CM magazine March 2021

The CICM magazine for consumer and commercial credit professionals

The CICM magazine for consumer and commercial credit professionals


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MARCH <strong>2021</strong> £12.50<br />

Game, set<br />

and match<br />

Is it game over for<br />

the leisure sector?<br />

Sean Feast FCI<strong>CM</strong> speaks to<br />

the Interim Small Business<br />

Commissioner. Page 10<br />

A flexible approach to<br />

enforcement is more important<br />

than ever. Page 29

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Peter Walker<br />

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Tim Vine<br />

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MARCH <strong>2021</strong><br />

www.cicm.com<br />



Adapting to a new world of insolvency.<br />

10 – THE KING’S SPEECH<br />

Sean Feast FCI<strong>CM</strong> speaks to former<br />

CI<strong>CM</strong> CEO about life as the Small Business<br />

Commissioner.<br />


Is the new ruling a green light for virtual<br />

enforcement?<br />

16 – CROSS WORDS<br />

The impact of Brexit on cross-border<br />

enforcement.<br />


D&B looks at the challenges facing the<br />

sport and leisure sector.<br />

24 – OUT OF THE RED<br />

Romania has long-since broken from its<br />

communist past.<br />

32 – PANEL BASHERS<br />

What is the best way to identify and<br />

analyse the root cause of disputes<br />

affecting my collections performance?<br />


A business profiting from fish created an<br />

unexpected problem when the receiver<br />

was called in.<br />


What can we learn from the latest salary<br />

and recruitment trends?<br />

Publisher<br />

Chartered Institute of Credit Management<br />

The Water Mill, Station Road, South Luffenham<br />

OAKHAM, LE15 8NB<br />

Telephone: 01780 722900<br />

Email: editorial@cicm.com<br />

Website: www.cicm.com<br />

<strong>CM</strong>M: www.creditmanagement.org.uk<br />

CI<strong>CM</strong> GOVERNANCE<br />

President Stephen Baister FCI<strong>CM</strong> / Chief Executive Sue Chapple FCI<strong>CM</strong><br />

Executive Board: Chair Debbie Nolan FCI<strong>CM</strong>(Grad) – Vice Chair Phil Rice FCI<strong>CM</strong><br />

Treasurer Glen Bullivant FCI<strong>CM</strong> / Larry Coltman FCI<strong>CM</strong> / Victoria Herd FCI<strong>CM</strong>(Grad) / Philip Holbrough MCI<strong>CM</strong><br />

Advisory Council: Sarah Aldridge FCI<strong>CM</strong> / Laurie Beagle FCI<strong>CM</strong> / Glen Bullivant FCI<strong>CM</strong> / Alan Church FCI<strong>CM</strong>(Grad)<br />

Brendan Clarkson FCI<strong>CM</strong> / Larry Coltman FCI<strong>CM</strong> / Niall Cooter FCI<strong>CM</strong> / Peter Gent FCI<strong>CM</strong>(Grad) / Victoria Herd FCI<strong>CM</strong>(Grad)<br />

Philip Holbrough MCI<strong>CM</strong> / Neil Jinks FCI<strong>CM</strong> / Charles Mayhew FCI<strong>CM</strong> / Debbie Nolan FCI<strong>CM</strong>(Grad)<br />

Bryony Pettifor FCI<strong>CM</strong>(Grad) / Allan Poole MCI<strong>CM</strong> / Alice Purdy MCI<strong>CM</strong>(Grad) / Matthew Roberts MCI<strong>CM</strong> / Phil Rice FCI<strong>CM</strong><br />

Chris Sanders FCI<strong>CM</strong> / Stephen Thomson FCI<strong>CM</strong> / Atul Vadher FCI<strong>CM</strong>(Grad)<br />

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

area, and click on the tab labelled ‘Credit Management <strong>magazine</strong>’<br />

Credit Management is distributed to the entire UK and international CI<strong>CM</strong><br />

membership, as well as additional subscribers<br />

Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this <strong>magazine</strong> do<br />

not, unless stated, reflect those of the Chartered Institute of Credit Management. The Editor reserves the right to<br />

abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘Credit Management’ is a registered<br />

trade mark of the Chartered Institute of Credit Management.<br />

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

Managing Editor<br />

Sean Feast FCI<strong>CM</strong><br />

Deputy Editor<br />

Iona Yadallee<br />

Art Editor<br />

Andrew Morris<br />

Telephone: 01780 722910<br />

Email: andrew.morris@cicm.com<br />

Editorial Team<br />

Laura Biondi, Imogen Hart, Rob Howard<br />

and Max Tyson<br />

Advertising<br />

Grace Ghattas<br />

Telephone: 020 3603 7946<br />

Email: grace@cabbell.co.uk<br />

Printers<br />

Stephens & George Print Group<br />

<strong>2021</strong> subscriptions<br />

UK: £112 per annum<br />

International: £145 per annum<br />

Single copies: £12.50<br />

ISSN 0265-2099<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 3


Come shopping in Carlisle.<br />

Or don’t.<br />

Sean Feast FCI<strong>CM</strong><br />

Managing Editor<br />

WHEN I was a little boy growing up in the<br />

Isle of Man in the 1970s, I remember<br />

watching the television advertisements<br />

enticing me to Carlisle (I kid you not, that<br />

was intended as a Manx shopping destination!)<br />

and a particular furniture shop that<br />

proclaimed a ‘buy now pay nothing till April 1’ offer.<br />

I recall thinking at the time that it was never really much of a<br />

deal, because you still had to pay for it in the end, and in those<br />

days, there was that thing called ‘interest’ that they slapped on<br />

that made a £100 sofa actually cost you half as much again. I<br />

was seven and not especially bright, but I knew even then this<br />

was not a great deal. And I never liked their sofas much anyway.<br />

So you can imagine how I did a double take recently when I<br />

read in the press release from the Financial Conduct Authority<br />

(FCA) that ‘many consumers do not view buy-now-pay-later as<br />

a form of credit’ and as such ‘do not apply the same level of<br />

scrutiny’ as they might, perhaps, to other forms of ‘tick’ such as<br />

a credit card.<br />

Normally, I’m one who advocates less regulation not more,<br />

and abhors the idea of a nanny state, but for once I am in<br />

complete agreement with Government, the Regulator, and the<br />

Debt Advice charities who have lined up to welcome the report<br />

from Chris Woolard CBE that looked at the unsecured credit<br />

market and buy-now-pay-later agreements in particular.<br />

If consumers are being taken advantage of and don’t seem<br />

to realise they are taking on something that actually they can’t<br />

afford, then they definitely need protecting. (Either that, or<br />

they do what my parents did, and many thousands like them,<br />

and simply never bought anything unless it was essential, and<br />

they could afford it.)<br />

It is easy, however, to see why the Regulator is concerned.<br />

Buy-now-pay-later products are rapidly increasing in popularity,<br />

with the volume of transactions tripling in 2020 as the pandemic<br />

drove online shopping, and there is now a significant risk that<br />

these agreements could cause harm to consumers.<br />

By announcing plans to legislate to bring interest-free<br />

buy-now-pay-later into regulation, the Government claims<br />

it is acting ‘swiftly’ to ensure people can continue to benefit<br />

from these products with the right protections. Happily they<br />

acknowledge that such products have their place, but they say<br />

it is relatively easy to accrue around £1,000 of debt that credit<br />

reference agencies and mainstream lenders cannot see. They<br />

also say that with several buy-now-pay-later providers planning<br />

to expand to higher-value retailers, or offer their products<br />

in-store, the risk that consumers could take on ‘unaffordable<br />

levels of debt’ is increasing.<br />

Let’s see what happens. John Glen (am I alone in shouting<br />

‘Godspeed’ at this point?), Economic Secretary to the Treasury,<br />

says that by stepping in, he’s making sure people are treated<br />

fairly and only offered agreements they can afford.<br />

Perhaps the only part that’s missing is the bit that says: ‘and if<br />

you can’t afford it, don’t buy it’.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 4

