The number of people becoming financially insolvent across England and Wales jumped to a seven-year high in 2018.

The Insolvency Service, an executive agency of the Department for Business, Energy and Industrial Strategy (BEIS), has revealed that 115,299 people went insolvent last year.

Meanwhile, the underlying number of company insolvencies increased to 16,090 in 2018 – the highest level since 2014.

You’ve heard the saying ‘prevention is better than cure’? One of the ways businesses can protect their cashflow is to act quickly to recover money that they are owed.

Here are my five top tips to spread risk and maximise the chances of recovery for your business:

1. You must have terms and conditions in place
2. Make sure you have a robust credit control system
3. Check your customers’ credit history and ask for a deposit or guarantee
4. Always undertake a full company search, credit checking against the company and its directors
5. Act quickly

If you require any advice about recovering money that you are owed, please contact our head of debt recovery richard.anderson@beswicks.com or phone 01782 205000