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 using factoring to fund its founder’s enrichment, a private credit fraud built on fabricated telecom invoices — yet the same underlying failures recur.
The article identifies five systemic weaknesses that appear in every case:
- Accepting borrower-provided representations without independent verification.
- Financial analysis without operational intelligence.
- Concentration risk allowed to accumulate.
- Mistaking insurance for a control framework.
- Compromised monitoring, with control functions answerable to origination.
The evidence is drawn from primary sources — FINMA’s findings on Credit Suisse, the First Brands Examiner’s Report and Debtors’ Disclosure Statement, and reporting from the Wall Street Journal, Bloomberg, and Reuters.
The World Factoring Yearbook 2026 — the 30th anniversary edition — features 51 expert contributions covering the global factoring market. It is available from BCR Publishing: https://bcrpub.com/product/world-factoring-yearbook-2026/
For enquiries about Tenzor’s receivables finance due diligence and operational advisory work, please contact us.