Mayflower was declared bankrupt and handed over to an external administrator, professional services firm Deloitte Touche Tohmatsu, in March with debts of almost $356 million.
Early analysis of the British company's collapse has revealed accounting irregularities, a string of bad acquisitions and, crucially, a failure by the company to comply with regulations that require a certain number of independent directors to sit on its board.
Sometimes you just don't know what is going on inside your customers' business that may effect your receiving payment: A failure by the company to comply with regulations that require a certain number of independent directors to sit on its board was the crucial cause of collapse? Oops - I forgot to count the number of independent directors on their board when I decided to extend them credit?
Business Credit Insurance
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