CM September 2020

CREDIT MANAGEMENT 

CM 

SEPTEMBER 2020 £12.50 

THE CICM MAGAZINE FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

Plug and Play 

Is Germany still the 

powerhouse of Europe? 

Exploring the true 

impact of the global 

pandemic. Page 13 

Is DSO an appropriate 

measure of a team’s 

performance? Page 34

How a debt recovery firm remodelled their business to 

respond to client demands 

If the pandemic has taught us anything, it is the need to be agile and 

responsive to change. Brands that do not have the courage to embrace 

transformation are likely to be left behind. A company that has perfectly 

demonstrated this, is Controlaccount Plc. 

This year sees Controlaccount quietly celebrate its 40th anniversary and 

here we look at how the business has evolved from a simple debt recovery 

model, to a fully integrated outsourcing business, delivering over fifty white 

labelled services to some of the biggest UK and global names. Over the 

past five years in particular, the firm has repositioned itself to respond to 

shifts in the debt recovery landscape. 

Founded on values 

Initially based in a small office in Holborn, London, Controlaccount was 

founded in September 1980, by Chairman, Graham Ball. The initial 

objective was to support clients with debt collection services, whilst 

operating with integrity, decency and understanding. These core values 

have been delivered consistently, throughout the company’s history. This 

proposition was attractive to many clients who needed to collect overdue 

invoices but did not want to be associated with the murky world of debt 

recovery (as it was seen in the early ‘80s). 

Controlaccount began working predominantly with clients in the medical 

sector. At one stage in its history, Controlaccount worked for most of the 

UK’s private hospitals and healthcare continues to be a key sector the firm 

supports. Other early clients came from growing sectors such as mobile 

phone companies and international debt recovery organisations (secured 

through professional relationships with commercial attachés in London 

embassies). 

Growth and expansion 

Forty years on, on behalf of its many blue chip customers, Controlaccount 

undertakes the recovery of over 30,000 delinquent invoices every month 

and collects some £40m each year. Key clients now include leading 

universities and colleges, a number of medical establishments and brand 

names from across the transport and logistics sector. It has not however, 

always been an upward trajectory and Controlaccount navigated many 

challenges during its forty years. As the debt recovery sector matured, it 

became more crowded and inevitably, rates were driven down. Although 

this resulted in the business losing some clients, by continuing to uphold its 

core principles, Controlaccount retained clients that valued both success 

and decency. 

With a track-record driven by its embedded values, it is no surprise that 

Controlaccount was a founding (and continues to be a) member of the 

Credit Services Association, and that its ISO accreditations are woven 

throughout its day to day processes. 

their customers. Specifically required was a shift towards digital interaction 

and automation, to enable clients to process high volumes and work 

accurately and efficiently. The business began to evolve, working more 

collaboratively to enable clients to improve performance, increase profit and 

provide engaging customer experiences. 

Supportive technology 

In 2013, Controlaccount demonstrated its technology credentials with the 

launch of Cogenda and ClientWeb. These are a debt recovery ‘engine’ and 

an online real-time portal where creditors can communicate and manage 

activity, such as uploading and updating new accounts. These industryleading 

platforms are still used today. 

In the same year, by delivering bespoke customer relationship management 

builds, web-based applications and software solutions, Controlaccount 

began to move away from a single service debt recovery model to become 

a comprehensive business process outsourcing provider. This dovetailed 

into the provision of operational standalone services such as white labelled 

multi-channel communication centres, branded mailings and advanced 

credit control functions. 

Full service 

By 2018, through its UK call centres and branded mailing facilities, 

Controlaccount had become a fully-fledged business process outsourcing 

company offering over fifty services. These included IT and application 

solutions, financial, marketing and back-office support, plus all forms of debt 

recovery, credit control and operation solutions. In addition, Controlaccount 

developed other brands within their family, including the identeco - Business 

Support Toolkit. This online data portal delivers full business insights 

and financial reporting. The current Controlaccount offer also includes 

identecoHR; an innovative HR and time management tool which enables 

businesses to perform all their human resources functions from one 

database. 

Robust systems 

As the impact of Covid-19 ripples through the global economy, David 

Harvey, Controlaccount’s Managing Director and the driving force of the 

business’s new direction, believes that offering a diverse range of services 

to support clients will hold the organisation in good stead. 

“Sadly, many businesses will not survive the pandemic. So, whilst 

forbearance and understanding play a part, companies must focus on 

having a robust collection process in place. Now is also the time when 

businesses need to review their model to streamline operations, increase 

productivity and continue to implement new ideas. Our outsourced services; 

whether delivered ad-hoc or on a longer-term basis, provide organisations 

with the ability to deal with the unexpected.” 

For more information on Controlaccount and how it can help your business 

thrive, visit controlaccount.com 

Responding to needs 

As the debt recovery sector matured, it became apparent that 

Controlaccount needed to respond to the emerging needs of its clients and

SEPTEMBER 2020 

www.cicm.com 

CONTENTS 

13 

OPINION 

Heather Greig-Smith 

CICM GOVERNANCE 

22 

LEGAL MATTERS 

Jackie Ray 

View our digital version online at www.cicm.com. Log on to the Members’ 

area, and click on the tab labelled ‘Credit Management magazine’ 

Credit Management is distributed to the entire UK and international CICM 

membership, as well as additional subscribers 

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. 

Any articles published relating to English law will differ from laws in Scotland and Wales. 

outsourcing debt recovery IT solutions 

24 

LEAD ARTICLE 

Adam Bernstein 

18 

OPINION 

Holly Scott-Donaldson 

President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM 

Executive Board Pete Whitmore FCICM – Chair / Debbie Nolan FCICM(Grad) – Vice Chair Glen Bullivant FCICM 

Treasurer / Larry Coltman FCICM, Victoria Herd FCICM(Grad), Bryony Pettifor FCICM(Grad) 

Advisory Council Sarah Aldridge FCICM / Laurie Beagle FCICM / Glen Bullivant FCICM / Alan Church FCICM(Grad) 

Brendan Clarkson FCICM / Larry Coltman FCICM / Niall Cooter FCICM / Peter Gent FCICM(Grad) / Victoria Herd FCICM(Grad) 

Philip Holbrough MCICM / Neil Jinks FCICM / Charles Mayhew FCICM / Debbie Nolan FCICM(Grad) 

Bryony Pettifor FCICM(Grad)/ Allan Poole MCICM / Alice Purdy MCICM(Grad) / Phil Rice FCICM / Chris Sanders FCICM 

Stephen Thomson FCICM 

8 – Technically Speaking 

News, views and opinion from the CICM 

Technical Committee. 

13 – Unparalleled Lines 

Heather Greig-Smith explains the harsh 

impact the global pandemic has had on 

businesses of all size across Europe. 

17 – Dream Big 

Peter Whitmore FCICM reflects on his 

time as Chair of the CICM. 

18 – Start the Revolution 

Holly Scott-Donaldson of Data 

Interconnect discusses the use of 

automation in Accounts Receivable. 

22 – Spark Out 

How will a landmark case involving 

two contractors benefit creditors in 

the future? Jackie Ray of Blaser Mills 

outlines the Bresco Case. 

24 – German Bite 

Is Germany still the powerhouse of 

Europe? 

29 – All Systems Go 

Why is the credit insurance guarantee 

from Government a good thing for 

creditors. 

32 – Shaping the Future 

Focus on the new Advisory Council. 

34 – Panel Bashers 

Is DSO an appropriate measure of a 

credit team’s performance? Our expert 

panel decides. 

44 – Small Talk 

Interview – Sean Feast speaks to 

Sinead McHale. 

52 – A Life Fully Lived 

Obituary – CICM veterans remember 

Paul Mudge. 

Publisher 

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Telephone: 01780 722900 

Email: editorial@cicm.com 

Website: www.cicm.com 

CMM: www.creditmanagement.org.uk 

Managing Editor 

Sean Feast FCICM 

Deputy Editor 

Iona Yadallee 

Art Editor 

Andrew Morris 

Telephone: 01780 722910 

Email: andrew.morris@cicm.com 

Editorial Team 

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2020 subscriptions 

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Single copies: £12.50 

ISSN 0265-2099 

Advancing the credit profession / www.cicm.com / September 2020 / PAGE 3

EDITOR’S COLUMN 

Changing of the Guard 

Sean Feast FCICM 

Managing Editor 

WHILE there may have 

not been a great 

deal of live sport to 

entertain the masses 

during the first half 

of COVID, we seem 

to have made up for it since with all of 

the serious sports – football, cricket, golf 

and darts – making a welcome comeback. 

(Wait a minute. Darts? A sport? I like the 

old rule that says if you can smoke a fag 

or drink a pint while you’re doing it, it 

cannot be a sport. That said, have you ever 

refereed Sunday League football?). There 

is also comforting talk about transfer 

windows and new signings to make us 

think that we’ll wake up tomorrow and 

find it’s all just been a bad dream. West 

Ham weren’t in a relegation battle at all 

and Watford stayed up. 

And while on the subject of new signings 

(did you see what I did there? Seamless), 

there has been a complete changing of 

the guard in our own world of credit. 

Sue Chapple FCICM, the interim Chief 

Executive of the CICM has been confirmed 

in the role on a permanent basis, following 

the move by the Institute’s previous star 

striker (or should that be defender?) Philip 

King FCICM to become Interim Small 

Business Commissioner. Similarly in the 

Credit Services Association (CSA), Peter 

Wallwork has finally hung up his fancy 

boots to make way for Chris Leslie, a 

seasoned battler from the world of politics 

who, judging from his Twitter feed, is no 

stranger to crowd banter. 

We will meet Sue and Chris in future 

issues, but I didn’t want the moment to 

pass without paying tribute to Philip and 

Peter. Philip, as our members will know, 

has been at the vanguard of promoting 

the credit profession from the start, and 

leading the Institute to be recognised 

with Chartered status. His achievements 

are legion, and too many to list here, but 

there are few people who have had such 

a profound impact on championing bestpractice 

credit management and getting 

those in Government and beyond to sit up 

and take notice. It would have been easy 

for Philip to put his feet up while watching 

his beloved Spurs, sipping a non-alcoholic 

cocktail. Instead he is continuing the 

battle as Interim SBC, and by all accounts 

shaking a few trees. 

Peter too has been at the helm of the 

CSA during a great period of transition and 

change and is to be congratulated on a job 

well done. As the ‘face’ of the CSA for over 

a decade, he brought a calm authority to 

the role that countered so well the cliché 

of the baseball bat-wielding thug that 

lazy journalists like to depict. His tenure 

included the challenge of authorisation 

and a new regulator, and patiently and 

diligently educating and informing those 

in power about the critical role that his 

members play in the economy, and the 

lessons the public sector can learn from 

their private sector colleagues. 

I am lucky enough to have worked with 

both men, and to be able to call them 

friends. I wish them the very best for the 

future. I have a feeling in both cases it may 

be farewell but not good-bye. 



CMNEWS 

A round-up of news stories from the 

world of consumer and commercial credit. 

Written by – Sean Feast FCICM 

High-cost lenders slammed 

in new FCA review 

HIGH-cost credit firms are not taking 

affordability assessments seriously 

enough on repeat borrowing, and 

poor practice in the use of online 

accounts and apps are encouraging 

consumers to borrow more. 

These are two of the key findings of a review 

by the Financial Conduct Authority (FCA) 

into relending by firms that offer high-cost 

credit which also suggests that nearly half (45 

percent) of customers said they regret taking 

out additional lending, a figure that rises to 60 

percent for certain products. 

This is in the context of research from 

StepChange Debt Charity that found that since 

the start of the pandemic, nearly one million 

people have used high cost credit products as a 

safety net to meet every day living costs. 

The long-awaited FCA review identified that 

most firms had more repeat customers than 

first-time borrowers, with repeat borrowers 

accounting for more than 80 percent of all 

customers at many firms. 

The FCA said it was particularly concerned 

that some customers may be managing 

financial difficulties through further borrowing. 

The report states: ‘Additional borrowing should 

“In the 

meantime, 

the FCA can 

further curb the 

harm caused 

by high-cost 

credit products 

by tightening 

lending rules, 

looking harder 

at the product 

features that 

can trap people 

in debt and 

improving 

forbearance 

measures.” 

Adam Butler, Public 

Policy Manager at 

StepChange 

“Repeat 

borrowing could 

be a strong 

indicator of levels 

of debt that are 

harmful to the 

customer.” 

Jonathan Davidson, 

Executive Director of 

Supervision 

not be used, in effect, as a debt management 

solution. When considering an application 

for refinancing where the firm is aware that 

the customer is a regular user and appears 

dependant on high-cost credit, we expect 

the firm to consider whether forbearance or 

debt advice might be more appropriate than 

additional lending. 

The FCA also said some firms were not 

taking responsibility to assess affordability for 

repeat borrowers seriously enough. Some firms 

suggested that consumers could use additional 

borrowing, for example to take a holiday, and 

reinforced the message by including imagery 

of exotic locations. Some firms also appeared 

to use ‘nudge’ techniques such as appealing 

to social norms by conveying a message that 

relending is common practice and normal 

behaviour. 

Jonathan Davidson, Executive Director of 

Supervision, Retail and Authorisations, says 

he has significant concerns: “Repeat borrowing 

could be a strong indicator of levels of debt that 

are harmful to the customer,” he says. 

“Before the pandemic we saw increasing 

numbers of complaints about high-cost lenders’ 

relending practices, which showed that firms 

had failed to adequately assess affordability, 

and they were not relending in a way that was 

sustainable for customers. We expect firms to 

review their relending practices in light of our 

findings as they start to lend again, and to make 

any necessary changes to improve customer 

outcomes. We will continue working with firms 

to raise standards, and we will continue to take 

action where we see harm.” 

Adam Butler, Public Policy Manager at 

StepChange, says it is more vital than ever 

that fair and sustainable alternatives to these 

products are made available as soon as possible: 

“The Government must act quickly to develop a 

national no interest loan scheme, which would 

provide a mechanism to influence access to 

affordable credit more directly. 

“In the meantime, the FCA can further curb 

the harm caused by high-cost credit products 

by tightening lending rules, looking harder at 

the product features that can trap people in debt 

and improving forbearance measures.” 


NEWS ROUNDUP 

CICM in new TV venture 

with ITN Productions 

THE Chartered Institute of 

Credit Management (CICM) and 

ITN Productions will be coproducers 

of a content series 

‘Managing the New Credit 

Future,’ produced to raise awareness and 

develop understanding of the vital role 

of credit management in the current 

climate. 

‘Managing the New Credit Future’ 

will address a variety of themes each 

centred around key areas affecting credit 

management in times of such deep 

financial uncertainty. The programme 

will highlight the importance of going 

‘Back to basics’ to manage credit beyond 

the crisis, keeping cash flowing to 

sustain supply chains and exploring the 

opportunities and threats associated 

with ‘Increasing risk’. 

The programme will also discuss 

the strategic challenge of ‘Doing more 

with less’ whilst simultaneously driving 

income, profit and customer excellence. 

Sue Chapple FCICM, Chief Executive 

of CICM says the programme will shine 

a spotlight on the people, processes and 

systems helping to address change: 

“Professional credit management teams, 

strategies, sharing experiences and 

best-practice through programmes such 

as this, will be essential as we move to a 

period of recovery.” 

Elizabeth Fisher-Robins, Head of 

ITN Productions Industry News agrees: 

“We’re delighted to be partnering again 

with the Chartered Institute of Credit 

Management to produce a content 

series that raises industry and public 

awareness of the vital role of credit 

managers in sustaining the business 

landscape. We hope the programme will 

help address many of the immediate 

challenges faced by organisations across 

the UK.’ 

Launching digitally in November 

2020, the programme will form part 

of an extensive communications 

campaign featuring CICM members and 

professional partners. 

“Professional credit 

management teams, 

strategies, sharing 

experiences and 

best-practice through 

programmes such as 

this, will be essential as 

we move to a period of 

recovery.” 

Sue Chapple FCICM, 

Chief Executive of CICM 

COVID-19 impacting USMCA businesses 

LATE payments have soared in the 

USMCA region as businesses are 

squeezed by the impact of COVID-19, 

according to the latest research by trade 

credit insurer Atradius. 

The annual Payment Practices 

Barometer by Atradius analyses the 

payment behaviours and sentiment of 

businesses in the United States, Mexico 

and Canada (USMCA). This year’s survey 

results reveal compromised cashflows 

and an increased reliance on bank 

finance, as businesses grapple with 

COVID-19 containment measures. 

The report found late payments 

affect 43 percent of the total value of 

invoices issued in USMCA, up from 25 

percent last year. Furthermore, the total 

value of invoices overdue past 90 days 

has doubled year on year to 13 percent, 

while four percent of the total value was 

written off as uncollectable, up from 

three percent a year ago. 

The Atradius research barometer 

reveals 40 percent of USMCA businesses 

use invoice payment delays as a form 

of short-term financing, while delays in 

payments are also caused by customer 

liquidity shortages (cited by 36 percent 

of businesses) and disputed invoices 

(cited by 39 percent). To counter late 

payments, nearly a third (30 percent) of 

businesses in USMCA report needing to 

increase the amount of time, resource 

and cost spent to chase overdue 

invoices while 28 percent acknowledge 

needing to delay settlement of invoices 

to their own suppliers as a result. A 

quarter of businesses admit needing 

to strengthen their own internal credit 

control procedures, while more than 

half plan to improve the efficiency of 

their debt collection processes with the 

two most cited approaches including 

increased use of payment reminders 

and outsourcing debt collection to a 

specialist agency. 

James Burgess, Head of UK 

Commercial for Atradius says the 

research is a particularly revealing story 

of two halves: “On the one hand is the 

dramatic increase in overdue payments 

and the undeniable indications that 

the region has entered recession. 

Whilst conversely, respondents convey 

optimism for a brighter future despite 

the gloomy figures to date. Of course, the 

reality hangs on the development of the 

COVID-19 crisis and the effectiveness 

of the region in reversing its negative 

effects. 

“What is clear is the pressure USMCA 

businesses are feeling which is reflected 

by widespread deteriorating B2B 

customer credit risk. Invoice payment 

defaults are up significantly compared to 

last year as is the number of businesses 

awaiting payment subsequently 

delaying payment to their suppliers. 

In a climate rocked by late payments 

and sustained economic uncertainty, 

businesses must act cautiously when it 

comes to maintaining successful trade 

relationships.” 

‘‘On the one hand is 

the dramatic increase 

in overdue payments 

and the undeniable 

indications that the 

region has entered 

recession.’’ 

James Burgess, Head of UK 

Commercial for Atradius 


NEW 

FEATURE 

TECHNICALLY SPEAKING 

PHONEY WAR 

Insight and comment from the CICM Technical Committee 

AUTHOR – Sean Feast FCICM 

THE full impact of COVID-19 

on both the consumer and 

commercial debt collection 

industry is yet to be felt, and 

no-one can predict with any certainty 

what happens next. But even if half of 

the guesswork proves to be true, many 

hundreds of thousands of consumers 

will be plunged into debt by the end of 

the year, and a not dissimilar number of 

businesses may also go to the wall. 

Experts within the CICM’s Technical 

Committee met virtually in July to 

report on and share their knowledge and 

insight of various Bills, consultations, 

calls for evidence, and other such 

Government-led programmes that will 

have a direct or indirect impact on 

creditors and the credit community. 

Within the consumer debt space, a 

Phoney War was likely to lead to a very 

real battle for survival among a group 

of the most hard-pressed consumers. 

Committee members from the advice 

sector and collections industry said that 

high volumes of debt were currently 

being paid off, and that many consumers 

were clearly taking advantage of 

payment holidays (or monies that they 

might have spent during lockdown) on 

settling their debts. 

Within the advice sector especially, 

an initial surge in calls to the various 

support lines had quickly abated, and 

at least one reported that demand was 

currently running at about a third of its 

total capacity. Customers were actively 

seeking to pay off their debts, borrowing 

from friends and family if necessary to 

do so, perhaps in preparation for a long, 

hard winter that might follow along with 

the fear of losing their jobs. 

INSOL- 

PINCH POINTS 

This lull before the storm is not expected 

to last. Certain ‘pinch points’ – the end 

to the furlough scheme and a shift in 

attitudes to forbearance – could be 

the tipping points. The re-engagement 

of enforcement action on August 23 

was always going to arouse negative 

press and has done, and there were 

concerns over the lifting of rent arrears 

convictions and what this would mean to 

the total consumer debt picture. 

An interesting point was also made 

about the blurring of lines between 

‘consumer’ and ‘commercial’ debts, 

especially when it came to the owner/ 

directors of small businesses who could 

find themselves falling between two 

stools in how they are dealt with. 

Whereas there was understandable 

debate about 

VENCY 

the impact of the current 

crisis on consumers, there were similar 

concerns expressed about the new 

Corporate Insolvency and Governance 

Bill (see Credit Management July/August 

2020) and how it was going to impact 

creditors. 

MORATORIUM CONCERNS 

Of particular concern is the moratorium 

and to what extent it may be open to 

abuse. The moratorium effectively allows 

an insolvent business a period of 20 

business days grace during which time 

creditors are not able to enforce any 

action to recover what’s owed. Worse 

than this, creditors cannot discontinue 

from supplying product/services to said 

failed/failing business if that product (or 

service) is considered ‘essential’ and if 

refusing to supply would jeopardise the 

potential rescue of the business in the 

insolvency process. 

