Although 2006 saw few large corporate failures, the statistics for smaller insolvencies were up again, with over 100,000 in 2006. Also, it has been reported that there was a ‘sharp rise’ in winding-up petitions during the last quarter of 2006, compared with the previous quarter.
With financial conditions tightening, clients are reminded of the wisdom of making sure that credit control procedures are not allowed to become lax and that new customers are subject to appropriate credit vetting.
It might also be a good time to check that your standard terms of trade offer sufficient protection. For assistance in managing credit risk and in collecting overdue debts, contact San Chima on 020 7790 2000 or email schima@adamslaw.co.uk. |
