achtung! German authorities flush out company financial data
Well well well,I never thought it would happen, but it is! German incorporated companies (GMBH types) are filing their balance sheets with the authorities in droves to make them available to the public.Since 1988 GMBHs (equivalent of limited companies)were supposed to file balance sheets every year in accordance with EU company law in line with that in the UK and other European countries. however, about 85% of them just ignored the law, much to the irritation of export credit managers around the world who had to make credit decisions on german clients without good financial data. However, under pressure from Brussels, the authorities have apparently imposed a much larger fine for non filing in recent months. My understanding is that in the last week of december 2007, 70,000 balance sheets were lodged, and a further 430, 000 are expected in the first week of January. these should eventually find their way into german credit reports.Good news for everyone!!!