Archive

Archive for June, 2010

Update on Vantis

Oh dear… Not great timing

http://ca.linexlegal.com/index.php?cid=731103

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Vantis. “business advice”

http://www.accountancyage.com/accountancyage/news/2264886/troubled-vantis-weigh-options

A firm of accountants that offers “turnaround” and “rescue” advice for struggling companies has…..just about gone bust

You couldnt make it up

Apparently this is blamed on their difficulties in recovering fees from the liquidation of the seedy Stanford estate. Whilst it seems rather unlikely that that is the sole cause of their difficulties, it does beg the question as to whether credit management was part of their portfolio of advice. I would hope not, for their clients sake

However they did advise Portsmouth FC earlier this year. Enough said maybe

The news that Vantis were experiencing difficultiess has been fairly well publicised in recent months. But clearly not everyone reads the papers. One day after the latest breaking news about collapse a credit agency (I will spare their blushes) were recommending credit limits of £750000 and described the businesses condition as “good”.

I do hope that no one took that advice.

And that simply serves to once again illustrate that credit reports are only the start of the evaluation process

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BP troubles….

http://news.bbc.co.uk/1/hi/business/10224442.stm

Once upon a time, it was assumed that the blue chips would support their subsidiaries through thick and thin. Indeed that was often very true…

A subsidiary of a subsidiary, half owned by BP has just filed for bankruptcy in Russia. Now it is unlikely that too many trade creditors in the UK have been affected (I might be wrong) but I wonder if some were stung by making assumptions about the strength of the parent company?

A good few years ago Dun and Bradstreet used to produce a very useful set of books “who owns whom”. The idea being that strength of ownership stregthens credit ratings. It still does, but not to the same extent and not with the guarantees we may once have been used to.

So BP has probably managed to upset a few people in Russia. But nothing like upsetting the whole of the USA of course…

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