201509 CM September

CREDIT MANAGEMENT 

CM 

THE CICM JOURNAL FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

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FLC

CONTENTS 

SEPTEMBER 2015 

www.cicm.com 

REGULARS 

4 .Editor’s column 

6 News 

16 CICMQ News 

24 Freeths Legal Matters 

42 International Trade 

49 HR Matters 

54 Branch News 

52 Forthcoming Events 

58 New members 

59 Cr£ditWho? directory 

63 Crossword 

FEATURES 

11 INSOLVENCY NEWS 

David Kerr summarises civil litigation 

costs. 

13 TALKING GOOD SENSE 

Credit Management sought the views 

of three industry experts to learn 

more about how speech analytics is 

improving customer interaction. 

18 JOUR – J FOR JUDGMENTS 

In the concluding part of his article, 

Pierre Haincourt considers Regulation 

(EU) No 1215/2012 of the European 

Parliament. 

20 THE WINNERS TAKE IT ALL 

Alex Simmons asks the 2015 Award 

winners what it means to take the top 

prize. 

22 ON FERTILE GROUND 

Sean Feast chats to Charles Tilley 

to find there has never been a 

better time to be a management 

accountant. 

26 DEBT DOWN UNDER 

Leigh Berkley, contrasts the 

Australian collections industry and 

our own, and draws some interesting 

conclusions. 

28 CAROUSEL FRAUD 

Peter Walker highlights a case 

where the judges of the Supreme 

Court outsmarted the miscreants. 

30 PAYMENT TRENDS 

Jason Braidwood MCICM(Grad) 

analyses the latest monthly businessto-business 

payment performance 

statistics. 

32 BIG IS BEAUTIFUL 

Sebastien Clouet, says that credit 

managers need to be given the right 

tools for the responsible job they do. 

34 SOAPBOX CHALLENGE 

David Knowles discusses the impact 

of politicians’ rhetoric on credit 

relationships. 

36 THE GOOD, THE BAD 

AND THE UGLY 

Jeremy Sutcliffe poses three 

key questions around personal 

insolvency. 

44 STEPCHANGE TO A QUALIFIED 

PROFESSION? 

22 

28 

Has the award of a Royal Charter 

grown pride in the profession and the 

desire to get qualified? 

32 

CICM GOVERNANCE 

President 

Stephen Baister FCICM 

Chief Executive 

Philip King FCICM CdipAF MBA 

Executive Board 

Gerard Barron FCICM 

Laurie Beagle FCICM - Vice Chair 

Larry Coltman FCICM - Treasurer 

Victoria Herd FCICM 

Bryony Pettifor FCICM(Grad) - Chair 

David Thornley FCICM 

Advisory Council 

Sharon Adams MCICM(Grad) 

Gerard Barron FCICM 

Laurie Beagle FCICM - Vice Chair 

Glen Bullivant FCICM 

Sue Chapple FCICM 

Larry Coltman FCICM - Treasurer 

Jacky Cooper FCICM 

Eleimon Gonis MCICM 

Victoria Herd FCICM 

Neil Jinks FCICM 

Edward Judge MCICM 

Carole Morgan FCICM 

Salima Paul FCICM 

Bryony Pettifor FCICM(Grad) - Chair 

Charlie Robertson FCICM 

Chris Sanders FCICM 

Richard Seadon FCICM 

David Thornley FCICM 

Peter Whitmore FCICM 

Paul Woodward MCICM(Grad) 

Catherine Bradford MCICM (Acting) 

Peter Powell MCICM (Acting) 


www.cicm.com September 2015 

3



THE CICM JOURNAL FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

the 

Editor’s 

column 

CHOCOLATE AND 

SEA SALT EXPLAINED 

I 

had an interesting debate with a 

colleague recently about the relevance 

of salted chocolate. Why was it, she 

insisted, necessary to tamper with 

perfectly good chocolate by adding sea salt 

to it? Things that were good did not need to 

be re-invented. But, I argued, just because 

something was good, did it mean that it 

could not be improved? 

This deep and informed debate (which in 

case you were wondering was not fuelled by 

a few snifters) set my mind thinking about 

the Government again and a theme we have 

explored previously: why do Ministers insist 

on creating ‘new’ initiatives when perfectly 

good ones already exist and could be 

made even better but for the wont of further 

investment and cross-party support? 

I am speaking, of course, about the 

appointment of a new ‘Small Business 

Commissioner’ to give small businesses 

access to advice, support, mediation and 

conciliation services, and encourage small 

suppliers and larger customers to get round 

the table and sort out disputes at a fraction 

of the cost of going to court. (See news 

page 6). Why do we need yet another ‘late 

payment’ champion when the Government 

only recently announced plans to further 

beef up the Prompt Payment Code? And 

why is it that the Code itself continues to 

be dismissed in some quarters as a failure, 

when in fact that it has been a success in 

100 percent of cases where a challenge has 

been made? 

Now we could be forgiven for dismissing 

this latest ‘Tsar’ (or is it Czar? I never did 

know the difference between the White 

and Red Russians) as simply a gimmick, 

an attempt by a new Minister to put her 

‘stamp’ on an old issue. Certainly there 

are many out there who have already 

bemoaned that the Commissioner’s lack of 

‘teeth’ condemns the appointment to failure 

from the start. But does that need to be the 

case? What if we looked at it with our glass 

half full rather than empty? 

What if rather than ‘replacing’ the 

existing initiatives, the commissioner 

actually became the champion of them? 

What if the commissioner becomes the 

conduit to channel those in need of help 

to areas where best advice already exists, 

including the Code? Indeed what if the 

Code became part of his/her remit? Then 

we won’t have invented something new; we 

will simply be improving upon something 

that already exists. 

Because if you don’t try it you won’t 

know. A bit like salted chocolate. 

CM MAGAZINE | CONTACT AND PUBLISHING DETAILS: ISSN 0265-2099 

Publisher 

Chartered Institute of Credit Management 

The Water Mill 

Station Road 

South Luffenham 

OAKHAM 

LE15 8NB 

Telephone: 01780 722900 

Fax: 01780 721333 

Email: editorial@cicm.com 

Website: www.cicm.com 

CMM: www.creditmanagement.org.uk 

Managing Editor 

Sean Feast 

Art Editor 

Andrew Morris 

Telephone: 01780 722910 

Email: andrew.morris@cicm.com 

Editorial Team 

Alex Simmons 

Imogen Hart 

Tom Berger 

Iona Yadallee 

Advertising 

Anthony Cave 

Telephone: 0203 603 7934 

Email: anthony.cave@cabbell.co.uk 

Printers 

Warners (Midlands) Plc 

2015 subscriptions 

UK: £85 per annum 

Overseas: £105 per annum 

Single copies: £10.00 

View our digital version online at www.cicm.com 

Log on to the Members’ area, and click on the tab labelled “Credit Management magazine” 

4 

Audit Bureau of Circulations 

July 2013-June 2014: 

Average net circulation 7073 

September 2015 www.cicm.com 

Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this magazine do not, unless 

stated, reflect those of the Chartered Institute of Credit Management. The Editor reserves the right to abbreviate letters if 

necessary. The Institute is registered as a charity. The mark ‘Credit Management’ is a registered trade mark of the Chartered 

Institute of Credit Management. 

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What our customers say

CICM NEWS 

CMNEWS 

A 

round-up 

of news stories 

from the world 

of consumer and 

commercial 

credit. 

By SEAN FEAST 

CICM WELCOMES 

NEW TSAR PERFORMER 

 

THE small business community 

has broadly welcomed the 

announcement by Government last 

month of the appointment of a new 

Small Business Commissioner to help 

mediate in disputes with larger customers, 

including those relating to payment issues. 

Some are concerned, however, that 

without real ‘teeth’ the good intentions of 

the so-called late payment ‘Tsar’ may not 

give the desired impact that Ministers and 

business leaders are looking for. But the 

Chartered Institute of Credit Management’s 

Chief Executive, Philip King, is more 

hopeful: 

“The Government tells us that the 

Commissioner will give small businesses 

access to advice, support, mediation and 

conciliation services, and encourage small 

suppliers and larger customers to get round 

the table and sort out disputes at a fraction 

of the cost of going to court. These are 

laudable intentions,” he says. 

“The commissioner will also, we are 

told, ‘see where further action is required 

to clamp down on unfair practices’ and 

this is again to be applauded. Whereas we 

can understand the business community’s 

concerns, if the new ‘Tsar’ effectively 

becomes the conduit to channel those in 

need of help to areas where best advice 

already exists, then we can see the 

advantages.” 

Small businesses, Philip says, often 

struggle to know where to go for support: 

“If the Commissioner becomes a one-stop 

entry point it will be a valuable resource,” 

he adds. 

Some commentators have suggested 

that the appointment is a gimmick, and that 

the Government would be better investing 

in existing initiatives, including the Prompt 

Payment Code administered by the CICM. 

Philip has some sympathy with this view: 

“We have said for some time that while the 

Code is proving a success, despite certain 

claims to the contrary, it needs broader 

support. 

“I hope the role of the Commissioner will 

be to act as an ambassador and promoter 

of good practice as well as addressing 

poorer practice. The Code is comprised 

of signatories who are committed to 

setting the highest standards and it should 

naturally fall within his remit. This will be to 

the advantage of all sides.” 

Through the Prompt Payment Code, 

small businesses are already able to 

challenge the payment practices of their 

larger customers. Since its launch, 100 

percent of these challenges have been 

successful. “We already have a proven 

track record in addressing poor practice 

and the infrastructure is in place to give the 

Commissioner the ‘teeth’ that many are 

looking for.” Philip adds. 

“What we need, however, is more 

people to recognise that the tool is 

there and to use it. The Small Business 

Commissioner should provide the 

opportunity and the impetus for that to 

happen.” 

The Government tells us that the Commissioner will give small businesses 

access to advice, support, mediation and conciliation services, and encourage 

small suppliers and larger customers to get round the table and sort out disputes 

at a fraction of the cost of going to court. These are laudable intentions. 

– PHILIP KING 

Chief Executive, CICM 

6 



NEWS IN BRIEF 

WORLDWIDE TEST 

CICM candidates around the world should 

now be able to find a convenient exam centre 

for Credit Management, Business Law and 

Business Environment following an agreement 

with Pearson Vue for CICM candidates to have 

access to their global network of online test 

centres. 

Candidates will be able to book their 

exam through the usual processes via the 

CICM website or the Pearson Vue call centre. 

Exams cost £103 each. If you have any 

queries contact the CICM Awarding Body at 

awardingbody@cicm.com. 

DEBT CHARITY WARNS OF LULL BEFORE STORM 

CHANGES to working tax credits, child 

benefit and other cuts to social security 

payments announced by the Government 

earlier in the year have not yet resulted in 

an increase in consumers falling into 

debt. 

But Richard Haymes of StepChange 

Debt Charity says that the full impact of the 

cuts will not be apparent until April 2016: 

“Although we have not seen a noticeable 

rise in calls to the charity for help, the fact 

is that people will have less money coming 

in and this will probably lead to a surge of 

individuals struggling with debt.” 

Speaking at the CICM Think Tank 

in August, Richard also said that recent 

pension reforms have similarly not yet led 

to a change in the debt environment: “We 

have not yet seen people cashing in their 

pensions to pay off a debt,” he explained. 

“But there are a number who are asking for 

advice on whether that is a good option.” 

According to the Charity, almost three 

quarters of its clients now live in rented 

accommodation. The proportion of single 

parents has also risen, so too the number 

of debtors under 25. “Homeowners have 

more options available to them in managing 

their debts compared to those in the rented 

sector,” he added, “and continuing low 

interest rates is also helping.” 

The average unsecured debt per client 

currently stands at £14,650, with the levels 

of debt owed to catalogue companies 

highlighted as a particularly worrying trend. 

Debts resulting from payday loans appear to 

be impacting younger clients; 42.5 percent 

of clients under 25 have a payday loan debt 

compared to less than five percent of clients 

aged 60 or over. stepchange.org 

NEW CRITERIA FOR ENFORCEMENT INVESTIGATIONS 

NEW CHAIR 

THE Payment Systems Regulator (PSR), the 

new economic regulator for UK payment 

systems, has appointed Ruth Evans as the 

Chair of the Payments Strategy Forum. The 

Forum will bring together the payments 

industry and representatives of all those 

that use payment systems (banks and 

other large financial firms, consumers, 

small and medium sized businesses, 

technology providers, and many more) to 

work in partnership and drive collaborative 

innovation in payments. psr.org.uk 

FIRE IT UP 

THE winner of the CICM UK Credit 

Management Index CMI Q2 draw is Julie 

Newman MCICM, Global Credit Manager 

at INEOS Nitriles (UK). She wins a Kindle 

Fire HD, kindly provided by Tinubu Square, 

Corporate Partner and sponsor of the 

CMI. 

THE Financial Conduct Authority (FCA) 

has updated the criteria and outlined the 

process it uses when deciding whether to 

refer a firm or individual to its enforcement 

division for a formal investigation. 

Where misconduct is proved, an 

enforcement investigation can lead to fines, 

bans and suspensions. But enforcement 

is only one of a range of tools available to 

the FCA. The new process clarifies how 

the FCA decides which regulatory tool is 

the most likely to fulfil its objectives in each 

individual case. 

Georgina Philippou, Acting Director 

of Enforcement and Market Oversight 

at the FCA, says enforcement is not the 

only tool at its disposal where we see 

misconduct by firms or individuals: “Nor 

is it the most appropriate one to use in 

every case. Firms and the public will now 

have a clearer understanding of the questions 

we ask ourselves before we start a formal 

investigation.” 

When deciding whether to investigate, 

the FCA considers: whether an enforcement 

investigation is likely to further the FCA’s 

aims and statutory objectives; the strength 

of the evidence and whether an enforcement 

investigation is likely to be proportionate; and 

what purpose or goal would be served if the 

FCA were to take enforcement action in this 

case. 

Elsewhere, the number of dawn raids 

carried out by the FCA has fallen by 60 

percent in the last year, falling from 20 in 2013 

to only eight in 2014, its lowest level since 

the start of the financial crisis. The figures are 

based on research by law firm RPC. fca.org.uk 

The recognised standard in credit management www.cicm.com September 2015 7

SOCIALMEDIA 

This month we focus on Twitter @CICM_HQ: 

CICM @CICM_HQ 

13d 

Getting started in #creditcontrol and 

#collections cicm.com/learning/train… 

#London 8 September. #creditmanagement 

Philip King @philipkingicm 

2d 

MT “@actupdate: @philipkingicm, CE 

@CICM_HQ explains how to embrace 

WCM to continuously meet business needs 

#actwccbit.ly/1D1yEAm” 

OnGuard @OnGuardGroup 

CICM signs agreement with Australian 

Institute to benchmark quality in credit 

management – via @CICM_HQ 

buff.ly/1SNXjzn 


This weeks guest blog: ‘Sport, training, 

success’ cicm.com/ceoblog/sport-… 

@CICM_HQ #Apprenticeship #training 

#success #creditmanagement 

Catalyst Finance @catfi… 

4d 

More fantastic Cashflow info from 

@CICM_HQ “Factoring & Finance Options” 

bit.ly/1NbDhYQ #sme #business #cash 

#entrepreneur #UK 


13d 

Thanks for sending your #wearitwithpride 

CICM badge photo Peter Gent FCICM. 

#creditmanagement pic.twitter.com/ 

qlFWMKesvR 

The CICM actively uses social media to provide news, comments, 

promote events and encourage discussions among business and credit 

professionals including our learners. 

CE Blog 

TAKE A LOOK 

CICM_HQ 

1h 

3d 

www.cicm.com/ceoblog/ 


NEWS: #CICM (@CICM_HQ) 

signs agreement with #Australian 

Institute of #CreditManagement 

bit.ly/1MAXERUpic.twitter.com/ 

dMTPikFZgn 

Philip King @philipkingicm 

22d 

Great to present @CICM_HQ Quality 

Accreditation Award CICMQ to Talon 

Outdoor y’day #creditmanagement 

@ChrisCICMQ pic.twitter.com/L8JSli7JG2 

Anna Soubry MP @Anna_Soubry 

Excellent meeting @philipkingicm 

more businesses need to sign up to the 

#PromptPaymentCode (check out their web 

site). 

Chartered Institute of Credit Management 

9d 

NEWS IN BRIEF 

REGISTERED TRAINER 

THE Credit Services Association has 

become registered to deliver training for 

the LEP skills service. Leeds City Region 

Enterprise Partnership (LEP) has launched 

a service that provides skills support to 

small and medium sized businesses. The 

LEP skills service helps businesses to 

identify their skills needs based on their 

business growth objectives and then find 

the right training solution. 

Small and medium sized business 

based in the Leeds City Region that have 

a budget to put towards training could be 

eligible for funding of between £500 and 

£50,000. The types of training courses 

that could be eligible for the Skills Fund 

include training towards the CSA’s Level 3 

Diploma for the Debt Collection Industry 

and its Level 5 Diploma in Compliance 

Risk Management. But it would also 

include other training priorities. 

csa-uk.com 

JUDGE AND JURY 

CONSUMERS faced seven percent more 

county court judgments (CCJs) in the first 

half of this year than last according to 

figures released last month by Registry 

Trust, the non profit organisation which 

collects judgment information from 

jurisdictions throughout the British Isles 

and Ireland. There were 369,989 CCJs 

registered in the first six months of 2015, 

an increase of 23,000 on the first half of 

2014 and the third year on year increase 

in a row. The average value of a CCJ in 

the first half of the year fell by six per cent 

to £2,164. It has fallen each year since 

2008. The total value of CCJs increased 

by £2.7m to £801m following an increase 

of £160m from the first half of 2013 to the 

first half of 2014. 

registry-trust.org.uk 

SUCCESSION PLANNING 

ALMOST a third (32 percent) of SME 

owners are planning to retire, sell or 

pass on their businesses within the next 

five years, but many do not appear to 

have clear plans for managing business 

succession according to a new report 

from Moore Stephens. Selling out to a 

UK-based rival was the most popular exit 

owners would consider. 

moorestephens.co.uk 

8 



CICM NEWS 

D&B REVISES GROWTH 

FORECASTS FOR RUSSIA 

 

DUN & Bradstreet is still predicting a sharp 

recession in the Russian Federation, despite 

the more negative economic scenarios as 

yet failing to materialise. It has also revised 

its growth forecast to -3.0 percent in 2015 

and an optimistic 0.3 percent in 2016. 

This scenario is contingent on the 

success of the Ukraine/Russia ceasefire 

agreement, and a rise in oil prices to above 

$60 in 2015 and $70 in 2016 according 

to Mark Preston MCICM, a European 

Solutions Consultant within D&B’s Global 

Government Team who delivered the news 

at the CICM Think Tank in August. 

There are also other complications 

and considerations: with funding from 

Western financial institutions drying up 

in the wake of the Ukraine conflict, the 

Russian Government is seeking business 

financing from China. If Russia’s efforts to 

secure Chinese lending are unsuccessful, 

however, European banks in Russia can 

expect a more hostile business environment 

and possible harassment from the 

authorities. 

GDP contraction in the first Quarter 

of 2015 (year on year) was due mainly to 

investments and household consumption, 

according to the D&B report. 

Real wages fell by 13.2 percent year 

on year in April – the sharpest decline for 

16 years. Retail sales were down, as were 

vehicle sales. Indeed the car segment is 

one of the worst affected by the crisis. 

Industrial production performed better 

than expected in Q1 but contracted by 4.5 

percent in April. The chemicals sector was 

the outlier with 3.6 percent year on year 

growth. Positively the unemployment rate, 

albeit increasing, as of April was still under 

6.0 percent, far lower than it was at the 

peak of the financial crisis. dnb.co.uk 

SMES URGED TO MAKE MORE OF THEIR SAVINGS 

BRITISH businesses are building up their 

cash reserves, driven by the perceived need 

for greater ‘cash buffers’ and concerns 

about the volatility of the economy 

according to new research from Hampshire 

Trust Bank. Yet the bank warns that many 

SMEs are missing out on the means to 

improve day-to-day cashflow, or fund 

growth, by shying away from savings. 

Many of the small businesses were 

apprehensive about ‘tying up’ their money 

in savings – just a quarter (25 percent) felt 

confident to put cash away for more than a 

year. Yet when asked about how they 

would use returns from savings if they 

received them, 38 percent said a savings 

return would be spent on running costs 

such as fuel or utilities, 33 percent would 

invest in improving business infrastructure, 

and 19 percent would use the money for 

investment in plant and machinery. 

The average SME current account 

balance is more than £230,000 – rising 

from £44,000 for those with less than 10 

employees to more than £420,000 for those 

with more than 100 employees. According 

to the research, on average, for every £1 in 

a current account that a British business 

holds, there is another £1.17 in a savings 

account. htb.co.uk 


NEWS IN BRIEF 

SMART THINKING 

Equifax has launched Equifax Device 

Verifier, a service said to allow 

businesses to protect themselves against 

the risk of fraudulent activity when 

dealing with customers online. Using 

technology from anti-fraud company, 

iovation, Equifax Device Verifier assesses 

the risk of fraud associated with any 

device being used to make online 

purchases, including smartphones, 

desktops, laptops and tablets. 

equifax.co.uk 

CICM AWARDS OPEN 

Entries for the CICM British Credit 

Awards 2016 have now opened. The 

closing date for entries to be submitted is 

Friday 30 October. The glittering awards 

dinner will be held at the Brewery on 10 

February. For further information go to 

cicmbritishcreditawards.com. (To see 

what it means to be a winner, turn to 

page 20.) 

CICM IN BRIEF 

This month’s CICM Brief includes… 

details of the CICMQ agreement with 

the Australian Institute, the news 

of the latest corporate partnership, 

application for online exams opens, 

and the CICM's straw poll on Britain's 

membership of the EU. 

 

CICM CREDIT COMMUNITY GROWS IN STATURE 

THE CICM Credit Community, instigated 

by the Chartered Institute of Credit 

Management (CICM) on LinkedIn, is 

generating record numbers of discussions 

and comments according to the CICM’s 

Head of Social Media, Tracy Carter. 

Tracy says that the concept of 

‘community’ is one that clearly resonates 

with a credit management audience: 

“Networking and sharing are two 

fundamentals of personal and career 

development that credit managers 

recognise and openly embrace,” she says. 

“They are also fundamental to ensuring 

the continued success of the CICM and its 

members.” 

Growing the membership of the CICM 

is a key imperative for the Chief Executive 

Philip King, and he is encouraged to see 

how discussions around learning and 

development continue to be popular. But 

he is similarly interested in how businesses 

are continuing to seek professional credit 

management advice, especially when it 

comes to keeping the cash flowing: “In 

a recent discussion we asked the Credit 

Community members, ‘as an experienced 

professional, what would be the one 

piece of advice you would give to a small 

business to succeed and grow?’ 

“Not surprisingly, most of the comments 

related to the practical basics of good 

credit management such as knowing your 

customer, assessing the risk, invoicing 

promptly, and not being afraid to ask for 

payment when it’s due. 

“But the discussion made me realise 

that while such tips are useful they don’t 

resolve the more fundamental issue where 

a small business lacks the underlying skills 

and expertise needed to carry out the basics 

effectively. We often assume that a small 

business won’t have credit management 

skills in-house, and that’s not necessarily 

true. Many do. But there are still many who 

don’t and we need to point them towards 

alternative solutions.” 

Philip highlights the many different types 

of help that are available to small businesses 

through the CICM and its members, from 

the Managing Cashflow Guides to dedicated 

mentoring and support. He is also pleased 

with the recent government initiative to 

encourage greater numbers of apprentices, 

and the appointment of Anna Soubry, 

Minister of State for Small Business, to give 

a greater voice for small businesses at the 

Cabinet table. 

“Having people, or access to people, 

who are at the top of their game, well 

qualified, up-to-date on regulatory/ 

legislative issues, and who understand the 

true value and role of credit management 

will make a real difference to helping our 

small businesses grow and succeed,” he 

concludes. “And these people are typically 

Fellows and Members of the CICM.” 

linkedin - cicm 

10 



CREDIT 

INSOLVENCY NEWS 

CIVIL LITIGATION 

COSTS IN INSOLVENCY 

THE Legal Aid, Sentencing and 

Punishment of Offenders Act 2012 

introduced reforms based on 

recommendations by Lord Justice 

Jackson, who was critical of cost recovery 

arrangements that were common in claims 

made against government departments, 

particularly as regards success fees and 

insurance premiums where conditional fee 

agreements (CFAs) were in place. He felt 

these arrangements imposed a significant 

and disproportionate cost burden on 

the tax payer. The changes introduced 

rendered the success fee uplifts and 

premiums irrecoverable, but there was 

a temporary stay in implementation in 

respect of litigation brought by insolvency 

practitioners (IPs). 

The insolvency community successfully 

argued that IPs were in a different position 

to most litigants, as they were often 

seeking to pursue claims in circumstances 

where there were insufficient funds in the 

insolvency estates and would otherwise 

be prevented from taking action against 

directors and others in respect of 

misappropriated assets etc. Those actions, 

it was argued, depended on the ability of 

IPs to enter into CFAs, whereby the lawyers 

agreed they would be paid only in the 

event of a claim succeeding. Government 

departments such as HM Revenue and 

Customs (HMRC) would sometimes be 

beneficiaries of such actions, as would 

other creditors. 