FCI<strong>CM</strong><br />

<strong>CM</strong>NEWS<br />

A round-up of news stories from the<br />

world of consumer and commercial credit.<br />

Written by – Sean Feast FCI<strong>CM</strong><br />

All Quiet on the<br />

Brexit Front<br />

THE impact of Brexit and<br />

COVID-19 is yet to be felt<br />

as Government support<br />

and plans put in place<br />

prior to the transition may<br />

be masking a problem that<br />

will later emerge.<br />

This was one of the key discussion<br />

points among the CI<strong>CM</strong>’s Technical<br />

Committee which met in February<br />

comprising experts from within the<br />

worlds of commercial and consumer<br />

credit.<br />

With warehouses full of stock<br />

ordered well in advance, issues<br />

over ongoing deliveries had not yet<br />

materialised, neither were any serious<br />

delays in payments being experienced.<br />

One member reported being ‘surprised’<br />

at how well things were going, given<br />

the circumstances, while another said<br />

they had been ‘busier than ever’ and<br />

had even taken on new staff to meet<br />

increased demand. His company sells<br />

plant machinery all over the world, and<br />

there had been no discernible impact<br />

from Brexit. He also anticipated that<br />

Government infrastructure projects<br />

will add further turnover and so the<br />

future ‘was looking good’. Some cracks,<br />

however, were beginning to show.<br />

Another committee member reported<br />

delays in two major projects as a result<br />

of ‘commercial practicalities’, though<br />

the overall position was still ‘better<br />

than expected’.<br />

This concept of a ‘quiet before the<br />

storm’ was also reported in the world<br />

of risk. While some necessary changes<br />

have had to be made to the wording<br />

of new credit insurance policies, the<br />

impact of Brexit had been ‘minimal’<br />

despite all the scare stories to the<br />

contrary. The Government’s decision<br />

to extend the credit insurance support<br />

scheme was also clearly playing its<br />

part in a surprisingly low number<br />

of business failures, with insurance<br />

claims also being described as being<br />

at ‘a record low’. It was expected the<br />

landscape for insolvencies may change<br />

in the summer, once Government<br />

support came to an end.<br />

In terms of consumer debt, the<br />

Government’s consultation paper on<br />

debt relief orders was discussed, and<br />

in particular the proposal to increase<br />

the debt threshold from £20,000 to<br />

£30,000 or less and have no more than<br />

£100 in surplus income each month (up<br />

from £50). By making these changes<br />

the Government intends to give more<br />

people with low levels of assets and<br />

low income who are in problem debt<br />

access to a suitable and proportionate<br />

option for debt relief. As with any<br />

debt relief solution, however, the<br />

Government stresses it is important to<br />

balance the interest of both creditors<br />

and debtors.<br />

At a ‘people’ level, some committee<br />

members reported a marked difference<br />

between this lockdown and the first,<br />

and the difficulties this was presenting<br />

in motivating staff. An even greater<br />

focus was now required on employee<br />

wellbeing.<br />

As with any debt relief<br />

solution, however, the<br />

Government stresses it<br />

is important to balance<br />

the interest of both<br />

creditors and debtors.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 5


Woolard Review sets out a<br />

vision for consumer credit<br />

THE Financial Conduct Authority (FCA)<br />

has published a report on change and<br />

innovation in the unsecured consumer<br />

credit market following a Review by its<br />

former Interim Chief Executive, Christopher<br />

Woolard CBE.<br />

The Woolard Review, commissioned by the FCA Board,<br />

is described as setting out how regulation can better<br />

support a healthy market for unsecured lending, taking<br />

into account the impact of the coronavirus (COVID-19)<br />

pandemic, changing business models and new<br />

developments in unregulated buy-now pay-later (BNPL)<br />

unsecured lending.<br />

Mr Woolard said that it is vital we have a market that<br />

works for everyone: “New ways of borrowing and the<br />

impact of the pandemic are changing the market, with<br />

billions of pounds now in unregulated transactions<br />

and millions of consumers at greater risk of financial<br />

difficulty,” he explains.<br />

“Changes are urgently needed: to bring BNPL into<br />

regulation to protect consumers; to ensure that there is<br />

secure provision of debt advice to help all those who may<br />

need it; and to maintain a sustained regulatory response<br />

to the pandemic. Alongside these urgent issues the<br />

Review sets out a series of recommendations for how the<br />

FCA, working with partners, can build a better market in<br />

future.’<br />

The report suggests that UK households have nearly<br />

£250bn of outstanding consumer credit debt and more<br />

than 42.5m people used consumer credit in 2019. The<br />

Review sets out 26 recommendations to the FCA,<br />

sometimes working with Government and other bodies,<br />

to make the unsecured credit market fit for the future.<br />

The key ones are:<br />

• The regulation of unregulated buy-now pay-later:<br />

BNPL products which are currently exempt from<br />

regulation should be brought within the regulatory<br />

perimeter as a matter of urgency. The use of BNPL<br />

products nearly quadrupled in 2020 and is now at<br />

£2.7bn, with five million people using these products<br />

since the beginning of the coronavirus pandemic. The<br />

emergence and expansion of unregulated BNPL products<br />

gives consumers a significant alternative to more<br />

expensive credit, but the report says this also comes with<br />

significant potential for consumer harm. For example,<br />

more than one in 10 customers of a major bank using<br />

BNPL were already in arrears. Regulation would protect<br />

people who use BNPL products and make the market<br />

sustainable.<br />

• Debt advice: Free debt advice services need secure,<br />

long-term funding as demand increases to as many as<br />

1.5 million additional cases, following the pandemic.<br />

Funding needs to be in place to help the poorest pay fees<br />

when applying for debt relief orders.<br />

• Forbearance: Among other considerations, the FCA<br />

needs to look at whether it should revise its rules and<br />

guidance to drive greater consistency in the type of<br />

support firms offer consumers struggling to pay.<br />

“New ways of borrowing and the<br />

impact of the pandemic are changing<br />

the market, with billions of pounds<br />

now in unregulated transactions and<br />

millions of consumers at greater risk<br />

of financial difficulty”<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 6


The Woolard Review - A review<br />

of change and innovation in the<br />

unsecured credit market.<br />

Christopher Woolard CBE.<br />

‘‘We very much look forward to<br />

working with the FCA to act on these<br />

recommendations, and especially to<br />

improve the practical steps that can be<br />

taken to reduce debt problems in the UK.”<br />

• Alternatives to high-cost credit: A sustainable credit<br />

market needs more alternatives to high-cost credit.<br />

The FCA should work with the Government and Bank<br />

of England to reform the regulation of credit unions<br />

and Community Development Finance Institutions.<br />

More should be done to encourage mainstream<br />

lenders into this space.<br />

• Outcomes focused: Regulation should be driven<br />

by the outcome being sought and how consumers<br />

use products in the real world. Regulation should<br />

deliver similar protections where consumers face<br />

similar harms. In addition to making sure products<br />

are affordable, there should be an increased focus<br />

on lenders meeting consumers needs’ for as long as<br />

they hold the product. The FCA should review repeat<br />

