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Understand the Process of Bankruptcy and its Unique Challenges
The rise in insolvencies and bankruptcies worldwide are adding major pressure to supply chains-potentially disrupting and forcing businesses to urgently find (costly) alternatives, putting suppliers at financial risk with nonpayment and resulting in large and expensive legal bankruptcy procedures.
The bigger the company filing for bankruptcy, the higher the risk of a domino effect that could push businesses already grasping to stay solvent further underwater. In conjunction with the COVID-19 pandemic and its sudden impact of historic proportions, the business insolvency outlook through the first half of 2021 looks concerning.
