Reading

Understanding the role of a creditor

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As someone who might be owed money one of the first questions you may ask yourself is am I a creditor in this liquidation? You are a creditor if the company owes you money. You may be owed money because you: supplied goods or services to the company. made loans to the company. paid for […]… Continue Reading

Government poised to further extend moratorium period on winding up petitions and change in practice to VAT High Court enforcement fee

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To help protect businesses from insolvency, several changes were introduced under the Corporate Insolvency and Governance Act (2020) (Coronavirus) including the restriction of statutory demands and winding-up petitions which have previously been extended on a number of occasions up until end of 29th June 2021, means winding up petitions are prohibited if the statutory demand served was between […]… Continue Reading

Companies House: How to spot and scam and report it

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The increased threat from scam and fraudulent activity has prompted Companies House (21st June 2021) to provide updated guidance on What to do if you think you’ve spotted a scam pretending to be from Companies House, giving stark examples of scam emails, letters and telephone calls. Companies House report examples that include businesses and individuals being contacted and […]… Continue Reading

Top Service Ltd: Response to Rogue Recovery

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The Insolvency Service has announced the High Court’s decision to wind up rogue recovery service Global Investigations and Recoveries Limited (17 May 2021).  The Government press release published 2 June 2021[1], states that Global Investigations and Recoveries Ltd failed to ‘co-operate with the Insolvency Service’s enquiries and did not deliver any accounting or trading records. Investigators […]… Continue Reading

Creditors Rights

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Every year, thousands of insolvency notices are sent to creditors of companies that are subject to some sort of formal insolvency procedure. In our experience, these notices are either disregarded or treated with apathy due to the general perception that the insolvency of a customer will lead to a full debt write off and dividend […]… Continue Reading

Online court fees to increase from 18th May 2021

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Today (Tues 11th May 2021) following consultation by the courts on the alignment of court fees. The online discount received for any work issued through MCOL (money claims online) is to be cancelled from the 18th May 2021. From that date all online court fees will be increased to the current standard paper fee. The new fee […]… Continue Reading

Warning signs for Creditors

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To a business recovery and insolvency expert it may be obvious that a company is heading towards financial difficulty or even insolvency proceedings.  A creditor however may not see the warning signs when a business owner is “putting their head in the sand” and avoiding the reality of the situation.    Insolvency is not an instant […]… Continue Reading