lending.<br />

Perhaps not surprisingly, the FCA welcomed the<br />

recommendations, agreeing in particular that there<br />

is a strong and pressing case to bring buy-now paylater<br />

business into regulation. Credit Management<br />

understands that Charles Randell, Chair at the<br />

FCA, has written to the Economic Secretary to the<br />

Treasury setting out the Board’s view and proposing<br />

that the FCA works with the Government to design<br />

the appropriate regulation. “Unaffordable credit can<br />

damage the lives of people who are already struggling<br />

to manage everyday expenses,” Mr Randall says. “All<br />

the authorities which cover debt and debt advice<br />

must act together systematically to prevent problem<br />

debt and to help people get out of a spiral of debt<br />

through properly funded debt advice. Regulation<br />

should be consistent and the Review shows how<br />

we can ensure high standards in consumer credit<br />

regardless of the form of credit.”<br />

Mr Randall says that as the market innovates<br />

and changes, regulators and legislators need to<br />

respond quickly and decisively: “We need to protect<br />

consumers by facilitating credit where it is beneficial<br />

and clamping down on it when it does harm.”<br />

The Board has asked the FCA executive to build<br />

the Review’s recommendations into its business<br />

planning. The FCA will publish its <strong>2021</strong>/22 Business<br />

Plan in April and will give further details of the<br />

response to the Review.<br />

The report was similarly welcomed by the debt<br />

advice sector. StepChange Director of External<br />

Affairs Richard Lane says that if the pandemic has<br />

shown us anything, it’s that it’s not only our health<br />

that is vulnerable to sudden shocks – our finances<br />

are too: “Chris Woolard’s recommendations on how<br />

the FCA should reflect the lessons learned from<br />

this period and apply them to future consumer<br />

protections show insight and clarity. We very much<br />

look forward to working with the FCA to act on<br />

these recommendations, and especially to improve<br />

the practical steps that can be taken to reduce debt<br />

problems in the UK.”<br />

>NEWS<br />

IN BRIEF<br />

Legal Line<br />

AZZURRO Law, a specialist<br />

commercial debt collection and legal<br />

recoveries firm, has revised and<br />

relaunched its website with enhanced<br />

user experience and increased<br />

functionality to support its thirdparty<br />

clients and their customers.<br />

The design and layout of the website<br />

has been given a stylish refresh, and<br />

now features enhanced navigation,<br />

with easy-to use-tabs and drop-down<br />

menus for its full suite of services,<br />

including UK debt collection and<br />

Litigation Funding. The website is also<br />

now equipped with a designated client<br />

‘hub’, providing clients with total<br />

visibility of their account and current<br />

status of collections activities.<br />

Gold Standard<br />

CREDIT management firm Intrum<br />

UK has achieved gold rating in an<br />

independent customer experience<br />

assessment for the seventh<br />

consecutive year. Investor in<br />

Customers (IIC) has again given the<br />

business its highest gold standard<br />

for delivering ‘exceptional’ customer<br />

service. This is said to make Intrum<br />

the only business ever to achieve gold<br />

on first IIC assessment and maintain<br />

that top rating for seven consecutive<br />

years. IIC’s ratings are based on<br />

a survey of Intrum’s customers,<br />

employees and management -<br />

assessing how well the business<br />

understands its customer needs and<br />

delivers services to meet them.<br />

Vaccine Con<br />

CIFAS, the UK’s leading fraud<br />

prevention service, is reminding<br />

consumers to look out for scams<br />

relating to COVID-19 vaccination<br />

bookings which are being targeted<br />

by criminals to steal personal<br />

information. The NHS will never ask<br />

for payment – the vaccine is free;<br />

never ask you for your bank details;<br />

never arrive unannounced at your<br />

home to administer the vaccine; and<br />

never ask you to prove your identity by<br />

sending copies of personal documents,<br />

such as your passport. If you believe<br />

you have been scammed, then report it<br />

to Action Fraud or to Police Scotland if<br />

you are a Scottish resident. If you have<br />

provided bank details, contact your<br />

bank immediately.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 7


Just launches new<br />

virtual service in wake<br />

of court ruling<br />

FOLLOWING the ruling in the<br />

High Court around ‘virtual’<br />

enforcement, Just, has<br />

confirmed that it is now<br />

offering virtual visits at<br />

no additional cost to local<br />

authorities, Government, utility firms and<br />

the legal sector.<br />

Nick Georgiades, Managing Director<br />

of Just, says the decision was taken in<br />

the light of considerable interest from<br />

prospective customers: “It has proved<br />

a game changer for creditors seeking<br />

secured extended repayment plans in<br />

current lockdown restrictions,” he told<br />

Credit Management.<br />

As a result of the court decision, Just,<br />

CIVEA and HCEOA have together called<br />

for the Ministry of Justice to review the<br />

judgement, and, if appropriate, provide<br />

statutory guidance on the processes to be<br />

followed if re-entry is required and any<br />

fees which might be applied.<br />

“Whilst we recognise that members<br />

of the associations and Just will be<br />

well placed to conduct non-entry CGA's<br />

with appropriate caution, we would like<br />

to safeguard the process from others<br />

who may not be so diligent. The two<br />

associations and Just have offered to<br />

assist the MoJ in completing this work,<br />

should it be appropriate,” Nick concludes.<br />

In a joint statement reported at the<br />

time, Just, HCEOA and CIVEA described<br />

the results of the hearing as ‘good news<br />

for creditors, debtors, and members<br />

of both associations’ and said it was<br />

‘important to bring much needed clarity<br />

in this area of enforcement.’<br />

Debt collectors who can now operate<br />

remotely for the first time while those in<br />

debt will also be able to secure repayment<br />

plans against their assets without the<br />

need for a costly physical visit – saving<br />

approximately £200 compared to a<br />

payment plan agreed on the doorstep.<br />

Creditors can also benefit from this<br />

new approach as the agreement of a nonentry<br />

Controlled Goods Agreement has<br />

the advantage of establishing priority of<br />

writs in circumstances where multiple<br />

creditors are chasing the same person for<br />

repayment.<br />

Brokers fear severe capacity<br />

issue in future lending<br />

THE volume of Government loans granted<br />

to help SMEs through the COVID-19 crisis<br />

will be having a potentially devastating<br />

impact on the availability of ‘traditional’<br />

lending causing alarm in the broker<br />

community.<br />

New research from Allica Bank among<br />

commercial mortgage brokers suggests that<br />

SMEs could be starved of funding to fuel<br />

future growth because lending capacity has<br />

all been tied up in coronavirus business<br />

interruption and bounce back loans (CBILS/<br />

BBILS).<br />

The Bank – which empowers SMEs to<br />

succeed – found that more than eight out<br />

of ten (82 percent) brokers said they have<br />

seen a reduction in the supply of finance<br />

from business lenders, with more than half<br />

(56 percent) describing the reduction as<br />

‘significant’.<br />

Most of the brokers surveyed think it is<br />

unlikely that banks and non-bank lenders<br />

will be able to meet the future needs<br />

of SMEs for a range of crucial financial<br />

products in <strong>2021</strong>, especially commercial<br />

mortgages (93 percent fear lack of<br />

availability), unsecured loans (86 percent),<br />