The Technical Committee 

acknowledged that in continuing to 

supply an essential product, the creditor 

would, in theory, be given priority status 

for any future payments, but that the 

risk seemed disproportionate to the 

reward. Some could see a scenario where 

deliveries might mysteriously go astray 

or be indefinitely delayed. Others were 

concerned that the IPs themselves would 

have to do quite a bit of background 

TECHNICAL COMMITTEE MEMBERS 

Glen Bullivant FCICM ..............................................Chair of CICM Technical Committee 

Alan Brown MCICM .................................................................................................formerly BP 

Amir Ali FCICM .....................................................................................................................CCUA 

Julian Roberts ....................................................................................................................... HSBC 

Joanna Carnell MCICM(Grad) .................................................................................Trust Ford 

Paula Swain ...............................................................................................................Shoosmiths 

Peter Whitmore FCICM ....................................................................................Westcon Group 

Debbie Nolan FCICM(Grad) ............................................................................................. Arvato 

Mike Sargeant MCICM ...........................................................Retired, formerly Baker Tilly 

David Kerr FCICM ............................................................................... Insolvency Consultant 

Matthew Davies ........................................................................................................ UK Finance 

Lauren Carter ......................................................................................................Vantage Credit 

Stephen Cowan FCICM ......................................................................................... Yuille & Kyle 

Alistair Chisolm .............................................................................................................. Payplan 

Andrew Macdonald FCICM ........................................................... formerly Matthew Clark 

David Thornley FCICM(Grad) .....................................................FortVale Engineering Ltd 

Hans Meijer FCICM ............................................................................................................Coface 

David Sheridan FCICM .....................................................................................Arc Europe Ltd 

Pamela Mulcahy ...........................................................................................Marston Holdings 

Glyn Powell FCICM ............................................................................The Best Start Club Ltd 

work in advance to assess whether a 

failing business could be saved or sold 

and would face undoubted criticism if 

they subsequently took an appointment 

having previously said that a recovery 

was possible. 

‘Creditor Beware’ appeared to be 

the watchword, along with advice to 

review current Terms and Conditions 

where appropriate to protect your 

future position, mindful, however, that 

circumstances change and T&Cs could 

become fast out of date. 

A report was received on the 

performance of the courts during the 

lockdown period, with the process being 

described as either ‘blisteringly quick 

or glacially slow’. A similar report was 

heard from the Banks who are concerned 

about future competition post-COVID 

with particular reference to alternative 

lenders and what happens when the 

various support schemes begin to 

unwind. 

Perhaps more alarming was a report 

on the future of Business Information 

and the unintended consequences of 

payment holidays, rental holidays, delays 

in filing company accounts etc and 

how they would impact future credit. 

The quality, integrity and credibility of 

business information going forward is 

going to be a severe challenge for the 

information providers with regards to 

what extent their information is current 

and reliable. 


PHILLIPS & Cohen Associates, 

the leading specialist recoveries 

management business has announced 

plans to expand into the servicing of 

potentially vulnerable consumers. The 

firm says it is ‘reacting to client demand’ 

for this new service alongside increasing 

market demographic need. 

As one of a number of ventures to 

initiate the service, Phillips & Cohen 

Associates has been selected by UK Debt 

solutions provider, TDX Group, to help 

launch its V+ service which will seek to 

combine proactive data analytics and 

best of breed communication strategies 

NEWS ROUNDUP 

SMEs expect borrowing to increase 

NEW research from Aldermore bank 

suggests that the UK’s small and mediumsized 

enterprises (SMEs) expect to 

borrow £48.3bn to support their business 

following the COVID-19 outbreak. 

More than three in five (61 percent) 

SMEs anticipate borrowing nearly 

£65,000 in the following 12 months after 

the outbreak. Speedy access to funding 

(23 percent), higher levels of funding (17 

percent) and a simple application process 

(17 percent) are viewed as needed by 

SMEs to navigate the months following 

the outbreak. 

Tim Boag, Group Managing director, 

business finance at Aldermore, says 

that helping SMEs recover following the 

pandemic will be crucial to the economic 

future of the UK: “SME income has been 

hit hard by COVID-19 with many having 

Unanimous welcome 

for new Insolvency Act 

INSOLVENCY and restructuring trade body 

R3, the Institute of Chartered Accountants in 

England and Wales (ICAEW), the Insolvency 

Practitioners’ Association (IPA), ICAS, and 

Chartered Accountants Ireland have all welcomed 

the passage of the Corporate Insolvency and 

Governance Act on to the statute book. 

The Act introduces the biggest reforms to the 

UK’s corporate insolvency framework for almost 

20 years and makes a series of temporary changes 

to the corporate governance requirements for 

companies and other entities. 

Colin Haig, President R3, says he is hopeful the 

new Act will be successful: “Our members already 

play a key role in assisting struggling firms 

through financial difficulty, and the Act gives 

them additional tools with which to support this 

important work at a critical time for the economy.” 

Michelle Thorp, CEO at the IPA, agrees: “We will 

monitor the Bill in practice, offering input where 

required to help ensure that the measures serve all 

stakeholders in insolvency processes correctly.” 

borrowed funds in order to survive, and 

with some expecting to continue to do so 

in the year ahead. “Our research shows 

that the average SME expects it will take 

them eight months to financially recover 

after the lockdown ends, and it is going to 

need a considerable concerted effort by 

both government and lenders to support 

businesses to help get them back on their 

feet.” A third (32 percent) of SMEs say 

the key to getting their business back on 

track following the COVID-19 outbreak 

will be good communication with their 

customers and clients. A further quarter 

(25 percent) state they will benefit from 

receiving ongoing Government support 

with 22 percent of SMEs also suggesting 

that getting employees back on track and 

focused on the business’ goals will be 

important in recovery phase. 

“Our members 

already play a key 

role in assisting 

struggling firms 

through financial 

difficulty’’ 

Colin Haig, President R3 

PCA announces expansion plans 

to provide superior levels of service 

to potentially vulnerable consumers. 

PCA was selected because of its longstanding 

reputation for dealing with 

consumers in an empathetic and positive 

manner. 

Nick Cherry, Chief Operating Officer, 

says PCA has always prided itself on 

the ability to engage with consumers at 

the most sensitive of times: “We believe 

in treating people with dignity and 

respect, and this makes dealing with 

potentially vulnerable consumers a 

natural extension of our existing niche 

services.” 

> THE NEWS 

IN BRIEF 

COMING SOON 

WANT to study independently? 

THEN CICM’s new Independent 

Home Study Package is for you. With 

a personalised study plan, timetable, 

videos, guides and instructions you’ll 

have everything you need to help 

you study independently. Agreed 

touchpoints mean you can track 

your progress and tap into CICM 

guidance at key points in your study. 

Email: info@cicm.com for details. 

All Change 

COURT Enforcement Services has 

announced a series of changes to 

its board that sees Daron Robinson 

promoted from Operations Director 

to Managing Director and Daren 

Simcox move from Managing 

Director to Chairman. The previous 

Chairman Frank Millerick has 

retired after more than 50 years 

in the industry. Since joining the 

business in 2014, Daron Robinson 

has been responsible for a number 

of major operational programmes, 

including the company’s bespoke 

case management system and the 

implementation of the awardwinning 

‘Agent Patroller’ 

Enforcement App. Meanwhile, 

Neil Jinks FCICM has joined Court 

Enforcement Services as Marketing 

and Communications Lead. 

FECMA CONGRESS 

POSTPONED 

DUE to the current pandemic, the 4th 

FECMA Pan-European Congress has been 

postponed until 15/16 September 2021. 

Further details will follow in due course. 

Sprouting Cedar 

HUBERT Mugliett has been appointed 

Chief Operating Officer of Cedar Rose, 

the business intelligence agency. 

Hubert is described as a key member 

of the senior management team who 

will oversee the internal operations 

of the business and help to ensure 

the business strategy is effectively 

implemented. Hubert brings many 

years of corporate experience in 

strategic Human Resource management 

and organisational development in 

various business contexts, and has 

successfully formed, mentored and 

led multicultural and multiethnic 

teams. 

www.cedar-rose.com. 


NEWS ROUNDUP 

Fraudsters capitalise 

on COVID misery 

SUB-prime lending and debt 

management scams are rising at 

an alarming rate as fraudsters look 

to capitalise on COVID-19 financial 

stress, according to accountancy and 

business advisory firm, BDO. 

The increased numbers of fraudulent 

or unregulated lenders being identified by 

the Financial Conduct Authority suggests 

they are stepping up their targeting 

of borrowers who are struggling with 

unemployment or with incomes cut by 

furloughing. It is likely that fraudsters 

suspect consumers may be even more 

susceptible to scams at present, due to 

having limited traditional borrowing 

options available to them. 

Job cuts, furloughing and even the 

reduced amount of work in the informal 

economy have increased demand for 

short-term finance as borrowers seek 

additional money to tide themselves 

through the lockdown. A reduced risk 

appetite amongst regulated lenders 

during the crisis may also be creating 

more of an opportunity for unregulated 

lenders. However, the FCA has increased 

its publicity campaign to make it more 

difficult for unregulated sub-prime 

lenders and debt management scammers 

to operate. The regulator actively 

searches for unregulated websites or 

for websites that impersonate those of 

regulated lenders. 

The FCA’s increased regulation of the 

sub-prime lending market over the last 

few years has ensured that consumers 

using regulated consumer lenders get 

a far better deal than they did a decade 

ago from comparable lenders. Regulated 

lenders must adhere closely to the 

principle of treating customers fairly and 

interest rates on high-cost short-term 

lending are capped. 

Sub-prime lenders cater to low 

income borrowers or individuals with 

poor credit ratings, who would not 

typically qualify for lower interest rate 

loans from high street lenders. Regulated 

debt management companies, which 

some fraudsters impersonate, work to 

create a feasible repayment plan for 

outstanding debts between an individual 

and their creditors. 

Richard Barnwell, Partner at BDO 

believes opportunistic fraudsters are 

using the coronavirus crisis as a chance 

to target the most vulnerable: “This is 

going to be an exceedingly difficult time 

for many consumers as their income 

levels may be significantly reduced. It 

is important that individuals who are 

looking to use a sub-prime lender or 

debt management company, opt for one 

regulated by the FCA and check their 

details against the FCA website. 

“Unfortunately, technology makes it 

extremely easy for fraudsters to set up 

websites and call centres which, to the 

casual observer, appear to be legitimate. 

It’s easy to see how consumers might be 

duped.” 

FCA research shows that highcost 

short-term loans are used most 

frequently (on a per capita basis) in the 

North West at 125 loans per 1,000 adults. 

Northern Ireland has the lowest usage at 

75 loans per 1,000 adults. 

Former politician joins CSA as new Chief Executive 

CHRIS Leslie, a former MP and Minister 

with proven knowledge of public 

policy, parliamentary affairs, financial 

services regulation and consumer 

credit, has been confirmed as the new 

Chief Executive of the Credit Services 

Association (CSA), the voice of the UK 

debt collection and purchase industry. 

He succeeds Peter Wallwork, who 

announced in December 2019 that he 

would be stepping down after ten years 

in the role. 

CSA Board Chair Tom Chandos 

welcomed the appointment: 

“Chris is the ideal person to 

build on the progress that 

the Association has made 

during the ten years 

under Peter Wallwork’s 

leadership, for which the 

Board is deeply grateful.” 

Chris Leslie was MP for 

Shipley from 1997 to 2005 

and for Nottingham 

East from 2010 to 

2019. Between 

2001 and 2003 he was a Minister 

successively in the Cabinet Office and 

the Department for Local Government 

and the Regions; and from 2003 to 

2005 he was Minister for Courts and 

Constitutional Affairs. 

Between 2011 and 2015 he was a 

member of the Opposition Treasury 

team, as Shadow City Minister/Financial 

Secretary to the Treasury in the period 

during which the Financial Conduct 

Authority and Prudential Regulation 

Authority were set up, as Shadow 

Chief Secretary to the Treasury and as 

Shadow Chancellor of the Exchequer. 

From 2005 to 2010, Chris was 

Director of the member organisation 

New Local Government Network, the 

leading local authority research and 

policy think-tank. During the same 

time, he was also a trustee of the 

Consumer Credit Counselling Service 

advice charity (now StepChange) 

and Credit Action (now the Money 

Charity). Chris says he’s delighted 

with the new challenge: “I 

am looking forward to leading the CSA 

team, representing such a wide range 

of businesses and championing best 

practice across the collections and 

debt purchase industry. Credit is a 

crucial utility in today’s economy and 

safeguarding a fair and well-functioning 

market is more important than ever in 

these challenging times.” 

The appointment has been made 

following a process advised by an 

independent search firm and led by 

a selection panel of the CSA Board 

comprising both elected, industry 

practitioner and independent board 

members. The appointment was 

effective from August 1. 

‘‘Chris is the ideal person 

to build on the progress 

that the Association has 

made during the ten years 

under Peter Wallwork’s 

leadership.” 

CICM Essentials 

TO stay up-to-date with all that is happening at the CICM – from qualifications to 

training, and membership to events – see the weekly e-newsletter CICM Essentials. 


presents 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

www.ddisoftware.co.uk 

sales@ddisoftware.co.uk 


OPINION 

Unparalleled Lines 

Prompt payment is crucial if Europe’s companies 

are to emerge from the present crisis intact. 

AUTHOR – Heather Greig-Smith 

BUSINESSES across Europe face 

unparalleled uncertainty because 

of the COVID-19 crisis. With 

many operating in survival mode, 

safeguarding a steady cashflow is 

more important than ever. However, 

the drop in income companies have faced as 

a result of Government restrictions and lower 

consumer demand means paying on time is a more 

complicated issue than ever. 

During February and May, credit management 

group Intrum conducted a survey of financial 

executives and business leaders in 9,980 companies 

across 29 European countries – providing snapshots 

of changing sentiments pre COVID-19 and after the 

crisis hit. 

Unsurprisingly, businesses reported a significant 

increase in financial stress, with 51 percent saying 

their survival was threatened by late payment. 

Across Europe, hospitality and leisure businesses 

have been particularly hard hit by COVID-19, with 

Government restrictions on travel, shopping, dining 

out, exercise and other leisure activities crushing 

many. These measures are likely to have a lasting 

impact – 42 percent of respondents in this sector 

predicted recession would have a severe impact, 

the highest level of the 11 industries surveyed. 

By contrast, Dutch businesses are more optimistic – 

only 14 percent predict recession will have a severe 

impact, the lowest figure across Europe. 

“Optimism is likely to vary over time depending 

how a country responds to measures to tackle the 

virus and on the level of Government intervention 

to protect businesses,” says Intrum UK Managing 

Director Eddie Nott. 

LIQUIDITY CHALLENGE 

Even in normal times, late payment poses a 

significant challenge to many businesses. However, 

it creates a greater threat to survival in today’s 

environment, with 51 percent saying late payment 

reduces their liquidity, compared with 23 percent 

pre-COVID. Sharp drops in GDP across Europe are 

decreasing revenues for businesses and restricting 

cashflow. Over half (52 percent) of UK companies 

say that macroeconomic uncertainty has caused 

them to extend their payment terms to suppliers 

over the coming year – up from the European 

UNFAVOURABLE TERMS 

The crisis has undoubtedly forced businesses to 

accept unfavourable payment terms. The survey 

found that 80 percent of the UK’s businesses have 

accepted longer payment terms than they are 

comfortable with as they do not want to damage 

client relationships – and 71 percent across Europe 

said the same. This is despite the fact that 44 percent 

of UK businesses said late payment by customers 

threatens their survival – up significantly from the 

17 percent pre-COVID rate. 

According to UK respondents, the risk of pan- 

European recession is the main challenge facing 

customers paying on time over the next twelve 

months. More than two-thirds (67 percent) rank 

this among the top three challenges, compared 

with 57 percent across Europe. When broken 

down, the figure increases from 50 percent 

of those surveyed before the COVID-19 crisis 

to 75 percent after the crisis hit. With Europe 

heading for recession, 42 percent of British 

businesses expect it to have a severe impact 

on them, and 31 percent plan to cut recruitment as 

a result. 

Spanish businesses are the most concerned 

by the economic forecast, with 92 percent citing 

European recession in the top three payment 

challenges over the next year and more than half 

saying it will have a severe impact on their business. 

average of 41 percent, and the highest in Europe. 

“The pandemic has piled pressure onto businesses 

in an unprecedented way and many firms do not 

have the flexibility to survive late payment,” says 

Eddie. 

“With pressure on cashflow, timely payment is 

more important than ever as businesses struggle 

to navigate the loosening of lockdown restrictions. 

The long-term economic effects of the COVID-19 

crisis are not yet clear, but in the short term many 

businesses face a battle for survival.” Against this 

backdrop of exceptional change and disruption, 

Advancing the credit profession / www.cicm.com / September 2020 / PAGE 13 

“With pressure on 

cashflow, timely 

payment is more 

important than ever 

as businesses 

struggle to navigate 

the loosening of 

lockdown restrictions.’’ 

continues on page 14 >

% 

0,6 

0,5 

Pre- crisis 

Late During payment 

crisis 

hits European liquidity 

average, 

The impact of late payments on business areas (high impact*) 

European average, Covid-19 break down: 

6 EPR 2020 Special Edition Covid-19 White Paper 

European Pre-crisisaverage, 

COVID-19 break down: 

During crisis 

Pre-crisis During crisis 

51% 

The Our risk survey of a finds that the most pressing concerns for European 

41% 

pan-European recession businesses in terms of late payment are a reduction in liquidity 

and their ability to survive: 45 percent say that late payment 

reduces their liquidity, and 38 percent say it threatens their 

Debtors in financial difficulties survival. 

38% 

The impact of late payments on business areas (high impact*) 

Spain’s economy has been hit hard by the crisis: the Bank of 

Spain has predicted that GDP could drop by 13 percent this 

year, 4 and the shrinking economy is putting many jobs at risk. 

At 14 percent, unemployment was already a major concern 

OPINION before the crisis hit. Now, it is expected to reach 19 percent by 

the end of the year. 5 


What do you foresee as the major challenges facing customers paying on time and in full over the next 

What 

twelve 

do you 

months? 

foresee as the major challenges facing customers paying on time 

and European in full average, over the Covid-19 next break twelve down: months? 

COVID-19 break down: 

Pre-crisis 

The Covid-19 crisis has placed an even greater 38% 

During crisis 

pressure on 

European businesses to safeguard their liquidity. Sharp drops in 

An uncertain trading environment 

GDP across Europe are pushing down 33% 

(Global trade wars/Middle Eastern conflict) 

revenues for businesses, 

restricting cashflow while increasing pressure 33% on businesses to 

manage their cash and liquidity more efficiently. 

An over-reliance on unsecured loans 

28% 

among our business partners A decline in consumer demand following government lockdown 

measures presents a long-term 28% challenge to European 

businesses. As they look to save costs through reducing headcount, 

of this may in turn negatively impact consumers’ 37% ability to 

Administrative inefficiency 

our customers pay invoices due to lower disposable income. 

28% 

45% 

This trend is reflected in our survey. Over half (51 percent) of 

Disputes regarding goods respondents and say that late payment reduces 36% their liquidity 

services delivered during the Covid-19 crisis, compared 

27% 

with 35 percent of those 

surveyed before the impact was felt. Businesses that are 

Intentional ignorance 

able to safeguard their liquidity will emerge stronger from the 

29% 

Covid-19 crisis, while those with less liquidity to fall back on 

say that late payment reduces their liquidity, and 

38% say it threatens their survival. 

may find themselves under threat. 27% 

“Awareness of the 

impact of late payment 

and the options open 

to businesses under 

EU and UK legislation 

is important. These 

and further voluntary 

initiatives will be 

essential in ensuring 

steady cashflow for 

businesses as we 

emerge from the 

immediate crisis.” 

Intrum UK Managing 

Director Eddie Nott. 

A lack of business experience 

among customers 

Legislation issues 

None 

26% 

24% 

66% 

0,0 0,1 0,2 0,3 liquidity 0,4 0,5 will 0,6 emerge 0,7 

4) Spain predicts unemployment will reach 19 percent, Politico, May 2020 www.politico.eu/article/spain-predicts-coronavirus-covid19-unemployment-will-hit-19-percent/ 

5) Ibid. 

2% 

1% 

25% 

26% 

Businesses that are 

able to safeguard their 

stronger from the crisis, 

while those with less 

liquidity to fall back on 

may find themselves 

under threat. 

0,4 

0,3 

35% 

36% 

39% 38% 

33% 

32% 

34% 

34% 

31% 32% 31% 32% 33% 

0,2 

25% 25% 

*On a scale from 1-5, 

4 and 5 is defined as 

“high impact”. 

0,1 

0,0 

Liquidity 

squeeze 

Threat to 

survival 

Not hiring new 

employees 

Loss of 

income 

Additional 

interest 

charges 

Dismissing 

employees 

Prohibiting 

growth of the 

company 

Prohibiting 

innovation 

* On a scale from 1-5, 4 and 5 is defined as “high impact”. 


10 EPR 2020 Special Edition Covid-19 White Paper

OPINION 


Have Have you you accepted accepted longer longer payments payments than you than feel comfortable you feel with over the past twelve months?* 

comfortable % with over the past twelve months?* 

0,5 

SME 

49% 

Large 

corporation 

0,4 

0,3 

SME 

Large 

corporation 

0,2 

0,1 

43% 

43% 

43% 

16% 

26% 

22% 

The long-term effects of the 

COVID-19 crisis are unknown, 

with a decline in consumer 

demand for some services 

and activities presenting an 

ongoing challenge. 

19% 

12% 

*The is a multiple answer 

question, hence the total add 

up to more than 100% 

0,0 

Yes, from a 

small to medium 

company 

Yes, from a large/ 

multinational 

corporation 

Yes, from a public 

sector company 

No 

1% 1% 

Not sure 

*) The companies is a multiple answer are question, looking hence the for total extended add up to more than help 100%. share of late payment pressure,” Eddie 

8) Entrepreneurship and Small & medium-sized enterprises (SMEs), European Commission website 

to navigate through the challenges – 56 continues. “Often these companies are 

percent in the UK said they feel a new not well-placed when it comes to credit 

legislation is needed. But building a management and debt collection as they 

12 sustainable payment EPR culture 2020 Special will Edition require Covid-19 White Paper 

a change in behaviour. To an extent, this 

is already happening, with businesses 

seeking initiatives at a local and European 

level to tackle the problem. 

