- 06 September 2016
- Corporate and M&A
Three “Ms” to help avoid the suppliers nightmare of a key customer who can’t pay
In the first quarter of this year, in England and Wales, 3,694 companies and 20,383 individuals were unable to pay their debts and went into a formal insolvency procedure (The Insolvency Service: Insolvency Statistics – January to March 2016). It goes without saying that these statistics mean that a very considerable number of suppliers to companies or sole traders will have been left as unsecured creditors, likely to receive a fraction only (or nothing at all) of what they were owed for goods or services supplied.