and secured loans (81 percent).<br />

The net result, according to Nick Baker,<br />

Head of Intermediaries, Allica Bank, is that<br />

small businesses’ efforts to recover from<br />

the pandemic will be severely hamstrung:<br />

“The Government lending initiatives have<br />

been a lifesaver, but they have also tied up<br />

the capacity of many lenders,” he explains.<br />

“This means they are unable to service<br />

the more ‘traditional’ funding needs of<br />

businesses not seeking COVID relief, such<br />

as those looking to grow. Businesses like<br />

this will be central to the UK’s economic<br />

recovery, and we need to make sure they<br />

have access to adequate funding now to<br />

spur long-term growth.”<br />

Allica’s research found that brokers are<br />

also concerned about the ability of SMEs to<br />

access asset finance this year. Almost three<br />

quarters (70 percent) of the brokers polled<br />

said they thought it’s likely that SMEs will<br />

be under-served by banks and non-bank<br />

lenders for this form of funding.<br />

>NEWS<br />

IN BRIEF<br />

Cash generation<br />

HOIST Finance has reported continued<br />

strong cash generation in the fourth<br />

quarter of 2020. Klaus-Anders<br />

Nysteen, Hoist Finance CEO, says that<br />

the firm’s digital offering has been<br />

especially effective and now accounts<br />

for 20 percent of all collections<br />

activities. “Looking forward, thanks to<br />

our solid capital and funding position,<br />

we are ready for growth in the<br />

increasingly positive market outlook<br />

for NPLs,” he says in his report. We are<br />

looking forward to a <strong>2021</strong> in which we<br />

will see positive effects from many<br />

of our improvement initiatives where<br />

implementation has started, and with<br />

benefits to come.”<br />

Regional Rep<br />

THE CI<strong>CM</strong> is actively seeking a new<br />

Regional Representative for the South<br />

West region to support and promote<br />

the views of members in the area. For<br />

more information on the role, and how<br />

to apply, visit https://www.cicm.com/<br />

about-cicm/vacancies-at-cicm/<br />

Party Line<br />

THE countdown has begun for The<br />

British Credit Awards <strong>2021</strong>, a virtual<br />

event to be held on the night of <strong>March</strong><br />

25. So whether you choose to dress<br />

to the nines and sip champagne,<br />

or simply chill in your PJs on your<br />

sofa, join us as we celebrate your<br />

achievements and recognise all the<br />

hard work you have achieved in this<br />

challenging and sometimes crazy year.<br />

cicmbritishcreditawards.com<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 8


Shifting Sands<br />

Adapting to a new world of insolvency with<br />

training and support<br />

AUTHOR – Michelle Thorp<br />

Michelle Thorp<br />

THE pandemic continues to<br />

change the way we work<br />

in all quarters. Many have<br />

had to adapt not just to<br />

working from home, but<br />

also to market developments<br />

brought on by the events of the last year and<br />

this year, such as dramatic shifts in demand<br />

and changes to how services are offered.<br />

In a recent study by McKinsey on UK<br />

consumer sentiment during COVID-19,<br />

with respondents selected and weighted to<br />

match the UK’s demographics, it was found<br />

that up to 65 percent intend to decrease<br />

discretionary spend and 61 percent<br />

have changed how they shop. Perhaps<br />

unsurprising, these figures do serve well<br />

to validate what many in insolvency, the<br />

creditor community and other industries<br />

have suspected as mass change in consumer<br />

behaviour. Just how long these changes will<br />

last is one of the big questions of today. An<br />

answer will perhaps come to the fore when,<br />

hopefully sooner rather than later, the focus<br />

switches from the emergency response<br />

conditions that we are – quite rightly – in<br />

at the moment and on to rebuilding the<br />

economy and the longer-term recovery.<br />

What is interesting is the shift to online<br />

spending. The same McKinsey study<br />

pointed to an increase of up to 40 percent<br />

in terms of consumers’ intention to spend<br />

online rather than in other ways, even after<br />

the pandemic. Keeping in mind the sadly<br />

long string of high street names that have<br />

recently undergone insolvency procedures,<br />

it seems that the present period of flux for<br />

business is showing signs of its long-term<br />

influence and what that will look like. It<br />

appears that shifts we have seen so far will<br />

continue to be felt for a considerable (if not<br />

permanent) amount of time, with online<br />

spending coming to the fore. We have seen<br />

several UK firms shrink the number of<br />

stores that they have through insolvency<br />

procedures, in order to secure a rescue.<br />

This is not to mention the takeover of<br />

Arcadia brands Topshop, Topman, and Miss<br />

Selfridge, arguably among the kingpins<br />

of the high street not too long ago, by the<br />

online-only ASOS. Additionally, UK heritage<br />

brand Debenhams is now under the control<br />

of Boohoo, a relative newcomer and another<br />

online-only brand, established in 2006.<br />

Over the last year, we at the IPA have<br />

been responding to the changes that<br />

the insolvency profession has seen, for<br />

example the new legislation brought in,<br />

and we have also made changes to how we<br />

regulate during this time. Recently, we have<br />

considered our membership criteria, and<br />

if it might usefully be changed in order to<br />

better support incoming practitioners into<br />

the profession and those who are involved<br />

in it, keeping in mind the rise in corporate<br />

insolvencies and the expected rise in<br />

personal insolvencies.<br />

Membership changes mean that anyone<br />

can join the IPA in order to study towards<br />

our exams as a student member, provided<br />

they have a sponsor, for example their<br />

employer. Our suite of examinations are<br />

the Certificate of Proficiency in Insolvency<br />

(CPI), Certificate of Proficiency in Personal<br />

Insolvency (CPPI) and Certificate of<br />

Proficiency in Corporate Insolvency (CPCI).<br />

These exams are designed to provide a<br />

comprehensive offering to those wishing<br />

to study insolvency, whether generally or<br />

focused on either personal or corporate<br />

work. People on their way to qualifying as<br />

an Insolvency Practitioner (IP) via the Joint<br />

Insolvency Examination (JIE) take these<br />

exams as a well-established stepping stone.<br />

In themselves, the exams can give our<br />

student members potential enhancements<br />

to their careers. Many in related fields<br />

to insolvency find that they benefit from<br />

taking these exams with us.<br />

Looking at our other, higher levels of<br />

membership and the criteria to join, we have<br />

made our requirements more streamlined<br />

so that prospective members can more<br />

readily access the IPA, our services and<br />

benefits. Similarly, and keeping in mind<br />

both the spotlight that insolvency finds itself<br />

in and its expected growth in prominence,<br />

we plan to very carefully change our criteria<br />

for insolvency licences, to make becoming<br />

an IP as accessible as possible – provided<br />

of course that prospective IPs have the<br />

requisite skills and experience.<br />

It is hoped that the measures we are<br />

taking will widen access to insolvency<br />

knowledge at this critical time, as well as<br />

help more of our members to practise as IPs<br />

and meet any increase in demand. You can<br />

read more about our membership criteria<br />

on our website – insolvency-practitioners.<br />

org.uk/membership/.<br />

Michelle Thorp is CEO, Insolvency<br />

Practitioners Association.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 9


THE<br />


Sean Feast FCI<strong>CM</strong> speaks to Philip King FCI<strong>CM</strong> about<br />

