The risk of non-payment of fees by parents of leavers can be a real concern for many independent schools. Therefore, you need to reduce that risk or take appropriate action when the worst happens.

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.