A wave of corporate collapses is expected in both mainland China and Hong Kong as insolvency cases look set to soar in a slowing economy, says credit insurer. Fabrice Desnos, head of Asia-Pacific of credit insurer Euler Hermes, said insolvency cases in mainland China were expected to increase 20% this year, following a 24% jump last year. According to the South China Morning Post, he expects the trend to hold for some time, with insolvencies growing a further 10% next year. Payment delays are also on the rise. The average payment day from the date the bills are issued rose to 91 last year, 16 days more than in 2012.