Debt collectors in top hat and tails prosper

If more confirmation were needed of the funereal state of Spain's economy, it can be found in the shape of The Debt Collector in Top Hat and Tails.

That's a translation to English of "El Cobrador del Frac", the name of a company which specializes in sending men dressed like extras from a 1930s Fred Astaire movie to humiliate debtors into paying up. Its business is booming.

"At the start of the year we noticed demand was increasing," said Juan Carlos Granda, head of El Cobrador del Frac's international department.



Working with a theatricality that would not be tolerated in many countries, the company's Madrid headquarters has a distinctly macho atmosphere.

Its offices are full of men in dark suits - female debt collectors are not employed by the company as they are not deemed imposing enough - and the walls studded with hunting trophies.

With Spain's economy on the edge of recession as a property bubble crumples, Granda expects the Cobrador del Frac to enjoy years of bonanza as it clears up debts left by consumers and companies during years of financial fiesta.

Four page article.