The stay or exemption for IPs is due 

to be further considered. It was due to 

end this April, but has been extended 

for a further period. If IPs were unable to 

persuade lawyers to undertake work on a 

CFA basis, would recoveries and returns 

to creditors suffer? Are there alternative 

ways of unlocking the potential benefits for 

creditors? 

Third parties will sometimes fund 

actions. They often demand a high 

percentage of any proceeds, but can 

provide a solution where the value of the 

claim is substantial. With one notable 

exception, most such funders will not be 

interested in claims of less than £1 million, 

and that would rule out recovery action 

in many insolvency cases. Research by 

Professor Peter Walton, instigated by R3 

and supported by the IPA and others, 

indicated that many claims are for sums in 

the region of £50,000. 

ALTERNATIVE PROVSIONS 

Another alternative might be the new 

provisions in the Small Business, Enterprise 

and Employment (SBEE) Act 2015; when 

fully implemented this will permit IPs to 

assign rights in actions such as fraudulent 

or wrongful trading by directors, and 

thereby realise some funds for creditors. 

Walton’s report of his findings was written 

before the terms of the SBEE Bill were 

settled, and initially the Bill only provided for 

assignment in the above limited instances. 

The SBEE Act now encompasses a broader 

range of assignable actions, including 

preference and undervalue transactions 

and so might now present a viable option 

for IPs. 

Walton’s report asserts that the IP’s 

inability to chase down monies would 

be detrimental to the public interest and 

remove an important weapon in the IP’s 

armoury. Whether that view holds sway 

when the exemption is reconsidered 

remains to be seen. Many will have their 

say in the meantime, including Lord Justice 

Jackson who retains an active interest in 

the subject. The Government may feel that 

the widening of the SBEE provisions goes 

some way to providing alternatives for IPs, 

though it is worth noting that the relevant 

provisions are not expected to be in force 

until October next year, at the earliest. 

That delay may reinforce arguments for an 

extension of the present exemption at least 

until then, but Jackson wanted to see his 

recommendations applied to all types of 

litigation and whilst there are some other 

exemptions for special cases, the argument 

for insolvency to remain as one of them 

may become more difficult to sustain. 

Part of the argument in favour of the 

insolvency exemption was that the costs 

abuses referred to by Jackson were not 

prevalent in insolvency cases. Findings 

based on compulsory (court) winding up 

cases where sanction for litigation was 

sought by IPs illustrate that worthwhile 

returns are possible (a 74p dividend to 

HMRC in one case, and a 23p dividend 

to ordinary unsecured creditors in 

another), but also suggest that costs of 

the liquidation can eat up all the proceeds 

of the actions in some cases, and many 

take a number of years to work through. 

Assignments might provide at least a 

quicker solution for IPs and therefore for 

creditors, potentially at less cost. 

The impact on recoveries and creditor 

returns is something that can only be 

assessed once any change to the present 

arrangements has been made, and after 

the new SBEE measures have been used 

for some time, at which point there should 

be some available evidence of usage of the 

new assignment provisions. The Walton 

report argues that removal of the CFA uplift 

might encourage more culpable behaviour 

by bankrupts and directors; if that were to 

hold true then of course the effect would 

be felt to a greater or lesser extent by 

creditors. 

David Kerr MCICM is the 

Chief Executive of the Insolvency 

Practitioners Association (IPA). 



FEATURE 

TALKING 

GOOD SENSE 

Speech analytics has come a long way in a comparatively short space of time. Sometimes 

used to identify key words to support compliance and understand the most vulnerable 

customers, it has since evolved to have a much greater training and development role, 

giving the collectors themselves a much greater voice. Credit Management sought the 

views of three industry experts to learn more about how speech analytics is improving 

customer interaction. 

GIVING VOICE TO COLLECTORS 

WHEN it comes to language, 

there has been considerable 

work over recent years in 

looking at how letters are 

written, and how choosing the right words 

to appeal to the reader, can prompt a 

response. 

A similar activity has been happening 

with the spoken word. We can now utilise 

tools which can help us understand why 

certain collectors have greater success in 

their conversations with some customers 

more than others – and whether ‘new’ 

collections staff in particular, can learn 

from best practice. 

Speech analytics has played a key part 

in this. This technology allows agencies 

to ‘bucket’ calls that use a common 

phrase or saying, typically based on key 

words (e.g. ‘vulnerable’ or ‘settlement’ 

etc.). Utilising this tool to the max, it can 

be used to analyse how and why these 

‘phrases’ come up in the calls, creating a 

library of ‘best practice calls’ to develop 

and up-skill colleagues across the call 

centre. 

Similarly, analytics can be used to 

help us understand the key drivers of 

operational efficiency and performance. 

Key words such as ‘fault’ can be identified 

to highlight, for example, when an operator 

has made reference to experiencing 

a systemic problem (‘I have a fault 

with my system…’). The beauty of this 

technology is that it enables the team to 

quantify the impact of the problem and 

provide a rationale regarding operational 

performance, i.e. x percent of calls 

yesterday/last week heard mentions of 

system problems. 

The skill, however, is in refining the 

system technology to avoid confusion 

with other similar sounding phrases. For 

example, searching for ‘system fault’ 

will also identify calls that hear ‘payment 

default’. Not only that but it’s vital to 

choose words that people actually use 

in real, everyday conversations and not 

what you think they should use. Does 

anyone really ever say, ‘I have a system 

fault’ or are they more likely to say ‘my 

system is down’ or ‘I’m experiencing 

system issues’? This also extends to 

real-life phrases a customer and customer 

contact representative would use in 

their conversation – rather than what 

collectors have been told or trained to say. 

Technology alone can only be clever up to 

a point; intelligence and common sense 

must also be applied. 

Last year, Robinson Way implemented 

a learning exercise with speech analytics 

provider, Nexidia. We wanted to 

understand why different conversations 

around the same theme – and specifically 

in this case, ‘breathing space’, led to so 

many different outcomes. The technology 

enabled us to identify conversations 

where ‘breathing space’ was mentioned 

and pinpoint the exact moments in the 

call that this happened. Analysis of this 

data led to genuine, positive impact and 

enhancements on new processes and 

training within the business. 

From a training perspective, the 

benefits for the individual were obvious 

and immediate. Streamlining the coaching 

and development environment, the 

initiative enabled collectors to focus 

on core parts of their calls. Those less 

confident about discussing breathing 

space with a customer could listen to 

multiple calls and not only learn the 

best way to handle the call, but to also 

recognise the dialogue that subsequently 

resulted (i.e. where the conversation went 

next). The end game was the focus and 

learning that was then embedded back 

into the call centre whilst also improving 

the customer experience and collector 

engagement skills. 

Using speech analytics to explore the 

conversations we have, and the use of 

‘real’ words and language, is a ‘win win’ for 

the individual, the business, the client and 

the customer. The technology provides 

management with access to reports and 

information regarding the variation in 

performance and the ability to identify 

why this exists, which could include 

factors such as regional accents/ 

languages, or the speed and tone 

which is commonly used. Utilising tools 

such as this offers significant potential 

in developing intelligent scorecards, 

supporting quality assurance, and in 

delivering management information with 

genuine insight. 


FEATURE 

 

From a scorecard perspective, being 

able to target specific queries/range 

of queries enables users, in turn, to 

identify what percentage of calls relate to 

certain subjects (e.g. breathing space). 

From this, a business can look deeper 

into the outcome of these calls and 

highlight problem areas, perhaps where 

additional training or support is required. 

For example, whether a customer was 

properly signposted to free consumer 

debt advice, and again take the necessary 

action. 

Conversations of course, are a twoway 

street and as much as recording 

those conversations and conducting call 

calibration tests help refine the service 

provided by the agency, they also monitor 

what is being said in reply. To that end, 

speech analytics is actually helping to 

give the collector a much greater ‘voice’ – 

enabling them to identify frustrations and 

pain points that occur along the customer 

journey. 

The technology can then be used to 

quantify the impact and understand how 

we can improve the overall customer 

experience, the result of which can 

also be measured whilst also enabling 

agencies, clients and customers to learn 

from each other. In essence this approach 

challenges the old school of ‘script’ to the 

contemporary methods which champion 

customer and client engagement; 

working in reverse from giving people a 

script, or dictating what they should say, 

speech analytics creates opportunity to 

understanding what customers say, how 

they talk, and what they mean when they 

say it. 

Louise Schofield, Operations Director, 

Robinson Way. 

DETERMINING THE VALUE 

OF SPEECH ANALYTICS 

Speech analytics was initially introduced 

as a strong compliance monitoring 

tool and its benefit was rated on the 

commercial advantage it drove through 

efficiency and improvement in consultant/ 

agent performance. 

This has since evolved over the 

last five years or so, and now we have 

a clear picture of how it fits into our 

operational strategy. Firstly, it allows 100 

percent of calls to be interrogated and 

measured against the business conduct 

and ethical requirements. Where the 

power of this comes to life is where it is 

linked to effective coaching, training and 

recognition models. The ultimate aim here 

is to improve the level of performance for 

the individual and the business. 

A good example of this is where we 

have created a ‘Customer Care’ query 

14 September 2015 www.cicm.com 


Image by Felicity Brokke 

where the system identifies customers 

who have mentioned a form of potential 

vulnerability. Then the actual customer 

outcome can be matched back to our 

main in-house system to ensure the 

correct outcome was achieved. The 

market intelligence for this is shared 

throughout the business, feedback 

is given to the individuals and where 

necessary the customer is called back 

for the right outcome to be achieved. 

Compliance information on these 

customer outcomes supports other 

management information available. 

Secondly, a commercial advantage is 

being gained by using speech analytics 

to help drive opportunities to improve and 

create optimisation in terms of customer 

contact. A good example of this is to 

monitor the time and effort allocated to 

handling answer machine messages and 

seeking to understand how this impacts 

effective optimisation opportunities in a 

call centre environment. 

Thirdly, we have been using speech 

analytics to evaluate our customer 

experience. We have been able to 

discover what drives positive experiences 

for our customers by matching positive 

outcomes to the detail in the calls and 

understanding if this drives the right 

experience for our customers. This 

has been fed back into our main call 

framework design and helped us evolve 

to have a strong ethical customer-focused 

engaging framework to interact with our 

customers. 

As all of our calls are created in 

our speech platform we also use the 

same tool to evaluate and manage all 

performance marking and governance 

metrics relating to our consultants. The 

value of speech analytics gives us real 

oversight of our agent and customer 

behaviour as well as allowing us to drive 

commercial and conduct improvements 

for the whole business. 

The future though is even more 

exciting. To move to a world where real 

time speech analytics is helping drive 

positive customer outcomes at the time 

of the call, is really our aspiration. We 

would like to be able to ‘live coach’ our 

consultants in order to achieve first time 

resolution, better customer outcomes 

and the highest standards of conduct. 

In turn, our customer outcomes and 

our awareness of them would increase 

significantly and this would help us design 

our customer product offerings and 

improve our customer satisfaction. All 

these would lead to a more successful 

customer operating strategy. 

Deborah Green, Head of Customer 

Journey, Cabot Credit Management. 

PROVIDING 

TRUE EVIDENCE 

OF INDUSTRY 

Those of us going through the process of 

FCA authorisation will be all too familiar 

with the requirement to ‘evidence what we 

do’ and nothing could be more pertinent 

for a telephony-based business in this 

respect than employing speech analytics. 

With the best will in the world, 

traditional manual quality assessment 

processes mean you can scrutinise circa 

five percent of the calls your people make 

and take – but is this really good enough 

anymore? Sadly not and for a business to 

be truly compliant and really understand 

what is being said to its customers, 

speech analytics and the ability to assess 

every call is ‘the future’. 

We are already seeing a trend of major 

financial institutions mandating that 

agencies and purchasers deploy speech 

analytics in order to do business with 

them, despite often not employing this 

technology themselves, and suspect this 

may gather momentum in the coming 

years. 

Enhancing compliance is one thing but 

this is most certainly not the only benefit 

derived from this technology and of equal 

importance to business is using analytics 

as a training and feedback tool. In our 

rapidly changing environment, having the 

capability to understand agent behaviours 

and whether conversations with customers 

really do evolve alongside policy changes 

and briefings is key. In the past this may 

have taken a month or two to gauge, but 

with speech analytics, managers know 

immediately which agents have acted on 

new briefings, which need further support 

and which are excelling enabling them to 

share examples of best practice and drive 

improvement. 

The technology itself is also evolving 

and the move from post-call analytics, 

which delivers batch analysis usually as 

part of an overnight routine, to a real-time 

solution, with an analytical output of mere 

milliseconds, is a game changer. 

Real-time speech analytics is truly 

‘prevention rather than cure’. Why not 

help prevent your agent from making 

mistakes during a call, instead of waiting 

until afterwards and then supporting their 

improvement? The ability to eliminate, or 

significantly reduce, levels of potential 

customer detriment in our call centre 

before it happens should be a central 

conduct risk consideration and real-time 

analytics offers this opportunity. 

Having deployed post-call and real-time 

analytics in our US business for two years, 

with dramatic effect, we are in the process 

of rolling this out across our UK operation 

and intend to do so in a very collaborative 

manner. Our compliance and management 

team have a view of the areas we believe 

real-time analytics can assist with, but of 

equal importance are the areas of their 

calls that our agents would like more 

assistance with. This is partly to ensure 

that we retain buy-in and prevent agents 

from perceiving this as Big Brother trying 

to catch them out, but is more important 

from a practical perspective. 

The technology has the capability to 

provide instant prompts and reminders 

to agents during a call if certain things 

are missed or incorrectly stated, or for 

managers to immediately pick up warning 

signs such as elevated tone of voice or 

language on calls & offer assistance in 

the moment, so understanding how our 

team want this to help them is critically 

important. 

Because of the diversity of accents 

and language in the UK, no analytics 

technology can ever be 100 percent 

accurate and therefore will never directly 

replace our traditional quality assessment 

processes, but can be used effectively to 

complement it. For example, the ability 

to automatically tag key events in a call 

to speed up agent call reviews, or to 

provide a transcript of calls to accompany 

complaint responses are all great ways in 

which the technology enhances current 

processes. 

Like any other investment, it is 

important to obtain a strong return on your 

time and money. If you want to drive the 

maximum return, speech analytics is not 

a technology that you can implement and 

then sit back and watch. Continuously 

monitoring and evolving the way the 

software is used alongside your quality 

processes and exploring the improvements 

it can drive within your call centre will be 

essential. Like many other businesses, 

we have increased our investment in both 

phone coaching and compliance resource 

after implementing analytics and this is 

a reflection of the avalanche of feedback 

and development opportunities that the 

system will yield. 

Success for the project looks different 

in every business, but for us this can be 

measured in the compliance and conduct 

risk mitigation the technology provides, 

together with the radical enhancement in 

our ability to drive and monitor positive 

behaviours across our call centre. 

Nick Cherry, Managing Director, 

Phillips & Cohen Associates (UK). 


CICMQ NEWS 

FIRST TIME ACCREDITATION BOOSTS CREDIT TEAM’S CONFIDENCE 

FORMED in 2005, Xoserve is an integral 

party to the gas distribution market in 

Britain acting as a central agent for the UK’s 

gas transporters, and its 11-strong credit 

risk management team has achieved first 

time CICMQ accreditation. 

Collectively owned by the five main gas 

distribution network companies, alongside 

the National Grid’s gas transmission 

business, Xoserve provides a wide variety 

of services, including energy balancing, 

transportation billing, and supply point data 

services. 

It also provides registration services, 

tracking customer supplier changes 

and recording the details – the gigantic 

scale of this task cannot be overstated, 

with 22 million gas supply points in Britain 

and between four to six million annual 

transfers. 

Therefore the credit team created 

robust processes to manage the scale of 

the job, however Mark Cockayne, Head of 

Credit Risk Management, felt the CICMQ 

process would identify further gaps for 

improvement: 

“Being accredited provides assurances 

to our customers and suppliers that we are 

recognised for quality and best practice – 

particularly important considering the team 

work on behalf of the gas industry as a 

whole! 

“It’s given the credit team a real boost of 

confidence, as we worked together towards 

a common goal in identifying areas for 

improvement,” Mark says. 

Encouraging other credit departments 

to undertake the process, Mark continues: 

“Having a structure and roadmap of 

our future course gives customers and 

suppliers a common understanding of our 

goals and direction.” 

ONE-MAN CREDIT TEAM SMALLEST TO BE CICMQ ACCREDITED 

WORKING for a large business with an 

extensive credit team does not weigh 

greater advantages over a smaller team – as 

Pension Protection Fund (PPF) proves with 

its second CICMQ accolade, despite only 

having a one-member credit team. 

Established by the Pensions Act 2004, 

PPF protects individuals’ company defined 

benefit pension schemes in case that 

business collapses and the scheme doesn’t 

have the resources to pay out at a level 

greater than PPF compensation. 

Credit and Collections Adviser at PPF, 

Jason Killick, was undertaking his first 

CICMQ accreditation process: “As I was 

not directly involved in the first 

accreditation, I was very much starting 

the process from the position of an initial 

accreditation.” 

Despite this, PPF has continued to 

improve on its already robust processes, 

building on strong internal and external 

relationships – even gaining the CICM 

Risk Management Achievement of the 

Year 2015, for its new model on insolvency 

risk. “As an organisation, we aspire to 

be a high performing Customer Focused 

Financial Institution (CFFI) and regaining 

CICMQ underlines the commitment of credit 

and collections towards that aspiration,” 

Jason continues. 

Explaining the advantages of CICMQ, 

Jason says the assessors are there 

to help, giving plenty of advice and 

recommendations: “There is a vast network 

of organisations that are CICMQ accredited, 

and the chance to network with these and 

discuss best practice is invaluable.” 

CICMQ SUCCESS FOR CANOPIUS 

THE 27-strong UK credit management team 

at Canopius Managing Agents, a Lloyd’s of 

London managing agent, impressed CICMQ 

accreditors with its comprehensive and 

thorough best practice procedures. 

Canopius ranks in the top 10 in the 

Lloyd’s insurance market, providing a 

wide range of underwriting services from 

energy and marine to political risk and 

crisis management. Binder Credit Manager 

Robert Clarkson is proud of the department’s 

immediate success: “To be able to show 

both internal and external auditors that 

an outside assessor has approved of our 

processes is something that really highlights 

our focus and dedication. 

“Accreditation also opens up avenues for 

networking events, to meet other accredited 

companies and ensures we focus on 

maintaining the standards for renewal in two 

years’ time.” 



AIMIA FOODS’ CONTINUED CICMQ SUCCESS 

THE continued success of Aimia Foods’ 

credit team has been re-acknowledged 

through their successful application for 

third-time CICMQ accreditation – ensuring 

they join an elite group of companies with 

sustained success. 

Its 304 employees ensure the 

manufacturing, sales and marketing of 

Aimia-owned and third-party licensed 

beverage brands occurs throughout a 

cross section of the UK market – retail, 

foodservice, cash and carry, and vending – 

and are based in the North West of England. 

Having an established distributor 

network means Aimia can export a 

number of licensed brands to Europe, the 

Middle East and Australasia. Furthermore, 

specialist-outsourcing services are provided 

to blue-chip clients, who choose to 

outsource all, or part of, their manufacturing 

activity, enabling a greater focus on their 

core business. 

Sharon Adams, Credit Manager at 

Aimia Foods, has been an advocate of 

CICMQ since its implementation in 2010, 

and is delighted to join a core of three-time 

accredited companies: 

“We continually strive for improvement 

and growth to provide the very best 

results,” Sharon says, “and it is very 

important to me that I can successfully 

demonstrate how much the team has 

evolved and developed since our first 

accreditation.” 

Explaining the depths of CICMQ’s 

benefits, Sharon continues: “External 

recognition that we are a best-practice 

credit department provides a great boost 

of confidence, we enjoy networking 

opportunities with credit professionals 

at the top of their game and CICMQ 

Accreditation ensures that we have a goal 

to continually strive for.” 

OMNICOM MEDIA GROUP’S FINANCIAL DIVISION ACHIEVES ACCREDITATION 

SHARED Financial Services (SFSC) within 

Omnicom Media Group, a division of 

Omnicom Group Inc., is first-time CICMQ 

accredited after showing a positive reevaluation 

of their processes. 

Constructed in 2011 to fuel the growth 

and success across a range of different 

business stakeholders within Omnicom 

Media Group, SFSC currently caters for 

over 250 clients with 1400 employees, 

making it a £1 billion business. 

Rapid growth means the credit team, 

a small unit within SFSC, has to support 

these 14 businesses and a corporate HQ 

within the Omnicom Media Group – itself 

a $38 billion business operating in 72 

countries and 132 cities. 

As this rapid expansion was going 

ahead, the CICMQ process was undertaken 

to give SFSC a series of benchmarks to aim 

for, says David Hughes, Director of SFSC: 

“Having brought together staff and 

procedures from different stakeholder 

businesses, we found inconsistency in the 

way people thought and operated,” David 

explains, “and I knew we still had a way 

to go before we could consider ourselves 

great at what we did.” 

“Since achieving accreditation, the 

team has a much greater self-belief, forging 

understanding and working relationships 

with stakeholder businesses, and improving 

our credibility to no end,” 

TALON OUTDOOR ACCREDITED FOR THE FIRST TIME 

A leading agency responsible for brands 

including Sony Pictures, PepsiCo and 

Google, has received CICMQ accreditation 

for the first time. 

Talon Outdoor, said to be the UK’s 

only independently-owned out of home 

media specialist agency, collaborates with 

fellow media groups to ensure consistent 

progress in both digital and more traditional 

marketing channels. 

Iain Webb, Revenue Accountant at 

Talon Outdoor, has sought to cement the 

firm’s reputation for financial best practice: 

“The CICMQ accreditation seemed a 

natural pathway to demonstrate to our own 

colleagues, as well as external partners, 

that we are reaching the same high 

standards as the rest of our company. 

“The whole team needs to get behind 

the process and see it as an aid to continual 

evaluation and improvement,” he says. 


ANALYSIS 

If he is happy to take your case 

on, you may sometimes think: 

I can smell a rat or ‘il y a anguille 

sous roche’ (there’s an eel under the 

rock), as we say in French. 

– PIERRE HAINCOURT 

JOUR – J FOR JUDGMENTS 

 

In the concluding part of his article, Pierre Haincourt considers Regulation (EU) No 

1215/2012 of the European Parliament and of the Council of 12 December 2012, and 

why it may be good news for enforcing judgments against European debtors. 

SOMETIMES the links provided will 

lead you to a local enforcement 

officer who may or may not speak 

English. If he is happy to take your 

case on, you may sometimes think: I can 

smell a rat or ‘il y a anguille sous roche’ 

(there’s an eel under the rock), as we say 

in French. I have once been asked to pay 

a hefty upfront fee by a firm of processservers 

that bore no relation to the local 

official scale of fees. 

This is all designed so that you can 

do it all yourself, but if you ask me, I still 

find it quite a maze and I do not think it 

is a very good use of my time to try and 

do it myself. Much local knowledge and 

access to information is needed. There 

are professionals out there who know their 

local court system much better than I do 

and will do a better job than I can. They 

save me time and money all year round 

and make me more productive. 

If this is something you do regularly, I 

would suggest that you focus on building 

a strong network of local debt collection 

specialists to act as your well-informed 

local ‘one stop shop’ in each jurisdiction. 

This will save you money and generate 

more recoveries as they are motivated by 

the commission you pay them when they 

collect. 

My view had always been that it was 

better to sue debtors in their jurisdiction as 

enforcement could naturally follow without 

the need of an additional procedure having 

to take place. But now that the Brussel I 

(recast) Regulation is out and that there 

is no need for an additional registration 

process of any kind for European crossborder 

actions, creditors have options, 

and if they do everything right, I think 

enforcement of their local judgments in 

another EU Member State will be more 

straight forward. 

But be under no illusion: your most 

difficult debtors will continue to make 

a mess of things. As a credit manager I 

know well told me once: “Pierre, when you 

go to court, the only thing you can be sure 

of is that you can’t be sure of anything! ” 

3Pierre Haincourt MCICM is an 

international debt recovery specialist/ 

seasoned negotiator/published author/ 

cashflow advisor/conference speaker. 

Twitter: @pierrehaincourt 

18 



1. 

I want to know my debtor’s correct 

name and write it in the correct way 

so that, when I get to enforcing my 

judgment, I am not told: ‘Sorry sir, the name 

on your judgment is not correct and we 

cannot enforce it’. 

I want to be sure the address I have 

for my debtor is the right address for 

2. service of proceedings. Whether that 

is the registered office address of a company 

or the current residential address of an 

individual. This information is best gathered 

directly from the country where the debtor 

is based. 

The same goes for the solvency 

of the debtor. The freshest information 

3. will be available locally, and we all 

know that even the freshest information 

may already be old. Instead of throwing 

good money after bad it is a good idea to 

have local people on the ground, validating 

that the debtor is there, solvent, or at least 

trading if he is a business. 

4. 

I need to assess translation costs. If 

I issue proceedings in England and 

Wales, the claim form and response 

pack will have to be translated before they 

are served, and the same applies for the 

judgment. If they are not, the debtor will 

be able to claim that he has not had a fair 

opportunity to defend the action as he did 

not understand the paperwork. In some 

countries, the local enforcement organisation 

will refuse to enforce a judgment when 

the court papers have not been served in 

the local language. This is the case of the 

Bailiff Court in Denmark for example. If I 

issue in the debtor’s jurisdiction, I may have 

to translate none, some or all of the case 

papers. Whichever jurisdiction you choose, 

there will usually be translation costs to take 

into account. 