the importance of learning, helping small businesses,<br />

and the brake pads of a Reliant Robin.<br />

IT would not be too impolite to say that<br />

Philip King FCI<strong>CM</strong> was a slow starter.<br />

As a schoolboy growing up in North<br />

London, Philip was academically<br />

ordinary, doing very little to impress<br />

either his peers or his parents. Neither<br />

did he particularly excel at sport, a fact he puts<br />

down (perhaps with his tongue placed firmly<br />

in cheek) to wearing football boots that had<br />

adorned at least three previous owners.<br />

Originally from Kent, the failure of his father’s<br />

stationery and fancy goods business forced a<br />

move to Balham in South London where they<br />

lived above the Church Hall.<br />

Mr King senior eked out a<br />

living as the hall caretaker,<br />

before gaining enough<br />

money to move to slightly<br />

better accommodation in<br />

Barnet when Philip was five.<br />

Philip acquaints some of<br />

his subsequent passion for<br />

protecting small businesses<br />

on the experiences his<br />

father had to endure: “There<br />

was a real stigma then,”<br />

he explains, “and the consequences of going<br />

bankrupt were dire. My father became a pariah<br />

in some circles and was even shunned by some<br />

of his friends. His experience was horrendous.<br />

“Perhaps it has swung too much in the other<br />

direction now,” he continues, “where you can<br />

declare yourself bankrupt online in the middle<br />

of the night. It is good that the stigma is less, but<br />

we’re not at the US level where to show you’re<br />

a real success you have to have a number of<br />

failures behind you.”<br />

Leaving school with a singularly<br />

unspectacular two ‘O’ Levels and a solitary<br />

CSE (across Music, English and Mathematics),<br />

Philip admits to neither enjoying school nor<br />

particularly working hard, preferring to hang<br />

out with a group who never applied themselves<br />

academically. Careers’ advice was non-existent<br />

beyond the prospect that ‘any job will do.’<br />


Through his father who was now at least<br />

partly rehabilitated and working in the Civil<br />

Service, Philip applied to join the Department<br />

Can we expect to<br />

see Philip putting<br />

his feet up and<br />

watching more of<br />

his beloved Spurs?<br />

The prospect makes<br />

Philip laugh.<br />

of Education and Science as a Clerical Assistant<br />

and surprised himself by finishing fifth out<br />

of 600 in the entrance exams. As such he was<br />

appointed to the loftier role of Clerical Officer.<br />

Four and a half years passed with the young<br />

Philip learning very little, other than if you left<br />

the Service before five years was up, you could<br />

get a refund of pension contributions. This<br />

simple fact, and the lure of a new car, resulted<br />

in Philip’s departure a few months short of his<br />

fifth anniversary.<br />

“I loved driving and cars,” he says. “That’s not<br />

to say I was a petrol head, but I learned basic<br />

maintenance and could<br />

change the brake pads and<br />

that sort of thing.”<br />

The car that so appealed<br />

to our intrepid Stirling Moss<br />

had neither four wheels nor<br />

two. It was, in fact, a threewheeler<br />

Reliant Robin van,<br />

though Philip is very quick<br />

to point out that there was<br />

no signwriting on the side,<br />

neither was it yellow. It was<br />

purple.<br />

Finding a job as a delivery driver for a laundry<br />

company, Philip spent a happy 18 months<br />

making deliveries all over North London before<br />

buying himself a rather battered Ford Cortina<br />

and putting in a shift or two as a minicab driver.<br />

He remembers one fare especially well: “I had<br />

to take two old ladies to a funeral, and the<br />

car broke down between the Church and the<br />

Cemetery. I did manage to get it going in the<br />

end, but it was rather touch and go.”<br />

By now married but still with little direction<br />

or ambition, a friend within his local<br />

church told Philip of a job that was going in<br />

the credit department of an electrical<br />

wholesalers. Philip applied with little<br />

enthusiasm and was not disappointed when<br />

he didn’t get the job. Two weeks later, however,<br />

the business called him and said the job was<br />

still there if he wanted it as no-one else<br />

had applied!<br />


Philip had unwittingly fallen on his feet. The<br />

company was ITT Distributors (later STC) and<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 10

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 11 continues on page 12 >


AUTHOR – Sean Feast FCI<strong>CM</strong><br />

his boss and mentor John Brown, a name that<br />

has entered folklore in CI<strong>CM</strong> history. Philip<br />

studied first for a Dun & Bradstreet (D&B)<br />

Diploma in Credit and Financial Analysis,<br />

passing with ease, before being encouraged<br />

to study for a CI<strong>CM</strong> (or I<strong>CM</strong> as it was then)<br />

qualification.<br />

His interest in credit management soon<br />

became a passion. Starting at the bottom of<br />

the ladder he rose to become number two in<br />

a team of more than 60: “I loved everything<br />

about the role,” he says, “and was exposed<br />

to every part of credit management. Being a<br />

distributor, ITT had a high volume of credit<br />

requests, and it was fascinating to look at<br />

the whole credit lifecycle, from the initial<br />

risk analysis and granting of credit through<br />

to collections and, where appropriate,<br />

recoveries.”<br />

After 10 happy years, and partly at the<br />

suggestion of his mentor to gain new<br />

experiences, Philip joined Olivetti. By now<br />

living in Newport Pagnell, Philip was happy<br />

to learn that Olivetti was moving its credit<br />

function to a greenfield site in Milton Keynes,<br />

and Philip was given the task of building<br />

the processes, policies and procedures to go<br />

with it.<br />

This was an interesting time to be in the<br />

computer and office equipment space, and<br />

the company was characterised by a number<br />

of colourful and eccentric individuals: “Many<br />

Olivetti salesmen who had done well out of<br />

the business believed they could do equally<br />

well by setting up their own dealerships, but<br />

changing market conditions, and their own<br />

inexperience at running a business, meant it<br />

was very high risk and many failed.”<br />

By the early 1990s Olivetti, which had once<br />

held a dominant position selling desktop<br />

computers, was being outstripped by smaller,<br />

cheaper providers, and in 1995, Philip was<br />

enticed away to join Vodafone. Originally<br />

working within the Vodac business, Philip’s<br />

remit soon expanded and at various times he<br />

ran the company’s fraud teams and corporate<br />

collections team, managing multiple<br />

teams across multiple sites as the company<br />

expanded and added other well-known<br />

brands including Phones4U and Cable &<br />

Wireless.<br />


Throughout all this time Philip had stayed<br />

close to the CI<strong>CM</strong>, and for several years had<br />

been one of its trainers. Among the alumni at<br />

Watford College were Debbie Nolan FCI<strong>CM</strong><br />

and Nick King FCI<strong>CM</strong>. He’d also kept half<br />

an eye on the senior leadership position,<br />

and with the retirement of Peter Rowe in<br />

2005, Philip applied for and was successful<br />

in becoming the Institute’s new Director<br />

General.<br />

Philip’s many achievements as DG (and<br />

as Chief Executive as his position was<br />

later retitled) have been written about in<br />

these pages before. Forging closer ties with<br />

Government undoubtedly helped in raising<br />

the Institute’s profile, as did writing the<br />

Managing Cashflow Guides and creating<br />

the Prompt Payment Code which Peter<br />

Mandelson asked Philip and the CI<strong>CM</strong> to<br />

devise and run on behalf of the (then) BERR:<br />

“I think he may have asked others before<br />

me and been turned down,” Philip jokes,<br />

“but there is no doubt it was good for our<br />

profile as was being aligned to helping small<br />

businesses.”<br />

“I had to take two<br />

old ladies to a funeral,<br />

and the car broke down<br />

between the Church<br />

and the Cemetery. I did<br />

manage to get it going<br />

in the end, but it was<br />

rather touch and go.”<br />

Without question his proudest achievement<br />

was in helping the CI<strong>CM</strong> to secure Chartered<br />

status: “Everyone said it couldn’t be done but<br />

we did it and gained Chartered status at the<br />

first attempt, which is a tremendous credit to<br />

the team involved.”<br />

The transition from the I<strong>CM</strong> to the CI<strong>CM</strong><br />

certainly served as a signal that the Institute<br />

had changed, and changed for the better, and<br />

become the de facto ‘standard’ for anyone<br />

aspiring to best practice excellence in credit<br />

management. Philip even jokes that one of<br />

his better decisions was bringing in external<br />

support where it was needed, including a new<br />

editor for the Credit Management <strong>magazine</strong>!<br />

Since passing on the baton to Sue Chapple<br />

FCI<strong>CM</strong> as Chief Executive, Philip has enjoyed<br />

a full and interesting term as Interim Small<br />

Business Commissioner (SBC), a role which<br />

(at the time of going to press) will be shortly<br />

coming to an end. It has been 12-months like<br />

no other: “I expected when I took on the role<br />

that I would be on the road meeting people<br />

four days out of five,” he says. “As it is, I have<br />

just completed my 100th virtual webinar!<br />

Perhaps that’s not a bad thing; had I been<br />

on the road I may have spoken to hundreds<br />

of businesses, but virtually I have now met<br />

thousands.<br />

“What I am most pleased about,” he<br />

continues, “is the increased level of<br />

collaboration that the SBC’s office now<br />

enjoys. We have forged much closer ties<br />

with local and national groups like the IoD,<br />

The car that so appealed to<br />

our intrepid Stirling Moss had<br />

neither four wheels nor two.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 12


