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Welcome to the September 2023 issue of Credit Management News Digest. 

Credendo sponsors this month's issue.



Late Payment & Business Distress

Corporate Insolvencies

UK Economy

Global Economy & Trade

Credit Management Product: Phoenixism tool

Credit Insurance News Digest

About this month's sponsor: Credendo


Late Payment & Business Distress

438,702 businesses across the UK were in ‘significant’ distress in Q2 2023. According to the latest Begbies Traynor Red Flag Alert, 438,702 companies were in “significant” financial distress in Q2 2023 – an increase of 8.5% on the same period last year, and 3.7% higher than in Q1 2023. Of the 22 sectors monitored, nine reported increases of over 10% in the number of companies in significant financial distress compared with a year ago, with the biggest increases in Sports and Health Clubs (+14.8%), Real Estate and Property Services, (+14.3%), General Retailers (+14%), Health and Education (+14%), and Food & Drug Retailers (+13.2%). However, all 22 sectors experienced an increase in significant distress, with an average increase across the sectors of 8.1%. To read Begbies Traynor's news release go to

Large UK businesses pay a quarter of invoices late, and payment times have remained virtually unchanged since 2018. One in four invoices received by large businesses are paid late, and there has been no improvement in the average time it takes to pay suppliers, according to an analysis of UK Government data by the Chartered Institute of Procurement & Supply (CIPS). Analysis of the payment data by CIPS reveals only a slight improvement in the number of late payments over the last five years. On average, 31% of payments were late in 2018. By 2022 that figure had dropped to 26%, and it remains at that level so far this year. There has also been no improvement in the average time it takes to pay suppliers. In 2023, large businesses took an average of 36 days to pay, a figure which has stayed remarkably consistent over the last five years and has fallen by just one day since 2018. To read CIPS' news release go to

UK small businesses are owed £32.1 billion in late payments, with many considering using personal savings to prop up their business.​ Simply Business' latest SME Insights report has revealed that late payments remain a very real problem for SMEs, with 54% owed up to £5,000 at the time of the survey and 22% owed between £10,001 to £30,000. For one in 10 businesses, late payments typically take more than 21 days to be settled, with less than 15% of late payments settled within three days. Overall, 34% of businesses with more than ten employees say late payments are a “significant” problem. The report also found that 26% of small business owners in the UK believe that they will be forced to cease trading if the outlook for their business does not improve. To read Simply Business' news release (with a link to the report) go to


Australian businesses report a 12% increase in overdue invoices during the past year. Atradius' latest Payment Practices Barometer for Australia has reported that an increasingly risk-averse approach to trading on credit was evident among companies polled. Sales transacted on credit with B2B customers declined sharply and now average 41% of all B2B sales compared to 57% last year. Payment terms granted to B2B customers now average 23 days, compared to 37 days last year. The survey also found an average 12% increase in overdue invoices during the past year, with 47% of the total value of B2B sales on credit remaining unpaid at the due date. To read Atradius' news release go to


26% of international small businesses have insufficient cashflow to grow. New research from Bibby Financial Services (BFS) reveals that cashflow remains an obstacle to progress for SMEs across international markets. BFS' findings show that 26% of small businesses have insufficient cashflow to grow, and 10% don’t have enough to operate effectively on a day-to-day basis. This issue is exacerbated by supply-chain pressure, with 35% of those surveyed writing off monies owed in the last 12 months and 31% reporting customers and suppliers going into administration. More than half (51%) say customers are taking longer to pay than in 2022, and a similar proportion say they are being forced to pass on higher costs to customers (50%). To read BFS' news release go to

Despite improvements, major UK contractors admit they pay 20% of invoices late. Construction News has reported that many major construction contractors are still failing to pay invoices on time, according to their own payment data. Of the companies included on the list compiled by Build UK, 49 out of 123 said they paid at least a fifth of their invoices late, with the worst-offending contractors  – Northstone and Colas – noting they paid 68% and 61% of invoices late respectively. Build UK deputy chief executive Jo Fautley commented: “Since Build UK first began benchmarking payment performance five years ago, the construction sector has shown significant improvement . . . our table has driven real change in behaviour led by Build UK members.” To read Construction News' article go to

