The latest company insolvency figures for England and Wales provide a welcome (though cautious) signal for the construction sector. In November 2025, there were 1,866 registered company insolvencies, down 8% on October and 7% lower than November 2024. While insolvency numbers across 2025 remain slightly higher than last year, they are still significantly below 2023, which saw the highest annual insolvency levels in 30 years. For construction businesses operating in an environment defined by tight margins, extended payment terms, and ongoing cost pressures, these figures matter — not just as statistics, but as indicators of risk across the supply chain.

The Bank of England has announced a reduction in the base rate, a move welcomed by many UK businesses after a prolonged period of high borrowing costs. For the construction sector, where margins are tight and projects are often financed over long periods, lower interest rates may offer some short-term relief. However, from a credit management perspective, it’s important to look beyond the headline. A base rate cut does not eliminate the underlying risks that construction suppliers and merchants face daily.

Credit management isn’t just about collecting money — it’s about building great business relationships that support long-term growth and stability.

After a brief period of stability, corporate insolvencies have begun to climb once more. In October 2025, England and Wales recorded 2,029 company insolvencies — 🔺 2% higher than September 2025 (1,995) 🔺 17% higher than October 2024 (1,739)

Within just 5 days, the full balance — including all late payment charges — was paid in full. Zero cost – The collection fee was covered by the additional compensation and interest, meaning our service didn’t incur any costs.

Top Service Ltd is proud to announce that we have been awarded the Gold Award under the new Fair Payment Code, introduced by the Small Business Commissioner in January. This prestigious recognition highlights our commitment to ethical and fair payment practices in the UK construction industry.

The latest data on company insolvencies for January 2025 reveals a continuing trend of high insolvency numbers, despite a slight decrease from the record levels of 2023. The construction industry has been particularly affected, continuing to report the highest number of insolvencies across all sectors. Below is a detailed analysis of the insolvency landscape, with a focus on construction.

HMRC interest rates for late payments will be revised following the Bank of England interest rate cut to 4.5%. The Bank of England Monetary Policy Committee announced on 6 February 2025 to reduce the Bank of England base rate to 4.5% from 4.75%.

The Bank of England’s recent decision to cut the base interest rate from 4.75% to 4.5% in February 2025 aims to stimulate economic activity amid concerns over stagnation. This move is expected to have several implications for the UK construction industry.

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.

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.

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 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 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.

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.

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.

Credit management involves making sure a business gets paid for the goods or services it supplies by checking that the potential customer is creditworthy, then taking all necessary steps to turn the invoices it raises into cash. Put simply, it’s minimising risk and maximising cash. Using his credit management experience that spans over decades, Philip King FCICM, gives us his top tips when it comes to credit management, particularly for SMEs.

In the world of construction, making informed credit decisions is crucial. Businesses need to rely on timely and accurate information to safeguard themselves against financial risks. Top Service’s trading experiences play a pivotal role in this process, providing companies with the detailed insights necessary to evaluate potential credit extensions.

Insolvency figures for September 2024 reflect both monthly and yearly changes, alongside significant developments in the construction sector. Total Company Insolvencies: 1,973 cases, marking a 2% increase from August 2024 with 30 more cases, but a 7% decrease compared to September 2023.

The Economic Crime and Corporate Transparency Act aims to enhance data accuracy on company registers to combat economic crime and boost confidence in the UK economy. It introduces new objectives and powers for the Registrar of Companies, including ensuring document compliance, accurate register information, and preventing unlawful activities

Insights from the latest insolvency statistics released by The Insolvency Service for July 2024. These figures offer a valuable look at the current insolvency landscape in the UK.The decrease in overall insolvencies month-on-month may seem encouraging, but the significant increase in compulsory liquidations signals the importance of remaining vigilant. With the right tools and strategies, you can minimise risk and safeguard your business’s cash flow.

Company insolvency numbers in June 2024 were higher than in May 2024. The Insolvency Service has published the latest figures for June 2024, offering a detailed overview of the insolvency landscape in the UK.In June 2024, England and Wales saw 2,361 company insolvencies, marking a 16% rise from May 2024 and a 17% increase from June 2023. This number is significantly higher than the figures observed during the COVID-19 pandemic and the pre-pandemic years of 2014 to 2019.

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.

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.

