Sudden defaults are defaults that are improbable, unpredictable and unimaginable.
They are characterised by their size, value and speed of default and the circumstances for the default. Often, the triggers for these sudden defaults are a combination of events. A metaphor for a sudden default is the "black swan".
Even the most experienced credit manager can be caught off guard, having not foreseen it coming. Yet It is how we respond and interact in such cases, that can make the difference to your business when faced with this situation.
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Over the last couple of years we have seen an increase in unexpected high profile insolvencies across the world that, due to their size, speed and circumstances, have surprised many. When the circumstances of an extraordinary case requires additional expertise, special attention and tailor made solutions, Atradius is the right partner.
Our Special Risk Management (SRM) unit is a team of international experts in underwriting, legal affairs, claims and recoveries, that come into action to support and help you recover outstanding debts as soon as one of your customers gets in a situation that begins to deteriorate - or worse.
It is how we respond and interact in such cases that makes the difference to your business.
Dick Smith Holdings Limited (formerly DSE) was, until 2016, an Australia-wide chain of retail stores selling consumer electronics goods and components. The company was founded in Sydney by Dick Smith and his wife and expanded into several close-by countries. The company closed in 2016, within several years of its acquisition by Anchorage Capital Partners.