Profit warnings from UK-listed companies rise year-on-year for the seventh consecutive quarter. According to EY-Parthenon's latest Profit Warnings report, UK-listed companies issued 66 profit warnings between April and June 2023, marking the second quarter total in three years. The report also noted that warnings from UK-listed companies have risen year-on-year for the seventh consecutive quarter, the longest run of consecutive quarterly increases since 2008. 17.9% of UK-listed companies have issued a profit warning, the highest level outside the COVID-19 pandemic since the 2008 global financial crisis. The report also revealed a rise in the number of companies issuing multiple warnings. In Q2 2023, 29% of companies that issued a profit warning were doing so for at least the third time in12 months, up from 10% in Q1. To read EY's news release go to

Corporate Insolvencies

Monthly and yearly falls in corporate insolvencies in England and Wales, but numbers are still well above pre-pandemic levels. Latest data from the Insolvency Service has reported that corporate insolvencies decreased by 20.4% in July 2023 to a total of 1,727 compared to June’s total of 2,169, and decreased by 5.7% compared to July 2022's figure of 1,831. Corporate insolvencies also increased by 57.6% compared to July 2021 and increased by 19.9% compared to July 2019. Nicky Fisher, President of R3, commented: "Despite the monthly and yearly falls in corporate insolvencies, numbers are still well above pre-pandemic levels as the economic issues continue to bite businesses." To read R3's news release go to

Britain is likely to witness 7,000 business insolvencies per quarter in 2024. Cebr has reported that there were over 6,700 business insolvencies in Britain in Q2 2023, more than double what was seen in a typical quarter during the pandemic and 50% more than the same quarter in 2019. Cebr noted that, for comparison, the number of quarterly insolvencies averaged 4,100 between 2015 and 2019. Looking ahead to the future, Cebr expects the rate of business insolvencies to remain high and warns that its models suggest there could be 7,000 insolvencies per quarter on average across 2024. Furthermore, Cebr is forecasting a recession in the UK, with two consecutive quarters of contraction in GDP in Q4 2023 and Q1 2024. To read Cebr's news release go to

Quarter 2 2023 corporate insolvencies in England and Wales were 13.1% higher than a year earlier. New quarterly data from the Insolvency Service has found that there were 6,342 seasonally adjusted corporate insolvencies in Q2 2023 – an 8.9% rise compared to Q1 2023’s total of 5824, 105.8% higher than Q2 2021’s total, and 44.7% higher than Q2 2019’s total. Nicky Fisher, President of R3, commented: “Corporate insolvencies have hit a 14-year high this quarter – and this is due to a rise in Creditors’ Voluntary Liquidations, administrations and Company Voluntary Arrangements. . . . More and more businesses are running out of road or rope. Directors are choosing to close down their firms while the decision is still theirs, while an increasing number of creditors – including HMRC – are turning to winding-up petitions to recover the debts they’re owed."  To read R3's news release go to

UK company insolvencies in August 2023 increased by 22% compared to 2021. New data from Creditsafe has found that 2,632 companies in the UK became insolvent in August 2023 – a decrease of 5% compared to the previous month, but an increase of 22% compared to the same month in 2022. 16% of insolvencies in August came from within the UK construction sector. According to Creditsafe, this number of insolvencies suggests that while the current economic challenges are pushing an increasing number of businesses into insolvency, the insolvency trends are still uneven. The total number of UK company insolvencies for 2023 now stands at 19,825 – a 15% increase compared to the same period in 2022 and a 47% increase compared to 2021. The Construction sector remains the most significant contributor to the insolvency numbers, representing 17% of all insolvencies in 2023. To read Creditsafe's news release go to

UK food and drink insolvencies surge. The Grocer has reported that the number of UK food and drink manufacturing companies entering insolvency has more than doubled over the past 12 months, according to research from management consultancy group Inverto. The study found insolvencies in the sector rose by 108% to 287 in the 12 months to the end of June, compared to 138 in the previous period. Drink manufacturing companies saw a 123% surge in insolvencies, from 39 in the previous year to 87 in the past 12 months. Food manufacturing companies also saw a 102% increase in insolvencies, from 99 in the previous year to 200. Inverto said the primary driver for this uptick was the significant inflation of supply costs, particularly as a result of the war in Ukraine. To read The Grocer's article go to​.

