Lenders paid out nearly 50 per cent more to companies in credit protection payments last year than the previous year, in the latest example of how rising corporate insolvencies are threatening supply chains.

Figures released on Tuesday by the Asset Based Finance Association show lenders that underwrote a portion of a company’s invoices had to pay £21.2m ($33.8m) in the year to June 2009, compared with £14.4m previously, after trade debtors failed to pay the amount owed.