As we kick off 2025, we know it’s not always the easiest time of year for businesses. With slower payments and the knock-on effects of recent industry challenges, staying on top of cash flow is more important than ever. In this video, our CEO, Emma shares some helpful tips to support you and your teams, […]… Continue Reading
The UK construction industry, a key sector often impacted by economic shifts, faced unique insolvency challenges in 2024. Construction consistently records one of the highest insolvency rates among industries due to factors like project delays, cost inflation, and reliance on credit. 2024 Highlights for Construction Insolvencies: Comparative Insights: Looking Ahead: While broader insolvency trends show […]… Continue Reading
Annual Overview for 2024 In 2024, there were 23,872 registered company insolvencies, a 5% decline compared to 2023, which had recorded the highest number of insolvencies since 1993. The breakdown of 2024 insolvencies is as follows: Annual Highlights: Despite the decline in total insolvencies, 2024’s figures remain significantly higher than pre-pandemic levels, indicating ongoing economic […]… Continue Reading
December 2024 Insights In December 2024, registered company insolvencies reached 1,838, marking a 6% decrease from November 2024 but a 14% drop compared to December 2023. The composition of insolvencies in November included: Key Trends: This monthly snapshot reflects a stabilising insolvency landscape following heightened activity in 2023, though certain procedures like compulsory liquidations are […]… Continue Reading
In November 2024, company insolvencies increased by 13% compared to October 2024 and were 12% lower than November 2023. The construction sector remains the most affected, accounting for 17% of all insolvencies in the past year. Below, we explore the updated figures and the factors shaping these trends. 🔹 November 2024 Breakdown 🔻 Creditors’ Voluntary […]… Continue Reading
In the high-stakes world of construction, where tight profit margins and complex projects are the norm, retention funds often represent a forgotten opportunity. These funds, typically 1.5% to 5% of a contract’s value, are held back by contractors to ensure work quality but can remain unclaimed for months—or even years—after a project is completed. For […]… Continue Reading
Is your business overlooking overdue retention payments? Cashflow is the lifeline of any business—big or small. Take a look at our latest video in which Non-Executive Director Philip King FCICM chats with Laura Humphries, Head of Customer Development, about how cashflow should be the number one priority for businesses and how retention can help with […]… Continue Reading
Top Service CEO, Emma Reilly FCICM says: “The new fair payment code introduced by the small business commissioner is a welcome initiative for the UK construction industry, potentially addressing the persistent issue of late payments to suppliers. However, its effectiveness may be limited without statutory backing. In the construction sector, where large contractors often dictate […]… Continue Reading
Emma Reilly, FCICM, CEO of Top Service Ltd and a renowned credit expert, shares insights on the success of recent webinars and invites your suggestions for future topics. She also highlights the importance of staying informed about customer performance, especially in light of the recent ISG collapse, and how Top Service can support you in […]… Continue Reading
In October 2024, company insolvencies dropped by 10% compared to September 2024, and were 24% lower than October 2023. However, insolvencies remain significantly higher than pre-pandemic levels, reflecting ongoing economic challenges. October 2024 Breakdown: Total Insolvencies: 1,747 (compared to 1,950 in September 2024) 🔻 Creditors’ Voluntary Liquidations (CVLs):1445 cases, down 7% from last month, 83% […]… Continue Reading
