BIBA asks for increased awareness of trade credit insurance follwoing the collapse of Palmer & Harvey
BIBA has noted that the credit insurance market is set to pay big claims to unpaid suppliers following the appointment of Administrators to Palmer & Harvey, the food and tobacco wholesaler....
The company had sales of more than £4 billion and its demise comes at the busiest time of the year as Christmas sales peak. PWC which has been advising P&H has confirmed that 2,500 jobs may be lost.
Mike Hallam BIBA Head of Technical Services commented: “Without suitable insurance in place many other companies would also have been adversely affected by this collapse. This serves to show the value of Trade Credit insurance which is available from many insurance brokers.”
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