Corporate insolvencies in Ireland – a normalisation or an avalanche? Coface economist, Jonathan Steenberg, has published a blog examining the reasons behind the rise in corporate insolvencies in Ireland. He notes that the number of corporate insolvencies rose by 30% year-on-year and is now 6% higher than in H1 2019, driven by high-interest rates, increased costs and sluggish demand, as well as 'zombie' companies kept alive in recent years thanks to government support, and a delay in the rise of insolvencies caused by the end of COVID support legislation. However, although Coface expects corporate insolvencies in Ireland to rise between 26-36% year-on-year in 2023, he suggests that the numbers are only normalising in 2023 – not progressing to an avalanche yet. To read the blog go to

,Q2 2023: EU business bankruptcies reach the highest level since 2015. According to a study published  by Eurostat, in Q2 2023, the number of bankruptcy declarations of EU businesses increased for the sixth quarter in a row and, compared with the previous quarter, was up by 8.4% – the highest level since the start of the data collection in 2015. Furthermore, compared with the pre-pandemic fourth quarter of 2019, the number of declarations of bankruptcies was higher in the majority of sectors. The largest increases in the number of bankruptcies, compared with Q4 2019, were recorded in accommodation and food services (+82.5% and transportation and storage (+56.7%). There were only two sectors of the economy where the number of declarations of bankruptcies was lower: industry (-11.5%) and construction (-2.7%). To read Eurostat's news release go to
This is a summary of a Eurostat news release and may contain some modifications. Eurostat takes no responsibility for this summary.

The Eurozone and the US will need 1.3pp and 1.5pp of additional GDP growth on average in 2023-2024 to stabilise the number of insolvencies. Aon's latest Market Insights report for Q3 2023 warns that the rebound in business insolvencies is picking up speed, and business insolvencies are predicted to exceed pre-pandemic levels in many countries during 2023. Citing The Allianz Global Insolvency Index, Aon notes that half of the countries analysed are likely to exceed their pre-pandemic levels of insolvencies in 2023 and three out of five in 2024. Aon notes that it is estimated that the Eurozone and the US would need 1.3pp and 1.5pp of additional GDP growth on average in 2023-2024 to stabilise the number of insolvencies. To read Aon's report go to

UK Economy

EY ITEM Club downgrades its UK growth forecast for 2024, but 2023 growth prospects improve. According to the new EY ITEM Club Summer Forecast, the UK economy is expected to grow 0.4% in 2023, up from the 0.2% growth projected in April’s Spring Forecast. However, the impact of rising interest rates means the UK economy is only expected to grow 0.8% in 2024, down from April’s 1.9% forecast. Inflation is still expected to fall at pace in the second half of 2023, and the UK remains on course to avoid recession. For 2024, the EY ITEM Club has more than halved its forecast for UK economic growth – from the 1.9% growth expected in April to 0.8% now, reflecting higher-for-longer interest rates and stickier inflation. 2025's GDP growth forecast has also been downgraded from 2.3% to 1.7%. To read EY's news release go to

A 50% chance that GDP growth will contract by the end of 2023 and a roughly 60% risk of a recession at the end of 2024. The National Institute of Economic and Social Research's (NIESR) Summer Outlook advises that, although it expects the UK to steer clear of a recession in 2023, GDP is projected to grow by barely 0.4% this year and by 0.3% in 2024. However, NIESR stresses that the outlook remains highly uncertain, with risks to GDP growth being skewed to the downside. According to NIESR, there is a 50% chance that GDP growth will contract by the end of 2023 and a roughly 60% risk of a recession at the end of 2024. To read NIESR's news release, with a link to the full report, go to

BCC Economic Forecast: UK's fragile economy "is stuck in first gear".  The BCC has advised that the UK economy remains on course to avoid a technical recession, but growth is likely to remain so feeble that it will be hard to spot the difference. A growth rate of 0.4% is expected for the whole of 2023, dropping to 0.3% in 2024 and nudging up only slightly to 0.7% in 2025. Consistently low economic growth of this nature is comparable to previous periods of economic shocks and recessions, such as the oil crises of the 1970s and the financial crash of 2008. According to the BCC, trade is also likely to continue to suffer, with both imports and exports forecast to be down significantly in 2023 (-4.7% and -4.3% respectively). To read the BCC's news release go to

July's GDP is estimated to have fallen by 0.5% but grew by 0.2% in the three months to July. The latest data from the Office for National Statistics (ONS) estimates that monthly UK GDP fell by 0.5% in July 2023 following growth of 0.5% in June 2023. All of the main sectors fell. Output in the services sector fell by 0.5% and was the largest contributor to the fall in monthly GDP; production output fell by 0.7% and construction output fell by 0.5%. This is the first month since June 2022 that all three sectors contributed negatively to GDP on the month. Looking over a broader picture, GDP showed 0.2% growth in the three months to July 2023 when compared with the three months to April 2023. Production grew by 0.6% and was the main contributing sector to the three-month growth. Services and construction output also increased in the three months to July, both by 0.1%. To read the ONS' news release go to

Licensed under the terms of Open Government. Licence v3.0.

