Yet another local electrical contractor of many years standing has hit the wall. Rumours abound with some saying they went for £5M. What I do know for sure is that a labour only sub has been hit for £200K with a fairly well-known firm of consultants not far behind. Seems the same old story is set to go on running.
I agree, that when a company (no matter what the size) declares bankruptcy, it should NOT be a 'get out of jail' card. The industry (and all industries) abound with stories of 'he set up a new company the very next week'.
But as a subcontractor to a one man band electrical company, I am well aware of the angst over bills that 'we do 60 day billing' from larger companies can cause. You may well do 60 day billing, but our wholesalers do not. They usually do 30 days. Max.
So I can see how this happens :(
The law needs to be changed, to prevent companies deliberately misusing their 'clout' to force the hand of smaller companies.
I agree, that when a company (no matter what the size) declares bankruptcy, it should NOT be a 'get out of jail' card. The industry (and all industries) abound with stories of 'he set up a new company the very next week'.
But as a subcontractor to a one man band electrical company, I am well aware of the angst over bills that 'we do 60 day billing' from larger companies can cause. You may well do 60 day billing, but our wholesalers do not. They usually do 30 days. Max.
So I can see how this happens :(
The law needs to be changed, to prevent companies deliberately misusing their 'clout' to force the hand of smaller companies.
