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|Reaction to Q4 2015 UK insolvency drop|
|Monday, 01 February 2016|
Marine Bochot, director of Risk, Information and Claims, at Euler Hermes, the world’s leading trade credit insurer, said: “Today’s data reveals a concerning trend of increased financial stress and volatility for unsecured creditors in sectors such as construction, manufacturing (metal and furniture come first), textiles and services hidden amongst the headline downward trend in corporate insolvencies.
“We are receiving an increase in overdue payments reports from our clients along the supply chain in these key sectors, which may be an early indicator of more volatility and fundamental shifts in the wider economy which could pile pressure on businesses this year.
“Our forecasts suggest UK GDP growth will drop in 2016 for the first time in three years, and there will be a with a five per cent hike in corporate insolvencies. A hike in business failures would be a natural consequence of the boom in start-up ventures since 2013. However, a UK economic slowdown, Brexit fears, emerging markets madness and the revelation this week that a major supermarket chain knowingly delayed payments to suppliers highlights the challenges faced by many UK businesses from late payments and unpaid debts.
“No one wants one of their clients or suppliers to be the insolvency statistic that lands them with overdue or bad debts which squeezes cash flow, credit ratings or stalls growth plans. In the current more volatile climate, businesses should take extra care to understand their customers and suppliers ability to pay on time when signing new contracts.”
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