Corporate optimism dips for UK CFOs. Confidence among the finance leaders of the UK’s largest firms has fallen in the second quarter of 2023, partially unwinding the sharp rise in sentiment seen in Q1, according to Deloitte’s UK CFO Survey Q2 2023. A net -10% of CFOs are more optimistic about their firm’s financial prospects now compared to three months ago, down from a net 25% in Q1 2023. Almost half of respondents (45%) now rate the levels of external financial and economic uncertainty facing their businesses as high or very high, up from 39% in Q1 2023. Tight monetary policy is seen by CFOs as the top threat to their business, outweighing the concerns around geopolitics and energy prices that have dominated for the last two years. To read Deloitte's news release go to

International SMEs say 2023 is the worst trading environment in 15 years. New research from Bibby Financial Services (BFS) reveals that 2023 is the worst economic environment for SMEs in 15 years. Findings from the 2023 Global Business Monitor, which surveyed SME owners and decision-makers from nine countries, show inflation, energy costs and uncertainty over local economies are stifling business growth in 2023. Notwithstanding these challenges, 85% of SMEs are confident about their prospects for the remainder of 2023, and 64% anticipate that sales will increase over the coming months. German SMEs are the most bullish in their trading expectations, with 75% anticipating that sales will grow over the coming months. In the UK and the Netherlands, there is greater caution, with 54% predicting only a slight increase in sales. To read BFS's news release go to

Global Economy & Trade

The IMF's World Ecomonic Outlook forecasts that growth in 2023–24 will remain well below the historical (2000–19) annual average of 3.8%. According to the IMF's July World Economic Outlook (WEO), the global recovery is slowing amid widening divergences among economic sectors and regions. Global growth is projected to fall from an estimated 3.5% in 2022 to 3.0% in both 2023 and 2024. While the forecast for 2023 is modestly higher than predicted in the April 2023 World Economic Outlook (WEO), it remains weak by historical standards. Global headline inflation is expected to fall from 8.7% in 2022 to 6.8% in 2023 and 5.2% in 2024. The WEO warns that the balance of risks to global growth remains tilted to the downside. To read the WEO go to

OECD GDP growth slows slightly in the second quarter of 2023. GDP in the OECD rose by 0.4% quarter-on-quarter in the second quarter of 2023, slightly down from 0.5% growth in the previous quarter, according to provisional estimates. This extends the consistent pattern of moderate growth observed since the first quarter of 2022. In the G7, quarter-on-quarter GDP growth picked up slightly to 0.5% in Q2 2023, compared with 0.4% in Q1. This reflects a mixed picture among G7 countries. On the one hand, GDP growth increased noticeably in Japan (to 1.5% in Q2 2023, compared with 0.9% in Q1) and in France (to 0.5%, compared with 0.1%). Growth also accelerated, although more marginally, in the US and the UK (to 0.6% and 0.2% in Q2, respectively, compared with 0.5% and 0.1% in Q1). On the other hand, GDP contracted in Italy in Q2 2023 (minus 0.3%) following a growth of 0.6% in Q1. Growth also slowed in Canada  and was flat in Germany.
28 August 2023. OECD,

The recent heatwave may have cost 0.6% of GDP. According to a new report by Allianz Trade, an initial ‘back of the envelope’ calculation suggests that the recent heatwave across the US, Southern Europe, and China may have had a notable negative impact on GDP. According to the report, results show that China, Spain and Greece may have lost around 1% of GDP from the current heatwave, while Italy’s loss is 0.5%, and the US lost 0.3%. Overall, the heatwave’s global toll is close to 0.6% of GDP growth for 2023. Allianz Trade also notes that the relationship between GDP growth and natural catastrophes is highly nonlinear for disaster intensity. For example, a disaster in the top 1% of the disaster index distribution might reduce the GDP growth rate by 7%, while a disaster in the top 5% of the distribution reduces it by only 0.5%. To read Allianz Trade's report go to

