April 19, 2024
Full articleWe are all facing difficult times ahead. The economy is in trouble. Insolvencies, both personal and commercial, are on the rise and this will likely continue for the next 2 to 3 years – resulting in many good businesses, both large and small, feeling the pinch and going to the wall.
The construction industry is particularly at risk.
If your business supplies materials and plant to the construction industry (whether that be timber, plumbing or electrical supplies), then you should be very cautious. There is a high risk that your customers will default in their repayments and there is a risk that a number of your clients will not pay for the supplies you give to them.
Seek Advice
Now is the time to seek expert advice from debt recovery and legal experts. If you can take the steps now, you can potentially protect your business from such defaulting clients and have the ability to stay on top of the credit limits you give to them.
Did you know that you can :-
- Ask for Personal Guarantees from the Directors of any Limited Companies that you provide supplies to.
- Put in place robust credit control procedures so that steps are taken sooner rather than later to recover outstanding accounts due to your business.
If you feel you have any problems with your accounts then do not hesitate to get in touch with our Debt Recovery Team. We will help look after your business by ensuring that we take all the right steps to recover the sums due to you.
We will give you advice on your Terms and Conditions of Business and we will, if necessary, provide you with Personal Guarantees to protect you from any Limited Company customers starting to default on their repayments to you.
For more information on the above please contact:
David Alexander, Head of Debt Recovery by email DAlexander@gilsongray.co.uk or telephone +44 (0)131 516 5354