For example, there has been a rise in 

the adoption of the EU Late Payment 

Directive in the UK, despite its exit from 

the EU: 27 percent of UK businesses in the 

survey say they always use it, compared 

with five percent in 2019. Meanwhile, on 

a European level, almost half (47 percent) 

of respondents would like to see voluntary 

initiatives from corporations – a rise of 15 

percent from last year. “Awareness of the 

impact of late payment and the options 

open to businesses under EU and UK 

legislation is important. These and further 

voluntary initiatives will be essential in 

ensuring steady cashflow for businesses 

as we emerge from the immediate crisis,” 

Eddie adds. 

SMES SQUEEZED 

For small businesses, late payment can 

mean the difference between survival and 

bankruptcy, limiting their ability to pay 

employees and suppliers, cover operating 

costs and pursue growth opportunities. 

Across Europe, Intrum found SMEs are 

more likely than their larger counterparts 

to accept unfavourable late payment 

terms – 49 percent had accepted this from 

a fellow SME, compared with 43 percent 

of their large corporation peers. 

“It is a concern that small businesses 

may be shouldering more than their fair 

lack the scale to have dedicated resources 

in these areas.” 

For small 

businesses, 

late payment 

can mean the 

difference 

between survival 

and bankruptcy, 

limiting their 

ability to pay 

employees and 

suppliers. 

With SMEs representing 99 percent 

of businesses in the EU, the impact of 

COVID-19 increases the urgency of finding 

a solution to this problem. Ensuring 

their recovery post COVID-19 will be an 

essential ingredient in European recovery, 

both at corporate and consumer levels. 

IRISH DISPUTES 

In Ireland, COVID-19 has intensified 

disputes regarding goods and services. 

Over half of Irish businesses (51 percent) 

rank disputes regarding goods and 

services within their top three challenges 

to timely payment over the next 12 

months – above the European average of 

30 percent, and the highest percentage 

across Europe. 

This figure increases from 44 percent 

for those surveyed before the COVID-19 

crisis to 55 percent of those surveyed 

during the crisis. Meanwhile businesses 

in Ireland are looking to cut down 

on recruitment. Almost half of Irish 

companies surveyed (48 percent) plan to 

cut down on recruitment in preparation 

for a recession, compared to the European 

average of 29 percent. This figure is the 

highest in Europe. 

LONG-TERM IMPACT 

The long-term effects of the COVID-19 

crisis are unknown, with a decline in 

consumer demand for some services 

and activities presenting an ongoing 

challenge. As businesses are forced to 

reduce headcount in response, this may 

negatively impact consumer ability to pay 

invoices due to lower disposable income. 

Businesses that are able to safeguard 

their liquidity will emerge stronger from 

the crisis, while those with less liquidity 

to fall back on may find themselves under 

threat. Prompt payment initiatives will 

be crucial in ensuring steady cashflow 

and recovery. These issues need careful 

attention to secure economic stability. 

For more information: https:// 

www.intrum.co.uk/business-solutions/ 

analytics-insights/european-paymentreport-2020/ 

Heather Greig-Smith is a freelance 

business writer. 


Level 4 Apprenticeship 

Counter Fraud 

Investigator 

Certificate in 

Consumer Debt Collection 

(CertDC) 

in partnership with 

The London Institute of Banking and Finance 

Credit Services Association (CSA) 

Apprenticeship Programme Overview 

Credit Services Association (CSA) 

Programme Overview 


FROM THE CHAIR 

Dream Big 

Reflections of the outgoing Chair. 

AUTHOR – Pete Whitmore FCICM 

Pete Whitmore FCICM 

I 

can barely believe that this will 

be my last column as Chair of our 

wonderful Institute or that the two 

years have passed so quickly. In my 

first column, I challenged fellow 

credit professionals to dream big by 

making use of the Institute’s support facilities 

including the mentor hub. 

Boy, I never expected just how much we 

would need those support facilities to help 

us manage the needs of this much changed 

world. To think at that time, we expected our 

biggest challenge to be the impact of Brexit, 

once we knew what it really meant. That 

challenge is still there, but has been vastly 

overshadowed by the global pandemic, which 

continues to threaten our very existence both 

personally and professionally. 

What never ceases to astound me is the 

strength of the human spirit to overcome 

adversity and the acts of kindness that 

provide the inspiration to take us forward. A 

new generation of real superheroes has been 

acknowledged in the form of those wonderful 

frontline workers and here’s hoping that their 

actions and sacrifices are never forgotten. 

The world has changed and a ‘new normal’ 

continues to be established. I am proud of 

the fact that the CICM has led the way in 

developing the tools that we need to meet the 

ever-changing demands of this new world. 

Beginning with ‘Managing Credit in a Crisis’ 

to ‘Managing Credit through the Recovery’ to 

the latest ‘Managing the New Credit Future,’ 

the CICM has provided a bounty of resources 

supplemented by many webinars and the 

sharing of knowledge. We continue to deliver 

on the mantle of being the recognised 

standard in credit. 

I would like to thank Sue Chapple FCICM 

for the way in which she has steered the 

CICM through these unprecedented times 

ensuring a strong future for the Institute. 

Sue has already proven herself as a worthy 

successor to the role of Chief Executive and 

will use her practical credit management 

knowledge and experience to continuously 

drive the Institute forward. There are exciting 

times ahead. 

We also have a team at The Watermill that 

keep the interests and needs of the members 

at the heart of everything we do. They have 

all gone the extra mile during this crisis to 

ensure that we can continue to deliver the 

services and support our members need. 

I thank them for everything they have 

achieved. 

I could not pen my last column without 

paying homage to Philip King FCICM. He was 

primarily the reason that I became involved 

with the Institute many years ago. Philip has 

shown that it is possible to enter the credit 

industry in a junior administration role and 

rise through the ranks to Credit Manager 

before becoming the Chief Executive of 

our Institute and then onto public office as 

the Interim Small Business Commissioner. 

Never underestimate the calibre of CICM 

professionals! 

The value of having an experienced, strong 

and diverse Executive Board has never been 

more personified than during the current 

crisis. The ability to be able to provide 

excellent guidance has been critical and I 

have been so fortunate to have a board full 

of individuals at the top of their profession. 

I cannot begin to thank them enough for all 

their hard work making my job far easier 

than it could have been. 

The end of my tenure as Chair will also 

mark the end of my involvement in the 

governance of the Institute after the best part 

of a decade. I will still be involved in technical 

matters and hope to have the opportunity to 

interact with many members as we come 

out of this crisis. I feel so privileged to have 

been Chair and know that the future of the 

Institute is in very safe hands. 

Stay safe and remember, if you dream big, 

anything is possible. 

What never ceases to astound me is the 

strength of the human spirit to overcome 

adversity and the acts of kindness that provide 

the inspiration to take us forward. 


OPINION 

START THE 

REVOLUTION 

Invoice-to-Cash (I2C) automation is coming of age. 

AUTHOR – Holly Scott-Donaldson 

THE COVID-19 crisis hasn’t so much 

changed business priorities as focused 

attention on a smaller number of 

absolutely critical issues. Invoice-to- 

Cash (I2C) automation is one of them. 

From a business perspective, the 

COVID-19 pandemic has been a huge wake-up call. 

For most businesses, a small number of ‘nice-tohaves’ 

have suddenly become mission-critical. For 

instance, banks have always aspired to have good 

online services; but with physical branches closed, 

this ambition became a necessity. Manufacturers 

always prized agility; but when the lockdown caused 

demand to surge or wane – or demanded that the 

company pivot to a completely different business 

model – agility took centre stage. 

The finance function is no different. Prelockdown, 

the number of invoices that were paid 

late was below 16 percent: by May, that number 

had ballooned to 53 percent – or more than half! 

Suddenly, poor I2C management became an 

existential threat: for many companies, getting cash 

through the door was the difference between getting 

by and going under. 

With many sectors closing their doors as a 

result of the lockdown, some of these non-payment 

problems were clearly attributable to customers’ 

cashflow issues. However, many businesses found 

that the problems were much closer to home. 

DEAD LETTERS 

Companies issuing paper invoices found that these 

were effectively ‘dead letters’ sent to offices that were 

no longer open and so simply weren’t reaching their 

intended recipients. Many finance departments 

rushed to furlough employees in a bid to stem their 

outgoings; only to find that they hadn’t retained 

enough resource to staff the AR function effectively; 

or that furloughed sales staff were not available to 

provide the insight necessary to resolve queries. 

Suddenly, casual conversations about automating 

the I2C process took on a whole new significance, 

because those companies that had already invested 

in I2C automation found that they were far better 

placed to cope with the impact of the COVID-19 

crisis. 

For example, an online billings portal gives 

customers access to all the information they need 

– from wherever they happen to be. It also allows 

customers to self-serve – for example, highlighting 

specific issues they have with an invoice so that 

these can be resolved quickly. 

At a time when all expenses are under intense 

scrutiny, I2C technology also dramatically lowers 

the cost-to-serve by eliminating print and post costs; 

and automating routine tasks so AR staff can do more 

with less, and focus on value-adding activities. It 

can also serve as a repository of all key information, 

reducing the dependence on individuals who many 

not be available to provide input. 

THE ‘C’ WORD 

But, focusing on the ‘I’ in I2C – the invoicing – 

addresses only one part of the problem. As the crisis 

unfolded and cash was recovered from more liquid 

customers, attention shifted to aged debt – putting 

the focus strongly on the collections end of the I2C 

process. 

With as many as half of invoices unpaid, it’s often 

difficult to see the wood for the trees. One of the 

key benefits of I2C automation is that it provides 

clear, consistent and data-driven visibility of your 

aged debt profile; enabling you to develop smarter 

approaches to aged debt, testing and optimising over 

time based on real results rather than assumptions 

and habit. 

Aged debt analysis 


OPINION 

Intelligent Workflows 

With a consolidated dashboard of data that 

tracks customer activity in real time, you are 

able to know when invoices have been received 

and see queries in real-time, managing them 

not just by order of receipt but by order of 

impact on collections – and keeping the highest 

priority invoices active in the collections 

process. 

Imagine having a full account view of a 

customer’s payment history, allowing you to 

identify when an aged debt profile shifts; so, you 

could immediately have an honest, transparent 

conversation with the customer that avoids 

them moving into bad debt – and retaining their 

loyalty and trust. When it comes to aged debt, 

being able to be proactive and supportive will go 

a long way in maintaining good relations with 

your customers when the crisis lifts. 

THE ‘THRIVE’ MANDATE 

So, I2C automation addresses the immediate 

issues of the COVID crisis, helping companies 

to keep their heads above water by streamlining 

invoicing and managing collections. But it 

also addresses the ‘Thrive’ mandate which will 

emerge as we enter the ‘new normal’, allowing 

businesses to build an efficient and resilient 

invoice to cash process. 

For example, you can improve productivity 

with automated workflows that integrate with 

your existing systems to plan out an employee’s 

day – with specific actions for a categorised set of 

task types. This ensures that their activities are 

aligned with the priorities that the department 

has set. 

Portal-based billing also offers enhanced 

security and compliance. With a portal link 

for delivery, an invoice recipient must have 

Holly Scott-Donaldson 

Head of Direct Sales for 

Data Interconnect. 

At a time when 

all expenses are 

under intense 

scrutiny, I2C 

technology also 

dramatically 

lowers the 

cost-to-serve by 

eliminating print 

and post costs. 

the required sign-on access to that portal to 

access the invoice. Client user role management 

ensures only authorised personnel can carry out 

specific tasks, preventing error and potential 

fraud. Also, I2C automation ties together 

elements of the I2C process that may be 

implemented in different departments. For 

example, one healthcare company shaved two 

whole days off the process for implementing 

electronic proof of delivery, something that was 

only possible by using Intelligent Automation 

to manage and match files to invoices and 

deliver these as a single document. At its 

best, automation allows you to break down 

organisational siloes and take control of a 

fragmented I2C process. 

THE TIME IS NOW 

I2C has largely escaped the digital transformation 

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Before the lockdown, I2C automation was 

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Holly Scott-Donaldson is Head of Direct Sales 

for Data Interconnect. For more information 

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LEGAL MATTERS 

SPARK OUT 

A landmark case may have far-reaching 

consequences for liquidators and creditors. 

AUTHORS – Jackie Ray FCICM and Jennifer Guthrie 

THIS case of Bresco 

Electrical Services Ltd (in 

liquidation) v Michael J 

Lonsdale (Electrical) Ltd 

concerned the right of a 

company in liquidation to 

have its claim relating to a construction 

contract referred to an independent 

adjudicator under the Construction 

Adjudication Regime set up in 1996. 

In 2014 Bresco had been contracted to 

carry out electrical works for Lonsdale. 

Lonsdale later claimed more than £300,000 

from Bresco as compensation for failing 

to complete work due under the terms of 

the contract. Bresco claimed it was owed 

some £219,000 by Lonsdale for services it 

had provided under the contract. Bresco 

had since gone into liquidation. 

The liquidator referred the matter to 

an Adjudicator, but Lonsdale claimed 

that cross-claims could not be referred 

to Adjudication where one company is 

in liquidation, as insolvency legislation 

(principally the 1986 Insolvency Act) 

provides for cross claims in these 

circumstances to be set-off between the 

company in liquidation and its creditors, 

resulting in a simple net balance owed. 

Effectively, they argued, insolvency 

set-off rendered the claims under the 

contract void, so it could not be referred 

to Adjudication. 

PERCEIVED CONFLICT 

Essentially, therefore, the case concerns 

a perceived conflict between the 

construction Adjudication regime and 

the set-off provisions of the insolvency 

legislation. Lonsdale applied to the 

Technology and Construction Court for an 

injunction stopping the adjudication on 

that the basis that the set-off requirement 

rendered the cross-claims replaced by a 

single net balance, so there were no longer 

any claims to be referred to an adjudicator, 

and the adjudicator accordingly had no 

jurisdiction (the ‘Jurisdiction’ point). 

The Court accepted that argument and 

granted Lonsdale’s injunction. Bresco 

considered that the decision was wrong as 

a matter of insolvency law and appealed. 

In the Court of Appeal, the Jurisdiction 

argument was overturned, but the Court 

of Appeal introduced a new argument, 

on the basis of ‘futility’. Effectively, 

Court of Appeal said that Adjudications 

by insolvent companies would be 

futile since it is highly unlikely that any 

award in favour of an insolvent company 

would be enforced by a Court. Bresco then 

appealed to the Supreme Court. Lonsdale 

cross-appealed on the Jurisdiction point. 

The Supreme Court decision was 

unanimous. Lord Briggs delivered the 

judgment that found in favour of Bresco 

on both points. He emphasised that the 

Construction Adjudication Scheme has 

been highly successful as a means of 

alternative dispute resolution, saving 

huge sums in legal fees and valuable 

time that would otherwise have been 

spent in litigation through the Courts. 

It is also evident that Adjudication 

decisions are rarely challenged, as the 

parties are generally prepared to treat 

the Adjudication as binding. Or, as Lord 

Briggs phrased it during the hearing, 

the parties are generally not ‘sufficiently 

unhappy’ to pursue matters further after 

an Adjudication decision. 

In upholding the Court of Appeal 

judgment on the Jurisdiction point, Lord 

Briggs said that the insolvency set-off does 

not mean there is no longer any dispute 

under the terms of the construction 

contract, or that the respective claims 

are invalidated. Bresco would still 

have had the right to have the value 

of its claim determined in Court or 

through arbitration. It followed that the 

claim could also be referred to 

Adjudication. 

In allowing Bresco’s appeal on the 

Futility point, Lord Briggs made clear 

that the starting point is that it would 

ordinarily be inappropriate for a Court 

to interfere with the exercise of a 

statutory and contractual right. Indeed, 

Adjudication in the circumstances was 

an effective means for the liquidator to 

determine the value of the net balance. 

Enforcement of an Adjudication decision 

by way of summary judgment, rather than 

affecting the utility of the Adjudication 

process, is properly to be addressed 

at the enforcement stage, if there 

is one. 


LEGAL MATTERS 

AUTHORS – Jackie Ray FCICM and Jennifer Guthrie 

In the Court of Appeal, the Jurisdiction 

argument was overturned, but the Court 

of Appeal introduced a new argument, on 

the basis of ‘futility’. 

Lord Briggs’ judgment confirms a strong belief that 

there is no conflict between the insolvency set-off 

regime and the construction adjudication process. 

The ‘conflict’ that had been perceived between the 

regimes was caused by an over-literal reading of the 

judgment of Lord Hoffman in Stein v Blake. 

FAR-REACHING CONSEQUENCES 

The Supreme Court’s decision thus has farreaching 

consequences for liquidators (and, 

by extension, administrators) of construction 

companies where there are outstanding 

contractual disputes, and for the counterparties 

to those contracts. It makes clear that 

there is no conflict between insolvency set-off 

and Adjudication, and clarifies the scope of the 

Adjudication regime as a mechanism for practical 

and speedy resolution of construction contract 

claims. 

Lord Briggs’ judgment confirms a strong belief 

that there is no conflict between the insolvency 

set-off regime and the construction adjudication 

process. The ‘conflict’ that had been perceived 

between the regimes was caused by an over-literal 

reading of the judgment of Lord Hoffman in Stein 

v Blake. Lord Hoffman never suggested that the 

underlying causes of action lost their separate 

identity entirely – simply that all that could be 

assigned after liquidation is the net balance. 

The positive news for creditors is that the 

insolvent party may be able to recover monies 

validly owed to it through the Adjudication 

process which is a quick and, in relative terms, 

fairly low-cost alternative to Court proceedings. 

So how easy is it now for Administrators 

and Liquidators to use the adjudication process? 

There are still some pragmatic and commercial 

issues for Administrators and Liquidators to 

consider. Although the Supreme Court has 

made clear that a company in insolvency has an 

unfettered right to use Adjudication, that isn’t 

quite the end of the story. As a starting point, there 

are the Adjudicator’s fees to consider – in many 

insolvent construction companies, there simply 

isn’t the money to take the risk on those fees. 

There is also an open question on enforcement, 

which the Supreme Court effectively left to the 

first instance court to determine on a case-bycase 

basis. 

Could this mean greater returns in respect of 

construction insolvency matters? In principle, 

yes. The judgment will allow an alternative 

for Liquidators from funding litigation against 

entities who consider that, because of the 

insolvent status of the potential Claimant, 

payments can be withheld and spurious claims, 

can be made reducing liability. 

The authors believe this is a significant case, 

and one with such widespread importance – as 

was recognised by the Supreme Court in granting 

leave to appeal in the first place – that it had to be 

pursued. We believed that the decisions in Bresco 

were wrong. Our senior counsel from both Court 

of Appeal and Supreme Court, Peter Arden QC, 

agreed. And, nearly two years after the initial 

injunction, our persistence has been rewarded. 

Jackie Ray FCICM, Partner, and Nina Bhatti, 

Solicitor, of Blaser Mills LLP acted for Bresco’s 

liquidator (through its appointed agent 

Pythagoras Capital) in the successful appeal to 

the Supreme Court in June 2020. 


COUNTRY FOCUS 

Germany is still 

the engine driving 

Europe’s economy. 

German.Bite 

AUTHOR – Adam Bernstein 

ASK anyone on the Clapham 

omnibus what they know 

of German history and 

it’s a fair bet that they’ll 

offer comment about two 

world wars, Adolf Hitler, 

the Berlin Wall, BMW and Mercedes, 

Oktoberfest and England’s 1966 win over 

West Germany. 

While all of these are notable, Germany 

is much more than that and has a history 

that goes back as least as far as Julius 

Caesar where Germania – a term that 

Hitler resurrected for the Third Reich – 

was used to distinguish the region from 

Gaul which is now modern France. 

Regional dukes, princes and bishops, 

Martin Luther, the Holy Roman Empire 

and Bismarck’s unification of the 

German states – followed by an industrial 

revolution – put Germany in the position 

of being, by 1900, the dominant European 

power. 

Of course, the two world wars changed 

the equilibrium somewhat. The splitting 

of Germany into West and East drove 

the two halves in different directions 

economically. Communism in the East 

stultified its economy while the West 

received aid from the US in the form of 

the 1948 Marshall Plan. The so called 

Wirtschaftswunder saw an economic 

boom where GNP rose by 80 percent and 

the investment rate rose by 120 percent 

between 1952 and 1960. 

The biggest challenge Germany 

has faced in recent years is that of the 

reunification of its two parts, both 

culturally and economically, as cash 

flowed from West to East to rebuild what 

the communists couldn’t (or didn’t). 

But moving beyond the fall of the Wall, 

Germany now has a number of problems to 

contend with including the assimilation of 

the 1.2m refugees that applied for asylum 

in 2015 and 2016. (According to a report on 

Al Jazeera a good number are filling the 

skills vacuum); a rise in the right wing; 

the ending of the Merkel chancellorship; 

and whether the UK’s departure from the 

EU harms the economy as Germany has 

to make up contributions that the UK has 

stopped paying just as a further slowdown 

may follow from the possible ending of 

free movement and the imposition of 

tariffs. 

Germany narrowly missed recession 

in 2019, it may not be so lucky in 2020, 

especially given the additional challenges 

of COVID-19. 

EUROPE’S ENGINE 

Even so, Germany is now – alongside 

France – the engine of Europe’s economy 

now that the UK has left the trading bloc. 

The country is federal in nature and 

comprises of 16 states, collectively known 

as Länder, each of which varies in size and 

population. By size, the largest is Bavaria 

with a population of 12.44million. The 

smallest in size and population is Bremen 

with just 663,000 people. The most 

populous is North Rhine-Westphalia with 

18.07million people. 

Being placed in the centre of Europe 

makes Germany a hub for goods and 

services that are to be distributed 

throughout the region; having borders 

with every major economy in central 

Europe, instant access to both established 

markets in western Europe and growing 

markets in central and eastern Europe 

makes Germany a country not to be 

ignored. 

