London (UK) - May 11, 2010
A distressed business alert service has been has launched by Business-sale.com. Every weekday, email alerts are sent through to subscribers listing all UK businesses that have had winding-up petitions lodged against them. Another email alert lists all companies that have had administrators appointed. This gives credit controllers and entrepreneurs a useful advance warning of businesses in financial difficulty.
Business-sale.com has been monitoring and providing statistical summaries on the distressed company sector for over fifteen years.
Aggressive cost cutting and improved cash management by firms has meant the number of businesses falling into administration dropped has dropped in 2010. The number of businesses that went into administration in the period up to 30th April 2010 was 886, which is a significant improvement on the 1,453 businesses in the same period last year.
However, this statistic on its own provides only part of the story. There are many businesses that are finding themselves in a difficult financial position. Firstly, there is a swell of corporate insolvencies in the pipeline – a view that is backed up by Steven Law, president of the insolvency practitioner trade body R3. Secondly, many UK businesses are currently in trouble and are not likely to enter administration due to their small size and asset base. This is partly evidenced by the number of Company Voluntary Arrangements (CVAs) that has increased year-on-year by 30.8%.
In response to the demand for earlier warning notifications, the Business Sale Report has launched its winding-up petitions alerts service, which includes full contact details of the companies that have had the petition lodged together with revenue, profit and fixed asset values.
In essence, this is advance warning that a business may be forced by the court to be declared insolvent. These details are published prior to the pre-arranged court date, so there is a vital window of opportunity for an investor to step in and make an approach or for a creditor to cease supply of goods or services pending payment.
This information will be of use to credit controllers and accountants of larger companies who do not necessarily have the time to constantly check customers’ credit ratings. This data is available to subscribers before it is recorded at Companies House.
The Business Sale Report (available by subscription for just £225 per annum) has been established since 1995, and is the UK's leading independent listing of small to medium-sized companies for sale and of businesses in financial distress.
It is free to advertise companies for sale in the Report.
Subscribers can opt to receive our daily email alerts of businesses in administration and those with winding-up petitions issued against them at no extra charge.
Our data on distressed businesses is gathered from business' creditors, court announcements and enhanced with information our business database.
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