The global economy is moving towards low but positive growth in 2023 and 2024. Atradius' latest global Economic Outlook (July 2023) suggests that global GDP growth is forecast to slow to 2.2% in 2023 from 3.1% in 2022. However, despite the slowdown, the 2023 forecast is significantly better than Atradius expected six months ago. In tandem with slower economic growth, Atradius also forecasts that global trade growth will slow to 1.9% in 2023 from 3.2% in 2022. Again, this is better than previously expected  due to more resilient than anticipated GDP growth in the US and eurozone, while China’s reopening has also had a beneficial impact. For 2024, Atradius predicts a slight recovery of trade growth to 2.5% in 2024, with global GDP growth of 2.1% growth. To read Atradius' report release go to

The world economy is slowing down: New trends in country risks: AU G-Grade Q3 2023. AU Group has released its latest AU 'G-Grade' for Q3 2023. The AU 'G-Grade' is based on the individual assessment of a country by each of the four largest credit insurers (Atradius, Coface, Credendo and Allianz Trade) and is calculated according to the real risk these insurers take collectively. Also, the IMF Statistics Department's seven key indicators give a view of the key trends and the level of risk per country. This issue advises that, with global growth estimated at 3.0% in 2023 and in 2024 (for the record, it was 6% in 2021 and 3.5% in 2022 – source IMF), the world economy is slowing down. Significant downgrades in the third quarter of 2023 include Bolivia (from 8 to 8.75),  Burkina Faso (from 8.75 to 9.2), Ecuador, Uganda and Kenya (from 7 to 7.5). To download a copy go to

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Events & Professional Development

Asia: Export & Natural Resources Finance 2023, 20-21 September 2023. Singapore.
TXF's largest Asian export, commodities & project finance event returns in September 2023.
Export finance in the region was booming with 2022 seeing the return of international business to Singapore Asia topped the global regional table in the first half of the year. Once again
Meet over 400 borrowers, exporters, project sponsors, developers, financiers, DFIs, government representatives, insurers, law firms, ECAs and more at this all-new networking super-highway! Plus a dedicated CPRI stream. Click here for details.
Special offers available — email to enquire.

Trade Credit Insurance Week, Trade 2-5 October. Online.
Credit Insurance Week is a week of celebration of the Trade Credit Insurance sector. With this event, ICISA aims to increase awareness of the valuable economic role of the TCI industry. Experts in the sector will share their views on issues faced by the industry nowadays during 8 virtual sessions featuring debates, interviews, webinars and presentations. Click here for details.

 The event will take place between 2 - 5 October 2023 and is free of charge.

Africa 2023: Export & Natural Resources Finance, 24-25 October. The Westin Cape Town, South Africa.
Taking place in October 2023, this is an unmatched opportunity to end the year on a high and start 2024 with new connections, crucial business intelligence insights and get ahead of the competition. Without anything quite like it in the market right now, this unique free offering will bring you the best of all things export, project, commodities & development finance. Click here for details

Special offers available — email to enquire.

MENA Supply Chain Finance 2023, 7-8 November, Dubai.
ICC UAE is partnering with @bcr to bring you the second annual MENA Supply Chain Finance
conference on 7-8 November, in Dubai Chambers.
The first line of speakers, who we are happy to introduce today, is as follows:

  • •Anurag Chaudhary, CEO, Pinnacle Trade Finance

  • Betül Kurtulus, Regional Director for Central, Eastern and South-Eastern Europe and the

  • Middle East, FCI

  • Doaa Hafez, General Manager, Head of Technical Functions & Alternate Head of

  • International Factoring, Egypt Factors, Executive Committee Member, FCI

  • Elat Niyas, Treasury Manager, Al Masaood

  • Lionel Taylor, Managing Director, Trade Advisory Network

  • Maninder Bhandari, Director, Derby Group

  • Richard Wulff, Executive Director, ICISA - International Credit Insurance & Surety

  • Association

  • Shamila Ashiq, Regional Senior Legal Counsel, MENA Global Trade & Receivables

  • Finance, HSBC

  • Shereen Elansary, Head of Supply Chain Finance & Custody Division, Qatar National Bank

  • Alahli

  • Syed Imtiaz Hussain, Regional Head of Product and Propositions, Global Trade and

  • Receivables Finance (GTRF), HSBC

  • Syed Khurrum Zaeem, Head of Trade & Working Capital and Transaction Banking, Africa

  • and the Middle East, Standard Chartered Bank

  • Yusuf Ali Khan, Managing Director Head of Trade and Working Capital Solutions for

  • Middle East, North Africa and Pakistan, Citi

  • Ayman Allam, Former Director of Operations, Roche Middle East. Click here for details.

