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Frozen Account Company Analysis

Frozen Account Companies

According to current data, in May 2022 there has been a total of 20,852 frozen account companies in Serbia. The number of companies blocked last year was 10,161, which is a seventy-five percent increase (+75%) compared to 2020.

Comparing the data by industry in 2021, it is stated that 23% of companies are blocked in the trade sector, in the second place is the sector of industry at 17%, followed by food at 14% and construction at 12%.

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In the current year, there are 4,880 companies that are blocked. Looking at the first quarter of last year Q1 2021 and this Q1 2022, the number of blocked companies has increased substantially (+96%), both in terms of number and the amounts frozen (+101%). Based on that, we see a significant increase.

The analysis from the beginning of April this year showed that in Serbia, the greatest number of blocked companies are still in trade and then in the industry sector, while construction is in third place.

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The average frozen amount for all blocked companies in 2021 was RSD 2,229,632.01, while in the current year it is RSD 1,874,059.64.

Considering the duration of the freeze, most companies were blocked between 100 to 200 days – as many as 3,619 or 36% of all blocked companies, and 1,536 companies or 15% were blocked for more than 400 days.

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By the end of the year, we can already predict a multiple increase in freezes. However, whenever the crisis passes, it will be necessary to restart the economy, and companies are already exhausted by lower revenues, illiquidity, and even the loss of markets and partners.

“Text prepared by: Ms Dušica Ilić”

Source: checkpoint.rs

Resolving the Issue of Claims Collection from Frozen Account Companies

As a solution for the recovery of claims, even when the partner is blocked, EuroSolutions provides trade credit insurance or accounts receivable insurance. Thanks to being an ICBA correspondent, EuroSolutions provides receivable insurance under unique conditions on the regional market.

If you would like to protect yourself from the risk of delay or non-payment of receivables from domestic and foreign customers, contact us to arrange a trade credit insurance service.