INTO THE RED - Insolvent Collect Outs
Anita Pickersgill
MCICM-Credit Control/Debt Recovery ???Keeping cash flowing** award winning ***Credit Processes** Dispute Resolution & Debt Recovery**** Speaker **
Sadly by the time many of our clients come to us both they and their debtor are in distress and in some cases terminal.
Construction is top of the list with Real Estate a close second and Hospitality cannot be far behind perhaps tied with Retail on the high street, if we also now factor in the horrendous weather and floods we can predict a lot of businesses folding or at the very least needing to seek time to pay arrangements with creditors whilst they wait for insurance payouts if they are lucky enough to have it and try to clawback from lost revenue.
NEVER HAS IT BEEN MORE IMPORTANT THAN TO CARRY OUT DUE DILIGENCE- MANAGE AND WORK TO CONTRACT - BACK THE CONTRACT TERMS YOU ARE TIED INTO DOWN TO THOSE BENEATH YOU IN THE CHAIN.
DO NOT BE TEMPTED BY LARGE POUND SIGNS IF YOU CANNOT FUND AT LEAST THE FIRST 6 WEEKS OF THE CONTRACT COSTS , ESPECIALLY IF YOU ARE USING SUB-CONTRACT LABOUR.
IF IT IS AN APPLICATION CONTRACT FOLLOW IT DONT JUST SEND AND INVOICE AND EXPECT IT TO BE PAID.
OBTAIN SIGN OFFS - KEEP YOUR EAR TO THE GROUND BUT DONT GOSSIP
IF YOU CAN GET CREDIT INSURANCE IT MAY BE YOUR LIFE LINE DO NOT DISMISS IT.
ENSURE ALL OUT OF SCOPE WORK IS AGREED IN WRITING OF SOME KIND AND IF YOU GO OVER THE ORIGINAL GROSS CONTRACT SUM AGREED GET YOUR PAPERWORK IN ORDER YOU WILL NEED IT.
ASK FOR HELP BEFORE YOU ARE UNDER THE WATER
REMEMBER CONSTRUCTION ALSO HAS A VERY HIGH SUICIDE RATE
If we can help we will help and if we cannot help we will know someone who can