Facing Bad Debts:To Give Up or To Claim?

\"The global financial tsunami of 2008 has affected all major export markets.The situation is much more severe than in previous crises. World trade is seriously affected as the credit crisis has led to an interruption in the normal flow of the liquidity chain，\" the Honourable Jeffrey Lam， former Hong Kong Export Credit Insurance Corporation (HKECIC) chairman， told Compass， the magazine for the HKECIC. \"What is worse is that exporters face not only the problem of buyer payment default， but also sharp shrink-age in purchase orders because consumption in major markets is much weaker following the economic turmoil.The trading environment is very challenging as exporters suffer huge losses in business volume and factories are operating under capacity，\" he added.