5. 

Service of the court papers is always 

a sticking point. Some people tell 

you that it needs to be carried out 

according to the rules of the jurisdiction 

where you issue proceedings; others tell 

you that it needs to be carried out according 

to the rules of service in the jurisdiction 

where your debtor is. But in the context 

of European-wide enforcement you may 

want to simply focus on organising service 

in a way that you can prove your debtor 

has received the court papers, so opt for 

personal service whenever you can. 

How do I access local information 

when I issue proceedings in England 

6. and Wales? The europa.eu website 

is where it all starts. It will point you in the 

right direction for service of documents, 

enforcement of judgments, and everything 

else. Here’s the magic link: https://e-justice. 

europa.eu/content_brussels_i_regulation_ 

recast-350-en.do?init=true 

Try it now: you just need to click on the 

left hand-side tab first eg Going to Court/ 

Procedures for enforcing a judgment, 

then on the flag of the country you want 

to enforce it in. Choose Ireland for now as 

there are still many tranlations missing at 

the moment but this is being updated all the 

time. 



19

AWARD WINNERS 

THE WINNERS TAKE IT ALL 

 

With entries now open for the 2016 CICM British Credit Awards, Alex Simmons asks 

the 2015 Award winners what it has meant to them and how they think it has helped 

their business. 

RECOGNISING OUTSTANDING COMMITMENT TO QUALITY 

IN September 2013 Avnet Technology 

Solutions UK became the first distributor 

to receive an award from the Institute of 

Credit Management (ICM). Just 18 months 

later, at the Chartered Institute of Credit 

Management (CICM) British Credit Awards 

2015, Clare Connor, credit controller, Avnet 

Technology Solutions, UK, won ‘Credit 

Controller of the Year’. 

Both awards recognised outstanding 

commitment to quality, continuous 

improvement and best practice in all 

things credit. Receiving such an award 

from an organisation like the QCIM 

provides a sound endorsement to Avnet’s 

high standards and business practices 

relating to credit. It also provides further 

validation to Avnet’s customers that they 

are working with the best team. Credit is 

a key sales enabler in the IT channel and 

it is important to Avnet that its business 

partners have complete confidence in the 

credit support they receive. By joining 

the QICM club, Avnet considers itself 

to be part of an elite team within credit 

management. 

In addition to placing high value on 

the awards it receives, Avnet will always 

recognise the great achievements of 

its employees and ensured that Clare 

received the appropriate recognition 

internally for her CICM award. As a result 

of this a positive cycle has built. The team 

has been spurred on to achieve similar 

great results which has positively impacted 

customer engagement and which, in 

turn, will undoubtedly impact Avnet’s 

performance in a positive way. 

Avnet is always striving for operational 

excellence and both the company award 

and Clare’s individual award are validation 

that Avnet’s credit processes and the 

individuals in the team are the best in the 

industry. 

Darren Brayfield, UK Collections 

Manager at Avnet Technology Solutions 

UK speaking about Clare Connor winning 

Credit Controller of the Year. 

PROVIDING CUSTOMERS WITH ADDED CONFIDENCE 

THE Car Finance Company was proud 

to be named winners of the ‘Consumer 

Credit Team of the Year’ award. TCFC 

was privileged enough to win the award in 

2013 and we are pleased to have regained 

the title for 2015. 

The CICM’s reputation for being a 

trusted source of expertise for all credit 

and collections matters means that we, as 

award winners are in keeping with the high 

standards and we are proud to be a part 

of that. 

Winning this particular award is 

very important to us as it reaffirms the 

commitment to the customer. The Car 

Finance Company customers are at the 

heart of our operations and our approach 

to car finance is about working together 

with customers to ensure responsible and 

ethical finance solutions. 

The award has contributed to providing 

our customers with confidence. Our 

customers know that are getting the 

best quality service and this will help 

attract new customers and retain existing 

customers for a long-term relationship. 

The award has helped strengthen our 

profile within the industry as the alternative 

finance provider of choice and help us 

achieve our growth plans. 

Mark Smith, Executive Chairman 

and Founder, The Car Finance Company, 

winners of Consumer Credit Team of the 

Year. 



PROMOTING THE BRAND TO EXISTING AND 

POTENTIAL CUSTOMERS 

WINNING the British Credit Award creates 

a media buzz which in turn promotes 

our brand to both potential and existing 

clients. Part of our marketing strategy 

is to produce press releases for trade 

media, clients and prospects when Credit 

Assist has something newsworthy to 

promote, and winning the CICM award 

is most certainly newsworthy. We are 

always honoured to receive industry 

recognition for providing outstanding 

levels of service and our loyal customers 

and employees alike feel part of a team 

effort in achieving this. It is hugely 

beneficial for us to be able to prove the 

integrity of our high quality solutions when 

engaging with clients and achieving CICM 

award recognition helps to demonstrates 

this whilst also setting us apart from the 

competition. 

Our team takes great pride in being 

a conscientious and humble business 

offering global services. We were honoured 

to receive industry recognition for the 

outstanding levels of service provided 

to our extensive list of clients over many 

years. We look forward to continuing our 

long-standing relationships with clients 

and are proud of the very high percentage 

of clients we consider to be friends as well 

as customers. 

The award is the latest accolade for 

Credit Assist, which has built its reputation 

over many years across all markets with 

particular success in financial, legal, 

manufacturing and services sectors. 

Our highly experienced and customerfocused 

management team ensure that 

client relationships are built on firm 

foundations and that our solutions are 

tailored to meet specific requirements. 

Our ongoing investment in people and 

technology means that clients receive 

the best possible commercial advice 

and support. This is evidenced by the 96 

percent retention rates that Credit Assist is 

proud to have established, whilst customer 

numbers continue to increase at the same 

time. 

Steve Kilsby, Managing Director, Credit 

Assist, winners of Credit Information 

Provider of the Year. 

VALIDATING HARD WORK AND INVESTMENT 

WINNING the CICM award in 2015 has 

both validated and justified all the hard 

work and investment EFCIS has made 

over the years and, without question, 

has assisted us in securing additional 

business where we wouldn’t have had the 

opportunity previously. 

Winning an award by a respected 

institution like the CICM that advises, 

represents and trains credit control 

professionals, shows us that our credit 

and risk consultancy partnership approach 

is valued by our clients. 

The inclusion of the award winning logo 

on all our marketing material has been well 

received and also reminds our existing 

clients of the quality and credentials of 

EFCIS. 

It has also opened a number of 

opportunities to meet with organisations 

that previously wouldn’t have approached 

us. We have been invited as the award 

winner to speak at high profile credit and 

risk seminars during the year, both in the 

UK and overseas. 

Any business can have unrivalled 

customer service and unique product 

offering, however it is vital that they raise 

their market profile to ensure that they 

secure opportunities to demonstrate why 

they are different. Winning the CICM Trade 

Credit Insurance Broker of the Year Award 

for 2015 has helped us to raise our market 

profile that has had a direct positive impact 

upon income. 

The positive feedback and support we 

have received encourages us to continue to 

support the CICM and apply for the award 

again next year. 

Andy Moylan, Managing Director of 

EFCIS, Credit Insurance Broker of the Year. 


www.cicm.com September 2015 21

INTERVIEW 

• CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS • 

ON FERTILE 

GROUND 

Sean Feast chats to Charles Tilley to find there has never 

been a better time to be a management accountant. 

CHARLES Tilley, the Chief Executive 

of the Chartered Institute of 

Management Accountants (CIMA) 

never wanted to be an accountant. 

His first love was farming and upon 

leaving school was all-set on agricultural 

college but there was a snag: “My father 

said that he could not afford to buy me a 

farm and instead had a friend who was an 

accountant and the rest is history.” 

A Londoner by birth and educated at 

Seaford College in West Sussex, Charles 

qualified as an accountant at the age 

of 22, articled to West Wake Price in 

Moorgate – only a hundred or so yards 

from CIMA headquarters today. He joined 

Peat Marwick Mitchell in 1974 in the days 

of ‘generalist’ accountants: “There was 

little by way of specialisms,” he explains. 

“I managed a range of different tasks from 

audits and valuations through to mergers 

and acquisitions, working across a diverse 

range of customers both in the UK and 

Hong Kong where I spent 18 months in the 

late 1970s.” 

Having earned his spurs, Charles was 

appointed Partner in 1986 just at the point 

that Peat Marwick merged with KMG 

Thomson McLintock to become KPMG. 

Among his more rewarding responsibilities 

was to be placed in charge of graduate 

recruitment: “At the time we were 

recruiting up to 1,000 graduates every 

year, competing with all of the other major 

accountancy practices to attract the best 

talent. It was a fabulous role and great fun 

too.” 

After 14 years at KPMG, Charles 

changed direction, joining Hambros PLC 

which at the time was the UK’s second 

largest investment bank, becoming its 

Group Finance Director. Shortly before its 

take over by Societé Générale, he joined a 

boutique investment bank, Granville, with 

a brief to find a potential buyer. The ideal 

suitor was found in the Milwaukee-based 

Robert W Baird, and the two firms merged 

to become Granville Baird, and Charles its 

Chief Operating Officer. 

After 12 years in banking and finance, 

the role of CIMA Chief Executive was 

brought to his attention: “I spoke to the 

President about the role and it looked very 

interesting,” he says, “especially having 

been on ‘both sides’ as an accountant and 

a CFO/COO, and with my experience of 

student recruitment.” 

The year was 2001, and Charles 

immediately set about consolidating CIMA’s 

position and planning for growth. 

He also took steps to see that the role 

of management accountants was better 

understood, and differentiated from the 

mainstream. He uses a co-pilot/navigator 

analogy: “The roles of an accountant 

and management accountant are both 

underpinned by financial accounting,” 

he explains, “but whereas ‘traditional’ 

accounting tells you where you have been, 

and gives you the assurance of your current 

position, a management accountant will 

support you with where you are heading, 

informing the decisions you need to take in 

order to grow.” 

The Chartered Institute has grown 

significantly during Charles’ term of office, 

and is in rude health. When he took over, 

there were c60,000 members. This figure 

has almost doubled to around 100,000, 

and when students are taken into account, 

that figure doubles again to an impressive 

227,000. The Institute now has 40 offices 

worldwide including four in mainland China 

and one in Hong Kong. 

Charles explains that growth has been 

driven by a number of different factors: 

“In countries where university places are 

lacking, the CIMA qualification is seen as 

a clear route into the profession. Where 

university places are available, CIMA 

has worked closely with the world of 

academia in ensuring that the course that 

undergraduates study is closely aligned 

with the real world they will subsequently 

encounter, and vice versa. And at an 

international level, CIMA has been 

working with other professional bodies 

to achieve a recognised management 



MANAGEMENT 

ACCOUNTING IS DEFINED AS 

‘THE SOURCING, ANALYSIS, 

COMMUNICATION AND USE OF 

DECISION-RELEVANT FINANCIAL 

AND NON-FINANCIAL 

INFORMATION TO GENERATE 

AND PRESERVE VALUE FOR 

ORGANISATIONS’. 

accounting standard.” 

Arguably its most significant achievement 

has been CIMA’s joint venture with its 

counterpart in the US, the American Institute 

of Certified Public Accountants (AICPA), in 

developing a new designation, the Chartered 

Global Management Accountant (CGMA). 

In doing so they have created a global, 

professional community of more than 

600,000 professional accountants in almost 

180 countries, and the numbers are growing. 

And CIMA has not stopped there. Most 

recently it has created a Competency 

Framework, understanding what ‘good’ 

looks like and updating its exam syllabus 

to create a clear career path for the newly 

qualified, managers, senior manager and 

CFOs. 

It has also introduced Global 

Management Accounting Principles, to 

help support the development, execution 

and refinement of strategy through the 

performance management system, as 

well as to support the core activities of the 

management accounting function. 

“The Principles are intended to be 

universally applicable to help organisations 

large and small, public and private, extract 

value from the increasing volume 

of available information, Charles says. “They 

are aimed at CEOs, CFOs and members of 

boards of directors who have oversight of 

their organisations’ performance.” 

So what does the future have in store? 

Charles believes there has never been a 

better time to be a management accountant: 

“In the last 30 years, businesses have 

changed dramatically. Whereas 80 percent 

of the value used to be on the balance 

sheet, now it’s closer to 20 percent, so the 

role of the accountant has shifted. External 

forces have to be better understood. Of 

course they must still manage the balance 

sheet, but do a great deal more besides. 

Now the focus is on where they can add 

value, to align financial and non-financial 

Key Performance Indicators (KPIs) and 

develop plans and strategies that are 

evidence based.” 

HIS FIRST LOVE WAS 

FARMING AND UPON LEAVING 

SCHOOL WAS ALL-SET ON 

AGRICULTURAL COLLEGE 

BUT THERE WAS A SNAG: 

“MY FATHER SAID THAT HE 

COULD NOT AFFORD TO BUY 

ME A FARM AND INSTEAD 

HAD A FRIEND WHO WAS AN 

ACCOUNTANT AND THE REST 

IS HISTORY. 



LEGAL MATTERS 

WHAT TO DO IF 

A DEBTOR DIES 

EMMA EMERY IS A PARTNER AT FREETHS : emma.emery@freeths.co.uk 

In this month’s legal matters, Michael Locke of Begbies Traynor who deal in business 

rescue and recovery, discusses the best steps to take if a debtor dies. 

THERE are many aspects to consider 

on the death of a debtor, but the 

overriding issue for most creditors is 

that of reputational risk. Serving a 

statutory demand at a funeral will generate 

millions of pounds worth of bad publicity 

that many companies would wish to avoid. 

Most estates are solvent and handled by 

people who accept the need to pay due 

debts. 

Once tact allows it, creditors need to 

identify the person with locus to handle the 

estate. It is essential that the correct person 

is notified of the claim to ensure that there 

can be no error in distribution. Certain 

assets (such as a jointly held property) 

might pass outside an estate and not be 

available to satisfy creditors without court 

action, but such a claim can be interpreted 

as a hostile application if not dealt with in a 

diplomatic manner. 

Once probate is obtained it is common 

for the representative of the estate to 

be either a family member or former 

professional advisor, such that they will 

be aware of the deceased’s estate and be 

able to administer it correctly, although 

creditors should appreciate that many 

representatives come to an estate as a 

stranger and may welcome information 

identifying assets and liabilities to allow 

them to do their job correctly. 

The estate’s representative should 

compile information to allow them to 

establish the estate’s position for IHT 

purposes, and at this point can often come 

to understand that an estate is balance 

sheet insolvent. Unfortunately, due to 

implications of insolvency law, this can 

mean professional advisors’ fees can be 

rendered void and repayable in the future, 

such that many solicitors and accountants 

will no longer be prepared to work for the 

estate. Unqualified lay people may flounder 

at this point, lacking the skills or experience 

to deal with complex assets and litigation. 

Dialogue may even identify that the estate 

could become completely worthless due to 

lack of action. 

It is at this point that many 

representatives and creditors recognise that 

the insolvent estate should have a qualified 

Insolvency Practitioner in control of it. The 

IP can fulfil all the functions of the personal 

representative, without personal liability. 

The IP is of course also less personally 

involved and can act in a more commercial 

manner in dealing with the property of loved 

ones. 

The appointment of an IP need not 

be hostile to the interests of the estate’s 

representative and is commonly suggested 

as an idea by creditors in order to save 

the family the strain of administering an 

insolvent estate. The IP’s fees can be paid 

from recoveries, thereby avoiding further 

family trauma. 

The appointment of a Trustee in 

Bankruptcy can be of especial benefit to a 

secured creditor who may have deficiencies 

in their charge, where a property or 

business needs to be continued to trade. 

An IP furthermore has the powers granted 

to him by the Insolvency Act in order 

to pursue any antecedent transactions 

which have been undertaken to creditors’ 

detriment, eg gifts or preferential payments 

made to family creditors. Also, Section 

421A of the Insolvency Act allows for 

the overturning of the automatic passing 

of property outside the estate under 

the survivorship, thereby potentially 

substantially increasing the value of the 

estate. 

Separate to the emotional aspects of 

bereavement, the implications of death in 

insolvency can be many and various, such 

that specialist insolvency advice should be 

sought. Can you afford not to? 

Michael Locke handled the two leading 

cases in deceased insolvent estate law: 

Dick V Kendall Freeman and Williams V 

Lawrence. 

AS A CICM MEMBER YOU CAN RECEIVE FREE LEGAL ADVICE FROM FREETHS 

CALL THE CICM LEGAL HELPLINE 0845 0779698 



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OPINION 

DEBT DOWN UNDER 

Leigh Berkley, President of the Credit Services Association, contrasts the Australian 

collections industry and our own, and draws some interesting conclusions. 

ALTHOUGH we are two nations 

divided by many thousands of 

miles, the similarities between 

the Australian debt collection and 

purchase industry and our own are many, 

and there are also subtle differences that 

make the comparisons more interesting. 

The Australian Collectors and Debt 

Buyers Association (ACDBA) was launched 

in 2009 and currently has some 18 

members that represent more than three 

quarters (c75 – 80 percent) of the Australian 

Collections market. It employs c2,800 staff 

split between debt purchase (65 percent) 

and contingent (35 percent). 

In the Financial Year 2014, ACDBA 

members attempted to collect AUS$14.9 

billion in debts involving some 4.1 million 

consumer accounts. It meant initiating 

some 65.4 million contacts with consumers 

that resulted in only 9,000 complaints 

(managed by both Internal and External 

Dispute Resolution Processes) – or as a 

precise fraction, 0.0134 percent of the 

total. AUS$2.2 billion of debt was actually 

collected. 

DEVELOPING CODE 

One of the principal objectives in creating 

the Association was to develop a Code 

of Practice, and in doing so it has 

encountered a number of challenges with 

which we are all too familiar. Some ACDBA 

members, according to ACDBA CEO Alan 

Harries, have been enthusiastic, whereas 

others have been more cautious. All agree, 

however, that to have any real meaning, 

and to be effective, the Code needs to 

have universal member support. They 

agree too that the primary role of the Code 

is to raise standards and complement the 

legislative requirements that already set out 

how to deal with consumers. 

So how far have they come? In August 

of last year, the ACDBA developed 

and adopted a summary of minimum 

standards. It then created a framework 

that led directly to the development of its 

first draft Code. In drafting the Code, the 

ACDBA leaned heavily on the experiences 

of the UK’s Credit Services Association 

since the similarities in the legislative and 

regulatory landscapes proved to be a useful 

template. In December, the Code was put 

out to consultation, and the Association 

also sought the feedback of the main 

regulators. Having been further refined, 

a new draft was submitted for further 

comments in April of this year. 

The ACDBA Code is similar to our own 

not only in content, but also in its desire – to 

set out and raise standards, and to make 

compliance with the Code an obligation of 

ongoing membership. It is also there to help 

consumers better understand the treatment 

they can expect, and what constitutes best 

or bad practice. 

So what of the consumer debt 

landscape in Australia? Fiona Guthrie, the 



ONE IN EIGHT AUSTRALIANS 

LIVES IN POVERTY. TO PUT THAT 

INTO NUMBERS, THERE ARE 

2,265,000 PEOPLE LIVING BELOW 

THE POVERTY LINE INCLUDING 

575,000 CHILDREN. 

Executive Director of Financial Counselling 

Australia, believes that the debt collection 

industry is second only to the banking 

industry in having made the most progress 

towards helping customers in financial 

hardship. Customers of utility firms, 

however, can expect only limited support. 

THE POVERTY LINE 

One in eight Australians lives in poverty. 

To put that into numbers, there are 

2,265,000 people living below the poverty 

line including 575,000 children. Almost 

two thirds of that number (62 percent) are 

surviving on social security payments. 

One of the more interesting 

developments in support of the most 

vulnerable is the National Hardship Register, 

a tool that is intended to help those in 

severe financial hardship. Of those who 

apply to join the register, almost three 

quarters of all applications are approved. 

The split between men and women is 

almost half and half, although interestingly 

90 percent are single. Some 45 percent 

have declared mental health issues and 

the majority (73 percent) have a fortnightly 

income of less than AUS$1,000 (c£475). 

The biggest outgoing tends to be their rent 

that can often account for more than a third 

of their income, while their debts averaging 

AUS$5,000 - AUS$10,000. Six percent of 

the total, however, have debts in excess of 

AUS$40,000. 

Another interesting development in 

the Australian collections industry, and 

one that resonates in the UK, is the use of 

new technologies and thinking to improve 

collections efficiency and the customer 

journey. Technology is a significant enabler 

to customer engagement, especially for 

those who see personal contact as a barrier 

to overcoming a financial problem. Firms 

are developing dedicated ‘self-service’ 

web portals and web-chat functionality to 

complement the ‘traditional’ call centre 

environment to great effect, and data 

analytics is now commonplace, albeit that 

there is much room for further development. 

The use of behavioural insights is 

similarly gaining traction, looking at how 

letters can be simplified both in terms 

of content and presentation and even 

including images and charts to prompt 

greater response. Such techniques have 

been proven to work in the UK with the 

HMRC and the DVLA, for example, but 

have also been trialled by the New South 

Wales government to improve the collection 

rates of court fines. By subtle changes in 

text, and a better understanding of when 

to ‘intervene’ in the collections cycle, it 

improved collection rates by almost seven 

percent - a remarkable improvement for 

such an inexpensive change. It is good to 

see that the FCA is following a similar route 

with its recent paper on Smarter consumer 

communications. 

In terms of specific challenges, the 

sharing of data is one that will again 

resonate with those working in the UK 

credit community. Surprisingly, there 

is no comprehensive sharing of credit 

data, neither is there any agreement or 

framework to do so. Australian collectors 

share similar reputational issues to their UK 

counterparts; the industry is sometimes 

perceived in a negative light, reinforced by 

media stereotypes, even though complaints 

are incredibly low. The importance of 

positive customer engagement is properly 

understood, and leading firms have become 

much more ‘customer centric’ (much 

as we no longer speak of ‘debtors’ but 

rather ‘customers’). This has led to the 

development of stable ‘arrangement books’ 

that now account for c70 percent of monies 

collected. 

Australian members of the ACDBA 

clearly recognise the need to work closely 

with the regulators on such key matters 

as remuneration, and rewarding the right 

conduct. ASIC, the Australian Securities 

and Investment Commission, for example, 

is keen to be seen to be supporting and 

facilitating good conduct, as is our own 

FCA. They are also hot on the subject 

of clarity and transparency in dealings 

between the collections agency and the 

customer. 

There will always be rogue operators, 

another fact that we in the UK and our 

counterparts in Australia have recognised. 

It is interesting too that the ACDBA’s 

approach, as ours, is to demonstrate that 

such behaviours are the exception and not 

the rule, and that misconduct will not be 

tolerated by anyone within the mainstream 

collections industry. 

More detail on the code can be found at 

acdba.com 


LEGAL COLUMN 

CAROUSEL 

FRAUD 

Peter Walker highlights a case where the judges of the 

Supreme Court outsmarted the miscreants. 

THE Financial Conduct Authority 

warns people to beware of 

companies and others offering 

investments in carbon credits, and 

some of those involved have gone out of 

business leaving their investors without 

redress. Although trading in carbon credits 

can be a legitimate business, a recent case 

illustrates that some people are using their 

own companies to commit VAT fraud. 

The judges of the Supreme Court had to 

consider those seamier aspects of carbon 

credits in Bilta (UK) Ltd v Nazir (No 2) [2015] 

2 WLR 1168. Carbon credits ostensibly 

were the worthy result of the Kyoto Protocol 

of 1997, which intended to reduce the 

emission of carbon into the atmosphere. A 

company, for example, which reduced its 

greenhouse gas emissions is given a credit 

in accordance with a formula. It can sell 

that credit to another business, which is 

exceeding its quota. So-called ‘developing 

countries’ with high emissions can buy 

those credits from those ‘developed 

countries’ successfully reducing those 

emissions. 

The system is complicated, one cause 

of criticism, and in September 2009 the 

Department for Environment, Food and 

Rural Affairs (DEFRA) issued ‘Guidance 

on how to measure and report your 

greenhouse gas emissions’. A business, 

and according to the Guidance it can be as 

small as a bed-and-breakfast enterprise, 

has to identify those of its activities 

releasing greenhouse gas emissions into 

the atmosphere, and then to calculate 

them. It has to do various computations, 

set targets for its emissions, and report 

accordingly. 

There are accounting implications 

as mentioned in the Guidance and in 

‘Accounting for Carbon’, a report issued 

by the Association of Chartered Certified 

Accountants (ACCA) in 2010. One of the 

findings of that report was that ‘large 

emitters in the EU ETS (European Union 

Emissions Trading System) are using 

a diversity of accounting practices in 

accounting for emission allowances: there 

is no uniformity of treatment.’ That it not 

helpful to those people, such as credit 

managers, who analyse accounts and in 

particular balance sheets, so they should 

carefully read the explanatory notes in the 

financial statements. 

There is a resulting financial market for 

carbon credits. The European Investment 

Bank, for example, sponsors some carbon 

funds ‘to further the climate change 

objectives of the EU’ according to its 

‘Frequently Asked Questions’ on the topic. 

