Nearly a quarter (23 per cent) of UK businesses have issued fewer winding up petitions over the past year, despite 66 per cent of firms claiming they have been taking a tougher approach to dealing with debtors, according to a new poll of professional credit managers undertaken by Graydon UK, a commercial credit reference company.
Latest UK Government insolvency statistics have shown that corporate liquidations continued to fall during the fourth quarter of 2010 and have remained at far lower levels than in previous recessions.
According to the research 88 per cent of credit managers are turning to alternative methods in place of presenting a winding up petition with Country Court Judgments the tool most commonly used, by over half of (55 per cent) those surveyed. The research also found that 42 per cent of businesses are contracting third party debt collectors and 39 per cent setting up formal voluntary arrangements with debtors as they step up efforts to recover money owed to them.
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