Protecting your company from unpaid invoices could help you stay in business. At the time of writing, latest figures indicate that the number of companies going insolvent is on track to be the highest since the 2009 financial crisis.

For many manufacturers, protecting your company from unpaid invoices could help you stay in business.

It remains an uncertain time for the sector, with manufacturing firms among the five industries most affected by insolvencies.

With a rise in the number of businesses collapsing, construction companies need to be aware of how to protect themselves against risks.

According to UK Government data, construction firms in England and Wales topped the list of industries that experienced the highest number of insolvencies in the 12 months ending 30 September 2023.

The economic environment has created tough conditions for UK businesses in recent years. Heightened inflation, high-interest rates, and a lack of consumer confidence have all taken their toll on trade.

As an insolvency practitioner, navigating those tricky, high risk, cases, can often take a toll on your, and your employee’s, mental health.

By definition, your work requires the ability to balance various duties and handle pressure from concerned creditors, anxious or unhelpful directors, and distressed employees. It can be a distressed and distressing environment in which to work.

The threat of contractor insolvency could be a driver for change in the way construction firms operate.

As inflation rises, the chance of contractor insolvency increases. Rising materials prices and increasing labour costs, combined with supply chain issues, mean that already thin margins become even slighter, increasing the risk that a contractor might cease trading. A focus on lowest price tenders is also exacerbating the situation.