Register today to get your Early Bird ticket:

SCHUMANN Connect, Network Event. 16 November, London.
You are invited to the SCHUMANN CONNECT! event! Be part of our exclusive networking event for trade credit & surety insurers, brokers and trade finance managers on 16 November in London!

Underwriting in trade credit insurance and surety business is undergoing change. We will discuss with experts what demands the market is placing on digitalisation. Speakers from Allianz Trade, Nexus and Gracher, among others, will be there to discuss with us the possibilities of future-oriented digital solutions that are urgently needed for the competitiveness and sustainability of modern insurance companies.

These will be our topics:

  • Intelligent Underwriting Assistance

  • Benefits of Automated and Lean Processes

  • Annual Financial Statement Analysis in the Digital Age

  • Actual Trends in the Surety Industry

Register now! Participation is free of charge.

Don't miss the opportunity to exchange ideas with colleagues from the insurance and trade finance sectors.

  • Thursday, 16 November 2023, from 4 pm

  • citizenM Tower of London, 40 Trinity Square, London EC3N 4DJ

Become part of the SCHUMANN community and CONNECT!

Export & Project Finance Dealmakers Assembly 2023, 21-22 November 2023. Berlin, Germany.
After the resounding success of our seminal event last year, in October 2023, we head to Germany for the highly anticipated second edition of the TXF Export Finance Dealmakers Assembly, a conference turned upside down. The event's primary focus will be on securing those all-important meetings, strengthening ties with existing clients and forging new connections. The Dealmakers Assembly will be a conference like none you've attended before. A completely unique and innovative event format focused on deal origination, networking and meeting rooms galore. Discounts are available on bookings of 2 or more  — email to enquire. Click here for details.

The 9th Alternative and Receivables Finance Forum, 28-29 November, London.

As the financial landscape continues to evolve, alternative receivables finance has emerged as a
crucial component of business operations. The 9th Alternative and Receivables Finance Forum
(ARF23) aims to bring together experts, innovators, and thought leaders from various sectors to
discuss and share insights on alternative receivables finance models, strategies, and best practices.
Join our partner BCR Publishing for this essential industry event on 28-29 November at the London
offices of Clifford Chance.

For the programme and registration click here.

Professional Development
STECIS, the Trade Credit Insurance & Surety Academy endorsed by ICISA, offers a range ofwebinars and classroom training courses.
Classroom training courses are organised once or twice per year or on demand while webinars
are organised multiple times per year or on demand for groups of participants.

For 2023 the following courses are scheduled.

  • 31 October & 1 November: The Trade Credit Insurance Foundation Course*

  • 2 & 3 November: The Trade Credit Insurance Advanced Course*

* Both course are confirmed to be run as the minimal number of participants has been reached already.

For 2024 the following courses have been planned in Q1:

  • 26 & 27 February: The Surety Bonds Foundation Course

  • 28 & 29 February: The Surety Bonds Advanced Course.

All classroom courses will take place in the Steigenberger Airport Hotel close to Schiphol Airport/Amsterdam the Netherlands. The courses include lunches and a dinner at the end of the first training day. The courses are hosted by very experienced experts from the industry and there is enough opportunity for asking questions, discussions and networking.

Also, there is the possibility of arranging in-house training: then there will be created a tailor-made outline for your staff based on the training demands of your company. The training will be effected at your own offices or at a venue of choice.

Detailed information about the webinar and classroom training courses is available on Stecis’ website: Also, further information can be obtained by sending an e-mail to

About our Sponsor: Credendo

Credendo - Guarantees & Speciality Risks is the "one-shop stop" for specialized trade credit insurance solutions and surety. Our mission is to help corporates to secure projects and existing business with tailor-made and non-cancellable coverage against a wide range of commercial and political risks and creates new business opportunities through a wide range of surety bonds and guarantees for domestic and cross-border contracts.
Credendo Guarantees & Speciality Risks combines three strategic business lines that complement well: Excess of Loss and Top up, Single Risk and Surety bonds. These products play an instrumental role in helping
companies to find the adequate solution when traditional credit insurance does not provide the necessary level of protection against high-risk exposures, medium-long tenors, specific risk situation, etc...
In addition to its head office in Belgium, Credendo – Guarantees & Speciality Risks operates through branches across Europe: Austria, France, Germany, Italy, Ireland, Poland, the Netherlands, Spain, and Switzerland. We address needs from large international corporates as well as from SMEs, which can have direct access to surety bonds through our digital platform "Credendo Booster".

UK Economy
Late Payment & Business Distress
About the sponsor
Global Economy
Creit Mangement
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