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Insufficient funds….
A good joke going around Ireland
“went to a cash machine and it said “insufficient funds. Did they mean me or them???? “
Bankruptcy in Ireland
Yes, we all know about Ireland’s difficulties and naturally enough with the collapse of some sectors (most notably construction), the level of personal bankrupcies is going to rise
How about this for a stat….
In 2005 there were 47000 bankruptcies in the uk and in ireland there were…. 9
Yes just nine..
Why? Well read this from an irish lawyers website. Remarkably strong stuff…
Our bankruptcy laws are outdated and need urgent revision. Currently, if you are declared a bankrupt, the bankruptcy survives for the next twelve years. In England and Wales, you may only face bankruptcy for twelve months. Arguably, individuals should be able to re structure and move forward in the same way that a company can
Pontins
http://www.dailymail.co.uk/news/article-1329327/Pontins-goes-administration.html
A sad day for the bluecoats but this has also developed into a nasty row with their bank
That is not something I will comment on, it is impossible to do so without an inside line, but what do we learn from Pontin’s demise?
It is very suprising that after a good summer and with holidaymakers cutting back on spending that a cheap and cheerful holiday camp would suffer at the present time. However i think the daily Mail article is perhaps more significant
No matter how well placed a company is in the market, if they do not deliver and subsequently get a poor reputation, then its a slippery slope.
Credit assesment goes further than the balance sheet….
Serco again!
Very good piece form my friend Anthony at Orchard Growth
http://orchardgrowth01.blogspot.com/2010/11/youve-been-serco-ed.html
ROK and rolled over
http://www.bbc.co.uk/news/business-11708451
Another construction/maintenance company with close public sector links. Would appear that this caught the markets by suprise. Perhaps they found 50000 invoices?
50000 missing invoices!
http://insolvencynews.com/article/show/Connaught-debts-jump-to-100m-after-50-000-bills-fo
There is a internet chat abbrevation that is short for Oh My God
Its OMG
Independent broking or not?
Below is an extract form a website called the Independent Factoring Brokers association. Im afraid to say that they are abolsutely right and it has to be said that any “broker” of a financial product putting themselves up as independent in the face of consumers, when it is obvious they are not, would surely have the FSA crawling all over them.
So why is this permittable in B2B circles?
No idea, but another fault with these sites is that the relationship element is removed. Believe me, when you are in one of these deals and there is what might be refered to as ” an issue” , you need to trust, like and know the people you are dealing with. That is the first thing I look for when broking on behalf of a client
Factoring and invoice discounting has seen phenomenal growth this decade and on the back of this growth has come a sharp rise in the number of brokers – all claiming to offer their independent advice and expertise to find customers the best deal.
Unfortunately the reality is very far from the truth as the popularity of the internet has seen a surge in internet only based “brokers” who in reality are little more than clever website designers attracting leads from interested parties to pass onto a third party for a fee, whilst many of the rest are anything but independent.
The unsuspecting customer may expect to be receiving unbiased advice from an experienced broker but that is seldom the case as many of the high profile factoring brokers are anything but independent and unbiased.
Dismal Serco apologises
http://www.bbc.co.uk/news/business-11663636
And I should bloody well think so too..
What an appalling and tacky approach to cash flow management. “Big company” bullying at its very worst and from a business that in my limited experience, does not have a great record of payment to suppliers
I am not sure there is anything I can add to this…
Cpcmcredit Blog 