As we approached the closure of last decade and looked forward to the 20’s, I posted a somewhat reflective article reviewing the levels of insolvency and predictions heading into the new year and decade, here.
Now, just a few weeks into the decade and the only thing that is certain is that 2020 will come with its own share of uncertainty! The following article by Greg Connell makes a clear point which is born out by warnings from Coface and Atradius, confirming that they both expect further rises in insolvency levels this year.
New unsecured creditor figures illustrate the value of trade credit insurance.
New research by InfolinkGazette has shown that the recent UK failure of Clintons (AG Retail Cards Ltd) has left 116 unsecured creditors owed over £74.8 million. Greg Connell, Managing Director of InfolinkGazette, commented: “Secured creditors should be covered, but there will be nothing other than the prescribed part (up to a maximum of £600,000) for unsecured creditors.” Other recent significant failures include: Joyce Construction & Civils Ltd (£4,064,420 owed to 178 UK unsecured creditors); Regis UK Ltd (over £1 million owed to 117 UK unsecured creditors) and Boxing Channel Media Ltd (£14,745,500 owed to 19 unsecured creditors).
For more information visit https://www.infolinkgazette.com/?pid=6.
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. Our history insures your future!Back to News