D&B Germany reports that during the first half of 2010 only 10% of German businesses have filed their financial statements for 2009. 

D&B’s risk expert Martina Neumayr interprets the reason behind this delay: “Many companies are delaying filing to the last possible date because the credit crunch has impacted many companies negatively and want to hide the bad news as long as possible.  The positive aspects of the concept of increased transparency and openness, particularly in a financial crisis, is not fully recognized by the German business community.  Many companies may therefore miss the chance of an objective credit evaluation.”  Source: Password Germany

BIIA Newsletter Sept. II – 2010 Issue