Economically speaking, Germany 

has a social market economy, where the 

spirit of free enterprise is encouraged but 

is controlled to prevent large economic 

participants from seriously damaging 

other interests. Unfair competition, 

antitrust matters and the protection of 

the environment as well employees are all 

dealt with by legislation. 

With an estimated gross domestic 

product in 2020 of more than $4.02tn 

according to Trading Economics, Germany 

really is a global economic driving force 

and the world’s fourth largest economy. 

According to the Nasdaq, the US is placed 

first with a GDP of $21.44tn, followed by 

China ($14.14tr) and Japan $5tn. 

On top of that, Germany’s economy is 

expected to grow by about two percent 

in the next two years, with future growth 

forecast between 0.7 percent and 1.75 

percent over the next 20 to 50 years 

– assuming of course, that recession 

is avoided and the EU successfully 

concludes an agreement with the UK. 

As Business Development Germany puts 

it: ‘the consistently strong economic 

performance offers substantial long-term 

growth potential for businesses from 

countries such as the UK and the US.’ 

Germany is fortunate as it is the 

European Union’s most populous country 

with 82.85million people. In comparison, 

France has 66.99million and now that 

the UK has left the EU, Italy is next 

with 60.48million people. Such a large 

population makes for a huge domestic 

market and its consumer market presents 

major opportunities for foreign companies 

from all sectors. 

SMALL BUSINESSES 

SME businesses are important to Germany 

– as, to be fair they are in other nations; 

82 percent of German firms are classed as 

micro SMEs, 15.1 percent as small SMEs 

and 2.4 percent as medium SMEs. Just 

0.5 percent of firms are noted as large 

enterprises. It’s notable that Business 


COUNTRY FOCUS 


Development Germany considers Germany the ‘home 

of the SME.’ However, Germany should be compared to 

the UK, where 90 percent of firms are classed as micro 

SMEs, 8.4 percent as small SMEs and 1.3 percent as 

medium SMEs with just 0.3 percent of firms are noted as 

large enterprises. (Data from Annual Report on European 

SMEs 2018/2019 published by the European Commission). 

But no matter the statistics, it’s important for those 

wanting to sell to German firms that they don’t just 

target the larger buyer as they’d be missing out on huge 

opportunities; business size is no barrier to success as the 

German market is particularly supportive of SMEs. 

No business can exist without good staff and employers 

in Germany are blessed with workers that are highly 

skilled; 81 percent of the German population has been 

trained to university entrance level or holds a recognised 

vocational qualification. This dual system of vocational 

education, which combines workplace training with 

academic training, produces highly skilled graduates 

who match the needs of industry. The demand for 

professionals is met by 383 higher education institutions 

and from an early age, German citizens are channelled 

towards careers that allow them to reach their maximum 

potential. 

In addition, the economy offers a low level of corruption 

and a high level of innovation. As for market segments, 

the services contribute approximately 71 percent of 

the total GDP, industry 28 percent and agriculture one 

percent. 

It also shouldn’t come as a surprise that Germany 

advocates closer European economic and political 

integration; its commercial policies, for example, are 

increasingly determined by agreements among EU 

members and by EU legislation. 

Neuschwanstein Castle is a 

19th-century Romanesque Revival 

palace on a rugged hill above the 

village of Hohenschwangau near 

Füssen in southwest Bavaria, 

Germany. The palace was 

commissioned by King Ludwig II 

of Bavaria as a retreat and in 

honour of Richard Wagner. 

SETTING UP A BUSINESS 

There are a number of main legal forms for entities 

trading in Germany: two societies – registered 

cooperative society (Eingetragene Genossensschaft 

– e.G.); registered association (Eingetragener Verein 

– e.V.); five forms of corporation – limited liability 

company (Gesellschaft mit beschränkter Haftung 

– GmbH), stock corporation (Aktiengesellschaft – 

AG), European company (Societas Europaea – SE), 

partnership limited by shares (Kommanditgesellschaft 

auf Aktien – KGaA), and limited liability entrepreneurial 

company (Unternehmergesellschaft – UG); there are 

five forms of partnerships – civil law partnership 

(Gesellschaft bürgerlichen Rechts – GbR), silent 

partnership (Stille Gesellschaft), general partnership 

(offene Handelsgesellschaft – oHG), limited partnership 

(Kommanditgesellschaft – KG), and professional 

partnership (Partnerschaftsgesellschaft – PartG). 

Any legally dependent operating units must be 

registered at the local office of trade and commerce 

(Industrie und Handelskammer – IHK). 

Where an investor sets up a branch, it must register 

with a notary public to be entered into the commercial 

register (Handelsregister). As would be expected, 

documentation needs to be translated and certified. 

Further, certain sectors – banking, financial services, 

insurance, pharmaceuticals, nuclear energy, public 

transportation and gastronomy for example – require a 

public licence to operate. 



COUNTRY FOCUS 


Foreign direct investment isn’t an issue per 

se, but it should be noted that acquisitions of 

German firms may be called in for review by 

the German Federal Ministry for Economic 

Affairs and Energy. A number of situations 

require this when a 25 percent shareholding 

threshold is about to be crossed. International 

law firm Allen & Overy has reported that in 

recent months the ministry has ‘…tightened 

its approach and tends to initiate in-depth 

review procedures. At the same time, clearance 

procedures become more complex.’ In other 

words, the process should be planned for. 

EMPLOYEE WELFARE 

Just as in the UK, Germany has no single 

piece of legislation governing employment 

relationships and there is no consolidated 

employment law code. Collective bargaining 

agreements (Tarifverträge), works agreements 

(Betriebsvereinbarungen) and case law have 

a bearing on relationships. In the event of a 

conflict, the provision that’s most advantageous 

for the employees applies. Germany differs 

from the UK in that the importance of case law 

is much higher in employment law than in the 

rest of the German legal system. 

Aside from a few exceptions (such as fixedterm 

contracts), employment contracts do not 

need to be in writing. With the official language 

being German, it is sensible to use bi-lingual 

contracts. 

It should also be noted that Germany 

has provisions in the law for dealing with 

discrimination, minimum wages, sick pay 

(after four weeks of employment workers get up 

to six weeks at 100 percent of pay, beyond that 

a lower level), holiday entitlements based on 

EU law, and protection against unfair dismissal 

after six months if more than 10 people are 

employed ‘unless socially justified.’ 

On top of this is a right to establish a works 

council if more than five people are employed. 

Councils are consulted on social, personnel 

and economic matters. 

DISPUTE RESOLUTION 

Over time ordinarily tranquil business 

relationships can sour leaving firms with messy 

disputes to resolve. Disputes in Germany are 

resolved by the state courts, but the sides may, 

however, choose to use arbitral tribunals or to 

alternative dispute resolution mechanisms. 

Germany has three main types of court – civil, 

criminal and administrative – with the former 

most likely to be used. In German litigation 

proceedings written submissions are key. That 

said, it’s the judge who takes the leading role – 

they will decide whether to retain an expert or 

order any person to testify as a witness. Unlike 

in the UK, there is no disclosure of information 

and each must provide the evidence on which 

it wishes to rely. 

It’s of note that in general, the unsuccessful 

party regularly ends up bearing the court 

fees and the opponent’s lawyer fees. Also, any 

reimbursement will only ever include statutory 

fees which more often than not, is considerably 

lower than the actual legal fees. The average 

civil case – in the first and second instance – 

takes nine to ten months. Appeals to the highest 

courts are rare. And judgments can be enforced 

through seizure of movable assets, monetary 

claims or enforcement against real estate by 

way of, for example, forced public auction. 

In comparison to the courts which are 

public and appealable, arbitration is private 

and findings are final. 

INTELLECTUAL PROPERTY 

Any civilised society protects the creations that 

power businesses and Germany is no different. 

EU law permits trademarks, designs and from 

2018 onwards, patents, to be registered in one 

country – Germany – and for the registration to 

count EU-wide. Trademarks, designs, patents, 

and utility models (but not copyright) are 

registered at the German Patent and Trademark 

Office. Further, protection of product designs 

and business achievements is available under 

German law against unfair competition. 

Copyright is considered personal and unable to 

be assigned – only licensed. 

TAXATION 

Lastly, tax affects profitability. In Germany, 

there are three different types of income 

taxes – Einkommensteuer, which is imposed 

on individuals; Körperschaftsteuer, which is 

imposed on corporations; and Gewerbesteuer 

which is paid by individuals or corporations in 

trade or a business. 

Corporations are generally subject to German 

corporate income tax at a uniform rate of 15.825 

percent (including the solidarity surcharge on 

its worldwide income. Partnerships themselves 

are not subject to German corporate income 

tax; instead the partners – corporate or 

individuals – are taxed at the regular German 

corporate income tax rate. 

There is also a German trade tax rate which 

depends on the local municipality where the 

permanent establishment is located and ranges 

from seven percent to 17.5 percent. 

Personal income tax – Einkommensteuer 

– is banded. There’s a nil rate band to €8004 

per annum. Between that sum to a ceiling of 

€52,882 it’s 14 percent to 42 percent. The next 

band is 42 percent up to €250,731 and above 

that it’s 45 percent. 

As for VAT, purchases attract a rate of 19 

percent which is generally recoverable by the 

acquirer if the acquirer qualifies as a taxable 

person for German valued added tax. 

IN SUMMARY 

Germany is a land of opportunity with a welleducated 

and hardworking labour force. 

The economy is facing new challenges, but 

exporters would do well to attempt to gain a 

foothold in the country. 

Adam Bernstein is a freelance 

business writer. 



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OPINION 

NEW 

FEATURE 

ALL SYSTEMS GO 

UK support scheme receives EC go-ahead. 

AUTHOR – Kevin Godier 

Kevin Godier 

THE European Commission 

(EC) has finally approved 

plans for approximately 

€11bn (GBP £9.9bn) in 

temporary UK state aid to 

guarantee private trade 

credit insurance (TCI) cover for British 

businesses during the COVID-19 crisis. The 

late July move ended a 10-week wait since 

a mid-May Government pledge to backstop 

excess losses that UK credit insurers may 

suffer from offering such cover. Now, the 

UK Government has effectively become 

a reinsurer, able to shoulder 90 percent 

of potential losses in return for a similar 

portion of the participating insurers’ 

premium. 

The state support scheme is the first of 

its kind in the UK, adding to the protection 

that TCI underwriters in Britain already 

had in place against large losses through 

their existing reinsurance programmes. 

However, with multiple signals suggesting 

that corporate payment defaults triggered 

by the coronavirus outbreak could 

outstrip levels experienced during the 

One onlooker, Fitch Ratings, believes 

that the trade credit backstops 

provided by Governments in Europe 

and elsewhere – as well as overall 

measures to aid the global economy 

– can help stem potential TCI losses 

from the COVID-19 fallout. 

global financial crisis of 2008/09, the TCI 

industry has understandably adopted a 

significantly more cautious approach to 

B2B business activity. In a statement, the 

EC explained that its approval for the UK 

initiative aligned with European Union 

(EU) state aid rules, on the grounds that 

the economic fallout from the pandemic 

has lessened appetite within the insurance 

sector to cover businesses under trade 

credit policies. 

The backstop means trade credit 

insurers in Britain can maintain the level 

of protection offered to businesses before 

the coronavirus outbreak. In the UK, TCI 

provided cover for £171bn of business 

activity at end-April 2020, covering 13,000 

suppliers and 650,000 buyers, according to 

the Association of British Insurers (ABI). 

Essentially, the UK Government can now 

pay 90 percent of TCI claims, with insurers 

picking up the tab for the remaining 10 

percent of losses. The scheme is open to 

all trade credit insurers in the UK until 

the end of the year, the EC said. All UKdomiciled 

businesses with a trade credit 

insurance policy can be covered for both 

their domestic and export trade, and there 

will be a review at the end of September on 

potentially extending the scheme. 

The move was welcomed by Atradius, 

which confirmed the scheme is ‘now 

in place and operational.’ The initiative 

‘improves the trading environment for 

those firms that purchase credit insurance 

(our customers) and for the hundreds 

of thousands of UK businesses that are 

covered in our portfolio (our customers’ 

customers),’ according to an Atradius 

spokesperson. This view was corroborated 

by the ABI, which said the new scheme ‘is on 

track to ensure that widespread availability 

of cover can continue.’ It said that TCI 

underwriters ‘have been considering their 

involvement in the scheme, with a number 

of major providers having confirmed 

their participation.’ Atradius, Coface, 

Euler Hermes, Markel Corporation and 

QBE Insurance Group have opted into the 

scheme, S&P Global noted on 2 August. 

The delays were explained by one 

participant as tightly linked to the 

complexity and size of the agreement. ‘It 

could be compared to an M&A deal, with 

lots of moving parts, and last-minute 

adjustments. The need for all parties – the 

UK Treasury, the Department for Business, 

Energy and Industrial Strategy, the ABI, 

private TCI underwriters and the EC itself 

– to agree took up considerable amounts of 

time.’ 

One onlooker, Fitch Ratings, believes 

that the trade credit backstops provided 

by Governments in Europe and elsewhere 

– as well as overall measures to aid the 

global economy – can help stem potential 

TCI losses from the COVID-19 fallout. 

Fitch said that pandemic-related credit 

insurance claims will peak in late 2020 

and continue well into 2021, after which 

credit insurers’ financial performance 

should then improve as they re-underwrite 

business at higher prices to recoup losses 

and meet higher demand. 

Kevin Godier is a freelance journalist and 

editor of International Trade Finance. 


INTERNATIONAL 

TRADE 

Monthly round-up of the latest stories 

in global trade by Andrea Kirkby. 

A tale of 

TWO COUNTRIES… 

IF you’re selling into parts of the Middle 

East be careful of the currency you use. 

Take Lebanon. It appears that the 

country’s financial meltdown has thrown 

the Lebanese into a frantic search for dollars 

as their local currency’s value has evaporated. 

From reports, deals are being negotiated on a 

daily basis as the Lebanese pound continues 

a downward spiral. Everyone wants to, but 

cannot, pay in US dollars held in accounts 

frozen by the Government in need of foreign 

exchange. 

Since 1997, the local currency, the pound, 

was pegged at around 1,500 to the dollar; 

but this rate created what was essentially 

a Ponzi scheme where the banks loaned to 

successive Governments who borrowed to 

finance massive public debt and pay for vital 

imports like fuel — but also luxury goods. 

The problem is that the deposits to fund the 

lending came mainly from expats attracted to 

high interest rates which has collapsed along 

with direct foreign investments. 

Now, thousands have fallen into poverty 

– wages are worthless and prices are 

skyrocketing. Many retailers have shut down, 

unable to import or price goods with the 

fluctuating rates. Some have either closed or 

only take payment in dollars. 

The peg remains in place officially, 

even as the black-market price of a dollar 

has spiralled to at least five times that. 

Meanwhile, the authorities imposed rationing 

on exchange bureaus, limiting how many 

dollars a person can buy and setting a rate 

higher than the peg but lower than the black 

market. 

And the situation in Iran is no better. Its rial 

is now at its weakest against the US dollar – 

life is not only expensive, but the economy 

is in trouble following coronavirus and US 

sanctions. Just like Lebanon, the official and 

black-market rates are poles apart – 215,000 

rials versus an official rate of 42,000 to the 

dollar 

The central bank has had to inject millions 

of dollars to stabilise the rial, but this is 

introducing further inflationary pressures 

into the market. And foreign currency is hard 

to earn – Iran’s oil exports once stood at 2.5m 

barrels a day in April 2018 but is around 100- 

200,000 now. 

As to the people, few can now escape 

hardship – the higher echelons and ordinary 

workers are equally feeling the impact of the 

sinking rial. 

The point is very simple. The Lebanese and 

Iranian economies are in dire straits; tread 

carefully and protect your currency position 

when sealing deals. 

Now, thousands have fallen into 

poverty – wages are worthless 

and prices are skyrocketing. 

Many retailers have shut down, 

unable to import or price goods 

with the fluctuating rates. 

EUROZONE RECESSION 'WILL BE DEEPER THAN FORECAST' 

BUT if the UK is in trouble, so the 

eurozone is also in the mire reckons the 

European Commission. It thinks that the 

union’s GDP will shrink by 8.7 percent 

this year before growing 6.1 percent in 

2021. France, Italy and Spain appear to be 

struggling the most. 

The Commission revised its previous 

forecasts because lifting coronavirus 

lockdown measures in eurozone countries 

was taking longer than it had initially 

thought. 

Growth forecasts for France, Italy and 

Spain were specifically cut after they 

were hit hard by coronavirus; the 

commission now expects downturns of 

more than 10 percent this year in each 

of the three nations. In comparison, 

Germany has suffered less with 

coronavirus and so should see a 6.3 

percent contraction. The bounce back 

will depend entirely on any new waves 

of infections, unemployment, corporate 

insolvencies, and an EU-UK Brexit trade 

deal. 

It’s getting quite dull to say this but 

consider which EU nations you export to 

and think about refocussing if necessary. 


(DON’T) ROCK 

THE CASBAH 

The UK as an emerging market? 

GRANTED that this is a little introspective, 

but it’s interesting. A report on CNN 

Business has suggested that Brexit and 

coronavirus is radically altering the UK’s 

economy so that it could actually end up 

looking more like an emerging economy 

than one akin to that seen in France, 

Germany or the United States. 

A volatile currency, declining global 

influence and a reliance on foreign 

investors could change our standing in 

the world. As that Bank of America noted 

when it wrote in a note to clients, ‘we 

believe (the pound) is in the process of 

evolving into a currency that resembles the 

underlying reality of the British economy: 

small and shrinking.’ That said, Thomas 

The class ceiling might soon shatter 

NO one likes using the c-word, but 

coronavirus is continuing to cause havoc, 

especially so among the most vulnerable 

in Africa. According to the World Bank, 

around 58m Africans could be pushed 

into ‘extreme poverty’. But while the poor 

are the most likely to suffer, it appears 

that coronavirus is chipping away at the 

middle class on the continent – the people 

most likely to buy imported goods from 

cars and healthcare to consumer products. 

It’s this group that is the most 

educated, has set up a business and has 

boosted consumer demand. As noted in 

MoneyWeek, ‘in 30 years, this section of 

Playing a long game 

TIME performs marvels. It allows rifts to 

heal, technologies to develop and societies 

to change. Indeed, according to the UN 

World Population Prospects 2019, the 

planet Earth had a population of ‘just’ 1bn 

in 1800, 2bn in 1930, 6bn by 1999 and has 

some 7.8bn upon its surface now. 

The UN has offered population 

forecasts for the future that range wildly 

from a high of 15.6bn to a low of 7.3bn 

in 2100. The Lancet, a medical journal, 

reckons that the figure could stand at 

9.7bn by 2064 but may well drop to 8.8bn 

by 2100 – a fall caused by the better 

education of women and improvements to 

contraception. 

Now where the story gets interesting 

is in where the changes are expected to 

happen. It’s predicted that populations 

in 23 nations including Japan, Spain 

Pugh, UK economist at the research firm 

Capital Economics is of the view that 

‘we don't think there’s any risk that the 

UK is suddenly going to be viewed as 

an emerging market, but (Brexit and the 

country's response to the pandemic) will 

weigh on confidence.’ 

Could this affect our ability to export? 

Unlikely, but it is a consideration. The UK 

economy is seeing its worst downturn in 

more than 300 years and there’s less than 

six months to hammer out a new trade 

deal with the European Union, our biggest 

export market. The question is…while we 

need the rest of the world, will it need us? 

We are still the sixth largest economy in the 

world, but for how much longer? 

society has trebled according to some 

estimates, and around 170m of Africa’s 

1.3bn population is now defined as middle 

class.’ 

But recession is looming and it’s 

possible that around eight million could 

be ‘knocked back into poverty’; jobs will 

be hit and there is little social security to 

protect them or their buying power. 

So, if you’re an exporter of consumerled 

goods with Africa as a key market, 

now would be a good time to consider 

where else to develop your reach or at the 

minimum, look at which countries have 

the furthest to fall. 

and Italy will fall by half and another 34 

countries – including China – will see 

their populations decline by at least 25 

percent. In comparison, much of Africa 

will see populations at least treble. On top 

of that the workforces in China, Spain, 

Germany and the UK will drop markedly 

and there will be more workers based in 

Africa. 

Overall the world is going to get much 

greyer as the over 80’s outnumber those 

under five, two to one. And if you agree 

with what the Lancet is predicting, Africa 

and the Arab world is the future – Europe 

and much of the old order will be relegated 

to a ‘has been’. 

What does this all mean for exporters? 

It’s simple – don’t just look at the here and 

now, look to the long-term future and to 

changing demographics. 

NOTHING triggers market disturbances 

like a little local economic meltdown. 

And so it is in Algeria where a crackdown 

on protesters has seen the authorities 

arresting dozens of opposition activists. 

Dissent is on the rise. 

At issue is what some describe as a 

military run system mired in repression, 

corruption and economic mismanagement. 

The big problem for Algeria, and those 

that export to it, is that the economy is 

reliant on oil and gas exports – more than 

93 percent of its foreign currency reserves 

are earned from them. As the world has 

seen, coronavirus has lowered demand for 

both, and prices have consequently fallen, 

a move that has hurt an oil and gas sector 

already in decline before coronavirus 

struck. 

Despite Governmental promises to 

diversify the economy, reforms are slow in 

coming and GDP is expected to shrink by 

5.2 percent and the budget deficit to climb 

to 20 percent of GDP. It’s clear – market 

trouble is coming to Algeria, so if you want 

to ‘rock the casbah’, consider streaming the 

Clash without risking your cash. 

GROUNDHOG 

DAY FOR JAPAN? 

JAPAN is heading for more economic 

trouble and its worst post-war recession. 

According to the Japan Times, 

unemployment is at a three year high at 2.6 

percent, industrial output is at its lowest 

level since the global financial crisis in 

2008, and retail sales fell by 12.3 percent 

in May (which is hardly surprising since 

the VAT rate was hiked again last October 

and coronavirus has dented incomes). In 

essence, when the Government releases 

the data, the NLI Research Institute is 

expecting a big contraction in the April- 

June figures given the weak domestic and 

international demand. 

