Credit, Collections & Insolvency News
Intrum Justitia has entered into an agreement to acquire Top Factoring, one of the leading companies for purchased debt in Romania. The purchase price on a cash and debt free basis (enterprise value) is about EUR 25 million, attributable mainly to a diversified portfolio of receivables. Top Factoring has about 210 employees, primarily involved in…
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Phillips & Cohen Associates has confirmed the opening of its Spanish operation, headquartered in Madrid, with the announcement of its business leader for Spain. The group, celebrating its 20th year of global trading, is delighted to announce that the Spanish operation will be run by Melania Sebastian Marino. Melania has over 12 years’ experience leading…
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The European Central Bank (ECB) has urged Banks to implement realistic and ambitious strategies to address Non Performing Loans (NPL) reductions. European banking reforms should include a range of policy options such as non-performing loan workout, servicing and portfolio sales, the ECB said in a report statement. In its final guidance on non-performing loans, the…
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European Union banks may face increasing risks from bad loans totalling 1 trillion euros (902.8 billion pounds) when the European Central Bank cuts back its economic stimulus programme according to Reuters. Banks have been saddled with more so-called non-performing loans (NPLs) following the 2008 global financial crisis, as companies and households have struggled to pay…
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European debt collections specialist Lindorff Group has announced it’s 2016 full year net revenue and adjusted EBITDA excluding non-recurring items (NRIs) were EUR 647million and EUR 433 million, representing an increase compared to last year of 21% and 24% respectively. Lindorff‘s full year collection performance on its own portfolios was at 106 percent of active forecast. In…
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Overseas buyers and British expats without correct advice are finding it increasingly difficult to purchase property in the UK, according to research provided deVere Mortgages. The observation follows the introduction of new tougher requirements for buy-to-let borrowers year by UK lenders. Darren Mead, Head of Mortgages at the firm, which is part of deVere Group, one of…
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https://www.theguardian.com/business/2017/feb/22/australias-record-household-debt-a-threat-to-economy-says-reserve-bank-chief
Read moreAnaCap Financial Partners has announced the signing of an agreement to acquire a portfolio of Italian performing and non-performing corporate secured loans from Barclays. The portfolio, which has a gross book value of €177m, comprises loans to primarily small and mid-sized corporates secured against real estate located mostly in the north of Italy. The agreement follows AnaCap’s Credit Funds’ acquisition…
Read moreFEATURE: Brexit and Debt Recovery When it comes to Brexit, we’re in unchartered waters. The government has yet to invoke Article 50, and is still working out, and trying to negotiate, acceptable terms. Prior to the referendum, as a member of the common market, the UK benefitted from over 50 EU-established trade agreements with the…
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Alejandro Zurbano, currently Managing Director of Lindorff Spain, has been appointed leader of a combined management and service organisation of Aktua and Lindorff Spain. Zurbano becomes the country manager of the total business of Lindorff Group in Spain. Zurbano will be in charge of leading the organisational integration process following the acquisition of Aktua by Lindorff in…
Read moreBob Stefanowski is to be replaced as Dollar Financial Corporation Global (DFC) Chief Executive Officer. Bondholders in Dollar Financial Corporation Global (DFC) were informed late last week that Bob Stefanowski was stepping down as its chief executive, to be replaced by Glen Wakeman, a former GE Money executive in Latin America. The change at the…
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Ireland raised 4 billion euros at its first 20-year bond sale on Wednesday, drawing more than twice as much demand in a syndicated deal that covered over a third of its minimum funding needs for the year. Kicking off its annual funding drive with an issue placed via a syndicate of banks for the fifth…
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Christmas spending is set to drop dramatically this year according to the findings within the Christmas Barometer 2016 survey from Ferratum UK. In 2015, Brits were planning to spend 39% of their disposable income on Christmas, whereas this year the figure has fallen to just 23%. According to the survey, this leaves Brits far behind…
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