In a survey conducted by credit insurance provider Atradius, Asian companies reported that they might be having cash flow problems in 2014. Michael Frigo, Regional Manager for Southeast Asia, of Atradius Credit Insurance NV says Singapore recorded the highest average percentage of invoices unpaid at the due date – more than 34% of domestic and 36% of foreign invoices, the highest of all the Asia-Pacific survey participants. These late payments were most commonly attributed to liquidity constraints on the part of their customers and in the case of foreign payments, it was due to the complexity of the payment procedure. In terms of uncollectable debts, bankruptcy and failed collection attempts were cited as the most common causes of the 6% of written-off debt owed to Singapore’s businesses. To sum it up, Singapore companies are mainly worried about their cash flow due to the delay in payments which they are financing by delaying their own supplier payments in a self-perpetuating cycle