One factor in the debate is that the saving 

of one carbon credit may be purchased 

by another business to cover its excessive 

emissions with the result that there is no 

overall reduction. 

There is furthermore a seamier side of 

the trade, in that the Financial Conduct 

Authority advises the general public, i.e. 

you and me, ‘to avoid investing in carbon 

credits and related markets.’ It is ‘most 

likely a scam.’ 

GET OFF THE CAROUSEL! 

Another fraudulent activity is that of the 

carousel, which was originally used in the 

context of the import and export of mobile 

phones. A business would import from 

another company in the European Union 

(EU) a VAT-free consignment of them. The 

business would sell the consignment to 

an intermediary within the UK, when VAT 

would be charged. The phones would 

then be exported again VAT-free, and the 

exporter would claim back the VAT from 

HMRC. The intermediary would disappear, 

so HMRC would not have received the VAT. 

The process would be repeated, and it was 

as though the goods were going round 

and round on a carousel. It is also known 

as a ‘Missing Trader Intra-Community’ VAT 

fraud. The same system can be used by 

unscrupulous Carbon Credit traders. 



Creditors, particularly the tax authorities 

(HMRC) and consequently we taxpayers, 

are the victims. In the Bilta case a 

company was liable to account for output 

tax in excess of £38 million, and HMRC 

presented a winding-up petition. The 

company was compulsorily wound up. The 

liquidators through the company brought 

proceedings against various defendants, 

including two former directors, a French 

company, and others. They alleged that 

the two former directors with others had 

caused the now liquidated company to 

enter various transactions relating to the 

European Emissions Trading Scheme. The 

liquidators asserted that those transactions 

amounted to carousel frauds. 

The defendants resisted the claims 

firstly on the basis of a Latin maxim, ‘ex 

turpi causa non oritur actio’. This means 

that an action does not arise from a 

dishonourable cause, such as from a 

contract founded on immoral consideration. 

The defendants alleged that the company 

itself had participated in the fraud, so it 

could not bring an action against them. 

There was also section 213 of the 

Insolvency Act 1986 concerning fraudulent 

trading. In such circumstances a court 

may declare that ‘any persons who were 

knowingly parties’ to the carrying on of the 

business which had the intent to defraud 

creditors of the company, or ‘creditors of 

any other person’, or ‘for any fraudulent 

purpose’ are liable to make ‘such 

contributions (if any) to the company’s 

assets as the court thinks proper,’ 

IMMORAL AND ILLEGAL ACTS 

Lord Sumption JSC turned for guidance 

to the judgment of Lord Mansfield which 

he gave one July just over 240 years ago 

(Holman v Johnson [1775] 1 Cowp 341). 

‘The plaintiff who was resident at, and an 

inhabitant of, Dunkirk, together with his 

partner, a native of that place, sold and 

delivered a quantity of tea, for the price of 

which the action was brought, to the order 

of the defendant, knowing it was intended 

to be smuggled by him into England.’ The 

sellers were not parties to the smuggling 

scheme, and contended that the contract 

was complete when the tea was delivered 

at Dunkirk. 

Lord Mansfield pointed out, ‘No court 

will lend its aid to a man who founds his 

cause of action upon an immoral or an 

illegal act’ (ex turpi causa non oritur actio). 

The contract was completed in Dunkirk, 

so that, in Lord Mansfield’s opinion, ‘the 

vendors of these goods are not guilty of any 

offence, nor have they transgressed against 

the provision of any Act of Parliament.’ 

Thus ended the Trinity law term of 1775. 

The Judges of the Supreme Court were 

more up to date, when they considered the 

ruling of their predecessors in the House 

of Lords in Moore Stephens v Stone & 

Rolls Ltd [2009] AC 1391. The owner and 

director of a company had siphoned away 

its assets, and had falsified the accounts. 

A Czech bank discovered what was going 

on, so it sued both the director and the 

company. The latter went into liquidation 

and the director had no funds despite his 

earlier actions. 

The creditors therefore claimed that 

the auditors were liable, and the company 

sued the firm in negligence. The auditors 

countered that the company was not 

a victim but was a tool of the fraudster 

and aware of the fraud. They raised that 

defence of ex turpi causa non oritur action, 

and a majority of the Law Lords agreed that 

the defence should succeed. 

In the Bilta case the Judges of the 

Supreme Court referred to that case, 

and Lord Neuberger referred to ‘the 

confusing nature of the decision.’ Peter 

Watts suggested in an article in the Law 

Quarterly Review (Audit contracts and 

turpitude – (2010) 125 LQR at page 20) 

that ‘the majority reached the correct 

conclusion.’ The auditors were only to 

concern themselves with the shareholders, 

and the only beneficial shareholder was ‘the 

source of the fraud’ and ‘caught by the ex 

turpi rule.’ Peter Watts concluded, ‘It was 

unnecessary and wrong in this context to 

treat the company itself as a fraudster.’ 

VICTIM OF WRONG DOING 

He noted that the application of the maxim 

depends on the context, and this was 

emphasised in the Bilta case. In most 

situations the law of agency would attribute 

the minds and acts of the directors to a 

company. Where, for example, a company 

had been the victim of wrongdoing by its 

directors, that wrongdoing could not be 

attributed to the company as a defence 

against a claim brought against the 

company by its liquidators. In the context 

of the Bilta case the company was a victim 

of the directors’ wrongdoings, so it could 

not be used as a defence against its claims 

against them. The judges of the Supreme 

Court also agreed with the earlier ruling 

of the Court of Appeal that Section 213 

of the Insolvency Act furthermore had an 

extraterritorial effect, and could be invoked 

against the defendants too. 

This is a sensible decision, and Chao 

Hick Tin JA of the Singapore Court of 

Appeal commented on the earlier Court 

of Appeal decision in Ho Kang Peng v 

Scintronix Corp Ltd [2014] SGCA 22 ‘that 

where a company makes a claim against 

a director premised on the latter’s breach 

of duty, the company is a victim, and the 

law will not allow the enforcement of that 

duty to be compromised by the director’s 

reliance on his own wrongdoing.’ 

Quite right! HMRC could not have 

avoided its status of creditor in the Bilta 

case, but credit managers should be wary 

of some companies claiming to be involved 

in carbon-credit trading. 



STORM 

CLOUDS 

GATHERING 

5 6 7 8 

Jason Braidwood MCICM(Grad), Head of Sales Ledger 

Consultancy at Creditsafe Business Solutions analyses the 

latest monthly business to business payment performance 

statistics. 

10 

AFTER an encouraging spring we bounce back after a dip in performance in 

5 

are beginning to see payment June although it still has a way to go before 

6 5 4 3 2 1 0 0 1 2 3 4 5 6 7 performance 8 0 

take a slight turn for we see average Days Beyond Terms (DBT) 

5 6 7 8 

Aug Sep Oct Nov Dec Jan Feb Mar Apr23.8 

Region 

23.8 the worse in our monthly analysis of down to five days as 25 May Jun Jul 

it was recently in May. 

25 

Scotland 

Creditsafe’s trade payment data databases. Hospitality and Entertainment along with 

20 

18.2 17.4 17.3 

20 

ide 

18.1 15.7 15.9 16.3 15.7 15.8 16.2 16.1 16 

DBT 

As you can see from the review of the Agriculture are also in our top five prompter 

15 

15 

Getting Better 

national picture over the last year, while we payers, as they have been for much of the 

10 

10 

5 are not yet near the late payment levels a year – but once again their DBT figures are 

Scotland -2.1 

5 

0 year or so ago the positive picture from the noticeably higher than they were earlier 

0 

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 

earlier part of the year has been replaced in Jul 

+2.9 North West 

the year. On the other hand problems 

Scotland 

rside 

by a trend that seems to be moving in continue in the Utilities sector as once again 

18.1 DBT 

Scotland 

+2.1 Yorkshire & Humbersidethe wrong direction. Perhaps all the 18.1 bad Mining and Quarrying and Energy Supply 

DBT 

Northern 

weather this summer is stopping people both appear in the bottom five with Mining 

Ireland 

+1.5 West Midlands 

23.4 DBT 

getting out and posting their cheques!. and Quarrying also taking the biggest step 

North West Yorkshire & 

It’s by no means a devastating picture backward this month. Our old friend Water 

20.5 Humberside 

DBT 

+3.1 East Midlands 

16.4 DBT 

but it does look consistently disappointing and Waste is sitting just outside the bottom 

Northern 

Ireland 

+0.7 East Anglia 

with few industry sectors showing any five as well and it’s also disappointing to 

23.4 DBT 


real improvement, with the honourable see Manufacturing in the bottom five again 

Humberside 

East 

20.5 

Northern 

DBT 

16.4 DBT 

Midlands 

Ireland 

+1.9 Wales 

exception of Finance Insurance, and after some improvement of late. 

17.9 DBT 

23.4 DBT 


West all regions of the UK except Scotland 

East 


DBT 

+2.1 South West Midlands Midlands 

just that East bit Anglia worse. However, the average 16.4 REGIONS 

DBT 

Wales17.9 DBT 19.3 DBT 

West 

is now rooted 14.5 DBT 

18.6 firmly above two weeks If we split the country on a regional basis 

DBT 

+2.8 South Midlands East 

East Anglia 

Wales 19.3 DBT 

beyond terms and is potentially heading the East rough north-south divide seems to 

14.5 DBT 

18.6 DBT 

London 

Midlands 

+2.6 London 

out towards three, while deeper analysis be generally in place, with the regular 

London 

19.6 17.9 DBT 

DBT 

West 

19.6 in some industry sectors this kind of late exceptions of Yorkshire and Humberside on 

DBT 

South East 

Midlands 

South East 

East Anglia 

+1.8 Northern Ireland South payment is becoming the norm, month the positive side and London in the bottom 

South West 

18.6 West 

18.6 

Wales 

DBT 

19.3 DBT 

DBT 

14.5 DBT 

18.6 DBT 

16.8 DBT 16.8 DBT after month. We would of course always five. As noted before we’ve moved from a 

Getting Worse 

recommend that all credit professionals situation London two months ago of improvement 

19.6 DBT 

keep a close eye on these trends, not across the board to one where all the 

South East 

Bottom Five Poorer Payers 

just in terms of managing your collection South West regions except 18.6 DBT Scotland have taken a step 


16.8 DBT 

5 

Region July 15 Change on June 15 

strategies, but in setting terms in the first backwards. None of these regions appear 

Finance 

Wholesale 

Northern Ireland Insurance 23.4 Hospitality +1.8 

and Retail 

Constructionplace, particularly with new customers. to be making spectacular falls but the 

etter North Region West -12.5Finance 

20.5 -1.7July +2.915 -0.3 Change on June 15 Wholesale -0.1 

general trend is one that we all need to be 

London 19.6 +2.6 


and Retail 

Construction 

Wales Top Five Prompter 18.6 Payers +1.9 

INDUSTRY Bottom Five SECTORS Poorer Payers 

keeping a close watch on. 

tter orse Scotland North Mining & West -12.5 Business 18.1 20.5 -1.2 IT & Comms -1.7+2.9 

Professional -0.3 Education 

A deeper look -0.1 at industry by sector reconfirms 

Quarrying 

from Home 

& Scientific 

London Region 19.6 +6.8 July 15 +2.6 Change on June 15 

+12.2 +9.7 

+6.5 

+6.2 Region 

some Finance 

July 15 Change on June 15 

of the trends we’ve seen 

Wholesale 

Wales East Anglia 18.614.5 +1.9 +0.7 


and Retail 

Construction 

over the last six months or so. On the plus HJason Braidwood MCICM(Grad) Head of 

rse Scotland Mining Yorkshire & & Humberside Business 18.116.4 -1.2 IT +2.1 & Comms Getting Better Professional 

North West -12.5 Education 20.5 +2.9 

side Finance and Insurance is looking 

-1.7 

to Credit -0.3 & Collections -0.1 - Creditsafe Group 

Quarrying South West from Home 16.8 +2.1 

London & Scientific 

19.6 +2.6 

+6.8 

+6.2 

+12.2 

East Midlands 

+9.7 

17.9 +3.1 

Wales +6.5 

18.6 +1.9 

South East 18.6 +2.8 Getting Worse Scotland Mining & 

Business 18.1 -1.2 IT & Comms 

Professional 

Education 

Quarrying 

from Home 

& Scientific 

+6.8 

+6.2 



+12.2 

25 

20 

15 

23.8 

+9.7 

18.2 

15.7 15.9 16.3 15.7 15.8 16.2 16.1 16 

17.4 17.3 

+6.5 

18.2 

15.7 15.9 16.3 15.7 

Aug Sep Oct Nov Dec Jan

PAYMENT TRENDS 

9 7 7 6 6 5 54 4 3 3 2 2 1 1 0 0 

0 0 1 1 2 2 3 34 4 5 5 6 6 7 7 8 8 

Scotland +2.1 +2.1 Scotland Yorkshire -2.1 -2.1 && Humberside 

+1.5 +1.5 +2.9West +2.9 North Midlands 

West North West 

5 4 3 2 1 0 0+3.1 

+3.1 1 +2.1 2East East 

+2.1 3Yorkshire Midlands 4 Yorkshire 5& Humberside 

6 7& Humberside 

8 

23.8 

Region 

25 

+0.7 +0.7 +1.5East +1.5 East West Anglia 

Midlands 

West Midlands 

20 

18.2 

15.7 15.9 16.3 15.7 

64 5 3 4 2 3 1 2 0 1 0 0 10+1.9 

2+3.1 

1 Wales 32 East 43 Midlands 

45 East 

65 Midlands 67 78 

8 

15 

+3.1 

Region 


25 

23.8 

Region 

+0.7 East Anglia UK DBT Trend 

25 10 

UK DBT Trend 

20 

20 

18.2 

Scotland -2.1 

+2.1 +2.1 South +0.7West 

East Anglia 

5 

1 

+1.9 Wales 

15.7 15.9 16.3 15.7 15 

15 15 

Getting Getting Better +2.8 +2.8 Better South +1.9East 

East Wales 

23.8 

23.8 

0 

+2.9 North West +2.1 South West 25 25 

10 10 Aug Sep Oct Nov Dec Jan 

Scotland Scotland -2.1 -2.1 +2.6 +2.6 London 

+2.1 South West 20 

18.2 Scotland 

55 

17.4 17.3 

+2.1 Yorkshire +2.8 & Humberside 

South East 20 

15.7 

18.2 15.9 18.1 16.3 15.7 15.8 16.2 16.1 16 1 

15.7 

DBT 

15.9 16.3 15.7 15.8 00 

16.2 16.1 16 

+2.9 +2.9 North North West West 

15 

Aug Sep Oct Nov Dec Jan Jan Fe 

+1.5 West +1.8 Midlands +1.8 +2.6Northern +2.8 LondonSouth Ireland 

East 

15 

10 

Scotland 

Scotland 

+2.1 +2.1 Getting Getting 

Yorkshire Yorkshire Worse Worse 

& Humberside & +2.6 Humberside London 

18.1 

18.1 DBT 

+3.1 East Midlands +1.8 Northern Ireland 

DBT 

510 

+1.5 +1.5 West West Getting 

Midlands Midlands 

Worse +1.8 Northern Ireland 


0 

East Midlands 

East Midlands 

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 

+3.1 

+3.1 

Getting Worse 

5 

Northern 

Ireland 

+1.9 Wales Sector 

23.4 DBT 

Yorkshire & 

Scotland +0.7 East Anglia Sector0 

North West 



DBT 

18.1 +2.1 

DBT 

South West 

Northern 

16.4 DBT 

Northern Ireland 

+1.9 Wales 

Aug Sep Oct Nov Dec Jan Feb Mar Apr May J 

Ireland 

+1.9 Wales 

Sector 23.4 DBT 

+2.8 South East 


23.4 DBT 

North 20.5 West Yorkshire Humberside 

DBT 

& East 

Scotland +2.1 South West 

Finance Finance 

20.5 Humberside 16.4 Midlands Wholesale 

DBT 

DBT 

+2.1 South West 

Finance and Wholesale 

+2.6 London 

and Insurance 

Hospitality 

and Retail 

16.4 17.9 and Retail 

Construction 

DBT 

DBT 

18.1 DBT 

and Insurance 

Hospitality West 

and Retail 

Construction 


Getting Getting Better Better 


East 


-12.5 -12.5 

Midlands 

-1.7 -1.7 -1.7 -0.3 -0.3 -0.3 -0.1 -0.1 -0.1 

East Anglia 

+1.8 Northern Ireland 

Wales 19.3 DBT Midlands 

Finance 

East 14.5 DBT 

Wholesale 

+2.6 London 

18.6 DBT 

Midlands 17.9 DBT 

and Insurance 

West Hospitality 

and Retail 

Construction 

Getting +2.6 WorseLondon 

Getting Getting Worse 

Worse 

Mining Mining & & & 

Business Business BusinessMidlands 

IT & 17.9 Comms IT & IT Comms & Comms 

DBT 

Professional Professional 

Education Education 

London 

West 

East Anglia 



Quarrying 

from Wales from Home -12.5 from Home Home -1.7 & Scientific &-0.3 

Scientific & -0.1 

19.3 DBT 

Midlands +6.8 19.6 DBT 

+6.8 +6.8 14.5 DBT 

+6.2 +6.2 +6.2 

18.6 DBT 

East Anglia 


+12.2 

Wales +9.7 +9.7 +9.7 

South East 

19.3 

+6.5 +6.5 +6.5 

DBT 

Northern 

Ireland 

23.4 DBT 

9 7 6 5 4 3 2 1Getting Getting 0 Better Better0 1 2 3 4 5 6 7 8 

9 7 6 5 4 3 2 1 0 0 1 2 3 4 5 6 7 8 

Scotland 

-2.1 -2.1 

Getting Worse 

North West 

Getting Worse 20.5 DBT 

Yorkshire & 

Humberside 

16.4 DBT 

14.5 DBT 

18.6 DBT 

IT & Comms 

16.8 DBT 

South West 

18.6 DBT 

Top Five Prompter Payers 



East Top Top Five Bottom Five Prompter Five Poorer Payers 

Payers 

16.8 DBT 

Bottom Five Five Poorer Payers 

Sector July 15 Change on June 15 


Midlands 

Region July 15 Change on June 15 Sector Wholesale Sector Region and Retail 

17.9 DBT 

Finance 

12.8 July July 15 July 15 15 -0.3Change Change Change on June on on 15June Mining 15 & Quarrying 35.1 +12.2 

Wholesale 

Sector Sector July July 15 15 Change Change on June on June 15 15 



East Anglia 14.5 West +0.7 

Wholesale Hospitality Northern and and Retail Ireland Retail Insurance12.8 12.8 12.8 23.4 

-1.7 Hospitality -0.3 -0.3 +1.8 

Professional and Retail Mining Mining & Scientific & Quarrying & Construction 27.2 35.1 +6.5 35.1 +12.2 +12.2 

Midlands 

Agriculture Top Five Prompter 14.2 Payers +1.3 

Energy Supply Bottom Five 25.3 Poorer +6.1Payers 

Yorkshire North & 

Region West Humberside Yorkshire 16.4 & +2.1 East Anglia Bottom Five Poorer Payers 

Wales 

July 15 Change Getting on June Better Hospitality North West 

15 IT & Comms Region -12.5 12.8 12.8 20.5 

July 15 Change on June 15 

19.3 

Finance 14.5 +6.8 

-1.7 -1.7 +2.9 

Business -0.3 Professional & Scientific & Wholesale admin & support 

-0.1 27.2 27.2 +6.5 +6.5 

23.0 +2.8 

DBT 

South West 16.8 +2.1 


14.5 Agriculture DBT 

East Anglia 18.6 DBT 

14.5 +0.7 

Entertainment London 

Northern Ireland Insurance 14.2 14.2 

15.1 19.6 +1.3 +1.3 

23.4 +1.8 Hospitality +2.6 

Energy Energy Supply Supply 25.3 25.3 +6.1 +6.1 

20.5 

Humberside 

+1.8 

and Retail 

Construction 

DBT 

Manufacturing 21.1 +3.6 

Region East Midlands July 15 Change on June 15 

Region Wholesale and Retail 

Finance 

July 15 12.8 Change on -0.3 June 15 

Mining & Quarrying 35.1 +12.2 

Yorkshire & Humberside 

17.9 

16.4 

+3.1 

IT & IT Comms & 

+2.1 

Wales 14.5 14.5 

Getting Better North West 

18.6 +6.8 +6.8 

-12.5 20.5 

+1.9 

-1.7+2.9 

Wholesale 

Business admin admin & support & 23.0 23.0 +2.8 +2.8 

16.4 DBT 

-0.3 -0.1 

East South Anglia 14.5 +0.7 London 

Northern Hospitality Ireland Insurance 

South 

East 

West 

18.6 

16.8 

+2.8 Getting Worse 

+2.1 

Entertainment Scotland Mining & 

London 

15.1 Business 15.1 23.4 18.1 

19.6 Hospitality 12.8 +1.8 +1.8 

-1.2 IT &-1.7 

Comms 

+2.6 and Retail Manufacturing Professional Professional Construction & Scientific Education 21.1 21.1 27.2 +3.6 +3.6 +6.5 

Quarrying 

Yorkshire East & Humberside Midlands 16.4 17.9 +2.1 19.6 Getting +3.1 

North West 

Agriculture from Home 

20.5 

14.2 

+2.9 

+1.3 

& Scientific Energy Supply 25.3 +6.1 

DBT Better 

Wales -12.5 

18.6 -1.7 +1.9 +6.8 -0.3 -0.1 +6.2 

South West South East 16.8 18.6 +2.1 +2.8 Getting South Worse IT & Comms 14.5 

East London 

+12.2 

Scotland Mining & 

+9.7 

Business 19.618.1 +2.6 -1.2 IT +6.8 & Comms 

Professional 

+6.5 Business admin & Education support 23.0 +2.8 

Quarrying Entertainment from Home 15.1 +1.8 

& Scientific Manufacturing 21.1 +3.6 

East Midlands South 17.9 West East +3.1 18.6 DBT Wales 18.6 +1.9 +6.8 

+6.2 


South East 18.6 www.cicm.com September 2015 31 

16.8 +2.8 Getting Worse Scotland Mining +12.2 & 

Business +9.7 18.1 -1.2 IT & Comms 

Professional +6.5 

Education 

DBTMidlands 

Quarrying 

from Home 

& Scientific 


+2.9 +2.9North West 

Getting Better Getting Better 

Getting Worse 

18.6 DBT 

Mining & 

Quarrying 

+12.2 

South West 

London 

16.8 Business 

DBT 

19.6 DBT 

from Home London 

19.6 DBT 

South West +9.7 

+6.8 

South East 

18.6 DBT 

South East 

+6.8 


+6.2 

Professional 

& Scientific 

+6.5 

Education 

+6.2

DATA & ANALYTICS 

BIG IS BEAUTIFUL 

Sebastien Clouet, Marketing Director, Tinubu Square says 

that credit managers need to be given the right tools for the 

responsible job they do. 

BUSINESSES, in order to survive, 

and more importantly to thrive, have 

often turned to finance departments 

to find new, efficient processes to 

steer them through financial difficulties. 

Subsequently, credit managers are 

playing a more central role, one that 

proactively contributes to a company’s 

expansion. They have moved from the 

‘back office’ into a more prominent position, 

getting involved in strategic decision 

making and providing guidance to the 

sales team and senior managers to help 

direct business development. To prosper, 

senior departmental managers are looking 

to the credit management team to make 

informed choices about levels of risk, how 

much credit to extend to existing and new 

customers, and how they can use flexible 

credit terms as a means of expanding the 

business for the future. 

The change in roles was evident in the 

findings of the Chartered Institute of Credit 

Management Credit Managers’ Index 

for Q1 2015. Not only does it illustrate 

business confidence and an all-time index 

high, it also reports a change in role and 

responsibility for more than three quarters 

(78 percent) of respondents. 

Some 41 percent said they not only 

had additional responsibilities, but were 

also increasingly being called upon to 

make strategically important decisions. It 

is reassuring to see that the contribution 

of credit managers is making a wider 

impact. The same report, however, also 

found that tasks such as managing credit 

across multiple countries are only being 

successfully automated by just over half 

(57 percent) of respondents, which means 

that 43 percent do not have the adequate 

software to support them. And just under 

a third still perform cross-country credit 

management as a manual task. 

ACCESS TO TECHNOLOGY 

Lack of access to technology solutions 

(in a profession typically characterised 

by systems based on less than efficient 

multiple mixed ledgers) can only hold credit 

managers back. Some more enterprising 

finance departments are deriving value from 

a combination of all the data that they have 

on their customers and the analysis that 

can be drawn from it in terms of actionable 

insight and greater efficiency. 

Credit managers who initiate big data 

projects are best served by focusing on 

easy wins, such as the data that can analyse 

trade payment behaviour, for example. 

With an overview of the characteristics of 

customer payments, credit managers can 

then form a case-by-case view on credit 

limits and access. They are firmly in control 

and can bring ‘silo’ teams and departments 

together, to collaborate and combine efforts 

for optimum return. 

It’s not just credit managers but all levels 

of staff from sales directors through to CFOs 

who can use the analysis derived from 

big data to make better informed financial 

decisions and encourage board-level 

endorsement to extend big data projects 

more broadly. But, because credit managers 

benefit from shared data, there is a logic to 

them implementing and driving the use of 

these technology-based projects. 

