Rising costs can put businesses under pressure, increasing the risk of them delaying payments to suppliers or even defaulting on debt. That could spell danger for you as a creditor.

Chasing long-term, overdue debt can be time-consuming and frustrating enough, but if the company you're chasing ceases to exist, things can get tricky. Now, at last, the Insolvency Service has been given new powers to investigate and disqualify directors who fraudulently dissolve their companies to avoid paying debts.

With interest rates likely to rise further in 2022, many could find themselves under increased financial pressure. Therefore, robust credit control and efficient debt management are more important than ever.

An amendment to Schedule 10 of the Corporate Insolvency and Governance Act (2020) means creditors can now resume statutory demands and winding-up petitions, although some coronavirus-related protections remain and there have also been changes to the petition process.