One important credit management solution is providing an alert to members that a debtor is taking 60 days or more to pay their bills. This can be a precursor for that business heading to failure.
Our Executive Director, Wayne Clark made a contribution to an insightful article by Michael Chesterman at Helix Legal about the looming crisis of impending insolvencies in the construction industry.
Russ Stephens, cofounder of the Association of Professional Builders, spoke to Business Insider Australia about his concerns for the Home Building Industry in Australia.
We are led to believe that the ATO will not resume recovery activity through statutory demands until early 2022. Therefore, we now believe that construction industry insolvencies will remain relatively low until the end of 2021. Forecast insolvencies for 2020/2021 financial year may reach 971.
When being interviewed by Nathan McQuade and speaking about upcoming insolvencies, it really came to light just how much an organisation like Building Industry Credit Bureau can really help businesses supplying the Building & Construction Industry to successfully navigate credit management.
Please read this insightful interview by Nathan McQuade, Sales Manager, QLD at NCI of Wayne Clark as he shares what he is seeing in the market and what he believes will unfold in the future for the building & construction industry..
Wayne Clark was a guest writer for the Australian Institute of Credit Management’s (AICM) April 21 credit management issue. He wrote specifically about the Construction Industry.
Construction is the third largest industry in Australia for the number of people it employs and its GDP (Gross Domestic Product) contribution. However, it is the second largest industry when it comes to corporate insolvencies, with an average of 1,552 per annum. Understanding the nature of the industry is extremely important for effective credit management….