Big data has much to offer in support 

of everyday credit management functions. 

It can help to analyse debts and prioritise 

persistently late payers so solutions can be 

found for dealing with them and reducing 

DSO; by monitoring debt collection records, 

risk can be minimised; the integration 

and streamlining of credit management 

processes saves time and costs; it can help 

to highlight the cost of late payments and 

the impact on cash flow; plus decisions can 

be made about ‘acceptable risk’ customers 

as defined by enterprise policy, whilst 

establishing insight into payment behaviour. 

Big data and systems deliver real-time 

analysis which allows credit managers 

to make decisions based on hundreds 

of variables that are always current and 

by being in a stronger financial position, 

companies can obtain short-term bank 

credit. 

Big data intelligence and the solutions 

that work hand in hand with data arms 

companies so they can assess customer 

risks and focus sales efforts on the 

strongest, high value opportunities that 

deliver fast, full revenue recognition. 

For credit managers fulfilling more 

strategic roles, big data removes the 

guesswork and helps to automate tasks 

through technology. For the 43 percent 

of credit managers who said they did not 

have the software to support them, big 

data could make the difference between 

accurately identifying financial opportunities 

or succumbing unnecessarily to dangerous 

financial risks. 





SOAPBOX CHALLENGE 

BEATING THE 

WRONG DRUM 

David Knowles of Creditsafe discusses the 

impact of politicians’ rhetoric on credit relationships. 

SOAPBOX 

challenge 

I’M fed up with politicians of all parties 

banging on about the lack of bank 

lending to small businesses, when their 

apparent ignorance of the importance 

of everyday trade credit means they 

continually take actions that will actually 

lead to there being less money available 

to small businesses, which will end up 

endangering those companies, and as a 

result the country’s economic growth. 

Politicians have an easy target in 

bashing bankers for not lending to small 

businesses, and appear to love it when 

that puts them firmly in the media spotlight. 

However, while many firms obviously need 

capital investment to help secure their 

long-term growth, all good credit managers 

know it is the lack of day-to-day cash 

that will always kill a company. In fact, 

the everyday flow of trade credit between 

companies is three times larger than all 

banks’ lending to business. While trade 

credit will never fund the purchase of a new 

factory, it is the way in which cash flows 

into a company allowing firms to pay their 

bills, their staff and their taxes and keeps 

the economy flowing. 

It’s reassuring to see an increasing 

focus on the problems of late payment, 

but again what looks like ignorance on the 

part of lawmakers in both Westminster and 

Brussels seems to lead them to believe 

that this is a problem they can simply 

make vanish at the wave of a legislative 

wand. The fact is we need to see a cultural 

shift when it comes to payment and the 

powerlessness felt by many at the bottom 

end of aggressive supply and payment 

chains. 

Most of us in our industry believe that 

effective business credit relationships are 

built on open, honest and understandable 

information. This allows those granting 

credit, whether professional credit managers 

or harassed small business owneroperators, 

to make well-informed decisions 

and to set and agree appropriate terms. 

The Government’s and EU attempts 

to ‘cut red tape’ have already limited, and 

will continue to limit, the amount of data 

available on companies that is filed at 

Companies House. Regulators are actually 

doing a disservice to small businesses as 

cutting red tape in this arena can have a 

direct impact on cutting credit lines available 

to these firms. In an era where ‘responsible 

lending’ has become a nationwide mantra 

it seems ridiculous that the tools to achieve 

this would be diminished. Imagine if a credit 

card issuer couldn’t access your credit 

history, it would be chaos. 

As a result, companies like ours have 

less information available to help provide 

comprehensive data in our reports and 

to help build credit scores and ratings. 

As responsible players with an obligation 

to provide the best possible service to 

our credit management customers, we 

inevitably have to take a more cautious 

approach when analysing companies where 

less information is available, leading to a 

knock-on effect on the granting of trade 

credit. 

However, politicians and civil servants 

aren’t the only villains keeping useful 

data hidden. Far too often accountants 

and paranoid business individuals 

often don’t understand the benefits of 

data transparency and will rush to file 

abbreviated accounts at Companies 

House believing that they are somehow 

gaining a competitive advantage. In reality, 

the additional information available in full 

accounts will quite often lead to a company 

getting a higher credit score and finding 

access to trade credit and bank lending 

is improved. “Ah ha!” say the politicians 

“that’s an extra red-tape burden,” without 

realising that companies usually produce 

full accounts anyway in order to run their 

business. Pushing the ‘attach file’ or ‘send’ 

button on your computer doesn’t strike me 

as particularly burdensome. 

We shouldn’t take this lying down and 

we can fight back. As an industry the 

CRAs, through their trade association BIPA 

(bipa.uk.com), continue to engage with 

Government to help explain the benefits of 

making data available and the impact that 

has on trade credit. The recent decision by 

the Government to release VAT register data 

to CRAs later this year will genuinely help 

improve the flow of trade credit, particularly 

for smaller and non-limited companies. 

However, everyone can play a part; make 

sure your organisation files full accounts, 

promote the benefits of open data and 

help make more information available by 

helping expose poor (and good) payment 

performance by sharing your ledger 

payment data with all the CRAs. It is quick, 

easy and confidential and it’ll help in 

improving information and may even help 

get you paid quicker. 

We don’t have to accept the 

consequences of well-meaning, but misguided 

politicians, or rely on them to clear 

up the impact of their actions, we can 

actually all work together to make things 

better ourselves. 

iDavid Knowles is Marketing Director 

at Creditsafe Group. His background 

in building brands across borders, 

notably in the drinks business has served 

him well as Creditsafe has expanded 

worldwide. 

Do you have an issue worthy of the soapbox challenge? If you do, the editor would love to hear from you. 

Send your email to editorial@cicm.com or andrew.morris@cicm.com 



A Credit Manager walks into a bar… 

…and the Finance Director’s buying. Well, why not? DSO is down, 

collections run like clockwork and the Credit Controllers spend their time 

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INSOLVENCY 

THE GOOD, THE 

BAD AND THE UGLY 

Jeremy Sutcliffe poses three key questions around personal insolvency and offers 

some insight into what is working presently and what might be a better approach. 

STALWART readers will know how 

regularly and passionately I have 

covered personal insolvency, during 

20 years commentating on judicial 

statistics in Credit Management. I make no 

apologies for continuing to draw attention 

to this important – but neglected – credit 

industry component. This time I am posing 

three questions key to the industry, and 

offering some answers and insight, in an 

attempt to highlight what’s not working at 

present, and suggest a better approach. 

What is the overall cost of personal 

insolvency? 

The figure isn’t in the public arena. Each 

individual bankruptcy estate concludes 

with a financial account submitted to the 

Insolvency Service (the Agency) by the 

licence-holding insolvency practitioner (IP) 

responsible for it, which creditors of that 

estate can scrutinise. The Agency thus has 

all the information at its fingertips, but it’s 

not generally available. It’s possible the 

figure has been deliberately supressed to 

avoid creditor shock, but inefficiency is 

the more likely reason. I doubt the Agency 

has ever got to grips with the overall 

financial statistics, which its position of 

responsibility should have dictated. 

As regards individual voluntary 

arrangements (IVAs), the information 

resides with the IPs and their insolvency 

firms involved in the procedure. A register 

of IVAs is maintained by the Insolvency 

Practitioners Unit in Birmingham, available 

to the public as part of the Individual 

Insolvency Register on the Agency website, 

but this doesn’t include either individual or 

overall cost figures. 

In neither case does the Agency provide 

any general cost information/advice to 

creditors, because IPs and their firms – 

who remain its main point of contact, rather 

than the creditors and debtors who pay for 

insolvency – have been continually able 

to persuade the Agency that publication 

would breach IPs rights of confidentiality, 

and commercial information. 

Why is regulated work effectively 

limited to estates with excess assets? 

I’m referring to excess unsecured assets, 

naturally, since by definition secured ones 

belong to the charge holders. If there’s 

nothing in the kitty, the choice facing an IP, 

or in default the Official Receiver (OR), is 

threefold (1) ask the creditors to stump up 

for the work, (2) pay for it personally, or (3) 

not do it, and the first two are mostly nonstarters. 

Since the ‘rebirth’ of insolvency 

in the mid-eighties, money owed to 

unsecured creditors has fuelled an 

extensive programme of regulated work 

on bankruptcy estates. While it’s essential 

to produce a basic financial account 

for each estate, regulated work is more 

comprehensive, and creditors offered the 

choice of whether to take what’s left in the 

estate as a dividend, or ‘donate’ it to the IP 

for further work/investigation would be very 

unlikely to choose the latter! 

Historically, creditors tended not to 

become aware of the distinction between 

estates with excess assets and those 

without, because the latter languished 

out of sight and mind under the control 

of the OR. Since 2009 the inception of 

Debt Relief Orders (DROs) has brought 

the dichotomy clearly to their attention, 

albeit DROs involve no work, regulated or 

otherwise in looking after creditor interests, 

and are rather designed to protect debtors 

from creditor collection activity up to a debt 

limit of £15,000 (imminently increasing to 

£20,000), rather than to investigate their 

estates! 

The vast majority of personal 

insolvencies contain nothing suspicious 

or controversial, so why should creditors 

not be able to influence the amount of 

work done, beyond a necessary minimum? 

I accept that Turkeys are unlikely to vote for 

Christmas, but since IPs have not sought 

to reduce regulated work, why isn’t the 

Agency putting this idea forward? The only 

type of reform currently being offered by 

IPs is better ways for creditors to complain 

about the quality of work actually done! 

Who should be responsible for 

personal insolvency? 

The Agency is part of a business 

department that has little contiguity with 

insolvent individuals, and the methodology 

for dealing with them is essentially a cutdown 

version of corporate insolvency. 

Personal insolvency would fit better within 

the Ministry of Justice (MoJ). 

In the past 10 years there have been 

just over 1,176,000 personal insolvency 

procedures, consisting of bankruptcy 

petitions, IVAs and debt relief orders 

(DROs). Bankruptcy petitions have reduced 

considerably over the decade, but IVAs 

actually reached an all-time high last year, 

and together with DROs - both designed to 

avoid insolvency – they totalled 574,000, 47 

percent of the total. 

The Agency has recently announced that 

future debtor bankruptcies will no longer 

require sign off from an IP, which means 

that a further proportion of cases have no 

INSOLVENCY CREDITORS 

BANKRUPTCY PETITIONS 

DEBTORS BANKRUPTCY 

PETITIONS 

WINDING-UP PETITIONS 

DEBT RELIEF ORDERS 

INDIVIDUAL VOLUNTARY 

ARRANGEMENTS 

TOTAL 

2005 2006 2007 

20,777 20,891 20,055 

36,897 52,678 53,106 

12,099 12,108 11,676 

_ _ _ 

20,293 43,630 42,723 

90,066 129,307 127,560 

 

 



need to be at the Agency. That just leaves 

creditor petitions, issued by the courts, 

under the MoJ’s control, and in my view 

they should remain there. 

It is time to stop pretending that 

substantial specialised work is required for 

the vast majority of estates with assets, 

and creditors with suitably qualified 

accountancy staff should be allowed – nay 

encouraged – to deal with them using more 

frugal methods. Some creditors would 

inevitably specialise, and be in a position to 

provide services to fellow creditors, while 

estates adjudged truly commercial in nature 

could be transferred to the Agency. 

So how might an updated system work? 

I believe debt management plans (DMPs) 

can provide the basis of a future practical 

working model. The insolvency industry 

has had a long look at DMPs with a view 

to adoption/adaption, and the Government 

has also been weighing them up. Without 

putting words into the mouths of those 

entities, I suggest both probably discovered 

they are working just fine as they are, thank 

you very much! 

Some creditors are happy for some or 

all of their debts to be dealt with by external 

licenced debt management companies, 

with light-touch regulation of creditors and 

their agents by the MoJ, or by the Financial 

Conduct Authority, which presently has 

nominal oversight over DMPs. In addition, 

there are at any moment innumerable plans 

organised internally by creditors, with 

equally innumerable characteristics, and 

with minimal trouble or regulation. With 

few exceptions personal insolvency is just 

another form of over-indebtedness, which 

should reside in one place, rather than a 

portion being shipped off to an expensive 

and esoteric area, regulated separately, and 

largely dealt with in isolation from creditors 

and debtors alike. 

Government should take a long-overdue 

look at completed bankruptcy estates and 

IVAs in the private sector, to weigh up their 

cost effectiveness, and conclude what work 

is actually required in the real world. On 

20 July this year the IS met the Insolvency 

Rules Committee to discuss the Insolvency 

Rules 2016, as part of a modernisation 

project taking forward policy changes under 

various pieces of primary legislation. 

I see no suggestion about reducing 

Jeremy Sutcliffe FCICM LLB (Hons) 

regulated work per se in the Rules as they 

stand, but there must surely be room for 

a debate about the idea with the direct 

involvement of creditors whose unsecured 

funds pay for the work. In due course 

many creditor organisations – with suitable 

encouragement – could take on all their 

personal insolvency as part of end-to-end 

credit processes, with substantial savings 

and improved information benefitting 

creditors, debtors and Government alike. 

2008 2009 2010 2011 2012 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2013 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2014 2015Q1 

20,698 18,852 17,513 16,884 13,191 2,773 3,238 2,926 2,754 11,691 2,892 2,722 2,239 2,462 10,315 2,304 

55,729 62,864 51,957 35,963 26,547 5,690 5,393 4,856 4,442 20,381 4,705 4,338 3,921 3,418 16,382 3,474 

12,487 12,419 10,723 12,150 10,251 2,635 2,359 2,231 2,299 9,524 2,531 2,220 2,544 2,355 9,650 2,258 

_ 11,831 25,179 28,949 30,699 7,219 7,132 6,632 6,563 27,546 6,549 7,006 6,808 6,325 26,688 6,213 

39,116 48,547 50,696 40,076 46,614 11,124 12,116 13,394 12,333 48,967 12,711 14,571 13,143 11,977 52,402 10,405 

128,030 154,513 156,068 142,748 127,302 29,441 30,238 30,039 28,391 118,109 29,478 30,857 28,655 26,537 115,527 24,654 



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2015 EVENTS 

CALENDAR 

BE AHEAD OF THE CURVE AND PLAN AHEAD SO YOU DON'T MISS OUT! 

MASTERCLASS – CREDIT RISK AND COMPLIANCE 

23 SEPTEMBER 2015 - LONDON 

These masterclasses will offer a mix of vendor and consultant speaker sessions with breakout 

sessions to examine specific topical issues, their potential impact on the credit management 

function and how any risk can be mitigated. 

VENUE: HAYS Recuitment, 4th Floor, 107 Cheapside, London, EC2V 6DN 

TURNER LECTURE 2015 

9 OCTOBER 2015 - LONDON | 17:30 - 20:00 

You are invited to a lecture on the subject of “Unfair Relationships” undertaken by two barristers 

from Henderson Chambers followed by a talk from past President of the CICM, Professor Robert 

Turner. 

VENUE: The Inner Temple, Crown Office Row, London, EC4Y 

MASTERCLASS – SUCCESS WITH TECH SOLUTIONS 

15 OCTOBER 2015 - CHESTER 

This masterclass will explore current and future technology solutions for the credit industry, offering 

insight into some of the challenges of implementation and how to secure a positive outcome. 

The event is vendor focussed, featuring solutions for discreet parts of the bill-to-cash process. 

VENUE: MBNA LTD, Chester Buisiness Park, Heronsway, Cherster, Cheshire, CH4 9FB 

MASTERCLASS – SUCCESS WITH TECH SOLUTIONS 

10 NOVEMBER 2015 - LEEDS 

This masterclass will explore current and future technology solutions for the credit industry, offering 

insight into some of the challenges of implementation and how to secure a positive outcome. 

The event is vendor focussed, featuring solutions for discreet parts of the bill-to-cash process. 

VENUE: Deloitte UK, 1 City Square, Leeds, LS1 2AL 

LAW CONFERENCE 2015 

25 NOVEMBER 2015 - LONDON 

This year’s Law Conference is an essential event for those looking for vital legal updates. Covering 

a variety of topics including how to make bad debt work for your business and maximising 

recovery. THIS IS ONE HEARING YOU CAN’T AFFORD TO MISS! 

VENUE: The Law Society, 113 Chancery Lane, London WC2A 1PL 

FREE EVENT 

TO CICM 

MEMBERS 

BOOK 

YOUR SEAT 

NOW! 

FREE EVENT 


MEMBERS 

FREE EVENT 


MEMBERS 

BOOK 

YOUR SEAT 

NOW! 

IF YOU WOULD TO ATTEND ANY OF THE ABOVE EVENTS PLEASE GET IN TOUCH USING THE FOLLOWING DETAILS: 

T: 01780 722900 | E: BECKI.SHARPE@CICM.COM | W: WWW.CICM.COM/EVENTS 

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MONTHLY ROUND-UP OF THE LATEST STORIES 

IN GLOBAL TRADE BY ANDREA KIRKBY. 

DRINKING IN THE PROFITS 

DESPITE the name, most Indian Pale 

Ale is drunk in the UK or the US. 

Very little actually makes its way to 

India. 

That could change if Yorkshire brewers 

get their way. At the Great Yorkshire Show 

they heard from UKTI that the Indian beer 

market is growing by 18 percent a year 

as young professionals – including a lot 

of young women – are getting a taste for 

hops and barley. The urban middle class is 

increasing in size and young professionals 

have increasing disposable income – as 

well as more western tastes than their 

parents; that’s a big opportunity (except 

in the state of Gujarat which remains 

resolutely ‘dry’). 

Identifying opportunities like this is just 

the kind of thing that makes for British 

export success. Let’s hope UKTI can keep 

these ideas rolling out. 

Meanwhile Stockport based Robinsons, 

together with rock band Iron Maiden, have 

been doing their bit for export by shifting 

Trooper beer to 42 countries and now 

creating a special strong brew, Trooper 

666. Developing the beer alongside a band 

with a global fan base gave Robinsons 

immediate export success – a million pints 

exported in the first year of production – but 

the brewer isn’t intending to stop there; it’s 

also developed two beers specifically for 

export markets, 9 Hop IPA and a Steam 

Lager. 

We already export £629 million worth 

of beer, according to the British Beer and 

Pub Association, exports outside the EU 

have grown by 46 percent since 2008. But 

Robinsons with its imaginative approach to 

export has managed to beat that – it has 

grown its export sales 42 percent in just the 

last year. I’ll drink to that! 

LOW INSOLVENCY FIGURES MAY HIDE TROUBLE AHEAD 

‘KICKING the can down the road’ will 

probably go down in history as the defining 

cliché of 2015. The can has been booted 

another few yards as far as Greece is 

concerned, with yet another compromise 

that will last a few months without actually 

solving any of the country's, or the euro's, 

problems. 

It's not just the Greek situation 

that's seen this kind of deferral of the 

day of reckoning. Several oil industry 

commentators in the US are surprised 

that we haven't seen many of the shale 

oil companies going bust, with the low oil 

price undermining not just their profits but 

their entire business model. (Some of them 

have managed to sell shares to pay off 

their debt. Who’s smarter – the banks or 

the shareholders?) Low insolvency figures 

in many countries disguise the number of 

zombie companies that are only just paying 

interest on their debt, and have no hope of 

ever paying it off. 

That makes it more and more difficult 

to analyse a customers’ creditworthiness. 

The balance sheet may look terrible, but 

if the banks keep that company alive, 

deciding to drop it as a customer 

could be a bad mistake. On the other 

hand if you extend credit, you're 

depending on the bank – if one bank 

manager needs to shine up his figures 

a little, goodbye your customer, and 

goodbye your money! 

While good old-fashioned financial 

analysis is still needed, keeping in touch 

with financial and industry news is vital – 

and decent trade insurance could make all 

the difference. 



INTERNATIONAL TRADE 

THINGS CAN'T GET WORSE? 

THE headlines declare Greece escaped 

again. In fact, things have definitely got 

worse. First of all, Greece did actually 

default on its debt; that is crossing the 

Rubicon, even if the compromise agreement 

means it no longer matters. 

Secondly, this time round the EU actually 

created a Grexit plan. Again, that's crossing 

the Rubicon – a country exiting the euro 

is no longer unthinkable, but something 

for which a plan exists. That makes it far 

more likely that even if Greece doesn't quit, 

another country might – and don't forget 

Spain has elections coming up this year, 

with anti-austerity party Podemos looking 

likely to win a good share of the vote. 

GREECE has been front page news as the 

renegotiation of its troika loans developed 

into a Mexican standoff. But if you ask me, 

the top story now isn’t Greece – it's China, 

where a full-blown stock market crash 

has shown up the widening cracks in the 

Chinese economy. 

We already knew there was plenty of 

debt out there. Chinese investors have 

been borrowing madly to put the money 

into property and into the stock market, 

which allows margin trading (that is, only 

paying a percentage of the cost of the 

shares bought). Coface already put China 

on negative watch in January, and has now 

downgraded the country, its major concern 

being the amount of both public and private 

debt (in China, it's not always that easy to 

distinguish the two). 

Private debt rose from 130 percent of 

GDP in 2008 to 2007 percent in 2014 – 

though that's still lower than Japan or the 

UK, it's the speed of the rise that is the 

concern. 

The worst thing about the stock market 

crash is that the market fell 30 percent 

despite everything the Government 

could throw at it – increasing margin 

requirements, suspending trading, banning 

BREAKING THE CHINA 

HIGH LOW TREND 

GBP/EUR 1.4410 1.3964 Down 

GBP/USD 1.5677 1.5436 Up 

GBP/CHF 1.5407 1.4810 Up 

GBP/AUD 2.1527 2.0879 Up 

GBP/CAD 2.0602 2.0122 Up 

GBP/JPY 195.1887 191.1926 Up 

major shareholders from selling, and 

cracking down on short selling. That's the 

worst of both worlds – it leaves Chinese 

investors feeling scared that the market is 

out of control, while showing the rest of the 

world that despite claiming it’s reformist, 

the Government remains interventionist by 

nature. 

Yet the most recent GDP figures 

show the Chinese economy maintaining 

its seven percent rate of growth in the 

second quarter – admittedly helped by four 

successive interest rate cuts and a sterling 

contribution from the financial sector. For 

the moment at least, the Government has 

avoided a hard landing. 

But the problems of too much debt and, 

many suspect, property and stock market 

bubbles, remain. If China does falter, it 

won't only be China that suffers – other 

Asian countries and even some African 

ones will see their exports to China fall, 

and many will also find Chinese investment 

in their infrastructure and industry is no 

longer available. Keep a very close eye on 

what's happening on China – if you export 

to emerging markets, it could be far more 

important than anything happening in 

Greece. 

FOREIGN EXCHANGE SPECIALISTS 

FOR THE LATEST 

EXCHANGE RATES VISIT 

CURRENCYUK.CO.UK OR 

CALL 020 7738 0777 

Currency UK is authorised and regulated 

by the Financial Conduct Authority (FCA). 

NEWS IN IN BRIEF 

INTEREST RATES 

THE world is splitting in two. Over here 

and in the US, interest rate hikes are 

moving closer, with the Fed expected 

to increase rates and Bank of England 

governor Mark Carney telling the 

Treasury select committee that rates will 

move up in the medium term. 

On the other hand in Asia, there's 

a whole lot of rate-cutting going on – 

China has cut rates three times since 

November 2014 to try to prop up the 

stalling economy, while India, Indonesia, 

Korea, Thailand, and Australia are all in 

rate-cut mode. 

That's sure to result in currency 

fluctuations – as well as stock market 

wobbles. So keep an eye out for 

movements in sterling and the dollar 

against Asian currencies. Easy to 

forget if you've been concentrating on 

sterling's inexorable rise against the 

euro. 

PAY UP OR ELSE 

ONE of the difficulties of ensuring you 

collect your money on export orders 

is the fact that different countries have 

very different payment and enforcement 

systems. That's trickier than dealing with 

customers in the UK where you know 

just how to get them to pay up. 

Fortunately help is at hand. Atradius' 

International Debt Collection Handbook 

is now in its ninth edition and covers 

40 different countries. It doesn't just 

tell you the law, either, but gives an 

idea of expected costs and the likely 

timeframe if you have to go to court – 

very useful when you have to decide on 

a course of action. And even better, it's 

free, downloadable from the Atradius 

website. 

DOWN THE PAN 

I was amused by the story of Essexbased 

Drugloo, which makes what it 

calls Banned Substance Recovery Units 

(the company name tells you all you 

really need to know). It has exported 

for 15 years – mainly as a result of 

customers recommending its products 

to other law enforcement organisations 

– but has speeded up its international 

growth by getting UKTI to help identify 

new target markets. It's now received an 

order from the Greek drug squad – quite 

a coup considering the state of Greek 

government finances! 



EDUCATION 

STEPCHANGE TO A 

QUALIFIED PROFESSION? 

Education Conference attracted an unprecedented number of delegates this year, many 

looking to qualify teams or renew their own studies. Has the award of a Royal Charter grown 

pride in the profession and the desire to get qualified? 

 

BRYONY Pettifor, Chair of Advisory 

Council, raised this premise in 

her introduction which seemed 

confirmed by enthusiasm on the day. 

Many managers brought team members. 

