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Corporate Restructuring and Working Capital Management
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Igor Zax to moderate a panel at Alternative and Receivables Finance Conference

Thursday Feb 5, 2015

Igor Zax, Managing Director of Tenzor Ltd., is going to moderate a panel at “Alternative and Receivables Finance” conference in London 11 May 2015, organized by BCR Publishing.

The panel topic is : Optimising product innovation and market differentiation in the receivables and alternatives space

The traditional products are not growing much if at all at the smaller end of the SME market – yet the need for new methods for releasing working capital is clear. One of great virtues of digital banking and the online platforms is that they enable companies to finance only those receivables they wish to finance, rather than having to discount their whole sales ledger

  • What is the value and driving forces for single invoice financing from customer standpoint?
  •        How does the product fit comparing to other available solutions?
  • Investments in technology – which technologies, who provides them, what would they enable  funders to achieve that cannot be offered easily today?
  • Platforms vs. individual alternative lenders – pros and cons?
  • Is there sufficient real-time information available to allow better credit underwriting to occur?
  • Does receivables finance need regulation to make it work better for customers, investors and other stakeholder?
  • The elephant in the room: what will be the regulatory response for significant losses to unsophisticated investors?

Moderator:
Igor Zax, Managing Director, TENZOR LTD

Panellists:

David Parsons, Regional Director South and Midlands, SECURE TRUST BANK
Chris Dark, President International, C2FO
Conrad Ford, Managing Director, FUNDING OPTIONS
Sarah Gannon, Director Business Development, DEMICA

ARF15-programme_v8


Receivables Finance in the Context of Working Capital Management by Igor Zax

Friday Jun 13, 2014

Igor Zax, Managing Director of Tenzor Ltd, published a new article, Receivables Finance in Context of Working Capital Management in TRF News (Trade and receivable Finance News, a major publication by BCR).

Editorial comment states “Igor Zax’s article in today’s trfnews, ‘Receivables Finance in the Context of Working Capital Management’, reminds us of the value of looking back at the history of modern supply chains and how working capital management, and hence factoring and supply chain finance, has developed from this. It also reflects on the potential frailty and dangers that over exposure to some supply chain structures can bring.

On late payments he says: “just a couple of weeks delay on 30 day terms increases working capital consumption by one-and-a-half times.” I wonder how many factors use such direct terms in their advertising material. If they do not, perhaps they should consider it, particularly as the trend is for larger companies to use receivables finance, and it is those companies in particular that tend respond well to the use of such analytic sound bites.”

Reprinted with permission.


Credit Insurance-Lessons From The Crisis-by Igor Zax in Insurance Insight

Wednesday Mar 20, 2013

Igor Zax, managing director of Tenzor Ltd, published a new article, Credit Insurance Lessons From the Crisis in Insurance Insight, leading insurance publication.

The article looks into the value proposition of credit insurance, common misconceptions about it use, risks of relinquishing control of credit process and efficient use of credit insurance as part of financing solutions.

Reprinted with permission.


Supply Chain Finance-Where Will The Future Lead -by Igor Zax

Thursday Jul 5, 2012

Igor Zax, managing director of Tenzor Ltd, published a new article, Supply Chain Finance Where Will the Future Lead in GT News (major treasury publication by AFP).

The article discussed advantages and implications of seller centric approach to SCF, as well as use of SCF within overlall context of Supply Chain co-operation.

Reprinted with permission.


Operational Turnaround –Focus on Working Capital and Supply Chain-lecture by Igor Zax at LBS

Saturday Mar 24, 2012

Igor Zax CFA, founder of Tenzor Ltd, gave a new guest lecture Operational Turnaround –Focus on Working Capital and Supply Chain as part of a course “Mergers, MBOs and Other Corporate Reorganisations” by professor Paolo Volpin at London Business School 23 March 2012.

The lecture covers principles of distressed investments, corporate turnaround and operational due diligence. It also focuses on supply chain and working capital implications, use of asset backed lending, vertical integration and business model re-design.

Slides for the presentation can be seen by clicking the link below:
Operational Turnaround –Focus on Working Capital and Supply Chain


Designing a Corporate Credit Policy- by igor Zax in GT News

Friday Feb 24, 2012

Igor Zax, managing director of Tenzor Ltd, published a new article, Designing a Corporate Credit Policy in GT News (major treasury publication by AFP).

The article discussed effects of granting credit to customers, credit origination process,credit risk management, dilutions/late payments and their effects, concentrated A/R, effect of A/R policy on return on capital.

Reprinted with permission.


Trade Credit Insurance: Best Practice and Lessons from the Crisis

Tuesday Aug 17, 2010

Trade Credit Insurance- Best Practice and Lessons from the Crisis This new article by Igor Zax  covers reasons for use of credit insurance, it’s role in transferring risk, outsourcing credit process and building financing solutions, advantages and pitfalls of using credit insurance, and the effects of the financial crisis for corporate use of credit insurance.

Published in GT News – publication of AFP (Association of Financial Professionals). Reprinted with permission.


Corporate Turnaround- looking beyond just banks and the debtor- slides from conference in Russia

Wednesday Dec 2, 2009

Corporate Turnaround- looking beyond just banks and the debtor
Presentation By Igor Zax on a conference on Corporate Financial Restructuring in Russia & CIS conference, Moscow, December 1-2 2009


Working Capital – Seeing a Broader Picture – by Igor Zax

Wednesday Sep 9, 2009

Working Capital – Seeing a Broader Picture The article by Igor Zax, adresses working capital management within changing economic and industry environment, its links to business strategy, supply chain, distribution and industry models.

Published in Global Treasury Briefing and GT News – publications of AFP (Association of Financial Professionals). Reprinted with permission.


Igor Zax published an article:Taking a holistic approach to working capital

Friday Jun 26, 2009

Taking a holistic approach to working capital- Pilot’s Log

The article analyses strategic approach to working capital, conceptual framework (outsourcing of financing), financing tools, redesigning supply chain, changing product mix and adjusting business model. It also addresses implications for private equity owned businesses

Reprinted with permission