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
The Insolvency Service has released the latest figures for March 2024, shedding light on the insolvencies in the UK. Here’s a breakdown of the numbers: Registered Company Insolvencies Breakdown: In March 2024, a total of 1785 company insolvencies were recorded, with the following distribution: 1436 Creditors Voluntary Liquidations 228 Compulsory Liquidations 112 Administrations 9 Company […]… Continue Reading
Our specialised focus on the construction industry and access to exclusive trading experience data make us an invaluable resource for companies operating in this sector. Offering real-time trading experience data shared by our members, updated minute by minute Top Service delivers the most relevant and insightful information to help you understand potential customers’ payment behaviour. […]… Continue Reading
Pre-pack administration is a formal insolvency procedure that enables the quick sale of a struggling business as a going concern. In this process, the sale of the business is agreed prior to the administrators formally being appointed. While the buyer can be a third party, it is not uncommon for the existing director/directors to operate […]… Continue Reading
A message to Top Service members from Emma Reilly FCICM, CEO at Top Service Ltd & Credit Expert… Continue Reading
A phoenix company is described by the Insolvency Service as the practice of carrying on the same business or trade successively through a series of companies where each becomes insolvent in turn. Each time this happens, the insolvent company’s business (but not its debts) is transferred to a new, similar ‘phoenix’ company. The insolvent company […]… Continue Reading