‘I hoped to learn how to engage my team 

in choosing to study with CICM and about 

Level 5 for myself,’ commented one. Others 

focused on training and finding out more 

about study routes and options. The new 

Level 5 Diploma attracted considerable 

interest. Delegates heard about proposals 

for new apprenticeships, revised Centre 

of Excellence/Learning Partnership 

arrangements and how organisations have 

used qualifications to build excellence in 

credit and collections. 

Mark Mackey, Credit Manager, had 

combined study at the local college with 

’30 day Challenge’ assignments at Local 

World to raise knowledge and skills levels. 

He had received positive feedback from 

his team. ‘Studying for CICM has been 

very rewarding. It has helped me deal 

with tricky accounts more efficiently.’ said 

one. Together with CICMQ accreditation, 

Marks’ team had achieved significant 

improvements to performance 

Samantha Steele described how Aviva 

had delivered a range of CICM training days 

and coach led assignments to improve the 

efficiency of collections processes. Aviva 

valued the opportunity to get staff qualified 

and to demonstrate to their brokers and 

strategic partners that they had a capable 

workforce. Some 18 staff now hold various 

levels of CICM qualifications. 

The Department of Works and Pensions 

(DWP) had piloted embedded assessment 

as a way to deliver CICM debt collection 

qualifications on a limited budget. Andrew 

Holden, Business Development and 

Operational Support Manager explained 

that the programme had enhanced 

capability and confidence, improved 

people engagement and supported 

a culture of continuous professional 

development. Even experienced collectors 

had benefitted from the Level 2 

programme, with one explaining: ‘My skills 

have improved and I have more confidence. 

My knowledge was all there but by 

revisiting training and refreshing my 

knowledge I realised that I had picked up 

some bad habits which I was able to put 

right.’ 

Afternoon workshops gave the 

opportunity to explore how the Institute 

links training to assignments, to experience 

a credit management lesson and learn 

more about the new Level 5 assignments. 

‘Sarah-Louise Kells credit management 

lesson was really interesting to me as a 

novice,’ commented a new starter. A final 

interactive quiz at the end of the day was 

a light-hearted way to find out more about 

CICM qualifications. ‘Once again a highly 

enjoyable, well organised day. Love the 

variety each year brings,’ summed up a 

regular supporter. Look out for the next 

CICM Education Conference which is free to 

members and will be in June again next year. 



THE RECOGNISED STANDARD 

IN CREDIT MANAGEMENT 

WHAT DID YOU ENJOY ABOUT THE EDUCATION CONFERENCE? 

Variety covered clearly and concisely Learning more about level 5 Meeting all types of 

members Lots of useful hints and tips, met some good people Networking and being able 

to put ask questions to learning team The breakout sessions gave an opportunity to find out 

more info Workshops The afternoon sessions were informative It was very informative 

The passion of so many delegates, wonderful organisation of day, by the team from the 

Watermill Informative, light hearted too Enjoyed the workshop sessions and I liked the 

interaction of the questionnaire towards the end The developments and apprenticeship 

The talks by businesses, DWP, Aviva and Local World Enjoyed the breakout groups, very 

informative An update on education and trailblazer. 

Afternoon workshops gave the opportunity to explore how the Institute 

links training to assignments, to experience a credit management lesson 

and learn more about the new Level 5 assignments. 

– BRYONY PETTIFOR, CHAIR OF ADVISORY COUNCIL 



45

EDUCATION 

IS IT TIME 

TO GET 

QUALIFIED? 

WITH busy work and personal lives, study towards qualifications can be hard to fit in. 

Also expectations about qualification levels vary between organisations. However, as 

new classes start in September for CICM qualifications, is it time that you signed up? 

Choose an answer for each to help make your decision. 

1. Which option best describes your department? 

A. Best practice team, high expectations and regular 

improvements. 

B. New manager introducing new processes. 

C. First class manager, successful department with new initiatives 

D. Experienced manager and established procedures. 

2. The training I receive is: 

A. Comprehensive and ongoing. 

B. Changing, our manager plans to offer more. 

C. Targeted to meet specific requirements. 

D. Limited, mainly support from an experienced colleague when I 

started. 

 

3. What additional support do you receive? 

A. KPIs and personal development plans reviewed in monthly 

one-to-ones. 

B. Recent introduction of more regular one-to-ones with our line 

manager. 

C. One-to-ones to review KPIs with line manager. 

D. Some advice at departmental meetings and an individual 

meeting with the manager if there’s a problem. 

4. Which option best describes your department’s 

approach to qualifications?: 

A. Established qualification pathway for the credit team 

B. Manager encourages engagement in qualifications. 

C. Limited focus on qualifications. 

D. Qualifications are not valued – personal qualities and experience 

thought to be more important. 

5. Which option best describes your views about 

qualifications?: 

A. They are highly valued and make a significant difference to 

people’s knowledge, skills and confidence. 

B. Our manager thinks they are important but I don’t want to get 

involved at the moment. 

C. Personality and experience are more important than 

qualifications. 

D. Never really thought about it. 

Is it time for you 

to get qualified? 

Mainly As 

You’re probably already partly qualified being lucky to be 

in a department which supports personal development and 

recognises the value of qualified credit professionals. Look out 

for advice in Study Updates and aim to progress to the Level 5 

Diploma in Credit Management. The Level 5 Diploma will get 

you involved in a range of projects which will raise your skills 

tremendously and make a significant difference at work. 

Mainly Bs 

Your manager is obviously keen to support you. Why not give it a 

go? A local class would be perfect because you’d have plenty of 

support. If there isn’t a class nearby, perhaps try a CICM Virtual 

Classroom. Classes are interactive and you meet regularly with 

your teacher and class over the web. If you don’t fancy this at the 

moment, perhaps have a go at an assignment on cash collections 

or telephone collections? I bet your manager would give plenty 

of support. 

Mainly Cs 

Sounds like you are good at your job and work in an exciting 

department. It is a shame though that few have invested in 

qualifications because these would broaden your knowledge 

and skills and help your department move into another league. 

If you’re a large department, ask about CICM corporate 

membership or if your company would offer an in-company 

evening class for credit management. If a group shows interest 

you are likely to get support. Just think how stimulating it would 

be to spend time with a class of like-minded people and a first 

rate credit management teacher. 

Mainly Ds 

You should definitely try a qualification course. It would help 

fill gaps in your understanding and give you confidence. Why 

not start with the credit management unit? In classes you would 

meet other credit professionals and discover new aspects about 

credit management which will make you better at your job. Also 

qualifications may give you opportunities in the future. 

Visit cicm.com to find about your options or contact one of the teaching centres 

opposite to find out more. Book a place early to avoid disappointment because classes, 

particularly for CICM Virtual Classrooms, fill up quickly. 



EVENING CLASSES PLANNED 

FOR SEPTEMBER 2015 

Contact the teaching centre to register and find out more. If you are unable to find a teaching 

centre to suit you, please contact CICM Learning & Development for alternative options. 

T: +44 (0)1780 722909 or E: professionalqualifications@cicm.com 

TEACHING CENTRE 

& CONTACT DETAILS 

SUBJECTS OFFERED 

STARTING IN SEPTEMBER 

START 

DATE 

CLASS 

TIMES 

PRICE 

PER UNIT 

Basingstoke 

brenda.linger@btconnect.com L3 Business Law 08.09.15 16:30 - 19:30 L3 £500 

Bournville College T: (+44) 0121 4771489 

deborah.filgate@bournville.ac.uk L3 Accounting Principles Sept 2015 18:00 - 21:00 L3 £425 

Avnet, Bracknell 

brenda.linger@btconnect.com Level 5 Process Improvement 08.09.15 10:30 -13:00 L5 £450 

Leeds City College +44 (0)113 216 2377 

clair.fitzpatrick@leedscitycollege.ac.uk L3 Credit Management, Business Law w/c 07.09.15 18:00 - 21:00 L3 £400 

South Leicester College 

T: +44 (0)116 2643535 E: info@slcollege.ac.uk 

L3 Business Environment, 

L5 Strategic Planning 

L3 10.09.15 

L5 10.09.15 

18:00 - 21:00 L3 £445 

L5 £525 

London Metropolitan University 

T: +44 (0)20 732015000 

professionalcourses@londonmet.ac.uk 

L3 Credit Management (TEC), 

Accounting Principles, 

Business Law, Business Environment 

w/c 14.09.15 

18:00 - 21:00 

L3 £465 

MACM Training Centre Malta 

T: (+44) 00356 21423638/9 info@macm.org.mt 


Accounting Principles, Business 

Environment 

Oct 2015 

17:30 - 19:30 

Organisational Learning Centre (OLC Europe) 

CICM Credit Academy Manchester 

Level 3 - Level 5 - T: +44 (0)07939 591286 

frankO1@sky.com 


Accounting Principles, Business Law, 

Business Environment. Level 5 units 

to be confirmed. 

Oct 2015 18:00 - 21:00 

L3/L5 £415 + 

29.50 reg fee 

Haddoum Training Milton Keynes 

(Evening classes) T: +44 (0)1908 394876 

haddoum.training@yahoo.co.uk 

L3 Accounting Principles, 

Business Law 

Oct 2015 19:00 - 21:00 

L3 £600 

Haddoum Training Milton Keynes (Distance 

Learning with 3 Saturdays) T: +44 (0)1908 

394876 haddoum.training@yahoo.co.uk 


Business Environment. 

L5 units offered on individual basis 

Oct 2015 09:30 - 15:30 

L3/L5 £600 

South Downs Portsmouth 

T: +44 (0)800 0560511 

brenda.linger@btconnect.com 

Zurich Insurance, Whitely, Southampton 

T: +44 (0)800 0560511 

brenda.linger@btconnect.com 

L3 Credit Management (TEC) 07.09.15 16:30 - 19:30 

L3 Accounting Principles 09.09.15 16:30 - 19:30 

L3 £400 

L3 £400 

Stoke on Trent College T: +44 (0)1782 208208 

x 3326 E: mdodd1sc@stokecoll.ac.uk 

Scorpion Wolverhampton 

petercartwright@debtman.freeserve.co.uk 

L3 Business Environment, 

Accounting Principles 


Trade Credit Management 

Sep 2015 

18:00 – 19:30 & 

19:30 – 21:00 

Sep 2015 Flexible On request 

Virtual Classroom CICM Credit Academy 

T: +44 (0)1780 722907 

creditacademy@cicm.com 

L3 Credit Management (TEC), Accounting 

Principles, Business Law, Business 

Environment, L5 Legal Proceedings & 

Insolvency, Strategic Planning, Advanced 

Credit Risk 

L3 from 

01.09.15 

L5 Aug & Oct 

L3 £395 - £450 

L5 £435 - £450 



47

in association with 

CCR 

credit 

excellence 

awards2015 


Targeting the information you need 

Tuesday 6 October 2015 Guoman Tower Hotel, Central London 

“Still the go-to event for the credit industry.” 

CCR-interactive is the largest and leading one-day 

conference, brought to you by the publishers of 

Credit Collections & Risk. 

Learn how to develop a truly world-class credit control team and 

about best practice in increasing profi table sales. Consider whether 

DSO is still the best measure of collections performance. Hear 

about how to improve the profi le of the credit professional and 

the rise and rise of the ‘virtual customer’. 

Keynote speakers: 

Professor Jagjit Chadha; 

Debbie Abrahams MP 

To fi nd out information about how to get involved in 2015’s landmark event, please contact 

Gary Lucas on 07785 268404 or at gary@ccrmagazine.co.uk. 

For more information on attending and to receive your delegate pack, please contact 

Alison Lucas on 01702 341948 or at alison@ccrmagazine.co.uk. 

Sponsors for the day include:

HR MATTERS 

EMPLOYEE 

MONITORING 

WHAT ARE THE LEGAL ISSUES? 

Gareth Edwards looks at the rise of Big Brother in the workplace. 

QUITE reasonably, employers want 

to know what their employees are 

doing while they are at work. From 

a purely practical point of view, 

employers want to be sure that employees 

are spending their working hours 

performing the tasks assigned to them. But 

how far can a firm go in checking on staff or 

determining what they consume? 

Smoking in enclosed or substantially 

enclosed public places and workplaces 

in England has been banned since 1 July 

2007. This means that premises used as 

a place of work by more than one person, 

or where the public may enter, must be 

kept smoke free. The smoking ban covers 

manufactured and hand-rolled cigarettes, 

pipes, cigars and herbal cigarettes. 

However, in a recent case, Insley v 

Accent Catering, a school caterer was 

asked to attend a disciplinary hearing 

having been seen using an e-cigarette in 

front of pupils. The caterer resigned before 

the disciplinary hearing took place so the 

tribunal was not required to decide if the 

dismissal was fair. Electronic cigarettes 

are unlikely to fall under the statutory 

smoking ban as they involve the inhalation 

of vaporised mist, rather than smoke. To 

prohibit the use of electronic cigarettes 

at work, an employer must make it clear 

its non-smoking policy that use of thesecigarettes 

is expressly prohibited. 

Under the Health and Safety at Work etc. 

Act 1974, employers have a duty to ensure 

a safe place and safe systems of work for 

staff. Protecting employees from alcohol 

and drugs misuse can be a part of this, 

and it is sensible to ensure that employers 

have clear rules about coming to work while 

under the influence of alcohol or drugs, or 

drinking alcohol or taking drugs whilst at 

work. 

Employers should give some thought 

about how to deal with employees who 

suffer from alcohol or drug dependency. 

While alcohol and or drug addiction are 

specifically excluded from amounting to 

a ‘disability’ under the Equality Act 2010, 

conditions arising from substance misuse 

may well meet the definition of disability. 

Particular care is required in relation to 

employees who are required to drive as 

part of their duties – new changes in the 

law mean that greater scrutiny is being 

placed on ‘drug driving’. It is now illegal for 

a person to drive with legal drugs in their 

body if those drugs impair their driving. As 

always, employers should consider the risk 

of being found to be vicariously liable for 

their employee's actions and make sure 

that their rules and procedures make clear 

what conduct would not be acceptable. 

Employers may also consider whether 

it is necessary to draft a policy to state 

that employees must submit to drug 

screening. This is only likely to be relevant 

where staff drive or operate machinery or 

where working under the influence of drugs 

could cause injury or could damage the 

employer's business. 

Even where a drug screening policy is in 

place, employers will not be able to require 

staff to submit to drug testing without their 

specific consent to do so. A monitoring 

policy may, however, be drafted to say that 

withholding consent will be treated as a 

misconduct offence of itself. 

Allied to monitoring substance use at 

work, an employer may wish to conduct 

searches of its employees or property 

at work. An employer should exercise 

care before searching. If an employer 

unreasonably seeks to impose searches, 

this could irretrievably damage trust 

between employer and employee, risking 

an employee resigning and bringing a 

constructive dismissal claim. 

As ever, the best advice would be to 

develop a clear policy setting out when and 

in what circumstances an employer can 

undertake searches. It is important that an 

employer applies any policy consistently to 

avoid discrimination claims. 

In addition to questions of privacy, 

monitoring employee’s use of email and 

the internet involves the processing of 

personal data and so the impact of the Data 

Protection Act 1998 should be considered. 

The Information Commissioner, 

who oversees compliance with data 

protection issues in the UK, has issued 

guidance in the form of The Employment 

Practices Code, with which employers 

should familiarise themselves with before 

considering monitoring of employee’s 

email and internet usage. Central to the 

guidance is that employers undertake a risk 

assessment before engaging in monitoring 

to confirm, among things, the justification 

for monitoring. 

Employers must ensure that their 

employees understand when and in what 

circumstances the content of their email 

or internet information will be monitored 

or reviewed. At the very least, employers 

should ensure that it has an effective 

employee monitoring policy in place and 

that staff are aware of it. 

Gareth Edwards is a partner in the 

employment team at Veale Wasbrough 

Vizards.gedwards@vwv.co.uk. 



49

www.portfoliocreditcontrol.com 

At Portfolio Credit Control we pride ourselves on our 

commitment to service delivery, business ethics, honesty 

and integrity and ensuring our service exceeds your 

expectations every single time. We have achieved enormous 

growth over the last couple of years because we offer a uniquely 

specialist approach that no-one else in the market provides and our 

goal is to be the largest specialist recruiter of Credit Control staff in 

the UK. 

We know Credit Control and we also understand what makes 

a good Credit Controller and the correct skills to succeed in this 

industry. If you are planning to recruit or looking for the next 

step in your career please get in touch with the Credit Control 

recruitment specialists on 0207 650 3199 or contact us at 

recruitment@portfoliocreditcontrol.com. We look forward to 

working with you. 

ROLES WE RECRUIT FOR: 

CREDIT CONTROLLER 

SENIOR CREDIT CONTROLLER 

CREDIT MANAGER 

HEAD OF CREDIT CONTROL 

CREDIT AND BILLING MANAGER 

COLLECTIONS ASSISTANT 

COLLECTIONS MANAGER 

SALES LEDGER/ACCOUNTS RECEIVABLE 

CREDIT ANALYST 

THE 

CREDIT CONTROL 

RECRUITMENT 

SPECIALISTS 

tel:020 7650 3199 

New Liverpool House, 15 Eldon Street, 

London EC2M 7LD 

email: recruitment@portfoliocreditcontrol.com

CHECK YOUR SPAM! 

REMEMBER TO 

WHITELIST 

YOU COULD BE MISSING 

IMPORTANT EMAIL UPDATES! 

WHITELIST KEY CICM EMAIL ADDRESSES: 

watermill@cicm.com | info@cicm.com 

professionalqualifications@cicm.com 

events@cicm.com | consultations@cicm.com 

cicmq@cicm.com 

THE CHARTERED INSTITUTE OF CREDIT MANAGEMENT IS PROUD TO PRESENT 

THE CICM 

LAW CONFERENCE 

AN ESSENTIAL LEGAL UPDATE 

Hear expert legal advisers deliver this vital update for credit managers 

Learn about recent developments in the law and how to maximise recovery 

Discover how to make debt work for your business’ 

How to make a claim against a deceased estate 

Enjoy opportunities to network and ask questions of our experienced panel 

25 NOVEMBER 2015 

The Law Society, 113 Chancery Lane, London WC2A 1PL 

9.30 – 16:00 (Lunch and refreshments provided) 

CICM MEMBERS £220 PLUS VAT | NON-MEMBERS £325 PLUS VAT 

BOOK YOUR PLACE NOW! 

Call 01780 722902 or email events@cicm.com 

THIS IS ONE HEARING YOU CAN’T AFFORD TO MISS! 

In association with CICM Corporate Legal Partner, Freeths LLP 

CPD 

6 



51

FORTHCOMING EVENTS 2015 

FULL LIST OF EVENTS CAN BE FOUND ON OUR WESITE: 

WWW.CICM.COM/EVENTS 

CICM EVENTS 

2 September 

CICM West Midlands Branch 

– Legal and Insolvency Update 

BIRMINGHAM 

Legal and Insolvency Update with a buffet reception 

Presented by: Andrew Gregory - Partner, David 

Scottow FCICM - Senior Director, National Head of 

Recoveries and Neil Jinks FCICM - Director 

Contact: Sue Byrne FCICM, Branch Treasurer at 

E: sue@kjwatkin.co.uk or Neil Jinks FCICM at 

E: neil.jinks@dwf.co.uk 

Venue: DWF LLP, One Snowhill, Snowhill Queensway, 

Birmingham, B4 6GA 


CPD 

2 

CICM North East Branch – 

A Day in the Life of an Enforcement 

Officer 

NEWCASTLE UPON TYNE 

Andy Coates is a certificated Enforcement Agent 

(more commonly known as a Bailiff) with over 

25 years’ experience within the enforcement 

and investigations industries. We are delighted to 

welcome Andy to return to share with us topical 

industry updates and more witty stories from the 

‘Life of a Bailiff’. 

Contact: paul@paulcardrecruitment.co.uk 

Venue: Muckle LLP, Time Central, 32 Gallowgate, 

Newcastle Upon Tyne, NE1 4BF 


East of England Branch 

Risk Management and Analytics 

Conference 09:30 - 14:30 

LONDON 

This free conference covers various aspects of 

balancing and mitigating credit management risk 

including heads of agreement, scorecard modelling, 

regulatory compliance, document digitialising, what 

to look for in software, and the new, free to CICM 

members, version of Creditlook. 

Contact: eastofenglandbranch@cicm.com 

Venue: Hays Credit Management, 107 Cheapside, 

London, EC2V 6DN 

CPD 


2 

CICM Thames Valley Branch 

– The Challenges of Credit within the 

Publishing Industry 

ABINGDON 

Buffet from 19:00 with tour & speaker from 

19:30. Entry is FREE but we need you to register for 

the event before 8 September. Jon Swan (Head of 

Credit Services, Hachette Group) – The Challenges 

of Credit within the Publishing Industry. 

Contact: ruth.sutherland@uk.verizon.com 

Venue: Bookpoint Limited, 130 Milton Park, Abingdon, 

OX14 4SE 


CICM Northampton Branch 

– Overview of the Economy 

KETTERING 

CICM branch members are invited to attend an 

event organised by the Institute of Directors, 

Northamptonshire Branch, on the topic of ‘Overview 

of the Economy’ presented by the Bank of England. 

The event will review the Bank of England’s latest 

economic forecast. 

Contact: Confirm attendance by 7 September to 

Malcolm Swann, E: malcswann@lineone.net 

Venue: Kettering Conference Centre, Thurston Drive, 

Kettering, NN15 6PB 

CPD 

2 

CPD 

2 


CICM Masterclass – 

Credit Risk & Compliance 

LONDON 

This masterclass will offer a mix of vendor and 

consultant speaker sessions with breakout sessions 

to examine specific topical issues, their potential 

impact on the credit management function and how 

any risk can be mitigated. 

Contact: E: events@cicm.com, or T: +44 (0)1780 

722902. 




CICM London Branch – Wines Around 

the World 

LONDON 

Our expert will cover the main styles of wine one 

comes across from different countries followed by a 

quiz at the end of the event. 

There will be a small charge for the event of £15 

for members and £30 for non-members which 

must be paid in advance of the event. 

Contact: Contact Alan.Church@p66.com 



OTHER EVENTS 

2 & 3 September 

IRRV Annual Scottish Conference 

and Exhibition 2015 

CRIEFF 

The Institute is delighted to announce details of 

its 2015 Scottish Conference. The Conference 

is – by popular demand – returning to the Crieff 

Hydro Hotel, where conference attendees will have 

the opportunity to enjoy the excellent recreational 

facilities set in beautiful surroundings. 

Contact: T: 01382 456029 or E: scotland@irrv.org.uk 

Venue: Crieff Hydro Hotel, Crieff, PH7 3LQ 


UK Credit & Collections Conference 

(UKCCC) 2015 

LONDON 

2015 sees the launch of the first UK Credit & 

Collections Conference (UKCCC). Formerly the CSA 

Annual Conference & Exhibition, the event will 

feature the traditional CSA 4-ball Golf Tournament 

prior to the conference followed by the Network 

Evening, and the Gala Dinner will bring the event to 

a close on 10 September. 

Contact: General Enquiries +44 (0) 191 217 0775 

Venue: Hilton Hotel London, Lakeside Way, Wembley, 

HA9 0BU 


P&A Receivables – ITRF 

[International Telecoms Risk Forum] 

OSLO 

Contact: For more information and an information pack, 

contact E: itrf@pandaforums.com. 

Venue: Oslo, Norway 

CPD 


4 

Experian Credit Forum 

– Oil and Fuelcard Ireland 

DUBLIN 

Ireland Oil & Fuel Card Group Credit Forum 

Established in 2008, meet quarterly in Experian 

offices, Dublin Membership includes companies 

from the Oil and Fuelcard sector. 

CPD 

6 

Agenda includes accounts for discussion, best 

practices, topics and guest speakers. 

Contact: For more information please email: 

brent.cumming@experian.com 

Venue: Dublin, Ireland. 


P&A Receivables – ECF 

[EMEA Credit Forum] 

LONDON 

Contact: For more information and an information pack, 

E: itrf@pandaforums.com. 

Venue: London, TBC 



– Export Forum 

TBC 

NEW Export Forum (ECF EMEA Credit Forum) 

Hosted by P&A Receivables, sponsored by Experian 

Accounts for discussion, topics, guest speaker slots, 

benchmarking and best practices are all covered 

during the meetings. Re-launched in 2014 with 

Experian as sponsors. Four meetings per year, three 

in the UK and one in Europe 

Contact: For more information please email: 


Venue: TBC 



CPD 

4 

– On-trade Supplies 

TBC 

Contact: For more information email: 


Venue: TBC 


Your 20 percent discount to Trade 

Credit: Finance Risk and Insurance 

courtesy of CICM 

Trade Credit Finance, Risk and 

Insurance 

LONDON 

In a world of ever-greater commerce and wider, 

faster communication, the landscape of traditional 

trade finance is experiencing disruption from 

a number of areas which have the potential to 

transform the industry permanently: 

• Top-down: Regulation and globalisation are 

driving a seachange in the capacity, risk appetite 

and margins for financial institutions, from global 

banks to insurance companies 

• Bottom-up: Entrepreneurial fintech and openaccount 

trading are also shifting the terms on 

which companies engage with their buyers and 

blurring the line between credit and finance 

IBC’s Trade Credit will bring together the worlds of: 

• Asset-backed & receivables finance 

• Credit governance & cash management 

• Risk and trade credit insurance 

…to explore how the way in which corporates are 

financing and managing risk with their buyers and 

suppliers is evolving and the major macro-factors 

changing the trade landscape. 