All of this should put exporters on 

notice that the Japanese economy is not 

the bedrock that it once was. 

EXCHANGE RATES VISIT CURRENCYUK.CO.UK 

OR CALL 020 7738 0777 

Currency UK is authorised and regulated 

by the Financial Conduct Authority (FCA). 

GBP/EUR 

GBP/USD 

GBP/CHF 

GBP/AUD 

GBP/CAD 

GBP/JPY 

CURRENCY UK 

HIGH LOW TREND 

1.11483 1.09462 Up 

1.31767 1.25158 Up 

1.20159 1.17634 Flat 

1.83875 1.77025 Up 

1.76561 1.69907 Up 

134.22069 140.15916 Up 

This data was taken on 17th August and refers to the 

month previous to/leading up to 16th August 2020. 


ADVISORY COUNCIL 

Shaping the future 

CICM Advisory Council gains new members. 

AUTHOR – Iona Yadallee 

THE CICM Advisory Council 

has gained eight newly 

elected members who took 

up their positions in June 

and who will be bringing 

their individual insights and 

experience to the Council. 

The success of the Advisory Council 

is centred around having members from 

different specialisms and regions so 

that it reflects the diverse range of skills 

and experience amongst the Institute’s 

membership. All those on the Advisory 

Council, currently comprising of 19 

members in total, are making a valuable 

contribution to the credit profession and 

the CICM, sharing ideas and opinions to 

help formulate strategy and helping to 

shape the future direction of the Institute. 

They are also tasked with actively raising 

the profile of the credit management 

community to a wider business audience. 

Alice Purdy MCICM(Grad), E.ON Heat 

squad lead at E.ON UK was motivated 

to join the Advisory Council as she is 

passionate about the Institute and what 

it can do to support others like her: “I 

have been a member since 2013 and have 

enjoyed my learning experience, and so I 

want to give back to the Institute and help 

other members. 

“I want to help members by listening 

and acting on what is important to them. 

The next few years are going to be really 

tough in the credit industry due to the 

COVID crisis and Brexit and I want to 

ensure the Institute can do everything it 

can for our members and partners to help 

this vital industry thrive.” 

Similarly, Brendan Clarkson FCICM, 

Director of CVR Global stood for election 

as a natural step in a profession that he 

respects and one that is at the heart of the UK 

economy: “I started in credit 26 years ago, 

and whilst my career veered to Insolvency 

I have never been that far away. My 

advisory position of Credit Services is one 

where I believe I can add great value too. 

I intend to champion the Institute 

and raise the understanding of a credit 

team.” 

As another newly elected member, 

Charles Mayhew FCICM, Director of 

Global Credit Recoveries hopes to share 

the knowledge and contacts he has built 

up over a quarter of a century in credit: 

“I am hoping to be able to assist members 

who may be looking to gain experience on 

export debt collection, and to add to the 

CICM knowledge bank, and encourage 

new students and members, especially 

in overseas territories such as the Middle 

East.” 

“I want to help members by listening and acting on what is 

important to them. The next few years are going to be really 

tough in the credit industry due to the COVID crisis and Brexit 

and I want to ensure the Institute can do everything it can for 

our members and partners to help this vital industry thrive.” 

Alice Purdy MCICM(Grad) 

Sarah Aldridge 

FCICM(Grad) 

Debbie Nolan 


Chris Sanders 

FCICM 

Victoria Herd 


Larry Coltman 


Laurie Beagle 


Glen Bullivant 


Alan Church 


Niall Cooter 



ADVISORY COUNCIL 

“I started in credit 26 years ago, and whilst my 

career veered to Insolvency I have never been 

that far away. My advisory position of Credit 

Services is one where I believe I can add great 

value too. I intend to champion the Institute 

and raise the understanding of a credit team.” 

Brendan Clarkson FCICM 

Peter Gent 


Alice Purdy 

MCICM(Grad) 

Philip Holbrough 

MCICM 

Phil Rice 


Bryony Pettifor 


Neil Jinks 


Allan Poole 

MCICM 

Brendan Clarkson 


“I am hoping to be able to assist members 

who may be looking to gain experience on 

export debt collection, and to add to the 

CICM knowledge bank, and encourage new 

students and members, especially in overseas 

territories such as the Middle East.” 

Charles Mayhew FCICM 

Trade Credit Representatives 

Sarah Aldridge FCICM(Grad) 

Victoria Herd FCICM(Grad) 

Phil Rice FCICM 

International Credit Representatives 

Laurie Beagle FCICM 

Glen Bullivant FCICM 

Bryony Pettifor FCICM(Grad) 

Consumer Credit Representatives 

Niall Cooter FCICM 

Neil Jinks FCICM 

Debbie Nolan FCICM(Grad) 

Credit Services Representatives 

Brendan Clarkson FCICM 

Larry Coltman FCICM 

Chris Sanders FCICM 

Regional areas covered 

Alice Purdy MCICM(Grad) ....East Midlands 

Vacant ....East of England 

Alan Church FCICM(Grad) ....London 

Allan Poole MCICM ....North East 

Peter Gent FCICM(Grad) ....North West 

Stephen Thomson FCICM ....Scotland, Northern Ireland & Ireland 

Charles Mayhew FCICM ....South East 

Vacant ....South West 

Vacant ....Wales 

Vacant ....West Midlands 

Philip Holbrough MCICM ....Yorkshire & Humber 

Charles Mayhew 


Stephen Thomson 



NEW 

FEATURE 

PANEL BASHERS 

Understanding DSO 

In our new series, we ask a panel of credit management 

experts to answer some of our readers’ biggest questions. 

Is DSO an 

appropriate 

measure of a 

credit team's 

performance? 

Panellist Nigel Fields 


ALTHOUGH, DSO is widely used to evaluate the 

speed that cash from sales is returned back to 

the business, measured in days, unfortunately 

it is not often fully understood by even the most 

senior business Directors & CFO’s. A good Credit 

Professional needs to be able to demonstrate why 

the DSO fluctuates, illustrate the causes of the ups and downs and 

be able to offer solutions. You can be damn sure that someone 

will be blamed for poor performance when a DSO is high and 

regrettably, the finger of blame will often be pointed directly at 

the Credit Manager. So, get ready to be able to defend yourself and 

show your true credit expertise. 

The standard DSO formula is calculated by dividing total credit 

sales for a given period, such as a month or year, by ending total 

receivables and multiplying the resulting number by the number 

of days in the period, e.g. 30 days for a month or 365 days for a year. 

(Ending Total Receivables / Total Credit Sales) x Number of Days 

in Period. 

So, herein lies the dilemma; say a salesperson is offering 

longer payment terms to customers to secure additional sales. 

These longer payment terms will increase the DSO. Maybe, 

some promotions are being offered but, unfortunately were not 

communicated effectively internally or externally, leading to 

disputes or deductions by customers. Again, this will impact the 

DSO. There are many scenarios that go beyond the control of the 

Credit Teams that will often cause big swings in the DSO. When 

credit sales decline and receivables increase or are flat, the DSO 

appears to have deteriorated or, if credit sales are growing, but 

receivables are stable the DSO appears to have improved. The 

DSO still is an effective and solid KPI to measure the business 

performance, but it is NOT a measure of the collection team’s 

performance alone. 

No matter which metric you use for your analysis, make sure 

that you understand exactly what influences and affects it. Become 

an expert in understanding it and explaining causes (rather than 

the ‘scapegoat’). Remember that sales, billing and collection, 

all influence the DSO so each should be measured for their 

effectiveness. Once you can measure the performance of each 

department, then you can then pinpoint areas for improvement 

and help influence change to poor business practices or processes. 

Also, bear in mind that sometimes, the business will simply 

continue to do as it did previously as it means business rather than 

no business. 

NIGEL FIELDS 

A career in credit management spanning more than 30 years, Nigel is now a 

senior consultant with a new start-up company TheBossCat.com which provides 

knowledge, skills and various services to a wide range of businesses. Nigel spent 

20 years working for Twentieth Century Fox International Film Corp. starting out 

in its UK business as Credit Manager and rising to Executive Director for Credit, 

responsible for Order to Cash (O2C) across Fox’s entire international business 

portfolio. Prior to Fox, he worked as the Credit Manager at Hornby Hobbies and 

a Credit Controller for GEC. Nigel says: “I attribute much of my career success to 

the CICM community where I am always able to draw upon knowledge and skills 

from the extensive array of members and partners.” 


PANEL BASHERS 

“I attribute much of my career success 

to the CICM community where I am 

always able to draw upon knowledge 

and skills from the extensive array of 

members and partners.” 

Nigel Fields FCICM 

“Money owed by customers is an asset 

and for every day they don't pay, this 

is a drain on your cashflow and profit.” 

Matt Godby MCICM(Grad) 

WELL, the simple answer is no! As with any 

area of a business, there are a range of 

measures that can demonstrate success – or 

failure. 

A fully functioning credit management 

department will be using a range of 

measures and targets that don’t necessarily relate the ageing of the 

debt book. And with it being in the ‘pounds and pence’ business, 

these can be tangible measures that don’t open themselves up to 

interpretation. 

Here are a few ideas from my experience. These should always 

be transparent to the credit controllers and built into any annual 

performance reviews: 

Panellist Matt Godby. 

MCICM(Grad) 

MATT GODBY 

Matt is the Principal at Godby Credit Management, an 

order to cash specialist who helps businesses across the 

country to get paid on time by their customers. Matt has 

more than 25 years’ experience in credit management, 

having started his career with Cargill Plc. His expertise 

spans multiple industries, from telecoms to fashion, 

healthcare to logistics. As Matt says: “Money owed by 

customers is an asset and for every day they don't pay, this 

is a drain on your cashflow and profit.” 

If you’d like to join our panel of experts, or 

if you have a question to ask, contact the 

editor at sfeast@gravityglobal.com 

• Cash collection. We all know that a sale isn’t a sale until it has 

been paid for. A successful business relies on cashflow – not just 

sales – to grow. Cash targets should be put in place for individual 

credit controllers and the department as a whole. 

• Segmentation. Most debt books should have somewhere around 

20 percent of the customers making up 80 percent of the debt. 

There can often be a long tail of smaller balance customers, who 

may not get called at all. It’s important that the top customers get 

proper focus, whilst managing the whole debt book. So, targets 

could be based on your top 20 customers (priority), with a slightly 

different one for the long tail. 

• Customer calls. Relationships aren’t built on emails. It’s crucial 

that the credit controllers are making calls to customers. You get 

a much better feel of customers by having conversations and 

that means you identify risks of problems earlier. Set a minimum 

number of calls for each credit controller to make and regularly 

monitor/discuss compliance. 

• Risk. The primary and only reason for a credit management 

department is to protect the risk of the business. This means 

not only ensuring customers pay to terms, but also making sure 

the risk analysis is robust enough to understand their financial 

position. This means credit checking all new customers and 

importantly, having the authority to refuse those that present 

greatest risk. Existing customers should also be credit checked 

regularly – your own payment patterns should be built into this. 

I’ve created measures with my credit teams where their portfolio 

of customers are credit checked at least every six months. 

• Customer credit limits. Credit limits exist to control your 

business exposure to bad debt. It is therefore crucial that credit 

limits are kept up-to-date across your whole customer base and 

therefore reflect their current financial circumstances. This links 

directly to my risk comments above and so, when credit checking 

is done, credit limits should be updated routinely. It’s prudent to 

inform customers of their credit limit. It’s also very important that 

the business takes credit limits seriously and when customers 

reach it, necessary action (on hold, payment) is taken. 

Any targets and KPIs need to be fair, reasonable and measurable. 

I find that implementation is best achieved through agreement 

with staff, balanced with the commercial requirements of the 

business. 


Appointment | 

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You 

Are a passionate expert in credit management. 

Are an inspiring trainer, coach and mentor. 

Would love the opportunity to shape and influence 

the credit talent in industries across the world. 

We 

Are the world’s largest recognised 

professional body for the credit industry. 

Are building our training team, thanks to the 

recent success of CICM Training. 

Have ambitious plans for the future. 

Working for the CICM Credit Academy, the learning delivery arm of 

the CICM, the new Credit Academy Trainer will enhance the capability 

and competencies of CICM members, individuals and credit teams by 

designing and delivering training programmes and products. 

And there has never been a more exciting time to join our team. 

Go to cicm.com/vacancies for a full role description and how to apply. 

You have until the end of September.

HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION 

SOFTLY SOFTLY 

As lockdown restrictions have eased what does this 

mean for the civil enforcement industry? 

AUTHOR – Andrew Wilson FCICM 

UNSURPRISINGLY, civil enforcement 

visits pretty much ground to a halt 

during the emergency period. 

Thanks to the good old-fashioned 

common sense which enforcement 

agents showed, this was the case 

from very early on. 

But just to make sure, Government even gave us 

our own special statutory instrument to reinforce it. 

So, where does that leave the industry now as 

lockdown begins to ease? Anxious to return to work, 

mainly. As many High Court Enforcement businesses 

were left with no other option but to furlough staff 

or make redundancies, many more had to work from 

home, doing their best to enforce over the phone. 

Sub-contracted bailiffs were hit even worse, but 

don’t worry, I don’t expect you to weep a bitter tear 

for any of us. 

Our post-lockdown plan, entitled ‘A Flexible 

and Sympathetic Approach to Enforcement’ was 

submitted to the Ministry of Justice and adopted as 

best practice, which meant that our members and 

representatives could get back to work as safely and 

as soon as possible. 

We were grateful therefore to see the second 

statutory instrument giving us a start date of 24 

August for business as usual, as well as the restriction 

on forfeiture of commercial leases extended to 30 

September. 

But the problems we faced in lockdown 

aren’t going to disappear as we resume civil 

enforcement. To quote Russell Hamblin Boon, 

CEO of CIVEA, when talking to the British Parking 

Association: “The first person to unknowingly clamp 

a nurse’s car can expect a strong adverse reaction 

from Government.” 

So softly, softly is very much the order of the day. 

But the reality is, collecting unpaid debt is more 

important now than ever. Unpaid creditors are 

tomorrow’s debtors (as in a landlord with a tenant 

who can’t pay rent) and the commercial world of 

UK PLC needs its debt collecting (as, of course, do 

Government and local authorities). High Court 

Enforcement dealt with over 100,000 Writs in 2018, 

collecting just under £114 million of debt, at least 

half of which was B2B. 

Our post-lockdown plan had a secondary aim of 

reassuring Government that we appreciate it will 

take time for things to get back to normal, a recession 

looms and there may be further problems for the 

economy on the horizon (the dreaded prospect of a 

No Deal Brexit, anyone? Me neither). 

So, what exactly has changed about our normal 

approach, which I like to describe as firm, fair 

but robust. 

RETRAINING STAFF 

Well, to start with, we have been re-training all staff - 

particularly the front-line bailiffs. In the new reality 

of life between the end of lockdown and the return 

to normal before any personal visits are made, we 

are ensuring our staff and the people they meet stay 

as safe and healthy as possible. 

This includes the use of personal safety 

equipment, social distancing, protection of both 

themselves and those they meet, supporting the 

vulnerable and recognising mental health issues and 

a full understanding of what constitutes permitted 

activity. 

Pre-lockdown cases, where notice has been given, 

have been (or are being) contacted where possible to 

see if there has been any change in circumstances 

over the emergency period. 

The main concern, of course, is visits to residential 

addresses – bailiffs will not enter where a member 

of the household has coronavirus or is isolating. 

The vulnerable, similarly to those severely impacted 

financially by the pandemic, will be referred to debt 

advice agencies for additional support. For those 

who cannot pay in full, bailiffs will be encouraged 

to get customers to enter into Controlled Goods 

Agreements setting out installment plans, to keep 

enforcement fees to a minimum. 

For commercial debts, a similar approach has 

been (or is being) taken, again looking at installment 

arrangements to ease the burden on businesses as 

they get back to full strength. 

There has already been a trend to move towards 

office-based enforcement, rather than bailiff visits 

over the last few years. Bailiffs are expensive beasts 

to run and need only to be used when they are truly 

necessary. This will no doubt continue. 

The amount of the average CCJ has reduced in 

recent years partly, I think, because of the increase in 

court fees on issue and partly because creditors tend 

to chase their debts quicker than they used to - they 

are more willing to accept installments, backed by 

the leverage of further enforcement than they used 

to. This is because, and I’m sure many HCEOs will 

agree, regular installments are better than nothing 

and often there are no goods which can effectively 

be taken into control. 

What has always been obvious, but exemplified 

through this entire experience, is that the landscape 

of civil enforcement was always going to change. The 

pandemic has simply made us look much harder at 

what works, and what doesn’t. 

Andrew Wilson FCICM is Chairman of the High 

Court Enforcement Officers Association (HCEOA). 



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INTRODUCING OUR 

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across the business. Powered by our Data Cloud, 

our solutions provide access to the world’s most 

comprehensive commercial data and insights 

supplying a continually updated view of business 

relationships that help finance and credit teams 

stay ahead of market shifts and customer changes. 

T: (0800) 001-234 

W: www.dnb.co.uk 

Key IVR provide a suite of products to assist companies 

across Europe with credit management. The 

service gives the end-user the means to make a 

payment when and how they choose. Key IVR also 

provides a state-of-the-art outbound platform delivering 

automated messages by voice and SMS. In a 

credit management environment, these services are 

used to cost-effectively contact debtors and connect 

them back into a contact centre or automated 

payment line. 

T: +44 (0) 1302 513 000 

E: sales@keyivr 

W: www.keyivr.co.uk 

With 130+ years of experience, Graydon is a leading 

provider of business information, analytics, insights 

and solutions. Graydon helps its customers to make 

fast, accurate decisions, enabling them to minimise 

risk and identify fraud as well as optimise opportunities 

with their commercial relationships. Graydon 

uses 130+ international databases and the information 

of 90+ million companies. Graydon has offices in 

London, Cardiff, Amsterdam and Antwerp. Since 2016, 

Graydon has been part of Atradius, one of the world’s 

largest credit insurance companies. 

T: +44 (0)208 515 1400 

E: customerservices@graydon.co.uk 

W: www.graydon.co.uk 

Tinubu Square is a trusted source of trade credit 

intelligence for credit insurers and for corporate 

customers. The company’s B2B Credit Risk 

Intelligence solutions include the Tinubu Risk 

Management Center, a cloud-based SaaS platform; 

the Tinubu Credit Intelligence service and the 

Tinubu Risk Analyst advisory service. Over 250 

companies rely on Tinubu Square to protect their 

greatest assets: customer receivables. 

T: +44 (0)207 469 2577 / 

E: uksales@tinubu.com 

W: www.tinubu.com. 

Building on our mature and hugely successful 

product and world class support service, we are 

re-imagining our risk awareness module in 2019 to 

allow for hugely flexible automated worklists and 

advanced visibility of areas of risk. Alongside full 

integration with all credit scoring agencies (e.g. 

Creditsafe), this makes Credica a single port-of-call 

for analysis and automation. Impressive results 

and ROI are inevitable for our customers that also 

have an active input into our product development 

and evolution. 

T: 01235 856400 

E: info@credica.co.uk 

W: www.credica.co.uk 


Each of our Corporate Partners is carefully selected for 

their commitment to the profession, best practice in the 

Credit Industry and the quality of services they provide. 

We are delighted to showcase them here. 

THEY'RE WAITING TO TALK TO YOU... 

Hays Credit Management is a national specialist 

division dedicated exclusively to the recruitment of 

credit management and receivables professionals, 

at all levels, in the public and private sectors. As 

the CICM’s only Premium Corporate Partner, we 

are best placed to help all clients’ and candidates’ 

recruitment needs as well providing guidance on 

CV writing, career advice, salary bench-marking, 

marketing of vacancies, advertising and campaign 

led recruitment, competency-based interviewing, 

career and recruitment trends. 

T: 07834 260029 

E: karen.young@hays.com 

W: www.hays.co.uk/creditcontrol 

The Atradius Collections business model is to support 

businesses and their recoveries. We are seeing a 

deterioration and increase in unpaid invoices placing 

pressures on cashflow for those businesses. Brexit is 

causing uncertainty and we are seeing a significant 

impact on the UK economy with an increase in 

insolvencies, now also impacting the continent and 

spreading. Our geographical presence is expanding 

and with a single IT platform across the globe we can 

provide greater efficiencies and effectiveness to our 

clients to recover their unpaid invoices. 

T: +44 (0)2920 824700 

W: www.atradiuscollections.com/uk/ 

Shoosmiths’ highly experienced team will work 

closely with credit teams to recover commercial 

debts as quickly and cost effectively as possible. 

We have an in depth knowledge of all areas of debt 

recovery, including: 

• Pre-litigation services to effect early recovery and 

keep costs down • Litigation service • Insolvency 

• Post-litigation services including enforcement 

As a client of Shoosmiths, you will find us quick to 

relate to your goals, and adept at advising you on the 

most effective way of achieving them. 

T: 03700 86 3000 

E: paula.swain@shoosmiths.co.uk 

W: www.shoosmiths.co.uk 

Forums International has been running Credit and 

Industry Forums since 1991 covering a range of 

industry sectors and international trading. Attendance 

is for credit professionals of all levels. Our forums 

are not just meetings but communities which 

aim to prepare our members for the challenges 

ahead. Attending for the first time is free for you to 

gauge the benefits and meet the members and we 

only have pre-approved Partners, so you will never 

intentionally be sold to. 

T: +44 (0)1246 555055 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

Improve cash flow, cash collection and prevent late 

payment with Corrivo from Data Interconnect. 

Corrivo, intelligent invoice to cash automation 

highlights where accounts receivable teams should 

focus their effort for best results. Easy-to-learn, 

Invoicing, Collection and Dispute modules get collection 

teams up and running fast. Minimal IT input required. 

