May 2026 : Credit's 'Structural Reset' - Construction Credit Management Update

Understanding the Late Payment of Commercial Debts Act with Paula Swain

In this episode of Minimize Debt, Maximize Cash, Emma Reilly, CEO of Top Service, is joined by Paula Swain from Kerns Legal Services. Together, they break down the Late Payment of Commercial Debts Interest Act 1998, explaining how businesses in the construction industry can apply it to secure interest, compensation, and legal costs on overdue commercial debts. Key Takeaways * What is the Act? Passed in the summer of 1998, the Act automatically inserts an implied term into commercial contracts (business-to-business) across the UK. It grants creditors the right to claim simple interest, fixed compensation sums, and reasonable recovery costs on qualifying outstanding commercial debts. * The Three Approaches to Contracts: * Type A (The Fleetwood Mac "Go Your Own Way" Approach): The creditor explicitly outlines their own terms, defining their own commercial interest rates, default charges, contract terms, and an indemnity clause for legal costs. * Type B (The Hybrid Approach): A mix of custom terms and statutory guidelines. The contract might specify interest at 8% above the Bank of England base rate, fixed compensation mirrored from the Act, and specific payment terms (e.g., 30 or 60 days). * Type C (The Full Electric / Tesla Experience): The contract does not mention late payment terms at all, meaning the creditor relies entirely on the statutory rights provided by the Act for interest, compensation, and reasonable recovery costs. * When Does the Act Apply? It applies strictly to business-to-business (B2B) transactions for the supply of goods, services, or both. It includes transactions involving government bodies and sole traders, but excludes employment contracts, consumer credit agreements, and certain contracts with securities. * Statutory Interest Rates: The statutory late payment interest rate is set at 8% above the Bank of England base rate, which is updated by the Act twice a year. Interest begins accumulating the day after the agreed payment date. * Fixed Compensation Structure: Once statutory interest begins to accrue, creditors are entitled to a fixed compensation sum per qualifying debt/invoice based on the amount owed: * Debts under £1,000 $\rightarrow$ £40 * Debts between £1,000 and £9,999.99 $\rightarrow$ £70 * Debts of £10,000 or more $\rightarrow$ £100 * Reasonable Costs of Recovery: If the fixed compensation sum does not fully cover the actual cost of hiring a lawyer or a debt collection agency, the Act allows creditors to claim "reasonable costs." However, the court has the final say on what is deemed reasonable, unlike explicit "indemnity costs" which generally cover all incurred legal expenses. Connect with Us Have questions about managing your commercial debt? Connect with us on LinkedIn: * Top Service: Search for Top Service Limited * Emma Reilly: Search for Emma Reilly Top Service Don't forget to subscribe to the podcast on your favorite platform so you never miss an episode!

The Tarmac Testimonial – Insider Intelligence in Action

In this episode, we go behind the scenes with one of the world’s leading building materials businesses. Philip King FCICM, Non-Executive Director at Top Service, sits down with Simon Howell FCICM, Head of Credit Management at Tarmac, to discuss how specialized data and human insight protect Tarmac’s bottom line in the UK’s most volatile sector.  In This Episode: Simon shares his "boots on the ground" perspective on why traditional credit reports often fall short in the construction industry and how Top Service fills the gap with real-time, behavioral intelligence.  * Filing the "Data Gap": Why waiting for annual accounts is a risk and how immediate trading experiences allow for more accurate risk-calling. * The "Sixth Sense" of Credit: Simon uses the powerful "Jigsaw Analogy" to explain how Top Service provides the missing pieces that standard data sources miss, helping his team spot potential fraud and behavioral shifts. * A People-First Office: Reflections on visiting Top Service HQ and why the professional "buzz" and human conversations are vital in a world becoming too formulaic and data-led. * Construction as a Bellwether: Why having an exclusive focus on the construction industry makes Top Service a unique and powerful partner for managing economic "boom and bust" cycles. * Three Words for Top Service: Simon describes the partnership as Professional, Client-Focused, and Unique. Key Takeaways for Credit Professionals: * Don't Be Alone: Credit management can be a lonely role; tap into a community-minded network to validate your professional "gut feelings." * Context is Everything: Anonymous member reports provide the "color and depth" needed to make the hard decision to say "no" when it matters mos Connect with Top Service:  🔗 Website:  www.top-service.co.uk 📞 Contact: 01527 518800 ✅ LinkedIn: Search "Top Service Limited" Register for our newsletter for regular updates of events and webinars. https://www.top-service.co.uk/contact-us/ (newsletter link at bottom of page) To enquire about Top Service services for your Business, go to https://www.top-service.co.uk/contact-us/ Music by Purple Planet

