Thursday, 20 July 2017 12:51

Vertu Corporation Limited in Liquidation

Vertu Corporation Limited, the well-known British manufacturer of luxury smartphones, has finally filed for insolvency after being passed between owners since 2012.

The company was known for its spangly, jewel-encrusted handsets which came with equally ludicrous price tags. Its entry-level handset cost a cool £6,500; prices stretched to more than £250,000 for the garish Vertu Signature Cobra.

Published in Credit Control
Tuesday, 01 November 2016 11:14

5 Red flags to spot risky freelance clients

Having to deal with invoices that are not paid on time is stressful for any business owner. Late payments can seriously disrupt cash flow, take precious time to sort out, and can sour relationships with clients.

Most late payments are one offs and arise from perfectly understandable circumstances. With a little dialogue and a little patience, most can be resolved amicably. But what about that small minority of clients who persistently pay late?

Published in Credit Control

Work has stopped on the restoration of Lancaster Castle after the company working on it was placed into administration. York based William Anelay Ltd, one of Britain’s oldest heritage restoration and construction companies, had been working on a programme of work to repair 70 per cent of the castle’s roofs and deal with weather damage to the fabric of the 1,000-year-old Grade II Listed building.

Published in Credit Control
Wednesday, 27 January 2016 13:37

Two simple steps to avoid bad debts

Dealing with an Insolvent client can kill a profitable business. If your client becomes insolvent it will have a significant knock-on effect, that will impact on your company cashflow, leaving you as a creditor with unpaid invoices that will likely never be paid.

In 2015, more than 100,000 UK businesses found themselves as creditors to an insolvent business, and many will have found their cash flow at serious risk as a result. Any business, irrespective of size, is at risk if their client becomes insolvent but for freelancers and micro-businesses these risks are magnified.

Published in Debt Collection

News that one of the oldest agricultural firms in Lancashire has entered administration has been met with shock and dismay. Riley Brothers International Haulage Ltd, the most recent iteration of a company with a history stretching back more than a century, entered administration on the 18th of December 2015 with the loss of more than 130 jobs.

Published in Credit Control

Although many small and medium-sized businesses know the importance of background credit checks on new customers, a lack of familiarity with the process of actually carrying out a credit check can lead many to overlook this crucial step in their risk management.

Safe Collections have teamed up with credit check specialists Experian to make it easy and affordable for freelancers and fledgling businesses to begin credit checking new customers.

Published in Credit Control

It doesn't seem like rocket science to suggest that if a customer goes bust, you might want to stop supplying them; in fact, if you're doing your credit control properly, you'll probably want to restrict their account long before they publicly declare insolvency.

Under new government plans, due to come into force this October, you might find you are banned from taking such action, once your customer's financial woes are made public knowledge.

Published in Debt Collection
Tuesday, 30 December 2014 15:05

Make 2015 your year to resist financial risks

Risk is an unavoidable part of business, particularly if you provide credit to your clients - even in the sense of invoicing for work done only once it has been delivered, let alone more complex credit arrangements that involve the lending of money.

The new year is always a good time to take a fresh look at things; for many companies it is the start of a new financial year too, while those whose accounting is aligned with the tax year have the first quarter of the new calendar year to put processes in place.

Published in Credit Control
Thursday, 14 May 2015 10:31

10 Ways to Spot a Bad Credit Risk

We always say that in good credit control, prevention is better than cure - collections and recovery action should be for the bad debts you didn't see coming, not the ones you did.

But how do you know who's going to pay on time, and who's not going to pay at all?

If you've worked in credit control for long enough, it will be instinctive, a kind of sixth sense based on the myriad different factors that contribute towards a company's risk profile.

Published in Credit Control

Hitting the Headlines: Safe Collections in the Guardian

in About Safe Collections by Adam Home
If you're a Guardian reader, you may have seen Safe Collections' collections and partnerships manager Adam Home quoted in a Guardian Professional article on May 12th. Tim Aldred's piece looked at the case for credit control teams as a way for businesses to…

Hitting The Headlines: The Independent on Sunday

in About Safe Collections by Adam Home
In 2009 our founder and Managing Director was interviewed for a piece in The Independent On Sunday, this article is reproduced below with their kind permission. in 2009 we still went by our original name of Creditsafe Ltd, whilst our name may have changed our…