Back in 2003, a massive corporate bankruptcy set off a maelstrom of law suits and finger-pointing, criminal trials and civil cases, and a general uneasiness about the way businesses conducted their affairs. An accounting firm was implicated in the debacle, accused of book-cooking their way into the graces of the business owners. Why is this familiar scenario interesting to insideARM readers? Because the company going bankrupt was a collection agency, and the bankruptcy was one of the largest in Norway’s history.
Finance Credit was a large, successful collection agency in Norway that did their fair share of contingency work but primarily relied on debt purchasing for accounts to pursue. In 2003, the company went belly-up, boasting an impressive $242 million in debts to eight different banks around the country (one local publication at the time called the bankruptcy “American style” – so thanks for the props, Norwegian media).
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