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Strata MegaBanku
Temat: Biznes
Do some Exercises: Słuchaj i zapisuj Tworzenie zdań Ukryte słowa
In the first decade of its activity, Quartz Ltd, Mega Bank's main customer, was an up-and-coming enterprise. Thanks to the charisma, imagination, discipline and creativity of its Chief Executive Officer (CEO) and its motivated workforce, it became a money-spinner. It made a substantial profit and managed to accumulate some cash reserves. It had an established position on the market as one of the key players. However, after the appointment of a new CEO, the company started to make losses and it eventually fell into serious financial trouble because of bad capital management. This began with a lax receivables policy. The credit terms set up with their customers were too lenient and the company did not give them enough reasons to settle invoices on time. After some time it turned out that the company's expenses exceeded its profits. In spite of meteoric growth, the company was facing undercapitalization. Then, the economic crisis began and the company underperformed substantially. Its debt burden grew large and it became obvious that it was high time to address the situation because the company would otherwise be threatened with bankruptcy. The board of directors contacted a company providing business recovery services and they sent some turnaround specialists to rescue the business and secure its continuity. Unfortunately, their efforts were ineffective and after a few more months the company was still in financial hot water. It defaulted on its debts and it started to receive letters of collection from creditors. It became obvious that the company was insolvent. The decision was made to wind it up. It went into liquidation and the receivers sold its assets to pay as much as they could to Mega Bank and its other creditors.