Contact: 20 percent discount with VIP Code 

FKW52969CICML – Visit http://www.iiribcfinance.com/ 

event/trade-receivables-finance-credit-risk-managementconference?xtssot=0 

Venue: TBC 

CPD 

6 

CPD 

4 


Does my bum look 

big in this? 

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Comprehensive software solution that reduces debtor days, enhances 

customer service, cuts the cost of cash collection, improves cash flow, 

eliminates manual processes and speeds up the query resolution process. 

0844 583 2134 

Head office: Safe, 20 Freeschool Lane, Leicester, LE1 4FY 

info@safecomputing.co.uk www.safe-creditcontrol.co.uk 



53

CICM BRANCH NEWS 

LONDON AND EAST OF ENGLAND 

GOLF DAY AT HERTFORDSHIRE GOLF 

AND COUNTRY CLUB 

AFTER breakfast our Golf Day started in 

sunshine; it was so hot that all the players 

were grateful for the half way refreshments 

provided by Smith & Williamson LLP and 

Buttsbury Consulting. 

The winning team represented 

CICM’s Premium Partners, Hays Credit 

Management. Alison and Stephen Thorp, 

of TTS (Tool Tech Systems), and Simon 

Arnold and Stephen Pyle from Hays Credit 

Management, amassed 86 points to win the 

team prizes donated, appropriately enough, 

by Hays Credit Management themselves! 

Daniel Adcock, Hays’ Colchester Office 

Manager, and East of England Branch 

committee member, attended to support 

the Hays players. 

Buttsbury Consulting were second 

with 76 points – Richard Brown, East of 

England Branch Chairman, and owner 

of Buttsbury Consulting, Paul Campbell, 

formerly of NHS, Trevor Huckle, formerly of 

Ingleton Wood, and Brian Lamb, of Fleuty & 

Robinson. 

Mike Eaton of Metsagroup won the 

individual competition, sponsored by 

Smith & Williamson LLP, with 37 Stableford 

points, just one more than Trevor Huckle. 

Mike, playing for the Kelvin Hughes team 

captained by former East of England 

Branch Treasurer David Seago, also 

won the ‘nearest to the pin competition’, 

also sponsored by Smith & Williamson 

LLP. 

Alison Thorp was a member of the 

winning team, and also collected the 

longest drive prize, sponsored by Buttsbury 

Consulting. What made her drive all the more 

impressive was that she drove off the same 

(white) tees as the men. 

The enjoyable event concluded with a 

steak pie dinner followed by prize giving. 

Mike Wykes, of Smith & Williamson 

LLP, a London Branch Committee member, 

and a former Essex Branch Chairman, 

organised the event in fine style. He’s 

standing down after many years and 

Richard Brown’s tribute was met with warm 

applause. Both branches would both like to 

thank all who took part, and our generous 

sponsors, Smith & Williamson LLP, Buttsbury 

Consulting and Hays Credit Management. 

Author: Richard Brown, Branch Chair. 

SUSSEX AND SURREY BRANCH 

HAYS DNA OF A CREDIT MANAGER 

THE Surrey and Sussex Branch were 

fortunate enough to have THALES UK, 

Crawley as our hosts for the June branch 

meeting. 

The morning began at 8:00 with an 

enjoyable networking session over some 

equally enjoyable bacon rolls! We were then 

seated in the impressive auditorium where 

we were treated to several informative and 

insightful presentations. 

Karen Young, Director of Hays Credit 

Management opened proceeding by 

delivering the results of the recently 

published DNA of a Credit Management 

report. We then heard from Andrew 

Athineos (MCICM), Head of Legal 

Collections at 1st Credit, who shared his 

thoughts on the key attributes that have 

sculpted his successful career to date. 

Our host, Nicola Reuter-Sinclair 

(MCICM), from Thales UK then gave us a 

humorous overview of her career to date 

and how process improvement and strategy 

are now her key focus. Michelle Westbrook, 

Senior Credit Controller at Hays and current 

CICM Level 3 student then gave us an 

overview into juggling her studies with 

work, and her aspirations to become a fully 

qualified credit manager in the future. 

A highly enjoyable morning where we 

welcomed both new and familiar faces, 

many thanks to all our speakers and our 

generous hosts for making the event such 

a success. 

Author: Brendan Clarkson. 


NAME: 

JULIA SOAMES PEARSON 

SOUTH WALES BRANCH 

GOOD MIX OF BUSINESS 

FOLLOWING on from the success of the 

last event only one week previously, it was 

time for our joint event with the Cardiff 

Financial Professionals group. 

The meeting was held at Fuel Bar, a local 

rock bar where all of the young staff had 

piercings and tattoos on display – a sea 

change from our usual surroundings! As 

hosts they were fantastic and very helpful. 

People started arriving at about 

12:30 and the first hour flew by – the 

bar had a really good buzz all around 

with lots of people from lots of different 

sectors engaged in deep and meaningful 

conversations! 

We then had two speakers give short 

but concise factual insight into their 

particular field of expertise. The Cardiff 

Group were great company too and it was 

good for CICM members to mix with other 

businesses and make some good new 

contacts. 

The all-important lunch buffet then duly 

arrived and was demolished very quickly, 

after which people started to leave. By 

about 16:00 only about 30 were left in the 

bar and that gave me the time to relax 

slightly with something cold in my hand – 

that’s right, the last remaining sandwich! 

Our next event is on 5 November where 

Philip King will be speaking to us at the 

Atradius HQ buildings, so make sure that's 

in your diary. Have a great summer and see 

you on the other side! 

Author: Steve White 

CURRENT TITLE: 

CREDIT MANAGER 

COMPANY: 

BWT UK LTD 

HOW LONG YOU’VE WORKED 

IN CREDIT MANAGEMENT: 15 

60SECONDS 

HOW LONG WORKED AT YOUR CURRENT 

COMPANY: SEVEN YEARS 

HOW DID YOU GET INTO CREDIT 

MANAGEMENT? 

Accidentally! I went for an interview at Powergen 

and the lady who interviewed me said I reminded 

her of a younger version of her and hired me to 

work in her credit team on the spot. 

WHAT IS THE BEST THING ABOUT WHERE 

YOU WORK? 

The whole BWT team, from my team to our MD. 

WHAT MOTIVATES YOU? 

Success 

WHAT IS YOUR FAVOURITE MEAL? 

Marinated chicken and salad with a glass of 

champagne! 

WHAT IS YOUR FAVOURITE HOLIDAY 

DESTINATION? 

Marrakech 

WITH 

NAME THREE PEOPLE YOU WOULD 

INVITE TO A DINNER PARTY AND WHY? 

Nelson Mandela - he did so much for South 

Africa and I’d love to hear his thoughts on the 

reparation in South Africa and the troubles of the 

wider world. 

Richard Branson - his business sense and risk 

taking are truly inspirational, he is an all-time hero. 

Lionel Ritchie - I’ve seen him in concert numerous 

times and am hoping he could serenade us after 

dinner! 

WHAT IS YOUR FAVOURITE PASTIME/ 

RELAXATION ACTIVITY? 

Anything with my family, even standing on the 

side line of a sports match in the pouring rain! 

IF YOU WERE TO HAVE ONE SPECIAL 

POWER, WHAT WOULD IT BE AND WHY? 

Time travel – I lay the blame on a teenage 

obsession with the Back to the Future movies! 

Left to Right: Laurie Beagle, Chair - CICM Sheffield & District Branch Philip King, CEO, CICM John Cockshutt, Director, 

W Denis Credit Risks Ltd Susie Renshaw, Consultant, Hays Recruitment Mike Barnes, Director, W Denis Credit Risks Ltd 

CICM SHEFFIELD BRANCH EVENT 

THE JOURNEY TO OUR CHARTER 

THE Sheffield and District Branch held their 

summer event on the 7 July in the centre of 

Sheffield. 

We had pleasure in welcoming Philip 

King to speak on The journey to our Charter 

and the road ahead. We were supported by 

two sponsors: Susie Renshaw from Hays 

Recruitment, who presented The DNA of a 

Credit Manager, John Cockshutt and Mike 

Barnes from W Denis Credit Risks Ltd, who 

presented How Credit Insurance supports 

the role of the Credit Manager. 

The committee would like to thank all 

those who came along and also Philip and 

the sponsors for supporting us. 

Author: Laurie Beagle FCICM, FACP, MIICM 

WHAT IS THE BEST/WORST QUALITY IN A 

LEADER? 

The best is commitment to being the best, the 

worst is an ego. 

WHAT CAN'T YOU LIVE WITHOUT? 

Water (and shoes) 

WHAT WAS THE LAST THING YOU 

WASTED MONEY ON? 

Another lip gloss to join the hundreds of others in 

my handbags. 

WHAT'S YOUR FAVOURITE QUOTE OR 

MOTTO? 

Cinderella is proof that a new pair of shoes can 

change your life. 

IF YOU WEREN’T WORKING IN CREDIT 

MANAGEMENT, WHAT WOULD YOU BE 

DOING? 

I’d probably be a 

lady that lunches. 

To include your branch reports in the October issue of CM, 

submit your copy by 6 September via email to branches@cicm.com 



55

DON’T MISS 

YOUR NEXT BIG 

MOVE IN CREDIT 

At Hays Credit Management, our consultants are all affiliate members of the 

CICM and understand both the demands you face and the skills you need to 

thrive within your industry. We can therefore offer you personalised 

careers advice and the support that you need. 

GLOBAL CREDIT MANAGER 

DRIVE CONTINOUS IMPROVEMENT 

London, £80,000 

This international financial services consultancy is 

seeking an exceptional professional to manage its credit 

and collections. You will have extensive experience in 

building relationships with key stakeholders across all 

business levels and a thorough understanding of how 

to manage and motivate a team. Driving forward policy 

and strategy, you will deliver tangible results across the 

business. This is a fantastic opportunity for a motivated 

individual to progress and take the next step within 

credit management. 

Ref: 2522870 

Contact James McNicholas on 020 3465 0018 

or email james.mcnicholas@hays.com 

HEAD OF CREDIT & OTC 

SUCCESS THROUGH STRATEGY 

Oxford, up to £70,000 + benefits 

A global market leading brand is currently looking for 

an experienced individual to join its UK team. You will 

streamline processes, reduce DSO and negotiate on 

credit insurance. Managing your own team, you will strive 

to develop and progress each individual. You will have 

managed a team of at least 15 in OTC, have solid system 

skills and project management experience. In return you 

will be working for a pioneering brand which has an 

outstanding record of staff retention, offering excellent 

benefits including a balanced work-life culture. 

Ref: 2529230 

Contact Tony Lambert on 07921 026 446 

or email tony.lambert@hays.com 

If you are looking to further your career, want to 

strengthen your team or would like an overview 

of the market, it pays to speak to the market leaders. 

Contact us at creditcontrol@hays.com 

hays.co.uk/creditcontrol

BILLING SPECIALIST 

JOIN AN INDUSTRY LEADER 

Watford, £23,000-£26,000 

Renowned in its market, this international organisation 

has an outstanding opportunity for an ambitious 

specialist to join its finance team. You will undertake 

general billing duties for a number of companies within 

the group including managing revenue schedules, raising 

invoices and liaising with various departments globally 

to resolve queries. You will also assist with month end 

duties such as accruals, journals and preparing AR 

balance sheet reconciliations. With previous billing 

experience, you will have solid organisational and 

communication skills and a thorough understanding of 

Excel. In return is a fantastic working culture and scope 

for career progression. Ref: 2524084 

Contact Emily Oakes on 01923 205286 

or email emily.oakes@hays.com 


BUILD EFFECTIVE RELATIONSHIPS 

Potters Bar, up to £24,000 

This industry leading organisation is seeking an 

established professional to join its national accounts 

team. You will manage your own ledger of approximately 

200 accounts consisting of large corporate customers, 

each submitting a high volume of invoices on a daily 

basis. You will have solid experience as a credit controller 

and thrive in a busy and challenging environment. 

With the ability to multi-task, you will build fantastic 

relationships and strive to meet client SLAs. You will 

enjoy a friendly team environment where you can work 

autonomously with support. Ref: 2527937 

Contact Emily Oakes on 01923 205286 

or email emily.oakes@hays.com 

ACCOUNTS RECEIVABLE CLERK 

PROVIDE EXCEPTIONAL SERVICE 

Manchester, £21,000 + excellent benefits 

Due to continued growth, this top manufacturing firm 

is looking to increase its head count as the finance 

department’s workload increases. It is seeking an aspiring 

individual to take sole responsibility of the sales ledger 

and all associated query management. Reporting to a 

team leader, you will provide an excellent end to end 

service to both internal and external clients. You will 

have exceptional attention to detail with the ability to 

report and investigate on price claims. This is a fantastic 

opportunity if you are studying towards an accounting 

degree or looking to take the next step in your career. 

Ref: 2523174 

Contact Richard Salmon on 0161 2367 272 

or email richard.salmon@hays.com 


ENHANCE TEAM OPERATIONS 

Darlington, £18,000 + excellent benefits 

Recognised nationally, this reputable brand is looking 

to enhance its credit control team. You will oversee 

all credit control duties relating to specific customers 

including maintaining ledgers, collecting debts, allocating 

cash and most importantly developing strong business 

relationships. With at least two years’ experience in a 

credit control environment, you will have exceptional 

customer service skills and a proactive approach when 

it comes to chasing debt. You should be confident with 

Excel, new system implementation and adapting to 

new controls and procedures. In return you will enjoy 

a fantastic working environment and an excellent 

benefits package. Ref: 2530971 

Contact Catherine Duke on 01325 352 911 

or email catherine.duke@hays.com 

CREDIT CONTROLLER (CONTRACT) 

EXPERTLY OWN THE PROCESS 

Cambridge, £competitive 

A rare part-time opportunity has arisen for an 

enthusiastic professional to join this business’s finance 

team on a temporary, on-going assignment. You will 

take responsibility for credit control and finance when 

required. Ensuring targets are met when monitoring 

customer accounts; you should have sound knowledge 

of credit control and experience working with a range of 

customers with high and low turnover. You will have solid 

communication skills and be a team player who is able 

to prioritise workloads. Strong IT skills including Word 

and Excel would also be beneficial. Ref: 2518677 

Contact Carla Coakley on 01223 361507 

or email carla.coakley@hays.com 

CREDIT CONTROLLER (CONTRACT) 

MAKE AN IMPACT 

London, £13-£15 per hour 

This award-winning consultancy has grown from strength 

to strength and is now seeking a talented professional 

to join its team on a three month contract. You will enjoy 

a visible and high profile position within the business, 

working with a large and busy team. Undertaking client 

follow ups, you will build and maintain solid relationships 

whilst dealing with aged debt and the allocation of 

accounts. With a passion for credit control and a stable 

work history, you will have impressive negotiation, 

written and verbal communication skills. You will be 

confident and enjoy working in a highly motivating 

credit environment. Ref: 2069217 

Contact Stuart Byrne on 020 3465 0018 

or email stuart.byrne@hays.com

NEW CICM MEMBERS 

THE INSTITUTE WELCOMES NEW MEMBERS WHO JOINED DURING JULY 

MEMBER 

NAME 

Tracey Bentley 

Bhupinder Bhamra 

Justin Carcavella 

Andy Flynn 

Muhammad Khan 

Jennifer Lovell 

Sagir Mohammed 

Robert Morgan 

Jean Marie Salmacis 

Mark Taylor 

Mark Towell 

COMPANY 

Atkins Ltd 

Vitacress Sales Ltd 

Kingston University 

Face To Face Contact Ltd 

Medina Dairy Ltd 

ITV Studios Global Entertainment 

Finning (UK) Ltd 

Imperial Tobacco Ltd 

Vodafone Limited 

Wilkin Chapman 

Met Office 

MEMBER BY EXAM 

NAME 

Kathryn Davie 

Diane Evans 

ASSOCIATE 

NAME 

Shilpa Shah 

Danny Shortall 

Dushan Weerakoon 

COMPANY 

Toshiba TEC UK Imaging Systems Ltd 

Muller UK & Ireland Group LLP 

COMPANY 

SHS Marketing 

DFCC Vardhana Bank Limited 

AFFILIATE 

NAME COMPANY NAME COMPANY 

Brooke Adams 

EarthStream Global Limited 

Marie Hull 

SHS Marketing 

Derrick Adams 

Bristow & Sutor 

Javed Jahangir 

Randstad UK Holding 

James Alabaster 


Nicholas Jones 


Johnathan Alexander 

Matthew Clark Wholesale Ltd 

Alex Jones 

Excel Civil Enforcement 

Claire Anderson 

Hays Credit Management 

Louise Kelly 

Veolia Environmental Services Plc 

Nicholas Bailey 

Legal Aid Agency 

Mary Kroeber 

Environment Agency 

Nicola Balfour 

Certas Energy UK Limited 

Louise Lee 

Laing O'Rourke 

Samantha Ballentyne 


Charlotte Lewin 


Glen Banks 


David Lines 


Christopher Barbour 


Michael Locke 

Begbies Traynor 

Jason Bell 

IT Governance Ltd 

Neil McKenna 


Karon Bennett 

Something Different 

Burt McQuaide 

Parkinson Bailiff Services 

Jamie Bharje 


Daryl Medd 


Anthony Bowes 

Digital Windows Ltd 

Siobhan Mitchell 

Menzies Distribution Ltd 

Keith Brigham 

Direct Collection Bailliffs Ltd 

Charles Morris 

Aspect Executive 

Warren Brown 


Kelly-Ann Neile 

High Court Enforcement Group Ltd 

Vanya Caleary 

Menzies Distribution Ltd 

Emma Nickerson 

Yarlington Housing Group 

Jack Card 

London Borough of Newham 

Ola Ojedokun 

emh homes 

Michael Carey 

Macmillan Distribution 

Jignesh Panchal 

Euromoney Trading Limited 

Mirko Cerretani 

Huntsman Tioxide 

Michael Perkins 


Amanda Coakley 

Zenith Vehicle Contracts 

Emma Phillips 


Michael Coughlan 


Roderick Poole 

Sandwell Metropolitan Borough Council 

Bradley Cousins 

Macmillan Distribution 

David Price 


Samantha Crawford 

Meeting Zone Ltd 

Victoria Richardson 

Hitachi Capital Vehicle Solutions Ltd 

Duane Darby 


Lloyd Robson 

Wincanton Group Ltd 

Christopher Deakin 


Jason Roff 

Chandlers Limited 

Paul Dowley 


Marie Rowan 

Veolia Environmental Services Plc 

Cassandra Downs 

ALD Automotive Ltd 

Ammar Saeed 

Luke Dunn 


Rick Salmon 


Paul Elt 

Paragon Automotive Ltd 

Aaron Sambells 


Samuel Evans 


Lisa Smith 

Optima Contracting Ltd 

Michael Finn 


Ryan Spencer-Droy 

Kay Francis 

Taff Housing Association 

Lee Taylor 


Stephen Froggatt 


Samantha Thomas 

Rema Tip Top UK Ltd 

Christopher Garmisch 


Jennifer Thomas 

ALD Automotive Ltd 

Lee Goddard 


Lee Tuplin 


Rosemary Graham 

SHS Marketing 

Stefan Tutu 


Kieran Grant 

SHS Marketing 

Melvyn Utley 

Bond Street Consultants Ltd 

John Gresty 


Gillian Walker 

Perth & Kinross Council 

Cheryl Grieve 

Pertemps 

Bryan Wall 


Carl Grocock 


Sarah Warboys 

The Consortium 

Liam Halfnight 

Headroom Limited 

Colin Weakford 


Kevin Hall 


Gregory Webb 

M S Webb & Company Ltd 

Stephen Hames 

Merthyr Tydfil County Borough Council Robert Wesson 


Laura Harmar 


Jade Westlake 

Pertemps 

David Harrison 


Lee Williams 


Charles Harrison (Senior) 

CW Harrison & Son 

Michael Wong 

Begbies Traynor 

Charles Harrison (Junior) 

CW Harrison & Son 

Jason Wynne-Williams 


Martin Hildreth 

Direct Collection Bailliffs Ltd 


Cr£ditWho? 

CICM Directory of Services 

FOR INFORMATION, 

OPTIONS AND PRICING 

PLEASE EMAIL: 

anthony.cave@cabbell.co.uk 

COLLECTIONS 

COURT ENFORCEMENT SERVICES 

Premium Collections Limited 

Office 3, Caidan House Business Centre, Canal Road, 

Timperley, Altrincham, Cheshire, WA14 1TD 

T: 0161 962 4695. 

F: 0333 121 3843 

E: enquiries@premiumcollections.co.uk 

W: www.premiumcollections.co.uk 

Premium Collections Limited has the credit management solution 

to suit you. Operating on a national and international basis we 

can tailor a package of products and services to meet your 

requirements. Staffed by dedicated professionals with over 60 

years combined experience of handling virtually every type of 

debt issue, the company was formed in December 2002 and 

is owned by our Managing Director, Paul Daine FCICM. Paul’s 

particular areas of expertise are the motor finance, insurance 

and international debt collection sectors. Services include B2B 

collections, B2C collections, international collections, absconder 

tracing, asset repossessions, status reporting and litigation 

support. 

INTERNATIONAL COLLECTIONS 

Lovetts Solicitors 

Lovetts, Bramley House, The Guildway, 

Old Portsmouth Road, Guildford, Surrey GU3 1LR 

T: +44(0)1483 457500 

E: info@lovetts.co.uk 

W: www.lovetts.co.uk 

Lovetts has been recovering debts for 30 years! When you 

want the right expertise to recover overdue debts why not use a 

specialist? Lovetts’ only line of business is the recovery of 

business debts and any resulting commercial litigation. 

We provide: 

• Letters Before Action, prompting positive outcomes in more 

than 80% of cases • Overseas Pre-litigation collections with 

multi-lingual capabilities • 24/7 access to our online debt 

management system ‘CaseManager’ 

Don’t just take our word for it, here’s recent customer feedback: 

“...All our service expectations have been exceeded...” 

“...The online system is particularly useful and is extremely easy 

to use... “...Lovetts has a recognisable brand that generates 

successful results...” 

Court Enforcement Services 

Wayne Whitford Director – Business Development 

M:07834 748 183 

T: 0843 504 1606 

E: info@courtenforcementservices.co.uk 

W: www.courtenforcementservices.co.uk 

Court Enforcement Services provides fast resolution of High Court 

Enforcement, County Court Judgments (CCJs) over £600 and 

Commercial Rent Arrears Recovery (CRAR). We help businesses 

and individuals to enforce judgment awards made in their favour in 

the Civil Court process. 

Our team is very experienced within the Civil and High Court 

Enforcement industry and as owners of the company, we will take 

the lead and manage all aspects of the services that are provided on 

your behalf. We have launched Court Enforcement Services in order 

to bring a fresh, modern and above all personal customer-focussed 

approach to High Court Enforcement and Commercial Rent Arrears 

Recovery (CRAR). 

CREDIT INFORMATION 

M.A.H. INTERNATIONAL CORPORATION 

Breitenweg 6, 6370 Stans, Switzerland 

Ms. Melina Schuler – Business Development Manager 

T: ++41 41 618 30 54 

F: ++41 41 620 90 26 

E: m.schuler@mah-international.com 

W: www.mah-international.com 

M.A.H. is a global leader in Export Debt Collection & Trade 

Dispute Resolution Services. Our head office is located 

in Stans, our group law office in Zurich. We specialise in 

resolving cross-border cases swiftly and amicably (99 

percent of our cases are settled out of court). 

We have recovered payments from 112 countries on all five 

continents for exporters and other B2B customers of all sizes 

in all industries. We rank as first choice among international 

export companies, export credit insurers, and governmental 

organisations. 

Our mission is to ensure that all creditors receive full payment 

for products or services sold out of the UK without expensive, 

stressful, and lengthy litigation. 

Contact us to benefit from our personalised, full-package, 

No Collection – No Fee services, provided by our qualified 

multilingual global negotiators, collection attorneys, and 

affiliate local partner law firms in 65 countries. 

COLLECTIONS (LEGAL) 

Blaser Mills LLP 

Head Office: Park House, 31 London Road, 

High Wycombe, Buckinghamshire, HP11 1BZ 

T: 01494 478660/478661 

E: Jackie Ray jar@blasermills.co.uk or Gary Braathen 

gpb@blasermills.co.uk 

W: www.blasermills.co.uk 

Established in 1888, leading multi-disciplinary law firm Blaser 

Mills specialises in services for businesses and individuals. 

The Firm has particular expertise in Dispute Resolution and 

Debt Recovery working with experienced credit managers and 

finance directors providing solutions to both contested and 

uncontested claims. 

Blaser Mills provides an experienced team including CICM 

qualified legal representatives and the Firm is cited in the 

Legal 500 law directory based on quality of work and strong 

client feedback. 

Offices in Aylesbury, London (Central), London (Harrow), Old 

Amersham, Rickmansworth, Staines-on-Thames 

CONSULTANCY 

Company Watch 

Centurion House, 37 Jewry Street, LONDON. EC3N 2ER 

T: +44 (0)20 7043 3300 

E: info@companywatch.net 

W: www.companywatch.net 

What would happen if one of your key customers failed? Do 

you rely on company information that is up to 18 months’ old? 

