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Credit insurance withdrawn for 12,000 UK firms
Over 12,000 UK businesses, the majority of which are small and medium sized, have seen their insurance cover withdrawn as the credit crunch affects the country's supply lines.
Atradius, the UK's largest credit insurer has confirmed that it is retracting its insurance offered to the suppliers of these companies against non-payment on bills for goods and credit.
Without credit insurance suppliers are less likely to provide goods to firms, as there is no safety net if they do not receive payment.
Experts have warned that the withdrawal of credit insurance is likely to lead to an increasing amount of firms becoming insolvent.
Post Date: November 19th, 2008
Atradius, the UK's largest credit insurer has confirmed that it is retracting its insurance offered to the suppliers of these companies against non-payment on bills for goods and credit.
Without credit insurance suppliers are less likely to provide goods to firms, as there is no safety net if they do not receive payment.
Experts have warned that the withdrawal of credit insurance is likely to lead to an increasing amount of firms becoming insolvent.
Post Date: November 19th, 2008
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