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At the Twenty-Seventh Party Congress in 1986, perestroika, Mikhail Gorbachev's program of economic, political, and social restructuring, became the unintended catalyst for dismantling what had taken nearly three-quarters of a century to erect: the Marxist-Leninist-Stalinist totalitarian state. Now this has all changed and perestroika has hit the asset-based finance industry in the guise of the inaugural East European Factoring Association (EEFA) meeting.
09/07/2001
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Alex Lawrie Factors, the provider of factoring and invoice discounting, is building on its success by launching a national team of regionally based advisor specialists.
Much of Alex Lawrie’s business is already introduced from the external marketplace which underlines the relationship it has built with regional corporate financiers, accountants, brokers, business advisors and general finance consultants.
06/07/2001
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The companies of the Bibby Group of Factors have launched a free guide to help budding entrepreneurs start-up in business. The Essential Guide to Going it Alone in Business” has been designed to provide those considering self-employment with advice on how to plan, research and launch a new venture.
The guide provides an overview of the challenges and benefits that potential entrepreneurs face and includes tips and advice on:
06/07/2001
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The annual accounts for the year ended 31 December 2000 show that the factoring company Arbuthnot Commercial Finance Ltd have enjoyed a successful year. Turnover rose by 19.11% from the 1999 figure of Ј1,105,008 to Ј1,316,130. Profit before tax rose by 10.69% to Ј223,984 which compares with the 1999 figure of Ј202,351.
The company has recorded steady growth since it was established in 1994. Although the rate of growth and profit margins are falling slightly, this behaviour is typical of the pattern of development of a relatively young and successful factoring company.
04/07/2001
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The UK factoring and invoice discounting company Lloyds TSB Commercial Finance Ltd, has announced a new service, SolutionsPlus, which provides its invoice discounting clients with an impressive array of business tools and support services.
The new online service provides clients with 24-hour access to their account details, with credit opinions on new and existing customers and an advice centre.
04/07/2001
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Market Performance and Supply
Factoring remains a relatively small provider of working capital, with bank overdraft facilities remaining the primary source of financial support for commercial enterprises. Factoring represents about 1% of total bank lending.
03/07/2001
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The first Receivables Finance International conference kicked off when a large section of the international factoring community descended on the Dutch capital early last month. Organised by BCR Publishing, the conference was designed to promote in-depth discussion on issues currently facing the factoring industry from an independent point of view and to bring together top level industry players from across the globe in a relaxed environment.
28/06/2001
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A recent court decision is set to shake up the way the banking profession and insolvency practitioners manage their appointments as administrative receivers, law firm Hammond Suddards Edge has warned. But it could give the factoring industry a major boost.
25/06/2001
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Euro Sales Finance have today made the following announcement:
“Further to its strategic review, the Board of ESF has entered into a series of
discussions with interested parties regarding the sale of the company and has
received a number of indicative offers in excess of reported net book value at
31 March 2001. The board is actively pursuing these discussions.
22/06/2001
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Market Performance and Supply
Factors generally serve companies that range in size from a turnover of US$1 million to US$500 million and more. While factoring was once predominantly a tool of the apparel and textile industries, it is now embraced by a wider variety of industries that sell into retail distribution channels including housewares, toys and consumer electronics.
Summary of mergers/acquisitions during 1999 and 2000
20/06/2001
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By Joseph J. Richardson
Senior Vice President
Operations and Administration
CIT Commercial Services
It’s no secret: The process of replacing standard business transactions with electronic exchange of information will continue to grow and broaden over time. The key to capitalizing on this change is to reap the benefits of this remarkable transition while minimizing any attending costs and risks.
19/06/2001
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IntesaBci, Italy's largest banking group and owners of Comit Factoring, won the tender to buy Vseobecna Uverova Bank (VUB), Slovakia's second biggest bank and owners of VUB Factoring, with a bid of 550m.
The planned sale of VUB represents a victory for IntesaBci over Societe Generale of France, the other short-listed bidder.
19/06/2001
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Close Invoice Finance, the factoring and invoice discounting subsidiary of Close Brothers Group plc, has announced the acquisition of south east - based Metropolitan Factors.
The deal will add over 100 clients to the Close Invoice Finance client base, giving a combined total of over 700. The acquisition will bring together two like-minded cultures focusing on personal business relationships, with flexible views towards SME financing across the UK.
19/06/2001
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By Tobi Wilkins
Quantum Corporate Funding, Ltd.
Factors, unlike other financial services professionals, find themselves filling an important niche in today’s commercial financial market. As we have seen over the past several years many banks and other lenders are moving away from some industries and business sectors. This trend offers a unique opportunity for factors who aggressively market themselves.
18/06/2001
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by Bennett L. Cohen,
General Counsel
Cohen, Salk & Huvard, P.C.
The Transition Rules
In the IFA’s 28 September 2000 Midwest Bulletin, the topic of the changes in the law governing debtor default and secured party remedies under the comprehensive revision to Article 9 of the Uniform Commercial Code (the “revision”- which is expected to become law in all or a majority of the states on 1 July 2001), was addressed.
18/06/2001
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