Company Watch provides a credit management system that’s 

predicted around 90 percent of company failures. Not only 

that, our interactive system allows you to input more up-to-date 

accounts, and to stress-test company financials to generate an 

instantly updated analysis of a company’s financial health. With 

a portfolio and email alert system, and a user interface showing 

5-year trends along with everything you need to know at a 

glance, Company Watch is an invaluable resource in the credit 

management process. 

Freeths Solicitors 

Third Floor St James’ Building, 

61-95 Oxford Street, M1 6FQ 

T: +44(0)845 634 2540 

F: +44(0)845 634 2541 

E: emma.emery@freeths.co.uk 

W: www.freeths.co.uk 

Freeths is one of the UK’s leading regional law firms with 

10 offices across the UK. We have a specialist team that 

advises on book debt collection and asset recovery in 

insolvency situations and everything in between. We believe our 

role is not just to collect your debts but also to increase your 

recoveries by working smarter. We have a range of flexible 

funding options to suit businesses of any size and advise on 

all matters from debt recovery and retention of title to disputes 

about the quality of goods and services. For undisputed claims 

we can offer low fixed rates or ‘no win no fee’ and we work fast 

taking the first steps in recovering your debt the same day. We 

are very proud to be the CICM’s Corporate Legal Partner and 

to be hosting the CICM Helpline providing free and quick initial 

legal advice to CICM members. 

Business Change Partners Ltd 

The Birches, 5 Moat Farm Close, Greenfield, 

Bedfordshire, MK45 5DP 

T: +44(0)152 572 0226. 

E: enquiries@businesschangepartners.com 

W: www.businesschangepartners.com 

Business Change Partners is a small independent consulting firm 

of experienced operational and consulting professionals. We assist 

clients in the areas of leadership, change, operational management, 

organisation design and business process improvement with 

functional expertise in Billing, Credit Management, Revenue 

Assurance and IT systems implementations. Our international 

experience includes telecommunications, utilities, oil and gas, 

manufacturing, publishing and financial services, in the business-tobusiness 

and business-to-consumer markets. We deliver pragmatic 

solutions and significant improvements to business processes, 

including cash collections, delivering millions of pounds of benefit 

for our clients. We are also proud to manage CICMQ on behalf of 

and under the supervision of the CICM. 

CoCredo Limited 

Missenden Abbey, Great Missenden, Bucks, HP16 0BD 

T: 01494 790 600 

E: helpdesk@cocredo.com 

W: www.cocredo.co.uk 

CoCredo were proud winners at the CICM British Credit Awards 

for ‘Credit Information Provider of the Year 2014.’ We provide 

live online company credit reports and related business 

information within the UK and overseas. We have direct 

feeds from Dun & Bradstreet, Companies House and other 

premium providers. We provide business information on over 

228 million companies across 240 countries. Our information 

is updated over 500,000 times per day and we have some 

excellent tracking mechanisms which provide proactive 

daily monitoring of changes in the global information 

on record. We can offer a wealth of additional services 

including D.N.A portfolio management, CoData marketing 

information, Consumer and Director Searches. We pride 

ourselves in delivering outstanding customer service 

offering you unrivalled support and analysis to protect your 

business. 



59

Cr£ditWho? 




PLEASE EMAIL: 


Creditsafe Business Solutions 

Bryn House, Caerphilly Business Park, Van Rd, 

Caerphilly, CF83 3GG 

T: 0292 088 6500. 

E: ukinfo@creditsafeuk.com 

W: www.creditsafeuk.com 

Creditsafe is Europe’s most used supplier of credit & 

business intelligence. Creditsafe have helped over 60,000 

customers across Europe and the USA with a range of 

products which includes our UK, European and International 

Company Credit Reports, which reach over 129 countries 

and 90m companies; customer and supplier Risk Tracker and 

our 3D Ledger product which has captured over 35 million 

Trade Payment Data Experiences since its launch in 2012. 

All of which will help companies manage their exposure to 

risk, make informed decisions in relation to credit limits whilst 

looking at how you can identify gaps within your sales ledger 

to prioritise collections and leverage sales. 

Arthur J. Gallagher (GB) 

Newater House, Eleven Newhall Street 

Birmingham. B3 3NY 

T: 0121 606 0660 

W: www.ajginternational.com 

With the risk of default by customers still a major threat to 

UK companies there has never been a better time to consider 

trade credit insurance. Arthur J. Gallagher ABI award winning 

specialist trade credit team recognises the unique nature 

of the credit insurance market. Our team of experienced 

professionals deal with a wide range of businesses, from 

SME to large corporate and global risks. Please contact 

us to discuss how a specifically tailored trade credit 

solution can benefit your business. 

CREDIT MANAGEMENT SOFTWARE 

Prof. Schumann GmbH 

innovative information systems 

Weender Landstr. 23, 37130 Göttingen, Germany 

T: +49 551 38315 0 F: +49 551 38315 20 

E: info@prof-schumann.de W: www.prof-schumann.de 

Our Credit Application Manager (CAM) is a leading credit 

risk management solution for major corporations, as well as 

insurance, factoring and leasing companies. In their daily work, 

CAM allows credit and sales managers to call up all the available 

information about a customer or risk in a few seconds for decision 

support: real-time data from wherever they are. CAM keeps an 

eye on customers whose payment behaviour stands out or who 

have overdue invoices! CAM provides an up-to-date forecast 

of customers’ payments. Additionally, CAM has automated 

interfaces for connecting to leading suppliers of company credit 

data, payment record pools and commercial credit insurers. The 

system is characterised by its great flexibility. We have years 

of experience in consulting and software support for accounts 

receivable management. 

Top Service Ltd 

2&3 Regents Court, Farmoor Lane, Redditch, 

Worcestershire, B98 0SD 

T: 0152 750 3990. 

E: enquiries@top-service.co.uk 

W: www.top-service.co.uk 

Top Service is the only credit reference and debt recovery 

agency to specialise in the UK construction sector. Top 

Service customers benefit from sector specific information, 

detailed payment history intelligence and realtime trade 

references in addition to standard credit information. 

There are currently 3,000 construction sector companies 

subscribing to the service, ranging from multi-national 

organisations to small family firms. The company prides 

itself on high levels of customer service and does not tie 

its customers into restrictive contracts. Top Service offers 

a 25% discount to all CICM Members as well as four free 

credit checks of your choice. 

CREDIT INSURANCE 

Credica Ltd 

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT 

T: 01235 856400 

E: info@credica.co.uk 

W: www.credica.co.uk 

Our highly configurable and extremely cost effective Collections 

and Query Management System has been designed with 3 goals 

in mind: 

• To improve your cashflow 

• To reduce your cost to collect 

• To provide meaningful analysis of your business 

Evolving over 15 years and driven by the input of 1000s of 

Credit Professionals across the UK and Europe, our system is 

successfully providing significant and measurable benefits for our 

diverse portfolio of clients. 

We would love to hear from you if you feel you would benefit from 

our ‘no nonsense’ and human approach to computer software. 

STA International 

3rd Floor, Colman House, King Street, Maidstone, ME14 1DN 

T: +44(0)844 324 0660. 

E: enquiries@staonline.com 

W: http://www.stainternational.com 

Getting Business Paid 

STA is an award winning B2B and B2C debt collection, receivables 

management and tracing supplier. ISO9001 quality accredited, 

and with the CSAs Collector Accreditation Initiative, duty-of-care 

is as important to us as it is to you. In the past 12 months we’ve 

collected from 138 countries worldwide; with Your Debts Online 

giving you transparent access to our collection success and the 

cost of each and account placed with us for collection. Collected 

funds are remitted via BACS. We look forward to getting your 

business paid. 

EFCIS Limited t/as ICBA UK 

Specialist Trade Credit Insurance Broker 

The Office, Mill House Farm, 

Mill Street, Hastingwood, 

Essex, CM17 9JF 

T: 01279 437662 

E: amoylan@efcis.com 

W: www.efcis.com 

EFCIS Limited - Trade Credit Insurance, Debt Collection, 

Dispute Resolution and Legal action for small/medium & 

multinational businesses. EFCIS secures limits for clients 

where the financials alone do not support the full limit. We are 

tenacious when negotiating settlement of claims, securing full 

payment for claims and proactively working with our clients in 

claims avoidance. We are the industry’s only Broker to develop 

policy compliance software to ensure client’s maximum benefit 

and protection from the policy. We believe that a well-managed 

ledger supports business growth within increased profit and an 

improved return on investment. 

Co-pilot Limited 

73 Flask Walk, London, NW3 1ET 

T: +44(0) 20 7813 2182 

E: info@co-pilot.co.uk 

W: www.co-pilot.co.uk 

Credit Managers who manage large or multiple ledgers have 

come to realise that they need to use specialist software to 

achieve or maintain performance improvement – be that risk, 

collections or both. 

For many Credit Managers a key question is where to start. 

How do you examine and evaluate the options? How and 

when do you start the budgeting process? What are the 

steps? 

Co-pilot has advised on credit management software for a 

number of years. We have good knowledge of the available 

solutions, what’s good, how they work and what type of 

solution best fits given situations. We combine this with 

considerable experience of credit management Best Practice 

so that you can pull everything together into one place and 

achieve a flexible and sustainable position going forward. 

We work with you through a structured evaluation process 

which is designed to enable you to have a clear view of 

what you can achieve going forward, what is practicable, 

the business case implications, the preferred supplier(s) and 

what the implementation process would sensibly look like (in 

our opinion, there is no such thing as “Plug and play”). 



Cr£ditWho? 




PLEASE EMAIL: 


CREDIT MANAGEMENT SOFTWARE 

OnGuard 

40 Gracechurch Street, London, EC3V 0BT 

T: 0203 4403 825 

E: info@onguard.com 

W: www.onguard.co.uk 

OnGuard is a leading supplier of sophisticated software in which 

Credit, Collections, Complaints and Cash Allocation can be 

integrated in a single solution. With customers around the world 

we offer a truly global, proven, low-risk high-value proposition 

which focusses on maintaining positive customer relationships 

helping to contribute to improving your competitive edge. Our 

integrated accounts receivables solution enables you to achieve 

faster payment of your invoices plus the benefits of improved 

insights into customer behaviour and valuable time savings. This 

not only results in process optimisation, cost savings, a lower 

DSO and reduced write-offs but contributes to a stronger, 

positive relationship with your valued customers. See more at 

www.onguard.co.uk. 

Safe Computing Limited 

20, Freeschool Lane, Leicester, LE1 4FY 

T: 0844 583 2134 

E: info@safecomputing.co.uk 

W: www.safe-creditcontrol.co.uk 

Designed to manage your customer credit accounts effectively, 

Safe credit control enables your credit management team to: 

• improve cash flow 

• reduce debtor days 

• increase customer service 

• cut the cost of cash collection 

• eliminate manual processes 

• speed up the query resolution process 

Our unique approach is centred on changing the perception of 

the credit control function, from a series of reactive processes 

to proactive ones. Credit controllers are traditionally regarded 

as an essential element in business, to chase late payments 

and respond to customer queries. Safe credit control has 

taken the concepts of customer relationship management 

(CRM) and applied it to the credit control function, enabling 

a softer, service orientated team of customer service 

representatives. 

Tinubu Square UK 

Holland House, 4 Bury Street, London EC3A 5AW 

T: +44 (0)207 469 2577 

E: uksales@tinubu.com 

W: www.tinubu.com 

Tinubu Square’s mission is to control and minimise trade credit 

risk. Founded in 2001, Tinubu Square has become a trusted 

source of trade credit intelligence for credit insurance leaders 

and now offers the service to corporate customers enabling 

them to assess their credit risk. Tinubu Square’s B2B Credit 

Risk Intelligence solutions – including Tinubu Risk Management 

Center (RMC) cloud-based SaaS platform, Tinubu Credit Intelligence 

service with real-time credit risk intelligence reporting 

and Tinubu Risk Analyst advisory service provide companies 

with an accurate picture of their customers’ financial health from 

sales and marketing through the entire order-to-cash cycle. 

Based in Paris, Tinubu Square has offices in London, Brussels, 

Singapore and Mumbai. 

Data Interconnect Ltd 

Unit 7, Radcot Estate, 7 Park Rd, Faringdon, 

Oxfordshire. SN7 7BP 

T: +44 (0) 1367 245777 

F: +44 (0) 1367 240011 

E: sales@datainterconnect.co.uk 

W: www.datainterconnect.com 

Data Interconnect provides integrated e-billing and collection 

solutions via its document delivery web portal, WebSend. 

By providing improved Customer Experience and Customer 

Satisfaction, with enhanced levels of communication between 

both parties, we can substantially speed up your collection 

processes. 

SIDETRADE 

Sidetrade UK: Amadeus House, Floral Street, Covent 

Garden, London WC2E 9DP 

T: +44 203 608 9850 

E: Samantha@sidetrade.com 

W: wwwsidetrade.co.uk 

Sidetrade offers companies the opportunity to digitise the 

management of their financial relationships with customers. 

Sidetrade's market-leading solutions, complementary to ERPs, 

meet the challenges of securing what is often a company's 

largest asset, its accounts receivable, by reducing late payments 

and controlling customer risk. With sales in 65 countries and 34 

million invoices managed annually, the Group enables 69,000 

users from companies of all sizes and all sectors to collaborate 

via its cloud solution and accelerate cash-flow generation. 

FINANCIAL PR 

Gravity London 

Floor 6/7, Gravity London, 69 Wilson St, London, EC21 2BB 

T: +44(0)207 330 8888. 

E: sfeast@gravitylondon.com 

W: www.gravitylondon.com 

Gravity is an award winning full service PR and advertising 

business that is regularly benchmarked as being one of the best 

in its field. It has a particular expertise in the credit sector, building 

long-term relationships with some of the industry’s best-known 

brands working on often challenging briefs. As the partner 

agency for the Credit Services Association (CSA) for the past 13 

years, and the Chartered Institute of Credit Management since 

2006, it understands the key issues affecting the credit industry 

and what works and what doesn’t in supporting its clients in the 

media and beyond. 

PROFESSIONAL BODIES 

CICMos (CICM Online Services) 

www.CICM.com 

T: 01780 722 907. 

E: training@cicm.com 

W: www.cicmos.com 

CICMOS has been designed to help busy credit managers by 

providing them with a suite of online tools to support and 

quickly develop their teams. The virtual learning centre is an 

open platform system, accessed via the website, which is 

easy to use, modular and each module is completely optional, 

which means the system can be tailored to suit specific 

requirements and time constraints. This wide ranging system 

is more than just a training tool it is easy to set up and use 

and can be accessed securely via the CICMOS website for a 

low annual subscription. 

Chartered Institute of 

Credit Management (CICM) 

The Water Mill, Station Road, South Luffenham, 

OAKHAM, LE15 8NB 

T: 01780 722910 E: info@cicm.com 

W: wwwcicm.com 

The Chartered Institute of Credit Management (CICM) is Europe’s 

largest credit management organisation. The trusted leader 

in expertise for all credit matters, it represents the profession 

across trade, consumer, and export credit, and all credit-related 

services. Formed over 70 years ago, it is the only such organisation 

accredited by Ofqual and it offers a comprehensive 

range of services and bespoke solutions for the credit professional 

(www.cicm.com) as well as services and advice for the 

wider business community (www.creditmanagement.org.uk). 

RECRUITMENT 


107 Cheapside, London, EC2V 6DN 

T: 07834 260029 

E: karen.young@hays.com 

W: www.hays.co.uk/creditcontrol 

Hays Credit Management is working in partnership with the CICM 

and specialise in placing experts into credit control jobs and 

credit management jobs. Hays understands the demands of this 

challenging environment and the skills required to thrive within 

it. Whatever your needs, we have temporary, permanent and 

contract based opportunities to find your ideal role. Our candidate 

registration process is unrivalled, including face-to-face screening 

interviews and a credit control skills test developed exclusively 

for Hays by the CICM. We offer CICM members a priority service 

and can provide advice across a wide spectrum of job search and 

recruitment issues. 

PORTFOLIO 

CREDIT CONTROL 

Portfolio Credit Control 

Portfolio Credit Control, New Liverpool House, 

15 Eldon Street, London, EC2M 7LD 

T: 0207 650 3199 

E: recruitment@portfoliocreditcontrol.com 

W: www.portfoliocreditcontrol.com 

Portfolio Credit Control, solely specialises in the recruitment of 

permanent, temporary and contract Credit Control, Accounts 

Receivable and Collections staff. Part of an award winning 

recruiter we speak to and meet credit controllers all day everyday 

understanding their skills and backgrounds to provide you with tried 

and tested credit control professionals. We have achieved enormous 

growth because we offer a uniquely specialist approach to our 

clients, with a commitment to service delivery that exceeds your 

expectations every single time. 

Jobs in Credit 

Foxhall Business Centre, Foxhall Road, Nottingham, NG7 6LH 

T: 0207 316 9533 

E: info@jobsincredit.com 

W: www.jobsincredit.com 

Established in 2004, jobsincredit.com is the only UK job board 

dedicated to the credit and collections industry. The site attracts 

over 30,000 monthly visits, and advertises over 1,000 roles from 

a broad mix of employers and recruiters. For candidates our 

service is free of charge, and offers an easy way of searching 

for and securing your next role. For employers jobsincredit.com 

offers the most cost effective recruitment method, no matter the 

seniority. Many leading employers are clients, including Barclays, 

RBS, Deloitte, Centrica Barclaycard. For more information about 

advertising your vacancy, please visit www.jobsincredit.com 



61

Cr£ditWho? 




PLEASE EMAIL: 


ANTI MONEY LAUNDERING 

SmartSearch 

Station Court, Station Road, Guiseley, Leeds, LS20 8EY 

T: 0113 238 7660 

F: 0113 238 7669 

E: info@smartsearchuk.com 

W: www.smartsearchuk.com 

SmartSearch is the first system to bring together Business 

and Individual AML Verification on a single platform. Our data 

providers Experian and Dow Jones provide SmartSearch 

access to over one billion data items enabling AML 

verification in all Markets. AML verification data subjects are 

automatically screened against the latest Sanction, PEP and 

SIP Lists. Ongoing monitoring for the duration of your contract 

is provided at no extra cost. Efficient processes; less than 3 

minutes to execute a business AML check and a sub 60 second 

individual check. Why not let your Compliance Team test drive 

SmartSearch for 14 days free of charge? (Ref:CM101) 

ATTENTION PRODUCT AND SERVICE PROVIDERS 

CICM members, magazine subscribers, and website 

visitors are your potential customers. 

You can connect with them all now by having a 

listing in CreditWho. 

For just £1,247 + VAT per annum: 

your business will be listed in Credit Management 

magazine, which goes out to all our members and 

subscribers and has an estimated readership of over 

25,000 

your business will be listed in the Resources 

section of the CICM website, the go-to resource for 

credit and collections professionals. 

Each listing will feature your logo, contact details 

and up to 100 words describing your organisation 

and its products and services. 

To book your listing in CreditWho contact 

Anthony Cave on 020 3603 7934 

There is also an option for service providers to 

include their company name/web address in up to 

two BIS/CICM Managing Cashflow guides that relate 

to your products and services. With over 500,000 

downloads already, these guides continue to be 

popular. 

The additional cost of this is £347 + VAT per 

annum per guide 

Entries in the guides are limited to business who are 

members of their appropriate trade or professional 

body, where applicable. 

For even greater exposure to our membership and a closer association 

with CICM, why not enquire about becoming a Corporate Partner. 

To find out more contact Peter Collinson (07584 993548). 

Use for Credit Risk & Compliance 

THE 

TURNER 

LECTURE 

Use for Technology 

FREE 

EVENT BOOK 

YOUR SEAT 

NOW! 

MASTERCLASS 

CREDIT RISK AND 

COMPLIANCE 

23 SEPTEMBER 09:30 – 16:00 

HAYS RECRUITMENT, 107 CHEAPSIDE, 

LONDON, EC2V 6DN. 

Email events@cicm.com or call 

01780 722902 to book your place. 

Visit www.cicm.com/events for details. 

CPD 

6 

THE INNER TEMPLE, 

LONDON EC4. 

FRIDAY 9 OCTOBER 2015 

17:30 - 20:00 

FREE TO 

MEMBERS 

You are invited to a lecture on the subject of “Unfair Relationships” 

undertaken by two barristers from Henderson Chambers 

followed by a talk from past President of the CICM, professor 

Robert Turner. 

Additionally, you are also invited to the Parliament Chamber for 

an after event meal, ticket prices for the meal are £90+VAT. 

To book your place; please email: 

Richard Seadon at richards@tgbaynes.com 





MONTHLY PRIZE CROSSWORD 

CREDITCONUNDRUM 

FOR ALL EMAIL ENTRIES FOR THE CROSSWORD PLEASE EMAIL: andrew.morris@cicm.com 

Puzzle by © 2012 Mirroreyes Internet Services Corporation. All Rights Reserved - CROSSWORD NBR 32 

NAME .................................................................................................................................... 

ADDRESS .............................................................................................................................. 

............................................................................................................................................... 

POST CODE .................................. TELEPHONE NUMBER ..................................................... 

The CICM is registered with the UK's Information 

Commissioner under the Data Protection Act 1998 (the 

"Act"). All the data contained on this form, is held and 

processed electronically in accordance with the Act. 

The Institute holds and processes your personal data in 

order to give you the full benefits of being a member and 

for administrative purposes. 

We might from time to time notify you by post or email of 

details of CICM events or other similar CICM services or 

products which we think July / August be of interest to 

you. If you do not wish to receive such notification please 

tick here q 

If you subsequently decide that you do not wish to 

receive such notifications please email the Institute at 

unsubscribe@cicm.com or write to the Data Controller at 

the address given below. 

The Data Protection Act gives you the right at any time to 

see a copy of all the data that we hold about you. If you 

would like a copy, please send a letter requesting this 

information together with a cheque for £10 payable to : 

The Chartered Institute of Credit Management to: 

Data Controller, CICM, The Water Mill, Station Road, 

South Luffenham, OAKHAM, LE15 8NB. 

CREDITMAN by MIKE FLANNAGAN 

ACROSS : 

1. Hairdo 

5. Potatoes 

10. Credit or playing 

14. Childlike 

15. Artist's workstand 

16. Double-reed woodwind 

17. Minor quarrel 

18. Perilous 

20. Blow up 

22. Pillar 

23. In song, the loneliest number 

24. Small islands 

25. Splashing 

32. Avoid 

33. Mortise and _____ joint 

34. A spider spins this 

37. To tax or access 

DOWN : 

1. Against 

2. Gladly (archaic) 

3. Jazz phrase 

4. Unloads 

5. 7 member group 

6. Trim 

7. Utilize 

8. A style of design 

9. Generous slice of the pie 

10. Spirals 

11. Agitated 

12. Awaken 

13. Davenports 

19. Rule 

21. Initial wager 

25. Religious offshoot 

26. Urgent request 

27. Craving 

28. Chopin composition 

29. Varnish ingredient 

38. Travelled by bus 

39. Disappear gradually 

40. Make lace 

41. Point of greatest despair 

42. Birch relative 

43. Recognizing 

45. A high-pitched woodwind 

49. Chart 

50. Otalgia 

53. Hardy coarse-haired sheep 

57. Mating of related people 

59. A coniferous tree 

60. Leave in a hurry 

61. Gibe 

62. Dash 

63. 10 10 10 10 

64. Children 

65. Defeat decisively 

30. Unreactive 

31. A gesture of assent 

34. Dry riverbed 

35. Biblical garden 

36. Large mass of ice 

38. Ill 

39. Fly killer 

41. Daughter of a sibling 

42. At a distance 

44. Pictures 

45. A belligerent little mongrel dog 

46. Javelin 

47. Not rural 

48. Small open pies 

51. Warmth 

52. Jittery 

53. Leg joint 

54. Prefix meaning 1000 

55. Two-toed sloth 

56. Gave temporarily 

58. Bother 

THERE WILL BE THREE PRIZES 

OF £20 EACH FOR THE FIRST THREE 

NAMES DRAWN 

CROSSWORD SOLUTION 31 

JULY/AUGUST CROSSWORD 

WINNERS ARE : 

Olga Zajaczkowski 

Angela Deverick 

Lynn Von Der Recke 

For the chance of winning £20, 

forward your completed solution to: 

Art Editor, Andrew Morris, 

Chartered Institute of Credit Management, 

The Water Mill, Station Road, South 

Luffenham, OAKHAM, LE15 8NB 

or email: andrew.morris@cicm.com 

DON’T ALLOW LONG-STANDING 

DEBTS AFFECT YOUR BUSINESS 

For a detailed discussion on how we can help your business or for a quotation for any of our services 

please do not hesitate to contact: Paul Daine FCICM, MIoD, Managing Director 

Office 3, Caidan House Business Centre, Canal Road, Timperley, Altrincham, Cheshire, WA14 1TD 

F: 0333 121 3843 E: enquries@premiumcollections.co.uk W: www.premiumcollections.co.uk 

For all your credit management requirements Premium 

Collections Limited have the solution. Staffed by 

professionals with over 50 years combined experience. 

Call: 0161 962 4695 

The recognised standard in credit management www.cicm.com September 2015 

63

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201509 CM September

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