Real-time dashboards, reporting and self-service 

customer portals, improve customer communication 

and satisfaction scores. Cost-effective, flexible Corrivo, 

super-charges your cash collection effort. 

T: +44 (0)1367 245777 

E: sales@datainterconnect.co.uk 

W: www.datainterconnect.com 

Serrala optimizes the Universe of Payments for 

organisations seeking efficient cash visibility 

and secure financial processes. As an SAP 

Partner, Serrala supports over 3,500 companies 

worldwide. With more than 30 years of experience 

and thousands of successful customer projects, 

including solutions for the entire order-to-cash 

process, Serrala provides credit managers and 

receivables professionals with the solutions they 

need to successfully protect their business against 

credit risk exposure and bad debt loss. 

T: +44 118 207 0450 

E: contact@serrala.com 

W: www.serrala.com 

American Express® is a globally recognised 

provider of business payment solutions, providing 

flexible capabilities to help companies drive 

growth. These solutions support buyers and 

suppliers across the supply chain with working 

capital and cashflow. 

By creating an additional lever to help support 

supplier/client relationships American Express is 

proud to be an innovator in the business payments 

space. 

T: +44 (0)1273 696933 

W: www.americanexpress.com 

C2FO turns receivables into cashflow and payables 

into income, uniquely connecting buyers and 

suppliers to allow discounts in exchange for 

early payment of approved invoices. Suppliers 

access additional liquidity sources by accelerating 

payments from buyers when required in just two 

clicks, at a rate that works for them. Buyers, often 

corporates with global supply chains, benefit from 

the C2FO solution by improving gross margin while 

strengthening the financial health of supply chains 

through ethical business practices. 

T: 07799 692193 

E: anna.donadelli@c2fo.com 

W: www.c2fo.com 

Esker’s Accounts Receivable (AR) solution removes 

the all-too-common obstacles preventing today’s 

businesses from collecting receivables in a 

timely manner. From credit management to cash 

allocation, Esker automates each step of the orderto-cash 

cycle. Esker’s automated AR system helps 

companies modernise without replacing their 

core billing and collections processes. By simply 

automating what should be automated, customers 

get the post-sale experience they deserve and your 

team gets the tools they need. 

T: +44 (0)1332 548176 

E: sam.townsend@esker.co.uk 

W: www.esker.co.uk 


INTRODUCING OUR 

CORPORATE 

PARTNERS 

For further information and to discuss the 

opportunities of entering into a Corporate 

Partnership with the CICM, please contact 

corporatepartners@cicm.com 

The Company Watch platform provides risk analysis 

and data modelling tools to organisations around 

the world that rely on our ability to accurately predict 

their exposure to financial risk. Our H-Score® 

predicted 92 percent of quoted company insolvencies 

and our TextScore® accuracy rate was 93 

percent. Our scores are trusted by credit professionals 

within banks, corporates, investment houses 

and public sector bodies because, unlike other credit 

reference agencies, we are transparent and flexible 

in our approach. 

T: +44 (0)20 7043 3300 

E: info@companywatch.net 

W: www.companywatch.net 

‘‘ 

CICM offered the 

prospect of qualifications, 

but as soon as I became 

a member, loads of other 

opportunities came to 

light that I hadn’t initially 

realised were available. 

Molly Kane 

ACICM 

Chris Sanders Consulting (Sanders Consulting 

Associates) has three areas of activity providing 

credit management leadership and performance 

improvement, international working capital 

improvement consulting assignments and 

managing the CICMQ Best Practice Accreditation 

programme on behalf of the CICM. Plans for 

2019 include international client assignments in 

India, China, USA, Middle East and the ongoing 

development of the CICMQ Programme. 

T: +44(0)7747 761641 

E: chris@chrissandersconsulting.com 

W: www.chrissandersconsulting.com 

Operating across seven UK offices, Menzies LLP is 

an accountancy firm delivering traditional services 

combined with strategic commercial thinking. Our 

services include: advisory, audit, corporate and 

personal tax, corporate finance, forensic accounting, 

outsourcing, wealth management and business 

recovery – the latter of which includes our specialist 

offering developed specifically for creditors. For 

more information on this, or to see how the Menzies 

Creditor Services team can assist you, please 

visit: www.menzies.co.uk/creditor-services. 

The value 

of CICM 

membership 

Molly Kane ACICM 

Senior Credit Controller Executive 

Oxford University 

Read more about her story and join your 

credit community by visiting: 

www.cicm.com/value-of-cicm-membership/ 

T: +44 (0)2073 875 868 - London 

T: +44 (0)2920 495 444 - Cardiff 

W: menzies.co.uk/creditor-services 

info@cicm.com 

www.cicm.com 

01780 722900 


EDUCATION & MARKETING 

CICM Virtual Training is an ‘access anywhere’ range of interactive, online training 

courses, designed to give you the skills and tools you need to thrive in your credit 

work. Each training course offers high quality approaches to credit-related topics, and 

practical skills that can be used in your workplace. A highly qualified trainer, with an 

array of credit management experience, will guide you through the subject to give you 

practical skills, improved results and greater confidence. 

These are pre-recorded training 

sessions that you can access 

anywhere and at anytime. Short, 

sharp and to the point – these suit 

you if you are short on time, or need 

a quick introduction or update on a 

subject. 

These are live, interactive sessions, 

delivered virtually by a qualified trainer, 

experienced in the subject. Through 

a series of tasks and discussions, you 

will access a hands-on training session 

that offers the best practice approach to 

essential credit and debt skills. 

MEET YOUR TRAINER: Jules Eames FCICM(Grad); PGCE, is a qualified teacher, 

trainer and credit manager with experience in credit and debt specialisms across the 

O2C spectrum and ancillary businesses, in consumer, B2B and export markets. 

These are live, interactive sessions, delivered virtually by a qualified trainer, experienced in the 

subject. Through a series of tasks and discussions, you will access a hands-on training session 

that offers the best practice approach to essential credit and debt skills. 

INTRODUCTORY PRICE £90.00+VAT per person. For group training, please contact info@cicm.com 


INTERVIEW 

SMALL TALK 

Satago CEO Sinead McHale talks 

cashflow, behavioural informatics and 

the survival of small businesses. 


AS businesses navigate their way 

out of lockdown, many will 

question how they can continue 

to prosper amidst a backdrop of 

economic uncertainty. Sinead 

McHale, CEO of award-winning 

fintech Satago, believes that technology will 

play an essential supporting role in the months 

ahead. 

Since starting her career in finance, Sinead 

has held senior management roles in New 

York, Dublin and London across a variety of 

industries including banking, investment funds, 

and alternative business finance. She holds 

a master’s degree in Strategic Management 

Accounting, giving her a unique perspective 

on small businesses, their relationship with 

their accountants and their cash management 

challenges. 

Founded in 2012, Satago leverages behavioural 

informatics, artificial intelligence and open 

banking to provide credit control, risk insight 

and ethical and transparent single invoice 

finance for businesses and accountants. 

The survival of small businesses is a 

particularly pertinent topic for Sinead because 

as well as being a small business, Satago works 

for small businesses. The all-in-one cash 

management platform was designed to help 

SMEs avoid credit risks, get paid faster and 

cover cash gaps when they need to. 

“Good cashflow management will be essential 

if SMEs are going to survive the months ahead,” 

she says, ‘‘I believe that Satago is in the best 

position to help businesses navigate these 

difficult times. That’s one of the reasons I am 

delighted to be joining CICM as a Corporate 

Partner at this time.” 

As part of their partnership, Sinead has 

offered all CICM members free access to the 

Satago platform for three months. “I believe 

CICM members will very quickly recognise 

the value and support that the platform can 

give them in managing their cashflow. Satago 

is proven to help businesses avoid credit risks 

and get paid faster, two things which will be 

essential as we exit lockdown.” 

Sinead has an impressive CV across various 

sectors of business and finance, having started 

her career in 1999 with the Equity Derivatives 

Group of Deutsche Group. Prior to joining Satago 

she was COO and then CEO of Clear Funding, 

unlocking working capital for SMEs. She has 

also accumulated an impressive number of 

qualifications, including a BSc in Economics 

from New York University, an MSc in Strategic 

Management Accounting from UCD Michael 

Smurfit Graduate Business School, and an ICA 

Post Graduate Diploma in Governance, Risk 

and Compliance from the Alliance Manchester 

Business School. 

It was primarily through growing up in a 

small family business in the West of Ireland, 

however, that Sinead learned to appreciate 

how important SME survival is for the families 

that rely on them, the communities where they 

operate and, of course, the economy. 

“During my career I have witnessed firsthand 

how SMEs can be ignored by traditional 

lenders, often to their detriment. Satago aims to 

reverse that trend, giving SMEs access to fast, 

reliable funds when they need it via our single 

invoice finance facility.” 

COLLECTIVE LOSSES 

A survey by Hitachi Capital suggested that in 

2019, small UK businesses lost a collective total 

of £51.5bn due to late payments. That number 

was unacceptable before coronavirus struck. 

Now, it could be devastating. 

Sinead believes that effective risk insight and 

credit control will be critical in the months 

ahead as companies seek to reduce the burden 

of late payments. 

“In my opinion, the cost of late payments 

is one of the biggest threats the UK economy 

faces in 2020,” she says. “As the Government’s 

coronavirus support schemes wind down, 

the rate of insolvency and bad debt threatens 

to increase dramatically, thereby disrupting 

supply chains, restricting growth and ultimately 

threatening the survival of smaller enterprises. 

“The main reason why small businesses fail 

is because they don’t have access to cash, and 

a key reason for this is that they’re not being 

paid on time,” Sinead continues. “It’s essential 

that we tackle this issue head on. Businesses 

already spend a lot of time and money chasing 

late payments. This is stressful enough in itself 

without the backdrop of having a large debtor 

book outstanding, plus the fact that many 

small businesses have had to stop trading 


INTERVIEW 


“I believe CICM members will 

very quickly recognise the 

value and support that the 

platform can give them in 

managing their cashflow. 

Satago is proven to help 

businesses avoid credit risks 

and get paid faster, two things 

which will be essential as we 

exit lockdown.” 



INTERVIEW 


during lockdown.” Research by business 

groups across the country support these 

fears. The majority of small businesses (62 

percent) have been subject to late or frozen 

payments in the wake of the COVID-19 

outbreak, according to the Federation of 

Small Businesses latest study of more than 

4,000 firms. Sinead believes that risk insight 

technology will play a big part in ensuring 

small businesses avoid late payments from 

unreliable clients. 

“Right now, business owners need to be 

well informed about the clients they are 

doing business with. We have all heard the 

phrase ‘Know Your Customer’ but what 

does it mean for your business? Put simply, 

it means knowing when to walk away from 

scenarios which could put your company at 

risk. For many business owners, saying no 

to a prospective client goes against every 

instinct they have. But in fact, having the 

wherewithal to reject unfavourable payment 

terms from unreliable customers is crucial. 

“In order to make that call, it’s imperative 

that you have solid data to back up your 

decisions. This is where a sophisticated risk 

insight tool can help.” 

MODERN TOOLS 

Modern risk insight tools allow business 

owners to view their customers’ credit score 

at the touch of a button, giving them the 

opportunity to make informed decisions 

based on accurate data. 

Platforms like Satago, Sinead says, go one 

step further, informing business owners 

of their customers’ risk band, suggesting 

workable payment terms and notifying them 

of credit breaches within their sales ledger. 

This in-depth customer analysis is invaluable 

to SMEs, making it easier for them to make 

choices that will ultimately future-proof 

their business. 

In the past, this level of insight was only 

available to those who could afford it, now 

it’s accessible to everyone. 

“Tools like Satago level the playing field,’’ 

says Sinead, “by giving all businesses, no 

matter how small, access to the information 

they need to protect their business from the 

threat of late payments and bad debt.” 

In addition to utilising risk insight tools, 

Sinead encourages all organisations to 

automate their credit control, a topic she 

discussed on the recent CICM webinar. 

“I don’t have to tell CICM Members that 

persuading customers to pay their bills 

on time can be extremely frustrating,” she 

says. “For businesses with a wide customer 

base, manually chasing payments is time 

consuming. The average business spends 

around two days a month sending invoice 

reminders – hardly a good use of anyone’s 

time. “For companies with a smaller 

number of clients, chasing payment can feel 

awkward. Some business owners shy away 

from sending payment reminders or make 

regular concessions for fear of damaging their 

customer relationships. 

“Automated credit control facilities solve 

these issues, allowing you to manage your 

invoice chasing process easily. There are 

plenty of solutions out there, but the best ones 

integrate with your existing mail server, as 

Satago does, allowing you to communicate with 

your customers in a way that feels personal, 

even when automated.” 

CLOUD SOFTWARE 

Sinead credits cloud software with making it 

possible for the large majority of us to continue 

doing business as usual, despite the lockdown 

restrictions. 

“There’s no doubt that the cloud has changed 

the way we do business forever,” says Sinead. 

“Whether it’s Slack, Microsoft Teams or Sage, 

technology is enabling us to collaborate in 

new and exciting ways, even when we’re not 

physically in the office.” 

Over the past few years, one of the fastest 

areas of growth has been within the fintech 

space. Platforms which integrate with cloud 

accounting software, make collaboration 

between credit controllers, accountants and 

business owners easy. As well as freeing up 

time by automating tasks that used to require 

hours of manual work. 

“The best pieces of software don’t just save 

you time,” says Sinead, “they offer data-driven 

insight that you can easily share with your 

wider company and clients, allowing everyone 

to get on the same page and make informed 

business decisions. 

“For me, this is where technology gets 

exciting. By offering companies a level 

of financial clarity that was previously 

unattainable for many, technology is providing 

solutions to the everyday cashflow issues that 

cause so many enterprises to fail within their 

first few years of trading.” 

“If your business does experience cashflow 

gaps, my advice is to always talk to your 

accountant or financial advisor. They will 

steer you away from expensive options (such 

as dipping into your overdraft) and towards 

responsible financial solutions which can ease 

cashflow concerns in the long term. If you’re 

interested in learning more about Satago’s fast 

and reliable invoice finance facility, you can 

always get in touch with our team.” 

While it is impossible to predict what the 

coming months might bring, Sinead believes 

that businesses will continue to think 

progressively and use technology to overcome 

the obstacles that threaten their growth, 

particularly in regards to cashflow. 

“If we can make even a small dent in the 

enormous £51.5bn burden caused by late 

payments, more businesses will have a chance 

to survive and thrive in the coming years.” 

A reminder that CICM members 

are invited to use Satago, free of 

charge, for three months. There is 

no obligation to continue once 

the three months has elapsed. 

Visit www.satago.com to register. 


CAREERS ADVICE 

CAREER ROADMAP 

How can you take control of your career 

and plan for the future? 

AUTHOR – Karen Young 

HOW has your outlook on your 

career changed over the last 

few months? Huge numbers 

of accountants have been 

affected by remote working, 

furlough and constant 

change which may have left many questioning 

where they stand currently with their career 

development and direction. 

According to recent research from Hays 

surveying 160 credit professionals, half (50 

percent) describe their career prospects as 

average or poor, and over a third (36 percent) 

are unconfident about progressing their career 

over the next six months. 

In light of this sentiment, I’ve put together a 

few tips on how you can control your career in 

the current COVID-era and thrive in an everchanging 

world of work. 

PLOT OUT A CAREER ROADMAP 

How much time do you dedicate to thinking 

about your long-term career? Despite drive 

and ambition, most of us don’t spend enough 

time thinking about this even though our 

career can make up one of the most important 

aspects of our lives. 

With half (50 percent) of credit professionals 

anticipating moving jobs in the next six 

months, plotting out a career roadmap may 

help you target your next job and will give your 

career move direction and purpose. 

Try answering the following questions to 

start laying out your roadmap: 

• What does your organisation want to 

achieve over the next few years? 

• How does your role or department support 

this? 

• What jobs or skills are in demand in your 

industry? 

• What are the major digital changes 

happening in your line of work? 

• Who are the leading figures in your industry 

and how did they get to where they are 

today? 

• How has COVID-19 impacted your 

profession or industry? 

Write down your answers to these questions to 

see if they illuminate career ideas or pathways 

which you hadn’t considered before. 

DEFINE SOME SHORT AND 

LONG-TERM GOALS 

Your roadmap should give you clarity about the 

direction of your overall career, but defining 

some short and long-term goals will bring 

this roadmap to life and provide you with the 

motivation to succeed. 

In the next six months: Start by focussing 

on where you want to be in six months and 

what immediate actions you need to take to get 

there. Consider how the COVID-19 crisis may 

have impacted the roles and skills that will be 

most in-demand in the coming months. 

In the next 12 months: Where do you see 

yourself in a year? Try to align this to your 

current game plan – and again be realistic 

about how COVID-19 might have changed your 

career prospects. 

In the next two to three years: Finally, 

project some long-term goals. Keep these 

broad enough so they can be reached if you 

move jobs during this time. 

MAXIMISE YOUR PRODUCTIVE 

PERIODS 

Working remotely certainly isn’t easy for 

everyone, but over the past few months many 

have enjoyed the benefits it has to offer. 

Perhaps you feel more productive at home 

than in the office? Or maybe you’ve improved 

your work-life balance? 

As offices start to reopen, getting a handle 

on your career may involve reevaluating your 

split between working remotely and in the 

office. Over two thirds (68 percent) of credit 

professionals have been working remotely 

during lockdown and 52 percent say it has 

made them more productive, so if this rings 

true for you, consider approaching your 

manager to have a conversation about how 

you wish to split your time going forward to 

harness your productivity. Most (46 percent) 

of credit professionals wish to work partly in 

the office and partly remotely in the next six 

months, so see if this is an option and how it 

might suit your working style. 

FINALLY, EMBRACE THE CHANGE 

Considering all the change in the world of work 

at the moment, using this time to take control 

of your career can be incredibly reassuring. 

However, as the pandemic continues to evolve 

there is still much out of our control and a lot 

continues to change in our world of work. My 

final piece of advice is to accept and embrace 

this while taking on board some of the above 

points to sharpen your perspective and set 

some clear direction for changing times ahead. 

Karen Young is the Director of Hays 

Accountancy & Finance 

Karen Young 


PAYMENT TRENDS 

Recovery Room 

Some signs of improvement across regions and 

sectors are now apparent. 

AUTHOR – Rob Howard 

COVID-19 has had a significant 

impact in the world of credit, 

affecting all industries and 

businesses, leading to a continual 

rise in payment terms over the 

past few months. The latest 

figures, however, do show some improvements, 

with a number of reductions across the board. 

Whether it’s the start of the recovery, or just the 

calm before the storm though, we’ll have to wait 

and see. The average Days Beyond Terms (DBT) 

figures reduced by 0.2 days and 0.7 days across 

regions and sectors respectively. 

SECTOR SPOTLIGHT 

Although there haven’t been any dramatic or 

drastic changes, it is, at least, good to see the 

majority of sectors starting to move back in the 

right direction, with 16 of the 22 sectors recorded 

reducing payment terms. 

The Financial and Insurance sector continues 

to perform best, and well ahead of the rest, with a 

further reduction of 4.0 days taking its overall DBT 

to an impressive 4.7 days. Elsewhere, Business 

Admin & Support (-3.3 days), IT and Comms (-2.7 

days), Entertainment (-2.5 days) and Real Estate 

(-2.4 days) also made steady improvements. 

At the other end of the scale, it has been 

a tough month for the Business from Home 

and Transportation and Storage sectors, with 

increases of 5.8 days and 5.4 days respectively. 

Despite a reduction of 2.0 days to its payment 

terms, Mining and Quarrying remains the worst 

performing sector with an overall DBT of 24.3 

days. 

REGIONAL SPOTLIGHT 

The regional standings also provide some 

encouragement, with seven of the 11 regions 

making reductions to payment terms. The 

biggest improvement came in the South West, 

with a reduction of 4.2 days taking its overall DBT 

to 14.2 days, making it the new best performing 

region. 

Elsewhere, the improvements were steady if 

not spectacular, with Wales (-1.9 days), London 

(-1.6 days), East Anglia (-1.6 days), and Yorkshire 

and Humberside (-1.2 days) all moving in the 

right direction. 

Northern Ireland remains the worst 

performing region following a further increase 

of 3.9 days taking its overall DBT to 21.1 days. 

However, further increases for both the East and 

West Midlands mean they are not a million miles 

behind, with overall DBT’s of 19.2 days and 18.5 

days respectively. 

Data supplied by Creditsafe Group. 

The latest 

figures, however, 

do show some 

improvements, 

with a number of 

reductions across 

the board. Whether 

it’s the start of the 

recovery, or just 

the calm before the 

storm. 


