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Construction Debt: A Major Issue for the Industry
When it comes to construction debt, debt recovery for specialist contractors isn’t just about recouping losses; it’s about survival. Cash flow is the lifeblood of any business. Whether dealing with a few thousand pounds or several hundred thousand, every penny counts. Yet, navigating construction contracts often leaves contractors short-changed or waiting indefinitely for payment. According…
Read MoreDebt Assignment: What is it and How Does it Work?
When a creditor extends a loan, they anticipate timely repayments. However, there are instances when the original creditor decides to transfer the responsibility of collecting the debt to a third party. This process is known as debt assignment. The Basics of Debt Assignments When giving a loan to an individual or business, a creditor does…
Read MoreUnpaid Invoices- How to Avoid and Deal With Them
As a business owner, dealing with outstanding invoices is inevitable. However, when these invoicesstart piling up past their due dates, it poses a significant threat to your cash flow and businessgrowth. In this comprehensive guide, we’ll delve into the reasons why invoices go unpaid andprovide actionable strategies to prevent late payments. Unpaid invoices can stem…
Read More“No Win, No Fee” Claims- Is It Worth It?
In a world where legal battles can often be financially burdensome, the allure of a “no win, no fee” arrangement is undeniable. It promises access to legal representation without upfront costs or risks. Making justice seemingly more attainable. However, beneath this seemingly attractive facade lies a complex web of considerations that claimants must fully comprehend…
Read MoreA Winding Up Petition- What Is It?
Creditors often find themselves in challenging situations when debtors fail to honour financial obligations. If a creditor believes the debtor company is insolvent and ought to be wound-up, then they can issue a winding up petition. However, it is important to note that a winding up petition is not a step taken lightly; it emerges…
Read MoreDebt Assignment: What You Need to Know
You may have heard the term “debt assignment” tossed around in the world of finance, but whatdoes it really mean? Simply put, debt assignment is when a lender passes on your debt to someoneelse, typically a third party. This third party then takes over the responsibility of collecting what youowe. It might sound like a…
Read MoreMortgage Costs Soar to Highest Levels in 15 Years
Mortgage costs have reached a peak, hitting their highest level in 15 years. The recentsurge is a result of rising interest rates and inflation, leading to financial uncertainty for bothborrowers and businesses. This article delves into the implications of soaring mortgage costs,and explore how borrowers are coping and the challenges faced by struggling businesses. The…
Read MoreLarger Businesses Facing Insolvencies: Navigating Challenges
In the ever-changing economic landscape of the United Kingdom, businesses are facing insolvencies, and the daunting task of navigating rising inflation and interest rates. While smaller companies have been at the forefront of these challenges in recent times, larger corporations are now bracing themselves for impact. We uncover the factors contributing to this turbulent journey…
Read MoreFinancial Strain on the Construction Industry: Challenges and Solutions
The construction industry is currently going through a challenging phase, as shown by recent data from the UK’s Insolvency Service. During the first quarter of 2023, there was a notable increase in insolvencies. With construction companies making up nearly 1/5th of all recorded cases. This figure amounts to 19% of known insolvent firms. This is…
Read MoreOverdue Invoices and the Rise in Insolvency Figures
Insolvency figures were off the charts in England and Wales in March 2023. The latest data shows a 30% increase in companies going under with a rise in overdue invoices. It’s a rough time for businesses, particularly those in hospitality, retail, and travel. In the wake of COVID-19, the economy is still in chaos. Moreover,…
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