According to The Guardian, Versailles, the trade finance company which went into receivership in January 2000, owing its banks approximately Ј60m, is known to have made deals totalling Ј495,209 with Carl Cushnie Jr, the son of the company’s founde
Two members of the group of wealthy individuals that helped fund Versailles, the trade finance group which collapsed in January, will go to court in the British Virgin Islands on Thursday 27th July.
Two members of the group of wealthy individuals that helped fund the trade finance group Versailles (which went into receivership in January), have launched a court action in an attempt to recover their money and to discover the reasons for the gr
The Canadian Factoring Association was brought into being to lobby the government and the Export Development Corporation (EDC).
The factoring market in Germany has remained fairly steady in the last few months, with DG Bank continuing their dominance of the market. It remains to be seen whether Eurofactors will live up to their potential and stir up the market.
There have been unprecedented numbers of mergers and acquisitions in the US factoring industry in the last 12 months, with CIT buying two smaller factors and GMAC's purchase of the Bank of New York.
The government has succeeded in reducing interest rates to between 25-35%, which means that factors are having to operate under very small margins.
Two new players have recently joined the Romanian market, The Romanian Commercial Bank and Demir Bank of Romania in offering factoring services within the banking sector.
After the regional financial crisis of 1997 the Malaysian market is finally beginning to turn around.
According to George Georghiou, Manager of Laiki Factors in Cyprus, there is likely to be a significant growth of around 30% in total factored volume in the year 2000.