AUTHOR – Sean Feast FCI<strong>CM</strong><br />

necessary: “What you will find, and something<br />

I’ve always said, is that larger companies are<br />

also often struggling with their own cashflow –<br />

the difference is they have a greater number of<br />

zeros on their balance sheet.<br />

“We worked with one large business recently<br />

that has been struggling and helped them to<br />

identify key small suppliers into their business<br />

who were particularly vulnerable. They then<br />

prioritised payments to these suppliers of<br />

£200,000 which was essential to keep them<br />

in business. I am happy to say that the larger<br />

company has since recovered, and all of the<br />

suppliers are still in place.”<br />

The transition from the I<strong>CM</strong> to<br />

the CI<strong>CM</strong> certainly served as<br />

a signal that the Institute had<br />

changed, and changed for the<br />

better, and become the de facto<br />

‘standard’ for anyone aspiring<br />

to best practice excellence in<br />

credit management.<br />

the CBI, the ICAEW etc. as well as Fintechs and<br />

other organisations like GoCardless and Tide.<br />

There is still a great deal to be done but I feel we<br />

have been much more successful in getting our<br />

name out there and helping small businesses.”<br />


What Philip especially hopes he has<br />

achieved from his tenure as Interim SBC is<br />

a shift in mindset from people who view the<br />

Commissioner’s office as a complaints’ handling<br />

tool, to one that provides ongoing support and<br />

advice. That’s not to say he hasn’t been pleased<br />

to intercede on a small company’s behalf when<br />

Everyone said it couldn’t be<br />

done but we did it and gained<br />

Chartered status at the first<br />

attempt.<br />

Philip senses that most larger businesses are<br />

aware that they need to support their smaller<br />

suppliers: “What I have been working on in my<br />

conversations with CEOs and CFOs of many<br />

High Street names is to move them beyond just<br />

thinking ‘transactionally’ and more ‘emotionally’<br />

What they see as a number on a balance sheet<br />

is in fact cereal on the table for their small<br />

supplier. We’ve also tried to highlight that<br />

they need to think of those businesses beyond<br />

the ‘traditional’ supply chain – the freelance<br />

writers or web designers who are often ‘missed’<br />

because they are not seen as operationally<br />

important.”<br />

Recent changes announced to the Prompt<br />

Payment Code have been welcomed, and Philip<br />

similarly welcomes proposed changes to the<br />

role of the SBC: “It is perhaps not my place to<br />

say,” he explains, “because the changes will<br />

affect my successor, but it is fair to say that if<br />

you give the SBC more power, then he/she can<br />

do more with it.”<br />

So what of the future? Does retirement<br />

beckon? Will Philip be spending more time with<br />

his six grandsons? Can we expect to see Philip<br />

putting his feet up and watching more of his<br />

beloved Spurs? The prospect makes Philip laugh:<br />

“I’ve been passionate about credit management<br />

for 42 years and I’d like to think I will still be<br />

involved in helping businesses somehow,” he<br />

adds.<br />

And if he could meet his younger self today<br />

and offer some advice, what would it be? “Have<br />

a bit of a plan and don’t waste your school years,”<br />

he smiles.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 13



New ruling is not the green light for<br />

‘virtual’ collections.<br />

THE Court has issued<br />

clarification on taking<br />

control of goods by way of a<br />

video call and some people<br />

think this means that process<br />

can now be used. But does<br />

the Court decision really give the green<br />

light to virtual collections?<br />

The recent judgment made by<br />

Master McCloud in the Queen’s Bench<br />

Division of the High Court on 8 January<br />

confirmed there was nothing in the<br />

current regulations to prevent the taking<br />

control of goods by way of a video call.<br />

In her judgment, Master McCloud stated:<br />

‘An enforcement agent may enter into a<br />

controlled goods agreement within the<br />

meaning of Schedule 12 to the Tribunals,<br />

Courts and Enforcement Act 2007 with a<br />

debtor whether or not the enforcement<br />

agent has physically entered the premises<br />

on which the goods are located.’<br />

High Court Enforcement Officers<br />

(HCEOs) already engage with debtors<br />

remotely at the compliance stage without<br />

having to take control of their goods or<br />

apply any additional fees other than the<br />

compliance fee of £75 plus VAT.<br />


The current regulations (The Taking<br />

Control of Goods Regulations 2013, which,<br />

came into force in 2014) require a visit to<br />

be made before an enforcement agent can<br />

take control of goods, but do not specify<br />

whether it must be a physical attendance.<br />

A physical visit was no doubt intended as<br />

the technology was not available when the<br />

regulations were made.<br />

The Court has asked the Ministry of<br />

Justice (MoJ) to review the regulations<br />

and consider whether any changes need<br />

to be made. As this option is currently<br />

unregulated it would not be a compliant<br />

approach to use it currently.<br />

Taking control of goods by way of a video<br />

call under the current regulations does<br />

not give an enforcement agent the power<br />

to take further enforcement action where<br />

required, such as, for example, the power<br />

to force entry so will not have the desired<br />

effect and would be unenforceable. It is<br />

also not clear what fees should be applied<br />

and when.<br />

Guidance from the MoJ on this point<br />

is awaited. This could take some time as<br />

there would be a need to consult with all<br />

stakeholders concerned. In the meantime,<br />

most enforcement agents acting under<br />

AUTHOR – Neil Jinks FCI<strong>CM</strong> IRRV<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 14


