Small Businesses in the North East have the highest risk of insolvency.

Small Businesses in the North East have the highest risk of insolvency.

Research by Insolvency specialists R3 shows companies that employ fewer than 50 people or are based in the north of England are most at risk of going out of business.

Companies with a combined turnover of £23.4 billion and employing 177,000 people went bust last year.

The highest rate of failure was among enterprises between four and nine years old, with turnover of less than £1 million.

Meanwhile, the Insolvency Service has reported that the Yorkshire and Humber region is the worst in Britain for business failures.

It had the highest rate of companies becoming insolvent at 129 in every 10,000 firms last year. Next was the North East at 123, while the lowest was the East of England at 54.

How can CPA help?

If you sell on credit you need to be able to identify the businesses buying from you that could be a higher risk.

At the Credit Protection Association, we provide first class credit information that can help you avoid being over extended to customers who are at risk.

We regularly publish lists of the latest insolvencies but by then it is too late.  Our credit reports predict approximately 96% of company insolvencies long before they arrive.

With more debt, they are going to be more and more people trying to get hold of the finite funds your customers hold. If you want to get paid then you are going to need strategies to move you to the top of the list.

As a third party, we can get you to the top of the list. When you customer receives a letter from the Credit Protection Association regarding their outstanding account, they are going to want to get that resolved as a priority. Our overdue account recovery service can get your unpaid invoices to the top of their “to do” list and get your invoice paid.

Our debt recovery and credit management services give our members the financial freedom needed to grow and prosper, while our new Late Payment Compensation department could unlock hidden potential and offer the compensation needed to springboard your business to success.

Ready to speak to an advisor?

For help or advice on credit management, entirely without obligation.

Call us today

0330 053 9263

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

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