Good credit decisions are vital to allowing businesses to survive and thrive
So, Patisserie Holdings PLC has finally entered administration which is no surprise given the story that has unfolded since October. And the story has a way to run yet.
How does a business that had reported holding cash of almost £30m earlier in the year suddenly have to reveal two undisclosed overdrafts totalling c£10m and a black hole of £40m? It had auditors, it had an audit committee, the Financial Reporting Council approved the quality of the audit, and yet nobody noticed? Nor did anyone apparently notice the thousands of false entries that were made to company ledgers.
Find out why good credit decisions are vital to allowing businesses to survive and thrive in this blog by Philip King FCICM, CICM Chief Executive.