PAYMENT TRENDS 

Data supplied by the Creditsafe Group 

Top Five Prompter Payers 

Region Jul 20 Change from Jun 20 

South West 14.2 -4.2 

Wales 15 -1.9 

East Anglia 15.5 -1.6 

London 15.6 -1.6 

Yorkshire and Humberside 15.8 -1.2 

Bottom Five Poorest Payers 

Region Jul 20 Change from Jun 20 

Northern Ireland 21.1 3.9 

East Midlands 19.2 0.5 

West Midlands 18.5 1.9 

Scotland 17.4 2.8 

North West 17.1 -1.2 

Getting Worse 

Business from Home 5.8 

Transportation and Storage 5.4 

Agriculture, Forestry and Fishing 2.5 

Health & Social 1.6 

Dormant 0.6 

Getting Better 

Financial and Insurance -4 

Business Admin & Support -3.3 

IT and Comms -2.7 

Entertainment -2.5 

Real Estate -2.4 

Construction -2.3 

Manufacturing -2.2 

Mining and Quarrying -2 

Energy Supply -1.9 

Top Five Prompter Payers 

Sector Feb 20 Change from Jan 20 

Financial and Insurance 4.7 -4 

Public Administration 8.7 -1.8 

Health & Social 11.3 1.6 

Wholesale and retail trade 12.7 -1.9 

Education 13.6 -0.9 

Bottom Five Poorest Payers 

Sector Feb 20 Change from Jan 20 

Mining and Quarrying 24.3 -2 

Entertainment 22.7 -2.5 

Transportation and Storage 22.1 5.4 

Business from Home 21.6 5.8 

Energy Supply 21.6 -1.9 

Wholesale and retail trade -1.9 

Public Administration -1.8 

Water and Waste -1.4 

International Bodies -1.3 

Other Service -1.1 

Education -0.9 

Professional and Scientific -0.1 

SCOTLAND 

2.8 DBT 

Region 

Getting Better – Getting Worse 

-4.2 

-1.9 

-1.6 

-1.6 

-1.2 

-1.2 

-0.5 

3.9 

2.8 

1.9 

0.5 

South West 

Wales 

East Anglia 

London 

Yorkshire and Humberside 

North West 

South East 

Northern Ireland 

Scotland 

West Midlands 

East Midlands 

NORTHERN 

IRELAND 

3.9 DBT 

SOUTH 

WEST 

-4.2 DBT 

WALES 

-1.9 DBT 

NORTH 

WEST 

-1.2 DBT 

WEST 

MIDLANDS 

1.9 DBT 

YORKSHIRE & 

HUMBERSIDE 

-1.2 DBT 

EAST 

MIDLANDS 

0.5 DBT 

LONDON 

-1.6 DBT 

SOUTH 

EAST 

-0.5 DBT 

EAST 

ANGLIA 

-1.6 DBT 


CICM MEMBER 

EXCLUSIVE 

Your CICM lapel badge 

demonstrates your commitment to 

professionalism and best practice 

TAKE PRIDE IN 

WEARING YOUR BADGE 

If you haven’t received your badge 

contact: cicmmembership@cicm.com 

MANAGING THE NEW 

CREDIT FUTURE 

Prepare and act now, for the 

Credit world of tomorrow. 

As the world continues to react to constant change, our 

credit profession needs to prepare for the new credit future. 

Debt management 

• Adjust collections and recovery strategies to fit the changing financial environment 

• Use KYC ‘know your customer’ to understand the customers in true financial difficulty 

• Focus skilled staff on long term management of aging debt with a propensity for resolution 

• Remove ‘uneconomical to collect’ debt from ledger via third party action, sale or write off 

Employees 

• Upskill staff for a new credit future through training and qualification programmes 

• Review and bolster support mechanisms that cater for the wellbeing of employees 

• Consult and trial agile working arrangements with touch points to check feasibility 

Cash resilience 

• Firm up honest and realistic cash forecasting projections and review them frequently 

• Tighten processes for quick & efficient cash collection, allocation and recovery referral 

• Calculate provision for bad and doubtful debt & review validity and value of securities 

• Agree new risk assessment protocols for ledger-wide vetting of new and existing customers 

• Review and strengthen supply chain, renegotiating contract terms in the new climate. 

Future proof strategies 

• Fine-tune the exit strategy, showing a roadmap of short, mid and long-term objectives 

• Align Credit Policy, processes, KPIs and contingencies to the organisation’s new risk strategy 

• Check processes are in place to allow for new and future flexible ways of operating 

• Secure debt and ledger management software to automate manual tasks 

Communication 

• Maintain Senior Management visibility with short, frequent reports linked to overall objectives 

• Reaffirm supply chain relationships with bespoke contact that builds plans for future trading 

• Hold staff e-meetings briefly and often to focus WFH and office-based staff in a common goal 

• Create cross functional work plans with re-emerging departments, to leverage help 

01780 722900 | info@cicm.com 

Access help from CICM 

Follow the CICM Managing the New Credit 

Future Forum on LinkedIn. 

Access our Member Advice Service 

for support, answers and advice. 

Visit our Managing the New Credit Future 

webpage for more resources 

We continue to develop resources, advice and tools to help you prepare for 

tomorrow’s Credit, today. Stay in touch with us and be part of our community. 

CICM is your professional body: use it. We are stronger in numbers. 


NEW AND UPGRADED MEMBERS 

Do you know someone who would benefit from CICM membership? Or have 

you considered applying to upgrade your membership? See our website 

www.cicm.com/membership-types for more details, or call us on 01780 722903 

Fellow 

Theodoros Kringou FCICM Carl Lancaster FCICM Doriana Iovino FCICM David Hindle FCICM 

Member 

Nicholas Dark MCICM 

Sean Frisby MCICM 

Paul Gordon MCICM 

Richard Grist MCICM 

Lorraine Passco MCICM 

Luke Sculthorp MCICM 

Giuseppe Trunzo MCICM 

Joanne Cook MCICM 

Helga Cumberbatch MCICM 

Steven Ferguson MCICM 

Matthew Ricketts MCICM 

Charlotte Soper MCICM 

Neil Woodcock MCICM 

Member (by exam) 

Sean Peter Don MCICM (Grad) 

Susan Gordon MCICM (Grad) 

Lisa Linford MCICM(Grad) 

Michael Anstead ACICM 

Gemma Imam ACICM 

Declan Sarjant ACICM 

Associate 

Henry Oforishe ACICM 

Studying Member 

Alan Ahern 

Andrew Bass 

Simon Bromley 

Paulina Czerska 

Marco Dellavalle 

Dale Fawcett 

Raffeina Feeney 

Scott Foord 

Gareth Guyers 

Neil Johnson 

Manjula Krishnasamy 

Alice Meehan 

Gina Milne 

Fleur Myatt 

William Oades 

Nushina Pillalamarri 

Zacki Rahman 

Rhys Scargill 

Carly Smith 

Laura Squibb 

Martin Stafford 

Ola Stannard 

Alison Starkey 

James Sykes 

Lina Tavares 

Nina Tedam 

Diantha Veerasingam 

Chinedu Aghanenu 

Emma Bassett 

Tamara Bedington 

Temilade Bodede 

Hannah Bunce 

Sonja Burghardt 

Gemma Davies 

Maria Dinca 

Faye Harper 

Joel Isherwood 

Altaf Karmali 

Davina Knott 

Kwasi Koram 

Arvind Kumar 

Thomas Mabbott 

Barry MacDonald 

Withus Masala 

Dale McInroy 

Helen McInroy 

Lisa McQueen 

Louise Moss 

Jordan O'Donovan 

Waqar Raza 

Sharon Rumbal 

Amit Sohal 

Tom Sparham 

Ross Spence 

Claire Thompson 

Linda Trotter 

Nicola Wesson 

Masahiro Yashima 

Affiliate 

Thomas Antrobus 

Michael Barrett 

Simon Darby 

Joanne Dempster 

Peter Hodgson 

Adam Morgan 

Isabelle Morley 

Karen Murray 

Edyta Olszewska 

Mohamed Salah 

Lisa-Marie Clay 

Maddison Dickens 

Chelsea Dunbar 

Kimberley Halligan 

Vicky Hotson 

Elisha Houston 

Bethanie Lowe 

Jason Marshall 

Sinead McHale 

Tracy Mileham 

Will Pickering 

Angela Sammon 

Joanne Sawkins 

SasikumarThottupurath 

Congratulations to our current members who have upgraded their membership 

Upgraded member 

Ricardo Harewood ACICM 

WE WANT YOUR BRANCH NEWS! 

Get in touch with the CICM by emailing branches@cicm.com 

with your branch news and event reports. Please only send up to 400 words 

and any images need to be high resolution to be printable, so 1MB plus. 


OBITUARY 

Paul Mudge – 

a life fully lived 

Some happy memories of our past 

Chairman and President compiled 

by Sean Feast FCICM. 

TED Brown remembers Paul as 

being one of life’s nice guys: 

“I joined the Institute at the 

same time as Paul in 1973 and 

he succeeded Bill Adams as 

our National Chairman in the 

1980s. When Sir Roger Cork died unexpectedly 

in 2002, Paul took over as President, and 

actively recruited Master Robert Turner to be 

his successor. 

“Paul had been the credit manager for 

Currys, and loved the family ethos of the 

business, but when it was taken over by 

Dixons he left and joined the Registry Trust. I 

first met Paul in the early 1980s when he came 

to our Branch meeting to speak and I was 

immediately struck by his height. Paul was 

an incredibly tall man but elegant with it. He 

stood out in many ways not just physically but 

through his charm and stature. 

“He was a great help and support to our 

members through some difficult times; the 

Institute then was a very different place 

than it is today, and while we had an annual 

conference in Park Lane Paul was always 

happy to be kept out of the limelight – he 

was very modest like that. His ability to run 

a meeting, however, was legendary, and as 

acting President he once succeeded in starting 

and ending an Annual General Meeting in 90 

seconds! 

“Along with Roger and Terry Robinson, the 

three were like the Musketeers, ably abetted 

by Barbara Freedman. Roger famously had 

a Routemaster bus and once drove from his 

home in Chesham all the way to the Water Mill 

with Paul and me in the back. 

“Paul was a great family man and his wife 

Sally was always a terrific support. He was 

also passionate about sport – especially rugby 

as an Exeter Chiefs fan – and living so close to 

Twickenham which was like his Mecca.” 


OBITUARY 

“What I particularly 

remember about 

Paul was that he was 

well travelled and 

knowledgeable, and 

that ‘wordly-ness’ came 

across but not in an 

arrogant way. He was 

also something of an 

aficionado about tea; 

he simply loved it and 

always seemed to have 

a huge variety of teas 

available whenever we 

met.’’ 

Barbara Freedman has similar memories 

of the bus and Paul’s charm: 

“I remember we all went down to Sandown 

to the races on the bus – it was such a 

happy time. I first came across Paul in the 

early 1970s, and we served together on 

both the Conference Committee and the 

Membership Committee. 

“What I particularly remember about 

him was that he had style. He was, as Ted 

says, very tall and good looking, and a good 

ambassador for the Institute. He looked the 

part. He was level-headed and charming, 

but not a ‘waffler’; if he was chairing a 

meeting, he would be very concise and get 

to the point quickly. 

“What I particularly remember about 

Paul was that he was well travelled and 

knowledgeable, and that ‘wordly-ness’ came 

across but not in an arrogant way. He was 

also something of an aficionado about 

tea; he simply loved it and always seemed 

to have a huge variety of teas available 

whenever we met. 

“When Roger became Lord Mayor he 

made Cancer Research a chosen charity, 

and with Roger and Paul we would all attend 

various fundraising functions. Paul and 

Sally were a delightful and devoted couple.” 

Glen Bullivant recalls Paul as being a 

consummate professional and a true 

gentleman: 

“It cannot be all that often that those two 

traits go together, being mentioned in the 

same breath as it were, but with Paul they 

blended naturally like strawberries and 

cream. 

“Many will be aware of the role he played 

at Registry Trust turning something on the 

brink of being moribund to a vital tool in the 

toolbox of consumer credit professionals 

throughout England and Wales. That 

could not have been achieved without 

his determination and professionalism – 

getting County Courts on side and happy 

to participate was no mean feat and akin 

to navigating a supertanker up the Helford 

River! 

“It is as a gentleman, however, that I will 

remember him from our work together 

in the ICM as it then was. As a bit of 

an outspoken youngster, he guided me 

through the nuances of committee work, 

both on Council and in the various working 

committees. 

“Our backgrounds and working lives 

were very different – his was the B2C world 

and mine was B2B – but he recognised a 

passion for the ICM which he shared and 

encouraged. He went out of his way to advise 

and to support and though he moved in 

the lofty circles of both President and Chair, 

he always had time for other people. Though 

our paths did not often cross after his 

“Paul was a great family man 

and his wife Sally was always 

a terrific support. He was 

also passionate about sport – 

especially rugby as an Exeter 

Chiefs fan – and living so close 

to Twickenham which was like 

his Mecca.” 

retirement, we did meet from time to time 

at functions, and I was touched more than 

he ever knew by his kind comments about 

my column when I was Chair. He need not 

have done that, but he did, and more than 

once. That is what I call a gentleman.” 

Brenda Linger is another who remembers 

Paul’s leadership qualities: 

“Paul was a clear, enthusiastic leader who 

guided the council well, and had a respect 

for the opinions of others. Even though 

I know I could be a pain in the neck he 

treated me with respect. 

“There was one council meeting where I 

quite clearly disagreed with him, however 

he contacted me afterwards to make sure 

that I was ok with the result of the vote 

(what the problem had been is lost in the 

sands of time). 

“I have a couple more clear memories 

of Paul: the first when he was chairman of 

the institute and I was fairly newly-elected 

to council and known for asking too many 

questions – there was one particular council 

meeting when the majority of attendees 

were on various schedules and when it came 

to the AOB he asked the question ‘there is no 

other business is there Brenda’? 

“Paul presented me with my Meritorious 

Service Award at the Annual Dinner at 

the Mansion House in London, and he 

introduced me as the Spice Girl of the CICM 

– a great compliment!” 

“Many will be aware of the role 

he played at Registry Trust 

turning something on the brink 

of being moribund to a vital 

tool in the toolbox of consumer 

credit professionals throughout 

England and Wales. That 

could not have been achieved 

without his determination and 

professionalism.’’ 


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HR MATTERS 

LESSONS LEARNED 

A tale of workloads, contracts and discrimination. 

AUTHOR – Gareth Edwards 

IN a recent case – Aylott v BPP University 

– the Employment Tribunal found that 

a failure to address workload concerns 

may amount to breach of contract and 

discrimination claims. 

The tribunal held that a sequence 

of failings by the employer relating to workload 

and mental health, when viewed cumulatively, 

amounted to a fundamental breach of 

the employee’s employment contract and 

discrimination arising from disability. 

THE CASE 

Mrs Aylott was employed as a lecturer by BPP 

University from 2013 until her resignation in 

2019. During the course of her employment, 

Aylott applied for a senior role and as part of 

a health declaration informed her employer 

that she suffered from anxiety, depression and 

chronic back pain. She also suffered from Autistic 

Spectrum Disorder (ASM) which remained 

undiagnosed until after her resignation. 

The University was aware that Aylott was 

experiencing some significant challenges in 

her personal life. Her husband passed away 

suddenly and her teenage son was diagnosed 

with myalgic encephalomyelitis. However, 

there was a ‘long hours’ culture amongst the 

management team and Aylott worked in excess 

of 60 hours per week, including weekends and 

evenings. In early 2018, she advised her line 

manager that she was experiencing symptoms 

of anxiety and was taking antidepressants. She 

cancelled holiday to accommodate the leave 

of a colleague and by September 2018 she was 

described as ‘manic’ and ‘frazzled’. 

At this time, a complaint was made by 

another department that Aylott was pushing 

back on requests made of her, citing the 

pressures of her workload, and that the tone 

of some of her responses had become abrupt. 

She was distressed by the complaint and its 

handling. She confided in her line manager that 

she was not coping and was self-medicating with 

alcohol. She provided a medical certificate to 

work reduced hours and although it was widely 

acknowledged by her managers that she was 

struggling and that her health was suffering, 

no steps were taken to refer her to occupational 

health despite her request. 

As a result of low mood, Aylott was signed off 

work by her GP in late 2018. Following the expiry 

of her entitlement to 15 days contractual sick 

pay, the University did not exercise its discretion 

to provide any further sick pay, even though it 

has provided discretionary sick pay to other 

employees in the past. She raised a grievance in 

relation to workload and treatment. She claimed 

that she was being treated less favourably 

because of her mental health conditions which 

amounted to a disability. At the grievance 

meeting, there was no real attempt to address 

her concerns and she was offered an exit under 

a settlement agreement. 

It also came to Aylott's attention that a 

colleague had referred to her as ‘mad as a box of 

frogs, but a good worker’. 

She resigned and brought a claim for 

constructive unfair dismissal, unfavourable 

treatment arising from disability, direct and 

indirect disability discrimination, harassment 

relating to her disability and failure to make 

reasonable adjustments. 

THE DECISION 

Dismissing the latter claims, the tribunal found 

that Aylott had been constructively unfairly 

dismissed on the basis that the University’s 

conduct had undermined trust and confidence. 

It was also held that an occupational health 

referral for Aylott was not arranged in a timely 

manner, and there had been a rush to secure 

her departure from the University as a result 

of stigma arising from her mental health. 

As this stigma arose from her disability, the 

unfavourable treatment she received in being 

offered a settlement agreement, rather than 

a resolution to her grievances, and the lack of 

occupational health support was discriminatory, 

and she was entitled to compensation for 

financial loss and injury to feelings. 

BEST PRACTICE 

Mental health issues in the workplace are 

increasingly being recognised. Demanding 

workloads over sustained periods can cause or 

exacerbate mental health challenges. In order 

to maintain an effective workforce and promote 

the wellbeing of staff, it is important that HR 

professionals and managers understand their 

duties and fulfil their legal obligations in relation 

to the mental welfare of their employees. 

Employers should be vigilant for signs that 

may indicate a potential mental health issue. They 

should engage with employees at an early stage 

to discuss whether any reasonable adjustments 

can be made to accommodate their needs. 

Where appropriate, various options should be 

explored to enable the employee to continue in 

their role and a timely referral to occupational 

health should be made to benefit from medical 

advice. Managers should receive training to help 

them identify and actively support staff with 

mental health conditions to reduce stigma and 

help avoid costly discrimination claims. 

Gareth Edwards is a partner in the employment 

team at VWV. gedwards@vwv.co.uk 


TAKE CONTROL OF 

YOUR CREDIT CAREER 

CREDIT MANAGER 

Warrington, up to £53,000 + bonus + benefits 

United Utilities Water is responsible for water and wastewater 

services in the North West of England. A purpose-driven 

organisation that takes great pride in providing the best service 

to customers at the lowest sustainable cost and in a responsible 

manner, protecting and enhancing the natural environment in 

the North West in the way services are delivered. United Utilities 

Water supports local communities through partnerships and 

employee contribution as well as employees by investment in 

learning and development. 

Reporting to the Head of Income, you will expertly lead the 

management and operation of the Collections teams. Responsible 

for up to 100 staff, you will deliver against a cash collection target 

of over £1.1bn and develop the Collections team through the a 

CICM accreditation scheme which will support an annual intake of 

learners through the CICM Certificate in Debt Collection and CICM 

Diploma in Credit Management. Your energy will drive a customer 

centric culture that delivers an effective, productive and efficient 

service that surpasses customer expectations and business 

targets, enabling fair outcomes for the customer and protection 

of the interests of UUW. Your excellent people development skills 

will help create a high performing team through establishing 

team identity, purpose, ambition, and aligned objectives which 

contribute to wider company goals. 

CICM qualified, you will have a proven track record of leading, 

developing and delivering cash collection performance 

improvements. Experience of working in a contact centre 

and operational environment with responsibility for leading 

large numbers of people will enable you to thrive in this role, 

providing high levels of customer service, quality and operational 

effectiveness. You will also have strong financial awareness with 

understanding of income, cash profiling and bad debt provisions 

and a track record of managing vulnerable customer schemes. 

This is a great career opportunity for an expert credit professional 

with excellent communication skills to motivate and influence 

people at all levels, leading from the front to successfully exceed 

business targets and objectives. 

Ref: 3836849 

Contact Karen Young on 07834 260029 

or email karen.young@hays.com 

To discover more opportunities available for credit 

professionals, please visit us online or contact Kabir Gulabkhan, 

Hays Credit Management UK Lead on 020 3465 0020. 

hays.co.uk/creditcontrol 


INSPIRE ME IN THE 

NEW ERA OF WORK 

YOUR RESOURCE HUB 

FOR REACHING YOUR 

CAREER GOALS 

Read our latest guides and articles 

Tips to help you prepare successfully 

To find out more visit our Embrace the New Era Hub at 

hays.co.uk/embrace-the-new-era 


www.tcmgroup.com 

Probably thebest debt collection network worldwide 

Moneyknows no borders—neither do we

WHAT'S ON 

We are asking all members to invite a colleague to a CICM membership event, 

free of charge. Book online on our website www.cicm.com/cicm-events 

Studying at a 

distance 

with CICM 

From interactive virtual classrooms to supporting texts, 

from mentor advice to peer support, we’ve got it all. 

Contact CICM for more information on any of these services, 

or check them out at cicm.com 

Giving you the tools to continue 

working through this crisis. 

MANAGING THE NEW 

CREDIT FUTURE 

As the world continues to react 

to constant change, our credit 

profession needs to prepare for the 

new credit future. 

For more information contact: 

info@cicm.com or 01780 722900 


Cr£ditWho? 

CICM Directory of Services 

COLLECTIONS 

INTERNATIONAL COLLECTIONS 

COLLECTIONS LEGAL 

Controlaccount Plc 

Address: Compass House, Waterside, Hanbury Road, 

Bromsgrove, Worcestershire B60 4FD 

T: 01527 549 522 

E: sales@controlaccount.com 

W: www.controlaccount.com 

Controlaccount Plc provides an efficient, effective and ethical 

commercial debt recovery service focused on improving business 

cash flow whilst preserving customer relationships and established 

reputations. Working with leading brand names in the UK and 

internationally, we deliver a bespoke service to our clients. We offer 

a no collect, no fee service without any contractual ties in. Where 

applicable, we can utilise the Late Payment of Commercial Debts 

Act (2013) to help you redress the cost of collection. Our clients 

also benefit from our in-house international trace and legal counsel 

departments and have complete transparency and up to the minute 

information on any accounts placed with us for recovery through our 

online debt management system, ClientWeb. 

INTERNATIONAL COLLECTIONS 

Atradius Collections Ltd 

3 Harbour Drive, 

Capital Waterside, Cardiff, CF10 4WZ 

Phone: +44 (0)29 20824397 

Mobile: +44 (0)7767 865821 

E-mail:yvette.gray@atradius.com 

Website: atradiuscollections.com 

Atradius Collections Ltd is an established specialist in business 

to business collections. As the collections division of the Atradius 

Crédito y Caución, we have a strong position sharing history, 

knowledge and reputation. 

