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If I do a credit check on a company its only checking the last published accounts filed. In this current economic climate thats just too slow.
Is there a database that will show my credit control team who is in administration. Dont administrators have to complete some legal paperwork and inform companies house or something ? Is this not recorded somewhere that I can check ?
Any help / experience gratfully recieved.
Cheers.
IIRC in Scotland, the Accountant in Bankruptcy can provide a report, I'd be surprised if the English/Wellish/NornOirish weren't doing similar
www.aib.gov.uk/roi
If a company is in administration then it shouldn't be trading anyway should it?
What you really need to know is 'Who is about to go into administration?' which is far trickier to find out...
Trimix - email me barnt at hotmail dot com
If a firm is already in administration then as far as I know the debts are not at risk. As said above, its the firms that are on the way that are the problem. Only way you can find this out is by talking to other firms and possibly checking county court judgements.
Credit checks are pretty worthless - they only check the last filed accounts.
I want to be able to check some sort of register that shows me who is in administration - that way I can ensure we negotiate with the administrator for payment upfront or on delivery - if they feel our services are essential enough.
Is there not a duty for a company to tell its creditors (or those it's dealing with) it's in administration?
The administrator would do that, but by then your outstanding bills are lost, if the administrator still wants you business they only pay the new bills.
Fair enough. I guess it's a quick question for corporate lawyer (which I am not). OMITN?
You have lawyers, don't you?
Yup, we have expensive lawyers - I pay them so much they just tell me what I want to hear !
Meanwhile STW is real 🙂
Try Business Link for advice about this.
You need new laywers...
I've just been looking up Court Orders on Google, and one of the links seemed to be a list of people or companies with court orders in force against them - worth a look?
any credit refererence agency will report county court judgements and should tell you if a company is in administration - as per OP believe this has to be reported to companies house
most credit agencies will set up "watches" on specific companies for a small fee
a company in administration can't (read as shouldn't) be ordering goods or services under its existing legal title - safest thing if you have concerns is to insist on written "official" purchase orders (hard if electronic linked or multisite contracts)
if the administrator orders then the administrator and not the failed company is liable (they may choose to do this if something needed that will add value eg complete a big piece of kit that can be sold)
but needs to be absolutely clear on paperwork that it is the administrator ordering
other thing is relationship between yr credit controllers and customers payments people - regular friendly contact may give valuable insights
Thanks for you inputs guys, ive got lots to think about now. Cheers.
Did you get stuffed by Binners Inc?