This just in from the Irish Institute of Credit Management (IICM) Newsletter:
(Quoting) IDS Collections survey from Credit Today, where they surveyed credit management in the final 6 months of 100 recently insolvent companies –
97 had not taken any action against debtors –
92 had received no payment since oldest invoice –
50 continued to supply customers with debts of over 90 days
40 of the 50 doubled the customers indebtedness
I particularly like the reason the recently insolvent companies gave for allowing this stage of affairs to continue:
"we wanted to maintain good relations with customers"