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How should builders and tradesmen collect overdue debts?
According to figures released by the Office of National Statistics, the building and construction industry contracted 1.9% in the third quarter of 2015, which suggests contractors will be tightening their belts this year as the market becomes more competitive. This is particularly bad news for roofers, plumbers and other subcontractors (‘subbies’). Why? Because in a…
Read MoreConstruction sector suffers the most as UK SME’s are owed £67bn in unpaid invoices.
According to a report published by the ABFA (Assets Based Finance Association) the UK SME’s are owed over £67.4billion in unpaid invoices. This figure which is up 8% from last year and a huge 36% from 2011 is considered conservative as it was taken from only 180,000 SME’s across the country who have submitted detailed annual accounts.…
Read MoreF1 Racing Team Lotus, faces creditor pressure with a winding up petition
Big Insolvency news this week as one of the leading Formula 1 teams, Lotus, has been issued with a creditors winding up petition. Lotus were summoned to appear in the Companies Court on Monday 6th July and managed to have the hearing delayed for 2 weeks, so they can have some time to negotiate with…
Read MoreInsolvency & Law nominated for “Insolvency and restructuring firm of the year 2015
Insolvency & Law are proud to announce that we have been shortlisted for the prestigious “Lawyer Monthly Legal Awards 2015” in the “Insolvency and Restructuring Firm of the Year” category. http://legalawards.lawyer-monthly.com/ “The Legal Awards” has been recognising achievement and success in the UK legal industry since 2009 and past winners of the prestigious award have…
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