AUTHOR – Neil Jinks FCI<strong>CM</strong> IRRV<br />

the authority of an HCEO will continue<br />

to make physical attendances where<br />

required until the position has been<br />

clarified or regulations have been<br />

updated. Obviously, this is subject to any<br />

prohibition on such activity due to any<br />

lockdown during the pandemic.<br />


Where the debtor fails to make payment<br />

when the enforcement agent attends,<br />

the debtor is required to enter into a<br />

controlled goods agreement (CGA). The<br />

debtor’s goods are then under the control<br />

of the enforcement agent and cannot be<br />

sold or removed without their permission.<br />

It only becomes necessary to take control<br />

of goods in a very small percentage of<br />

cases. If the debtor fails to make payment,<br />

the enforcement agent can then return to<br />

remove the goods and sell them.<br />

Enforcement only<br />

follows where there is<br />

no engagement. A call<br />

of any kind cannot take<br />

place if the debtor does<br />

not engage with the<br />

enforcement agency.<br />

The High Court Enforcement Officers<br />

Association (HCEOA) has recently issued<br />

updated Best Practice in light of this<br />

latest judgment. It confirms that during<br />

the compliance stage an instalment<br />

arrangement can be entered into where<br />

the judgment creditor has given specific<br />

written instructions to the HCEO to accept<br />

an arrangement during an extended<br />

compliance period (See paragraph<br />

13 of the Best Practice on the HCEOA<br />

website). Therefore, no visit of any type is<br />

required to secure a long-term payment<br />

arrangement.<br />

The compliance period is the first step<br />

in the process following the issue of the<br />

writ when a notice of enforcement is sent<br />

to the debtor and the first opportunity for<br />

engagement. Where the debtor engages<br />

with the enforcement agency, they will<br />

often secure full payment, a payment<br />

arrangement or identify any issues such<br />

as vulnerability.<br />

Enforcement only follows where there<br />

is no engagement. A call of any kind<br />

cannot take place if the debtor does not<br />

engage with the enforcement agency.<br />

If they do engage at this initial stage,<br />

there is no need to take control of their<br />

goods, especially when in default it is not<br />

enforceable.<br />

At the compliance stage, the requesting<br />

of a CGA is not required or necessary<br />

under the regulations, so this is a more<br />

intrusive step than is required at this<br />

stage.<br />

Creditors continue issuing their writs<br />

to their HCEOs during these difficult<br />

times to enable them to engage with<br />

debtors in the usual manner without the<br />

need for a video call to take control of<br />

their goods.<br />

This leads to very early-stage<br />

resolution and means creditors are paid<br />

sooner rather than later with costs and<br />

the burden of debt kept to a minimum.<br />

It is the same outcome but without the<br />

need for a controlled goods agreement<br />

so a much more amicable solution for all<br />

concerned.<br />


Having been involved in High Court<br />

enforcement for more than 30 years, I<br />

believe it is only practicable to take control<br />

of goods physically. To do so remotely, is<br />

open to abuse, which is more likely to be<br />

avoided if the process is undertaken in<br />

person. Examples include people using<br />

fake ID, showing you around the wrong<br />

premises, avoiding showing you into<br />

rooms where there are valuable goods to<br />

be seized, or parking vehicles away from<br />

the property, so they are not included in<br />

the seizure.<br />

In any event, paragraph 153 of the<br />

Court judgment reads as follows: ‘The<br />

Act, in my judgment, permits regulations<br />

to be made which deal with the above, but<br />

in the absence of such regulations having<br />

been made, a ‘non-entry’ CGA would offer<br />

limited enforcement options if breached<br />

unless (a) a warrant for forcible entry<br />

could be obtained or (b) peaceable entry<br />

was obtained legitimately under para<br />

14 of sch. 12 after entry into the CGA,<br />

meaning that subsequent steps are ‘reentry’.<br />

The Act, in short, does not forbid a<br />

non-entry CGA entry, but the Regulations<br />

do not fully enable it to be given effect as<br />

they presently stand.’<br />

As the regulations do not fully allow<br />

it, I cannot see the point in it, as it is<br />

restrictive when further enforcement<br />

action becomes necessary. The<br />

compliance stage allows for engagement<br />

and payment arrangements without the<br />

need for any further enforcement action<br />

or additional fees.<br />

Neil Jinks is Head of Client Development<br />

& Communications at Court Enforcement<br />

Services Ltd, a member of CI<strong>CM</strong>’s<br />

Advisory Council and President of the<br />

IRRV West Midlands Association.<br />

Where the debtor<br />

engages with<br />

the enforcement<br />

agency, they will<br />

often secure full<br />

payment, a payment<br />

arrangement<br />

or identify any<br />

issues such as<br />

vulnerability.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 15



The impact of Brexit on cross-border<br />

enforcement. Part 1<br />

AUTHOR – Dmytro Tupchiienko<br />

FOLLOWING Brexit, the question about<br />

the recognition and execution of the<br />

judgments between the UK and the EU<br />

is governed by the so-called Withdrawal<br />

Agreement, which was signed on<br />

17 October 2019 and came into force on the<br />

1 February 2020.<br />

Essentially, the withdrawal agreement provides that<br />

EU law with the international jurisdiction of crossborder<br />

civil disputes will continue to apply to judicial<br />

proceedings established before the end of the transition<br />

period. It also provides that the relevant recognition<br />

law and the execution of the judgments will continue<br />

to apply with regard to the judgments.<br />

The Hague Choice Of Court Convention 2005 aims to<br />

facilitate cross-border recognition and the application<br />

of judgments. However, the Convention applies to<br />

commercial and civil judgments and expressly excludes<br />

judgments regarding criminal, administrative, revenue,<br />

or customs issues. On 2 July 2019, Uruguay became the<br />

first state signatory.<br />

Importantly, this is to determine the international<br />

jurisdiction of the courts, to facilitate the recognition,<br />

and to ensure a fast process for a successful application<br />

of the judgments, enforcement instruments, and rule<br />

of law in general.<br />



1. Recast Brussels I<br />

Recast Brussels I continues the de Plano<br />

acknowledgment of foreign judgment and, moreover,<br />

no longer requires exequatur.<br />

The Recast Brussels I does not ensure an effective<br />

or instance execution, but it is governed by the<br />

law of the Member State from which the judgment<br />

execution is expected. Since an exequatur should no<br />

longer be obtained, the creditor can directly instruct<br />

the competent local authority (for example, a bailiff)<br />

responsible for the execution procedure as such. The<br />

applicant must provide the following documents;<br />

(i) A certificate from the source Court. In other<br />

words, the Court where the judgment was originally<br />

returned.<br />

(ii) A copy of the judgment sought<br />

2. Brussels I and the Lugano Convention<br />

In accordance with Brussels I and the Lugano<br />

Convention, the seeking Party shall carry out a foreign<br />

judgment must request an exequatur with the court<br />

or the competent authority of the Member State of<br />

execution listed in Annexes II of Brussels I and the<br />

Lugano Convention. The request for an example must<br />

produce:<br />

(i) A statement containing the judgment of the<br />

Brussels I and Lugano Convention<br />

(ii) A certificate issued by the original court that<br />

confirms the enforceable measures. If it is considered<br />

necessary, a certified translation of the above<br />

documents should also be. The actual procedure to be<br />

applied to an exequatur is governed by the law of the<br />

Member State in which implementation is taking place.<br />

3. Hague Convention 2005<br />

The process for the recognition and implementation<br />

of the law is governed by the Act of the State of<br />

Implementation unless governed by the Hague<br />

Convention 2005. The documents to be produced under<br />

these procedures are more elaborate than the required<br />

documents in the EU. More specifically, the person<br />

looking for recognition or application must provide:<br />

(i) Copy of Assessment<br />

(ii) Certificates issued by the Origin Court (eg<br />

Court where the assessment is initially given) confirming<br />

the steps that can be enforced (Article 53 (2) Brussels I and<br />

Lugano Convention). If deemed necessary, the above<br />

documents’ certified translation must also be produced<br />

(Article 55 (2) Brussels I and Lugano Convention). The<br />

actual procedure to apply to exequatur is governed<br />

by member countries' laws where implementation is<br />

requested.<br />

Finally, in the context of the Hague Convention 2005,<br />

the procedure of recognition and law enforcement<br />

is regulated by the law of the implementing state<br />

unless the Hague Convention provides the opposite.<br />

The documents produced in this procedure are more<br />

complicated than the documents needed in the<br />

EU regulation. More specifically, people who seek<br />

recognition or application must provide:<br />

(i) Copy of certified and complete judgement<br />

(ii) The exclusive choice of justice agreements,<br />

certified copies, or other evidence of their existence;<br />

(iii) All documents needed to determine that<br />

the assessment has an effect or, if necessary, can be<br />

enforced in the original state;<br />

(iv) If the assessment has been given by default,<br />

a copy of the original or certified certification of<br />

the document that sets the equivalent document or<br />

document has been notified in the failed part;<br />

(v) In the case of trial settlement: state certificate<br />

from the country of origin that justice regulation,<br />

or part of it, can be applied in the same way as an<br />

assessment in the country of origin;<br />

(vi) Applications for execution or rewards can be<br />

accompanied by documents published by the court<br />

(including court leaders) from the country of origin, in<br />

the form of registered and published by the Conference<br />

of the Hague about very large personal law;<br />

(vii) Other documents that are deemed necessary<br />

if certain conditions are not fulfilled and if necessary,<br />

the translation of the certified document listed above.<br />

To be continued….<br />

Dmytro Tupchiienko is a CI<strong>CM</strong><br />

studying member.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 16


AUTHOR – Dmytro Tupchiienko<br />

Essentially, the withdrawal<br />

agreement provides that EU<br />

law with the international<br />

jurisdiction of cross-border<br />

civil disputes will continue to<br />

apply to judicial proceedings<br />

established before the end of<br />

the transition period.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 17


CI<strong>CM</strong> Redundancy<br />

help and advice<br />

CI<strong>CM</strong> is here to help anyone at risk<br />

of redundancy or looking for work.<br />

We have all the guides and advice<br />

you need to help you back on your feet.<br />

HELP AND<br />

ADVICE<br />



For further details contact: 01780 722900 | www.cicm.com | info@cicm.com<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 18

