Northern Ireland’s insolvency list is busy again. After a pandemic lull, creditor petitions are back in force, led by Land & Property Services (rates) and HMRC. In March 2026, business insolvencies were 21% higher than March 2025, while individual insolvencies rose 16%.

In most cases the trigger is simple – cashflow breaks. A big invoice lands late, is disputed, or never arrives, and the gap between money in and money out widens fast.

Cash has always mattered. But with fuel, materials and labour getting ever more expensive, businesses are absorbing cost shocks daily and burning through reserves. At the same time, suppliers and the tax authorities are less patient. One firm’s late payer becomes another firm’s crisis.

Worryingly, this isn’t confined to weak businesses. Profitable companies can still run out of cash through slow invoicing, overly generous credit terms and inconsistent credit control. We also see businesses become victims of their own success: they win a major contract, invest in people and materials to deliver, build up work in progress and receivables, then the customer enters administration, liquidation or a CVA. Any recovery is typically partial and slow, while the company’s own creditors keep knocking.

The warning signs are usually visible months in advance: stretching supplier terms, juggling PAYE/VAT, relying on the overdraft to meet wages, or letting aged debtors drift because chasing feels like “bad service”. Treat these as indicators, not inconveniences. Tighten invoicing and credit control, stress-test cash weekly, and speak to key creditors early, before they decide to escalate.

When a creditor’s petition is listed for hearing, time is no longer your friend. You need to assess options immediately and take specialist legal advice early.

Adjournments can be hard to secure and, if granted, are usually only for weeks and for a specific purpose – paying in full or moving into a formal process such as administration, a CVA or voluntary liquidation.

A petition is often the end point of a long cashflow battle and sometimes the moment a business finally takes stock. Is the company genuinely profitable, or only certain lines? Can costs be reset, contracts renegotiated, or the model simplified? With breathing space, could historic debt be tackled and the business trade forward sustainably? In some cases, new third‑party funding can support a full-and-final offer to creditors and protect the core operation.

At Millar McCall Wylie, our insolvency team works closely with a trusted network of local insolvency practitioners to help directors act early, choose the right route and protect value, whether that’s a turnaround plan, a negotiated deal with creditors, or a formal restructuring process.