Credit agency at death’s door

Alan Heath
27-02-2001, 00:00

Credit agency at death’s door

Wrocław based credit agency ARS is going through serious trouble. Last year it tried hard to find an investor and now this failure means that it is threatened with bankruptcy. A motion for its 1 March shareholders meeting is to wind up the company and call in the liquidator. However it is now rumoured that Bank Zachodni has stepped in and may buy shares in the company.

Its problems manifested themselves in many ways. The amount of credit that could be obtained was reduced and conditions were increased. Furthermore about 300 people were laid off.

Agencja Ratalnej Sprzedaży has a number of subsidiaries and a capital of PLN10m. It largely financed credits for domestic electrical appliances.

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Puls Inwestora / Credit agency at death’s door