Articles about Credit Insurance

closed_sign shut down under collapsed liquidation

Don't wait to check your parachute until you're out of the plane

Business failure and insolvency are so rarely a cheery subject. But it's kinda funny how frequently companies hit by high-value losses almost immediately say "we had insurance", as if to say the loss will not be felt too hard. It’s tempting to boast that your debt is insured when it isn’t: it makes the loss seem less …
Eddie Pacey, 17 Jun 2013

'Zombie hunter' task force unleashed on the UK tech biz

A special force of crack zombie hunters swings into action today to rid old Blighty of the shuffling scourge of undead firms surviving only to pay the interest on debts. The mission of the task force, whose formation was revealed by The Channel last month, is to build a profile of private equity backed businesses in the IT …
Paul Kunert, 13 May 2013
Northamber

Credit safety net ripped from under elder IT distie Northamber

QBE Insurance has removed entire lines of trade credit insurance on Surrey-based distributor Northamber, The Channel can reveal. Declining trade at one of the oldest wholesalers of IT gear in Blighty is understood to be the reason behind indemnifier QBE's decision, say our sources. Disties Computers Unlimited (Janson Group) …
Paul Kunert, 30 Apr 2013
Comet Siding Spring. Pic: NASA

Why did Comet fail? Hint: It wasn't just the credit insurers

Comet's fiscal light was burning less brightly well before OpCapita entered its orbit, but the venture capitalist's involvement snuffed it out entirely. Signs that all was not well can be traced back to 2008, when Comet's profit before tax tumbled from £56m to £25m. In successive years it posted losses of £8m, £3m and finally …
Eddie Pacey, 22 Nov 2012
grab_that_cash

Credit insurance: The hidden data-driven force which killed Comet

A quick look at what happened to high street electronics retailer Comet when its credit insurers slammed their wallets shut should be enough to get any IT business interested in cash-flow, insurance and credit lines. But while credit and cash-flow are often seen as stale subjects, they can be the lifeblood of business - almost …
Eddie Pacey, 16 Nov 2012
Comet_EV_01

Ailing Comet at last prayers: Cawing of accountants and VCs fills air

Beleaguered bricks and mortar retailer Comet is lurching toward administration with Deloite understood to be waiting in the wings. Parent Kesa Electricals offloaded Comet to OpCapita in November 2011 for a nominal fee of £2 but it was forced to hand over a £63m dowry for working capital purposes and retain the pension scheme …
Paul Kunert, 1 Nov 2012
closed_sign shut down under collapsed liquidation

'Petrified' insurers slam wallets shut as more resellers go titsup

The small sequential rise in reseller insolvencies in Q3 - in line with seasonality - will do nothing to calm credit insurers' general uneasiness about the IT sector. Data from credit reference agency Graydon UK, shows 75 channel firms bit the dust during the summer quarter, up from 64 in Q2 but dramatically lower than the 93 …
Paul Kunert, 23 Oct 2012
channel

Northamber balks at forecasts amidst market uncertainty

Northamber illustrated the fragility of the tech market today with results that showed a slip in sales, increasing credit insurance costs and a refusal to give guidance on its future performance. The distributor managed to boost its profits for the year to June 30, which were up 5.9 per cent to £627,000, despite sales slipping …
Joe Fay, 24 Sep 2008

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