July 2026 Construction Industry Update - Risk Assessment as a sales tool

Host: Emma Reilly (CEO of Top Service, Fellow of the Chartered Institute of Credit Management, and CICM Council Advisory Member) In the construction sector, waiting for a market correction isn't a strategy. With UK insolvencies ticking upward—and construction consistently accounting for roughly 17% of all company failures—business as usual won't protect your margins. In this month’s construction credit management update, host Emma Reilly breaks down why it’s time to shift from a purely defensive mindset to an offensive one. Learn how to turn risk assessment into a powerful engine for new business, shake up your overdue processes, and ensure your invoices sit at the very top of the payment pile. * Data-Driven Workflows: Stop relying on historical reputations. Learn why verifying real-time credit positions before releasing the next phase of work is vital. * Spotting the Warning Signs: Track how fast you are actually getting paid. A sudden slowdown in invoice settlements is your earliest warning of a client's internal cash crunch. * The "Offensive" Strategy: Use sharp, real-time credit limit indicators and high health ratings to identify prime, robust prospects for your sales team. * Becoming a Priority Creditor: Discover how a specialist, zero-risk debt recovery partner built for construction can safeguard your pipeline and protect your bottom line. We want to hear from you! Please get in touch by searching for Emma Reilly, Top Service on LinkedIn. Let us know what you liked about the episode, which specific piece of advice was most useful to your business, and what topics you would like to hear more of in the future. If you want to keep learning how to maximize your cash and minimize your debt, make sure to tune in next time! Catch all past and future episodes of the Minimize Debt, Maximize Cash podcast by subscribing on your favorite streaming platform.

What the CICM can do for Credit Managers with Ivan Carvalho

Leveraging the CICM for Better Credit Management Welcome to another episode of Minimize Debt, Maximize Cash with Top Service—the podcast dedicated to helping professionals in the construction industry maximize cash flow and minimize debt. In this episode, host Emma Reilly (CEO of Top Service and CICM Council Advisory Member) kicks off a special month-long focus dedicated to our valued partner, the Chartered Institute of Credit Management (CICM). If you’ve been looking for practical ways to improve your business's order-to-cash lifecycle, this episode is for you. * The Power of Partnership: Emma explains how Top Service and the CICM collaborate to bring industry-leading webinars, expertise, and thought leadership to the construction sector. * Exclusive Webinar Excerpt: Tune in to hear an insightful excerpt from a recent collaborative webinar focusing on a critical topic for cash flow: late payment interest and compensation. * CICM Member Benefits: Special guest Ivan Carvalho joins the show to break down the tangible resources available to CICM members, including: * A massive resource library featuring blogs, articles, and podcasts. * Valuable networking opportunities through branch networks and events like Credit Fest. * Free access to the monthly Credit Management magazine (available to non-members for a limited time on LinkedIn!). We are approaching our one-year podcast anniversary and we want to hear from you! * Search for Emma Reilly Top Service on LinkedIn to connect. * Tell us what you like, what specific advice has helped your business, and what topics you want to hear covered next. The best feedback will be read on a future show! Interested in joining or exploring their resources? * Email: cicmmembership@cicm.com * Socials: Follow the CICM on LinkedIn or Instagram. * Members: Log into your member portal on the CICM website to access your resources and read the latest digital edition of the magazine. Maximize your cash. Minimize your debt. Let's build a stronger bottom line together.

Beyond the Data: Why You Should Attend a CICM Webinar

Join Emma Reilly FCICM, Philip King FCICM (Non-Executive Director, Top Service), and Simon Howell FCICM(Head of Credit Management at Tarmac) as they pull back the curtain on their popular industry webinars. They discuss why these sessions have become essential "survival tools" for credit professionals in the construction sector. What You’ll Learn: * Adding "Color and Context": How webinars provide real-world insights that formulaic data and monthly cash cycles often miss. * Timely Intelligence: Why webinars are superior to traditional industry magazines for discussing events that happened "last week". * A Protected Forum: The benefits of the Q&A section, where professionals can ask "stupid questions" or share tips in a low-vulnerability environment. * The Networking Effect: How an hour-long webinar can broaden your professional LinkedIn network and foster a community-minded approach to risk. * Expert "Old Hands": Why hearing from senior professionals who have navigated previous economic crises provides a "steadying arm" for the rest of the industry. Connect with Top Service:  🔗 Website:  www.top-service.co.uk 📞 Contact: 01527 518800 ✅ LinkedIn: Search "Top Service Limited" Register for our newsletter for regular updates of events and webinars. https://www.top-service.co.uk/contact-us/ (newsletter link at bottom of page) To enquire about Top Service services for your Business, go to https://www.top-service.co.uk/contact-us/ Music by Purple Planet