We are thrilled to announce the appointment of Philip King FCICM as a Non-Executive Director at Top Service, effective July 1st.Emma Reilly CEO, shared, “It’s an absolute pleasure to welcome Philip to Top Service. After meeting him through his work with the CICM and engaging in numerous conversations, it became clear that we share a passion for credit management and supporting the industry in recognising its vital role in every business.”

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.

Our own industry specific data plays a pivotal role and can lead to credit limits and scores being reduced or removed when other mainstream agencies are still offering substantial limits & scores.

Every supplier of credit information will have invested in different algorithms to attempt to produce the most relevant credit limit and credit scores. Unfortunately this is never going to be an exact science. The majority of credit reference agencies will take mostly the same factors into account when suggesting credit limits but how they apply each factor will be slightly different.

In civil court claims, defended cases are allocated to a track. According to the claim value (the system assumes that the larger the debt, the more complicated the case). Each track has it’s own rules with regards to recovering costs. Historically there have been three tracks, Small Claims Track, Fast Track & Multi-Track. Recently changes have been made & the introduction of a new ‘Intermediate Track has been launched. These changes aim to ensure more certainty in legal costs, enhance access to justice and encourage more informed decision making through the litigation process. 

What sets us apart? 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. As the only credit reference agency in the UK exclusively for the construction sector, Top Service is dedicated to providing a one-of-a-kind credit information service specifically designed for the construction industry.

Introduced in 2020, the Restructuring Plan builds on the principles of a Scheme of Arrangement (A compromise or arrangement between a company and its members or creditors), but importantly prioritises the rights of creditors who stand to benefit from the terms of the plan, allowing them to take precedence over those classes of creditors with less or no economic benefit. Our friends at PKF has provided us with an exceptional guide that is packed with invaluable information.

The Insolvency Service has released the latest figures for February 2024, shedding light on the state of insolvencies in the UK. In February 2024, a total of 2102 company insolvencies were recorded.

Never underestimate the power of completing and submitting your insolvency paperwork—it’s your key to navigating the insolvency process as a creditor! Submitting a proof of debt form when receiving notice of an insolvency is important as this will not only mean your claim is submitted for dividend purposes, but it will also allow a creditor the chance to have their say on the outcome of the pre-appointment process, and later on in the insolvency as it progresses.

There were 1769 company insolvencies registered for January 2024, reported by the Insolvency Service. Made up by: 339 compulsory liquidations 1294 creditors voluntary liquidations 120 administrations 16 CVA’s Compared to January 2023, there has been a 5% increase in company insolvencies in January 2024. A proactive approach to credit management will help to support businesses through what is expected to be a difficult first quarter of 2024. Understanding what credit management information, tools and services are available to your business will help you to achieve your business financial goals.

Companies House is aiming to introduce the first set of measures under the Economic Crime and Corporate Transparency Act on 4 March 2024. The Economic Crime & Corporate Transparency Act gives Companies House the power to play a more significant role in disrupting economic crime and supporting economic growth. What will change?

In 2023, UK corporate insolvencies reached a staggering total of 25,159. Among these, the construction industry bore a significant brunt, accounting for just over 15% of the total insolvencies.

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.

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.

It’s been well documented that Squibb Group have had a series of issues over the last 12 months. Most recently the Administration application hearing has been adjourned until 4th December 2023. Take a look at a timeline, produced by leading credit information provider Top Service Ltd of a downward spiral of events over the past 12 months

991 construction businesses were lost to insolvency in Q3 of 2023. A total so far of over 3000 losses in 2023. Insolvency cases for companies within the construction continue to rise. Due diligence is no longer an optional requirement but a necessary feature for any business.

Administration may allow the company to trade out of insolvency opposed to the alternative option, liquidation. What does this have to do with a Notice of Intention?

Emma Reilly FCICM, CEO at Top Service Ltd explains why credit management is so important for businesses of all sizes.

Statistics from The Ministry of Justice suggests claims and judgments are increasing along with the time to take defended cases to trial. Now is the time to consider if court action is always the best way forward when it comes to collecting money.

On Friday 13th October the latest Insolvency Statistics for September 2023 were announced. Below, we shed light on how these statistics may impact you and your business.

The current increase in insolvency figures, coupled with rising material costs & labour shortages, highlights the importance of taking preventative measures when taking on new customers as well as keeping cash flowing through the business with the effective collection of overdue invoices.

A credit policy provides a framework for managing credit related processes, sets clear expectations and promotes efficient communication within a construction business. By implementing and adhering to a credit policy, businesses can mitigate financial risks, improve cash flow and support sustainable growth.