Administration for HIP Providers?

Rumours are sweeping the industry that many HIP providers may go into administration to help them mitigate the financial aftermath of the suspension – which has left them with bills to pay search and EPC providers, and to pay estate agents referral fees.

Yesterday, Ashley King of SimplyHIP denied that his firm was in liquidation or administration. He said: “I can categorically deny that that is the case today, but I will not know what tomorrow brings until tomorrow is here. At the moment, we are evaluating our position and taking advice. “Of course, I cannot comment on what other firms may be doing.”

He said that the immediate suspension of HIPs had come as a bombshell to providers who had always believed there would be a 100-day consultation. “It would have given us an orderly exit over the summer,” he said. “Had we known back in January that there would have been an immediate suspension, we could have taken action then. As it is, the immediate suspension came out of the blue. “Chaos has been caused and the knock-on effect will be enormous. I suspect some 14,000 people will be caught up in this.”  

I think Mr King makes some valid points but we are where we are and there was never going to be a pain free withdrawal from HIPS. My own company provided HIPS via one of the major providers and I have to say that they have been brilliant since last Thursday, refunding fees and making sure that we got paid. However that doesn’t mean that we DEAs can afford to be complacent.

So for everyone out there who has been carrying out work for the HIP providers and some of panels I’d suggest that you get your invoices in quick and get paid.