We maintain an adequate level of liquidity, with a portion of our assets held in cash and cash equivalents and securities. The liquid nature of these assets provides us with flexibility in managing and financing our business and the ability to realize upon investment or business opportunities as they arise. We also use this liquidity in client-related services by acting as a financial intermediary for third parties (e.g., by acquiring a position or assets and reselling such position or assets) and for our own proprietary trading and investing activities.
As at December 31, 2017, cash and cash equivalents decreased to $74.9 million from $120.7 million as at December 31, 2016.
Trade receivables and other receivables were $34.3 million and $21.7 million, respectively, as at December 31, 2017, compared to $136.0 million and $35.3 million, respectively, as at December 31, 2016. The reduction in trade receivables included a decrease of $78.6 million of trade receivables due from our former insolvent customer, primarily as a result of the disposition of subsidiaries and other dispositions in 2017. The decrease in other receivables was primarily as a result of the write-off of receivables.
Inventories decreased to $9.8 million as at December 31, 2017, from $32.0 million as at December 31, 2016, primarily as a result of the decision to reduce inventories and exit certain product lines and geographies, partially offset by our acquisition of a metals processing company in the fourth quarter of 2017. $1.5 million of our inventories were contracted at fixed prices or hedged as at December 31, 2017.
Our assets held for sale, consisting of assets related to our former Latin American-focused commodities trading business, decreased to $nil as at December 31, 2017 from $45.7 million as at December 31, 2016. As at December 31, 2017, we had liabilities relating to assets held for sale of $nil, compared to liabilities relating to assets held for sale of $29.9 million, comprised of debt of $20.1 million and other liabilities of $9.8 million, as at December 31, 2016. The decrease was the result of the completion of our sale of a former subsidiary in the first quarter of 2017.
Tax receivables, consisting primarily of refundable value-added taxes, were $0.7 million as at December 31, 2017 and $11.7 million as at December 31, 2016. The decrease was primarily the result of the disposition of subsidiaries.
We had short-term securities of $5.1 million as at December 31, 2017, compared to $5.0 million as at December 31, 2016. The increase was primarily as a result of government-issued securities held by our Bank at the date of acquisition.
Deposits, prepaid and other assets were $2.4 million as at December 31, 2017, compared to $12.2 million as at December 31, 2016. The decrease was primarily a result of recoveries relating to prepayments for inventories from risk mitigation securities.
We had short-term financial assets relating to hedging derivatives of $0.2 million as at December 31, 2017, compared to $1.2 million as at December 31, 2016. We had current liabilities relating to hedging derivatives of $0.3 million as at December 31, 2017, compared to $5.5 million as at December 31, 2016. We had long-term liabilities relating to hedging derivatives of $nil as at December 31, 2017, compared to $0.9 million as at December 31, 2016.
Account payables and accrued expenses were $44.8 million as at December 31, 2017, compared to $45.1 million as at December 31, 2016. The decrease was primarily due to the disposition of subsidiaries.
We had deferred income tax liabilities of $10.3 million as at December 31, 2017, compared to $7.4 million as at the end of 2016. The increase was primarily the result of the additional reversal of impairments in 2017.
Our short-term bank borrowings decreased to $2.1 million as at December 31, 2017, from $95.4 million as at December 31, 2016, primarily as a result of the repayment of borrowings in the first half of 2017 and the disposition of subsidiaries.
Total long-term debt decreased to $43.7 million as at December 31, 2017, from $116.8 million as at December 31, 2016, primarily as a result of debt repayments and the disposition of subsidiaries. As at December 31, 2017, $43.7 million of long-term debt was classified from long-term liabilities to current liabilities. Such long-term debt was due to a bank from two subsidiaries and consisted of two loans for the refinancing of long-term assets. The lender provided notice of acceleration of such indebtedness in 2018. We are in the process of negotiating an extension or other resolution with the lender. However, given the nature of such negotiations, there can be no assurance that an extension will be obtained on favourable terms or at all.