Third Quarter Insolvencies Jump
Third Quarter Insolvencies Jump to 4,308 to their highest level in 4 years.
Company insolvencies increased by almost a fifth (19.3) in the third quarter, compared to the same quarter last year, according to data from the Insolvency Service, which reveals an 8.9% rise in the quarter to the end of September on the previous quarter.
The construction industry endured the highest number of insolvencies in the 12 months ending in the third quarter, followed by the wholesale and retail trade and the vehicle repair sector.
A total of 4,308 companies entered insolvency in the third quarter, with 3,083 (71.6%) of those creditors’ voluntary liquidations,
This is the first time we’ve seen more than 4,000 corporate insolvencies in one quarter since the start of 2014.
How can CPA help?
Don’t let your hard earned money go up in flames because some who owes you money goes bust.
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 insolvencies long before they arrive.
Our debt recovery services also chase down unpaid invoices and recover owed funds that our members can put back into their business.
Our members have used this extra cash to invest in new technology, equipment or merely to hire an e-commerce team to improve the online presence of the brand. At the same time, our credit checks and credit reports are utilised by our members to investigate all suppliers and customers. It is important to scrutinise everyone within your business, to ensure their financial history will show no bad payment behaviour or maltreatment of suppliers.
It can be considered a lesser risk for a business to shut up shop and stop selling on credit rather than continue trade in difficult conditions. This does not have to be the case, and our services at CPA can prove it.
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.
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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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