5 Sep 2022 / Back to latest updates

Monthly News Update –  the Rise in Insolvency Action by Creditors

Within the last few months there has been a surge in the use of insolvency action against Debtor Companies with a reported 1827 new company insolvencies reported by the end of July 2022. This will only increase further by the end of year as more companies deal with late payments and the increase in energy prices.  

We would suggest that businesses, now more than ever, keep an eye on late paying customers/ suppliers and demand monies be paid to them quickly and only agree short payment plans.

Baroness Ruby McGregor-Smith, the head of the British Chamber of Commerce has voiced her concerns that some businesses may close in the next few months due to the rising prices of Energy and has requested that the Government implement measures to assist. This would be useful for SME’s who are struggling with price increases.   

If you are an SME and have customers or suppliers that are not paying your invoices – please do contact us to see how we can assist you with recovering monies that are due to you.

We have recently introduced an online portal which allows our clients to produce themselves the applicable letter of demand utilising the Devonshires letterhead. For obvious reasons a demand from a city law firm, in the vast majority of cases, coerces payment, together with interest, or at the very least a response as to settlement. 

We are experts in the field of Debt Recovery with our team at Devonshires being ranked within tier one of the Legal 500.

Please do contact our friendly team who can assist you with your enquiry.

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