New unsecured creditor figures illustrate the value of trade credit insurance.
New research by InfolinkGazette has indicated that the recent failures of Pretty Green Limited, Freemont Ltd, British Midland Regional Limited (t/a Flybmi), Better Bathrooms, Ubercasual Limited (t/a Jack & Jones), Blenheim Homes North East Limited, El Ganso (Acturus Retail (UK) Ltd), and Boing Zone Limited have left at least 866 unsecured creditors owed approximately £32.3 million.
In Pretty Green’s case, they were themselves an unsecured trade creditor of House of Fraser and lost £522,000 when the store entered administration last year. Greg Connell, Managing Director of InfolinkGazette, commented:
Credit insurance cover isn’t always available, but when it is obtainable, can avert the disastrous consequences of becoming an unsecured creditor.
You can read InfolinkGazette’s analysis here.
An interesting perspective recently shared by Greg Connell, Managing Director of InfolinkGazette of what the real value of Credit Insurance can provide. With insolvency numbers and claims now mirroring those last seen in 2009 and all the Political uncertainty abounding with hard Brexit looking evermore likely, we believe things are going to become more difficult before they get better.
TL Dallas is a leading provider of insurance solutions to protect against insolvency or default exposures and if you would like to talk about specific needs, export related or otherwise, we would welcome the opportunity to talk to you further. Please email our Credit Insurance team on firstname.lastname@example.org.