Credit where credit’s due

A catastrophic failure was once the best way to describe Credit Corp. But the company appears to have learnt from past mistakes.

The global financial crisis brought many companies to their knees, but few more so than Credit Corp. The debt collector was over-leveraged and overpaying for distressed loans – not a great place to be when an economic tsunami hits town. An uptick in defaults reduced profits by 75%, the share price by 97% and brought a string of director resignations, including that of the chief executive Geoff Lucas who was forced to sell part of his stake in the business due to margin calls (see Credit Corp's crisis from 14 Feb 08).

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