Having found myself in the unfortunate position that one of my customers has become insolvent I’ve had a look through various threads/forums on advice how to proceed following a customers insolvency and I came across the “spongebob” plan on this forum, to which I believe I am on the receiving end of.
To give a bit of backstory, I supply Building materials the construction industry and am in the early stages of my Business (2< years). I have a customer, let’s call him Customer A, who used to purchase building materials and services from the company I previously worked at (who ceased trading). He had always been a good payer in my previous role, and in the first year and half or so that he was using my services he was a great customer – p…
Read the full article at: https://www.ukbusinessforums.co.uk/threads/insolvency-spongebobs-plan-from-a-creditors-perspective.424275/