Recently Insolvent Companies

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"