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First Brands

When due diligence is not enough — Tenzor’s article in the World Factoring Yearbook 2026

Tenzor’s specialist contribution to the World Factoring Yearbook 2026, published by BCR Publishing, is now available. When due diligence is not enough: Lessons from Greensill, First Brands, and HPS/Carriox is a comparative diagnostic across three of the largest receivables-finance failures of the past five years. The cases are structurally different — a fintech securitising supply chain finance, a leveraged manufacturer… Read More »When due diligence is not enough — Tenzor’s article in the World Factoring Yearbook 2026

When Courts Rewrite Factoring

What the First Brands Litigation Reveals About Industry Practice, Accounting Standards, and Investor Risk Igor Zaks, CFA  |  President, Tenzor Ltd.  The collapse of First Brands Group and the investor litigation that has followed is doing something beyond resolving individual disputes. It is generating a body of legal interpretation that may reshape how factoring and receivables finance structures are understood… Read More »When Courts Rewrite Factoring

The Year of the Cockroach: Financial Scandals and Industry Impacts

Igor Zaks , CFA, President of Tenzor Ltd, was quoted by 9fin, a debt market intelligence publication. The article “The Year of the Cockroach” examines recent financial scandals, such as First Brands, Tricolor, Stenn and others and their implications for the industry. Specific quotes from Igor: “In my view invoice financing is very good market, with attractive yields if it’s… Read More »The Year of the Cockroach: Financial Scandals and Industry Impacts

Igor Zaks quoted by Bloomberg about First Brands

Igor Zaks , CFA, President of Tenzor Ltd was quoted by Bloomberg’s CFO Briefing about Factoring and Supply Chain Finance implications of First Brands Bankruptcy:“”I don’t see anything fundamentally wrong with the product, if it is used and disclosed correctly,” said Igor Zaks, president of Tenzor, a firm that advises clients on working capital issues. “What I see is people… Read More »Igor Zaks quoted by Bloomberg about First Brands

First Brands bankruptcy – implications on trade credit insurance

Igor Zaks , CFA, President of Tenzor Ltd, published an article, First Brands bankruptcy – implications on trade credit insurance at BCR News, a leading receivables and trade finance publication After several years of strong results, trade credit insurance — a cornerstone of receivables finance — is entering a more complex phase. The recent bankruptcy of US auto-parts manufacturer First… Read More »First Brands bankruptcy – implications on trade credit insurance