Annually handling more than 110,000 cases and recovering over 

a billion EUROs in collections at any one time, we deliver when 

it comes to collecting outstanding debts. With over 90 years’ 

experience, we have an in-depth understanding of the importance of 

maintaining customer relationships whilst efficiently and effectively 

collecting monies owed. 

The individual nature of our clients’ customer relationships is 

reflected in the customer focus we provide, structuring our service 

to meet your specific needs. We work closely with clients to provide 

them with a collection strategy that echoes their business character, 

trading patterns and budget. 

For further information contact Yvette Gray Country Director, UK 

and Ireland. 

Premium Collections Limited 

3 Caidan House, Canal Road 

Timperley, Cheshire. WA14 1TD 

T: +44 (0)161 962 4695 

E: paul.daine@premiumcollections.co.uk 

W: www.premiumcollections.co.uk 

For all your credit management requirements Premium Collections 

has the solution to suit you. Operating on a national and international 

basis we can tailor a package of products and services to meet your 

requirements. 

Services include B2B collections, B2C collections, international 

collections, absconder tracing, asset repossessions, status reporting 

and litigation support. 

Managed from our offices in Manchester, Harrogate and Dublin our 

network of 55 partners cover the World. 

Contact Paul Daine FCICM on +44 (0)161 962 4695 or 

paul.daine@premiumcollections.co.uk 

www.premiumcollections.co.uk 

Baker Ing International Limited 

Office 7, 35-37 Ludgate Hill, London. EC4M 7JN 

Contact: Lisa Baker-Reynolds 

Email: lisa@bakering.global 

Website: https://www.bakering.global/contact/ 

Tel: 07717 020659 

Baker Ing International is a dedicated team of Credit industry 

experience that, combined, covers time served in most industries. 

The team is wholly comprised of working Credit Manager’s across 

the Globe with a minimum threshold of ten years working experience 

within Credit Management. The team offers a comprehensive 

service to clients - International Debt Recovery, Credit Control, Legal 

Services & more 

Our mission is to help companies improve the cost and efficiency 

of their Credit Management processes in order to limit the risks 

associated with extending credit and trading around the globe. 

How can we help you - call Lisa Baker Reynolds on 

+44(0)7717 020659 or email lisa@bakering.global 

Sterling Debt Recovery 

E: info@sterlingdebtrecovery.com 

T: 0207 1005978 

W: www.sterlingdebtrecovery.com 

Sterling specialises in international business debt collection 

to get outstanding invoices paid quickly and cost effectively. 

Our experienced, enthusiastic collectors achieve results whilst 

maintaining a professional image. 

We work on a commission only basis with no up-front fees and no 

hidden costs. Each client is allocated a named collector for personal 

service and regular updates. We collect the majority of debt without 

litigation, with our on-site lawyer supporting us where appropriate. 

Where local expertise is required our global network are available 

to assist. 

COLLECTIONS LEGAL 

Keebles 

Capitol House, Russell Street, Leeds LS1 5SP 

T: 0113 399 3482 

E: charise.marsden@keebles.com 

W: www.keebles.com 

Keebles debt recovery team was named “Legal Team of the Year” 

at the 2019 CICM British Credit Awards. 

According to our clients “Keebles stand head and shoulders above 

others in the industry. A team that understands their client’s 

business and know exactly how to speedily maximise recovery. 

Professional, can do attitude runs through the team which is not 

seen in many other practices.” 

We offer a service with no hidden costs, giving you certainty and 

peace of mind. 

• ‘No recovery, no fee’ for pre-legal work. 

• Fixed fees for issuing court proceedings and pursuing claims to 

judgment and enforcement. 

• Success rate in excess of 80%. 

• 24 hour turnaround on instructions. 

• Real-time online access to your cases to review progress. 

Lovetts Solicitors 

Lovetts, Bramley House, The Guildway, 

Old Portsmouth Road, 

Guildford, Surrey, GU3 1LR 

T: 01483 347001 

E: info@lovetts.co.uk 

W: www.lovetts.co.uk 

With more than 25yrs experience in UK & international business debt 

collection and recovery, Lovetts Solicitors collects £40m+ every year 

on behalf of our clients. Services include: 

• Letters Before Action (LBA) from £1.50 + VAT (successful in 86% 

of cases) 

• Advice and dispute resolution 

• Legal proceedings and enforcement 

• 24/7 access to your cases via our in-house software solution, 

CaseManager 

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

“All our service expectations have been exceeded. The online 

system is particularly useful and extremely easy to use. Lovetts has a 

recognisable brand that generates successful results.” 

CONSULTANCY 

Sanders Consulting Associates Ltd 

T: +44(0)1525 720226 

E: enquiries@chrissandersconsulting.com 

W: www.chrissandersconsulting.com 

Sanders Consulting is an independent niche consulting firm 

specialising in leadership and performance improvement in all aspects 

of the order to cash process. Chris Sanders FCICM, the principal, is 

well known in the industry with a wealth of experience in operational 

credit management, billing, change and business process improvement. 

A sought after speaker with cross industry international experience in 

the business-to-business and business-to-consumer markets, his 

innovative and enthusiastic approach delivers pragmatic people and 

process lead solutions and significant working capital improvements to 

clients. Sanders Consulting are proud to manage CICMQ on behalf of 

and under the supervision of the CICM. 

COURT ENFORCEMENT SERVICES 

Court Enforcement Services 

Wayne Whitford – Director 

M: +44 (0)7834 748 183 T : +44 (0)1992 663 399 

E : wayne@courtenforcementservices.co.uk 

W: www.courtenforcementservices.co.uk 

High Court Enforcement that will Empower You! 

We help law firms and in-house debt recovery and legal teams to 

enforce CCJs by transferring them up to the High Court. Setting us 

apart in the industry, our unique and Award Winning Field Agent App 

helps to provide information in real time and transparency, empowering 

our clients when they work with us. 

• Free Transfer up process of CCJ’s to High Court 

• Exceptional Recovery Rates 

• Individual Client Attention and Tailored Solutions 

• Real Time Client Access to Cases 


FOR ADVERTISING INFORMATION OPTIONS AND PRICING CONTACT 

russell@cabbells.uk 0203 603 7937 

CREDIT INFORMATION 


CREDIT MANAGEMENT SOFTWARE 

CoCredo 

Missenden Abbey, Great Missenden, Bucks, HP16 0BD 

T: 01494 790600 

E: customerservice@cocredo.com 

W: www.cocredo.co.uk 

We provide business information on over 256 million companies across 

221 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 XML Integration, 

D.N.A portfolio management, CoData marketing information, Companies 

House documents, Consumer and Director Searches. We pride ourselves 

in delivering award winning customer service, offering you unrivalled 

support and analysis to protect your business. 

Graydon UK 

66 College Road, 2nd Floor, Hygeia Building, Harrow, 

Middlesex, HA1 1BE 

T: +44 (0)208 515 1400 

E: customerservices@graydon.co.uk 

W: www.graydon.co.uk 

With 130+ years of experience, Graydon is a leading provider of 

business information, analytics, insights and solutions. Graydon 

helps its customers to make fast, accurate decisions, enabling them 

to minimise risk and identify fraud as well as optimise opportunities 

with their commercial relationships. Graydon uses 130+ international 

databases and the information of 90+ million companies. Graydon 

has offices in London, Cardiff, Amsterdam and Antwerp. Since 2016, 

Graydon has been part of Atradius, one of the world’s largest credit 

insurance companies. 

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 

Founded in 2000, Tinubu Square is a software vendor, enabler of the 

Credit Insurance, Surety and Trade Finance digital transformation. 

Tinubu Square enables organizations across the world to significantly 

reduce their exposure to risk and their financial, operational and technical 

costs with best-in-class technology solutions and services. Tinubu 

Square provides SaaS solutions and services to different businesses 

including credit insurers, receivables financing organizations and 

multinational corporations. 

Tinubu Square has built an ecosystem of customers in over 20 countries 

worldwide and has a global presence with offices in Paris, London, New 

York, Montreal and Singapore. 


THE ONLY AML RESOURCE YOU NEED 

SmartSearch 

SmartSearch, Harman House, 

Station Road,Guiseley, Leeds, LS20 8BX 

T: +44 (0)113 238 7660 

E: info@smartsearchuk.com W: www.smartsearchuk.com 

KYC, AML and CDD all rely on a combination of deep data with broad 

coverage, highly automated flexible technology with an innovative 

and intuitive customer interface. Key features include automatic 

Worldwide Sanction & PEP checking, Daily Monitoring, Automated 

Enhanced Due Diligence and pro-active customer management. 

Choose SmartSearch as your benchmark. 

CEDAR 

ROSE 

R 

Cedar Rose 

3, Georgiou Katsonotou Street,3036, Limassol, Cyprus 

E: info@cedar-rose.com T: +357 25346630 

W: www.cedar-rose.com 

Cedar Rose has been globally recognised as the expert for 

credit reports, due diligence and data for the Middle East 

and North African countries since 1997. We now cover over 

170 countries with the same high quality, expert analysis 

and attention to detail we are well-known and trusted for. 

Making best use of artificial intelligence and technology, Cedar 

Rose has won several awards including Credit Excellence 

& European Business Awards. Our website is a one-stopshop 

for your business intelligence solutions. We are the 

ultimate source; with competitive prices and friendly customer 

service - whether you need one or one thousand reports. 

Company Watch 

Centurion House, 37 Jewry Street, 

LONDON. EC3N 2ER 

T: +44 (0)20 7043 3300 

E: info@companywatch.net 

W: www.companywatch.net 

Organisations around the world rely on Company Watch’s industryleading 

financial analytics to drive their credit risk processes. Our 

financial risk modelling and ability to map medium to long-term risk as 

well as short-term credit risk set us apart from other credit reference 

agencies. 

Quality and rigour run through everything we do, from our unique 

method of assessing corporate financial health via our H-Score®, to 

developing analytics on our customers’ in-house data. 

With the H-Score® predicting almost 90 percent of corporate 

insolvencies in advance, it is the risk management tool of choice, 

providing actionable intelligence in an uncertain world. 


ONGUARD 

T: +31 (0)88 256 66 66 

E: ruurd.bakker@onguard.com 

W: www.onguard.com 

Onguard is specialist in credit management software and market 

leader in innovative solutions for order to cash. Our integrated 

platform ensures an optimal connection of all processes in the order 

to cash chain and allows sharing of critical data. 

Intelligent tools that can seamlessly be interconnected and offer 

overview and control of the payment process, as well as contribute to 

a sustainable customer relationship. 

In more than 50 countries the Onguard platform is successfully used 

for successful credit management. 

Credica Ltd 

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

T: 01235 856400E: 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. 

Data Interconnect Ltd 

Units 45-50 

Shrivenham Hundred Business Park 

Majors Road, Watchfield 

Swindon, SN6 8TZ 

T: +44 (0)1367 245777 

E: sales@datainterconnect.co.uk 

W: www.datainterconnect.com 

Data Interconnect provides Intelligent Invoice to Cash Automation. 

Corrivo Billing, Collection and Dispute modules seamlessly integrate 

for a rich, end-to-end A/R user experience. Branded customer 

portals, real-time dashboards, advanced reporting, available in 15 

languages as standard; are some of the reason why global brands 

choose Data Interconnect. 

HighRadius 

T: +44 7399 406889 

E: gwyn.roberts@highradius.com 

W: www.highradius.com 

HighRadius is the leading provider of Integrated Receivables 

solutions for automating receivables and payment functions such 

as credit, collections, cash allocation, deductions and eBilling. 

The Integrated Receivables suite is delivered as a software-as-aservice 

(SaaS). HighRadius also offers SAP-certified Accelerators 

for SAP S/4HANA Finance Receivables Management, enabling 

large enterprises to maximize the value of their SAP investments. 

HighRadius Integrated Receivables solutions have a proven track 

record of reducing days sales outstanding (DSO), bad-debt and 

increasing operation efficiency, enabling companies to achieve an 

ROI in less than a year. 

Advancing the credit profession / www.cicm.com / September 2020 / PAGE 61 continues on page 62 >

Cr£ditWho? 

CICM Directory of Services 

FOR ADVERTISING INFORMATION 

OPTIONS AND PRICING CONTACT 

russell@cabbells.uk 0203 603 7937 


DATA AND ANALYTICS 

FORUMS 

ESKER 

Sam Townsend Head of Marketing 

Northern Europe Esker Ltd. 

T: +44 (0)1332 548176 M: +44 (0)791 2772 302 

W: www.esker.co.uk LinkedIn: Esker – Northern Europe 

Twitter: @EskerNEurope blog.esker.co.uk 

Esker’s Accounts Receivable (AR) solution removes the all-toocommon 

obstacles preventing today’s businesses from collecting 

receivables in a timely manner. From credit management to cash 

allocation, Esker automates each step of the order-to-cash cycle. 

Esker’s automated AR system helps companies modernise without 

replacing their core billing and collections processes. By simply 

automating what should be automated, customers get the post-sale 

experience they deserve and your team gets the tools they need. 

Dun & Bradstreet 

Marlow International, Parkway Marlow 

Buckinghamshire SL7 1AJ 

Telephone: (0800) 001-234 Website: www.dnb.co.uk 

Dun & Bradstreet Finance Solutions enable modern finance 

leaders and credit professionals to improve business performance 

through more effective risk management, identification of growth 

opportunities, and better integration of data and insights across the 

business. Powered by our Data Cloud, our solutions provide access 

to the world’s most comprehensive commercial data and insights 

- supplying a continually updated view of business relationships 

that helps finance and credit teams stay ahead of market shifts and 

customer changes. Learn more here: 

www.dnb.co.uk/modernfinance 

FORUMS INTERNATIONAL 

T: +44 (0)1246 555055 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

Forums International Ltd have been running Credit and Industry 

Forums since 1991. We cover a range of industry sectors and 

International trading, attendance is for Credit Professionals of all 

levels. Our forums are not just meetings but communities which 

aim to prepare our members for the challenges ahead. Attending 

for the first time is free for you to gauge the benefits and meet the 

members and we only have pre-approved Partners, so you will never 

intentionally be sold to. 

INSOLVENCY 

SERRALA 

Serrala UK Ltd, 125 Wharfdale Road 

Winnersh Triangle, Wokingham 

Berkshire RG41 5RB 

E: r.hammons@serrala.com W: www.serrala.com 

T +44 118 207 0450 M +44 7788 564722 

Serrala optimizes the Universe of Payments for organisations seeking 

efficient cash visibility and secure financial processes. As an SAP 

Partner, Serrala supports over 3,500 companies worldwide. With 

more than 30 years of experience and thousands of successful 

customer projects, including solutions for the entire order-tocash 

process, Serrala provides credit managers and receivables 

professionals with the solutions they need to successfully protect 

their business against credit risk exposure and bad debt loss. 

C2FO 

C2FO Ltd 

105 Victoria Steet 

SW1E 6QT 

T: 07799 692193 

E: anna.donadelli@c2fo.com 

W: www.c2fo.com 

C2FO turns receivables into cashflow and payables into income, 

uniquely connecting buyers and suppliers to allow discounts in 

exchange for early payment of approved invoices. Suppliers access 

additional liquidity sources by accelerating payments from buyers 

when required in just two clicks, at a rate that works for them. 

Buyers, often corporates with global supply chains, benefit from the 

C2FO solution by improving gross margin while strengthening the 

financial health of supply chains through ethical business practices. 

Menzies 

T: +44 (0)2073 875 868 - London 

T: +44 (0)2920 495 444 - Cardiff 

W: menzies.co.uk/creditor-services 

Operating across seven UK offices, Menzies LLP is an accountancy 

firm delivering traditional services combined with strategic 

commercial thinking. Our services include: advisory, audit, 

corporate and personal tax, corporate finance, forensic accounting, 

outsourcing, wealth management and business recovery – 

the latter of which includes our specialist offering developed 

specifically for creditors. For more information on this, or to see 

how the Menzies Creditor Services team can assist you, please 

visit: www.menzies.co.uk/creditor-services. Bethan Evans, Partner 

and Head of Menzies Creditor Services, email: bevans@ 

menzies.co.uk and phone: +44 (0)2920 447512 

LEGAL 

Redwood Collections Ltd 

0208 288 3555 

enquiry@redwoodcollections.com 

Airport House, Purley Way, Croydon, CR0 0XZ 

“Redwood Collections offers a complete portfolio of debt collection 

services ranging from sensitive client-debtor mediation through to 

legal and insolvency action. 

Incorporated in 2009, we are pleased to represent in excess of 

11,000 clients. Whatever your debt collection needs, we have the 

expertise and resources to deliver a fast, efficient and cost-effective 

solution.” 

Satago 

48 Warwick Street, London, W1B 5AW 

T: +44(0)020 8050 3015 

E: hello@satago.com 

W: www.satago.com 

Satago helps business owners and their accountants avoid credit 

risks, manage debtors and access finance when they need it – all 

in one platform. Satago integrates with 300+ cloud accounting apps 

with just a few clicks, helping businesses: 

• Understand their customers - with RISK INSIGHTS 

• Get paid on time - with automated CREDIT CONTROL 

• Access funding - with flexible SINGLE INVOICE FINANCE 

Visit satago.com and start your free trial today. 

identeco – Business Support Toolkit 

Compass House, Waterside, Hanbury Road, Bromsgrove, 

Worcestershire B60 4FD 

Telephone: 01527 549 531 Email: info@identeco.co.uk 

Web: www.identeco.co.uk 

identeco’s Business Support Toolkit is an online portal connecting 

its subscribers to a range of business services that help them to 

engage with new prospects, understand their customers and 

mitigate risk. Annual subscription is £79.95 per year for unlimited 

access. Providing company information and financial reports, 

director and shareholder structures as well as a unique financial 

health rating, balance sheets, ratio analysis, and any detrimental 

data that might be associated with a company. Other services also 

included in the subscription include a business names database, 

acquisition targets, a data audit service as well as unlimited, 

bespoke marketing and telesales listings for any sector. 

FINANCIAL PR 

Gravity Global 

Floor 6/7, Gravity Global, 69 Wilson St, London, EC2A 2BB 

T: +44(0)207 330 8888. E: sfeast@gravityglobal.com 

W: www.gravityglobal.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 22 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. 

Shoosmiths 

Email: paula.swain@shoosmiths.co.uk 

Tel: 03700 86 3000 W: www.shoosmiths.co.uk 

Shoosmiths’ highly experienced team will work closely with credit 

teams to recover commercial debts as quickly and cost effectively as 

possible. We have an in depth knowledge of all areas of debt recovery, 

including: 

• Pre-litigation services to effect early recovery and keep costs down 

• Litigation service 

• Post-litigation services including enforcement 

• Insolvency 

As a client of Shoosmiths, you will find us quick to relate to your goals, 

and adept at advising you on the most effective way of achieving them. 

PAYMENT SOLUTIONS 

Bottomline Technologies 

115 Chatham Street, Reading 

Berks RG1 7JX | UK 

T: 0870 081 8250 E: emea-info@bottomline.com 

W: www.bottomline.com/uk 

Bottomline Technologies (NASDAQ: EPAY) helps businesses 

pay and get paid. Businesses and banks rely on Bottomline for 

domestic and international payments, effective cash management 

tools, automated workflows for payment processing and bill 

review and state of the art fraud detection, behavioural analytics 

and regulatory compliance. Businesses around the world depend 

on Bottomline solutions to help them pay and get paid, including 

some of the world’s largest systemic banks, private and publicly 

traded companies and Insurers. Every day, we help our customers 

by making complex business payments simple, secure and seamless. 


PAYMENT SOLUTIONS 

American Express 

76 Buckingham Palace Road, 

London. SW1W 9TQ 

T: +44 (0)1273 696933 

W: www.americanexpress.com 

American Express is working in partnership with the CICM and is 

a globally recognised provider of payment solutions to businesses. 

Specialising in providing flexible collection capabilities to drive a 

number of company objectives including: 

•Accelerate cashflow •Improved DSO •Reduce risk 

•Offer extended terms to customers 

•Provide an additional line of bank independent credit to drive 

growth •Create competitive advantage with your customers 

As experts in the field of payments and with a global reach, 

American Express is working with credit managers to drive growth 

within businesses of all sectors. By creating an additional lever to 

help support supplier/client relationships American Express is proud 

to be an innovator in the business payments space. 

ARE YOU A LEADER 

OR FOLLOWER? 

Key IVR 

T: +44 (0) 1302 513 000 

E: sales@keyivr.com 

W: www.keyivr.com 

Key IVR are proud to have joined the Chartered Institute of Credit 

Management’s Corporate partnership scheme. The CICM is a 

recognised and trusted professional entity within credit management 

and a perfect partner for Key IVR. We are delighted to be providing 

our services to the CICM to assist with their membership collection 

activities. Key IVR provides a suite of products to assist companies 

across the globe with credit management. Our service is based 

around giving the end-user the means to make a payment when and 

how they choose. Using automated collection methods, such as a 

secure telephone payment line (IVR), web and SMS allows companies 

to free up valuable staff time away from typical debt collection. 

RECRUITMENT 

Hays Credit Management 

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 

1 Finsbury Square, London. EC2A 1AE 

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. 

CICMQ accreditation is a proven model 

that has consistently delivered dramatic 

improvements in cashflow and efficiency 

CICMQ is the hallmark of industry 

leading organisations 

The CICM Best Practice Network is where 

CICMQ accredited organisations come 

together to develop, share and celebrate 

best practice in credit and collections 

BE A LEADER – JOIN THE CICM BEST 

PRACTICE NETWORK TODAY 

To find out more about flexible options 

to gain CICMQ accreditation 

E: cicmq@cicm.com T: 01780 722900 


Celebrating forty years of delivering debt recovery, 

credit management and outsourced solutions 

to global brands and SMEs 

Our solutions 

Finance 

Call centre IT and application Debit recovery Back office 

services 

support 

Providing over 50 outsourced services including commercial 

debt recovery and financial solutions to enable our clients 

to reduce operating costs, improve quality and deliver innovation 

01527 388 388 

controlaccount.com

CM September 2020

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