The traditional saying that ‘my word is my bond’ has been consigned to the history books, as an increasing number of companies have not been able to fulfil their financial obligations and have left both creditors and employees with a morass of bills and burdens. In order for business to flourish companies need to be able to rest assured that their outstanding debts will be satisfied and that lines of credit will be extended from suppliers. Business credit reports are becoming increasingly popular as these can provide customers and potential business suppliers with a clear picture of a company’s finances and therefore can provide an essential service in times of financial insecurity. By law a limited company has to file their year-end accounts at Companies House and these accounts are a matter of public record. Year-end accounts can provide a partial picture of the financial health of a company. They will list the assets and liabilities of a company and also state how many directorships a company director might hold.
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