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Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 19



How is the sports and recreation<br />

industry surviving the pandemic?<br />

AUTHOR – Tim Vine, Head of Credit Intelligence at Dun & Bradstreet<br />

LAST year was a tough time<br />

for many businesses. Dun &<br />

Bradstreet’s COVID-19 Impact<br />

Index has been tracking the<br />

impact of the pandemic across<br />

industries and regions in the<br />

UK to support companies as they manage<br />

disruption and uncertainty. The index covers<br />

the latest industry, financial strength and<br />

location disruption analysis and shows that<br />

the sports and recreation sector continues<br />

to be significantly affected by the pandemic<br />

(see table to right).<br />

Euro 2020 and the Tokyo Olympics – major<br />

events that represented everything we love<br />

about sport – were both postponed and the<br />

Wimbledon Championships were cancelled<br />

for the first time since the Second World War.<br />

Gyms, leisure centres and sports clubs<br />

across the country have been forced to close<br />

during the national lockdowns. Data shows<br />

that a high proportion of sport and fitness<br />

related companies (79 percent) are micro<br />

businesses who are unlikely to have the same<br />

back-up funds and contingency plans as larger<br />

businesses. Although the support schemes<br />

provided by the Government have provided<br />

some assistance, 2020 was a tough year for<br />

many businesses in the sector and <strong>2021</strong> is<br />

likely to be another challenging year.<br />

However, while it continues to be an<br />

uncertain time, some fitness-related<br />

businesses and certain sports have managed<br />

to weather the storm better than others.<br />


Tennis is one of the UK’s favourite sports. But<br />

although Wimbledon was cancelled, until the<br />

most recent lockdown, grass roots tennis could<br />

still be played and was one of the sports the<br />

Government had allowed to continue, subject<br />

to social distancing guidelines. It was also one<br />

of several sports to receive a cash injection<br />

through the Sport Winter Survival Programme.<br />

The future of golf looked pretty bleak at the<br />

start of 2020, with the virus arriving after years<br />

of falling attendance, and national lockdown<br />

came after 40 percent of clubs had sent out<br />

their annual renewal subscription forms to<br />

members. However in the early summer, golf<br />

clubs in England were given the green light to<br />

open and there was a surge in demand to play.<br />

Sadly, at the time of going to press, golf clubs<br />

have once again been obliged to close.<br />

UK Industries (Specific Divisions)<br />

Food and beverage service activities 10<br />

Accommodation 16<br />

Construction of buildings 30<br />

Air transport 34<br />

Land transport and transport via pipelines 34<br />

Creative, arts and entertainment activities 37<br />

Sports activities and amusement and recreation activities 38<br />

Manufacture of food products 49<br />

Employment activities 49<br />

Manufacture of textiles 50<br />

Travel agency, tour operator and other reservation service<br />

and related activities 51<br />

Telecommunications 58<br />

Manufacture of beverages 59<br />

Rental and leasing activities 61<br />

Public administration and defence; compulsory social security 65<br />

Real estate activities 73<br />

Source: Dun & Bradstreet<br />

COVID-19 Impact Index, as at<br />

Friday 1 January. Industries<br />

rated 1 to 100, with 1 being the<br />

most impacted.<br />

Tennis is one of the UK’s<br />

favourite sports. But<br />

although Wimbledon<br />

was cancelled, until the<br />

most recent lockdown,<br />

grass roots tennis could<br />

still be played and was<br />

one of the sports the<br />

Government had allowed<br />

to continue, subject<br />

to social distancing<br />

guidelines.<br />

Overall Business Impact<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 20


AUTHOR – Tim Vine, Head of Credit Intelligence at Dun & Bradstreet<br />

Sports Industry Business Liquidations YoY<br />

95<br />

0.24%<br />

Volume<br />

90<br />

85<br />

80<br />

0.24%<br />

0.24%<br />

0.23%<br />

0.23%<br />

75<br />

October 2018<br />

October 2019 October 2020<br />

0.23%<br />

Unfavourable OOB<br />

Unfavourable OOB Rate<br />

And there is further depressing news. Although the<br />

number of businesses in the sporting industry are increasing<br />

(36,000 compared to 23,000 in 2017), Dun & Bradstreet data<br />

shows that business liquidations have increased between<br />

October 2018 and October 2020, which does not bode well.<br />


Although some sports have been able to continue in a<br />

limited capacity, a third and stricter national lockdown<br />

has forced many venues and clubs to close their doors<br />

once again. Some business have adapted by providing<br />

online classes and tuition but with gyms, stadiums and<br />

arenas empty once again, the future of many sport-related<br />

businesses will be uncertain.<br />

Despite this uncertainty, the hope is that this year will<br />

bring with it some degree of normality that will see us<br />

enjoying sport and exercise once again. Credit and financial<br />

data and analytics will continue to help businesses navigate<br />

the unpredictable times by helping to identify opportunities<br />

for growth and support risk management during the<br />

pandemic and beyond.<br />

Tim Vine is Head of Credit Intelligence<br />

at Dun & Bradstreet.<br />

Tim Vine<br />

However in the early<br />

summer, golf clubs in<br />

England were given<br />

the green light to<br />

open and there was<br />

a surge in demand<br />

to play. Sadly, at<br />

the time of going<br />

to press, golf clubs<br />

have once again been<br />

obliged to close.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 21




From the desk of our<br />

Chairman, Daren Simcox.<br />






Court Enforcement<br />

Services is a leading<br />

provider of High Court<br />

Enforcement to businesses<br />

and individuals, and,<br />

since forming in 2014, has<br />

become an established<br />

name in the UK’s High<br />

Court enforcement<br />

industry by offering a<br />

combination that is<br />

intentionally difficult for<br />

our competitors to match<br />

– vast legal experience and<br />

knowledge, a dedication<br />

to the very best client<br />

service levels and most<br />

importantly, the highest<br />

collection performance<br />

levels in our sector.<br />

With over £187 million<br />

judgment debt fairly<br />

collected for our clients,<br />

and minimal complaints<br />

in executing over 100,000<br />

High Court Writs, we are<br />

justifiably proud of the<br />

speed with which we have<br />

achieved this record for<br />

our clients and customer<br />

debtors, which promotes<br />

early-stage resolution and<br />

achieves an above industry<br />

average engagement<br />

rate of 39% during the<br />

compliance stage.<br />

These clear credentials<br />

are why, as one of the<br />

fastest growing and largest<br />

High Court Enforcement<br />

businesses in the UK,<br />

we feel it is our duty<br />

to provide guidance<br />

to creditors in light of<br />

recent communications<br />

about ‘virtual’ (video call)<br />

enforcement.<br />





Virtual engagement<br />

between debtors and<br />

enforcement agents<br />

is nothing new. It has<br />

been heavily in use since<br />

telephony started and<br />

further developed with the<br />

internet over the past two<br />

decades. Used properly<br />

as part of a multi-channel<br />

mix of engagement<br />

approaches, we are able<br />

to tailor our engagements<br />

to suit individuals and the<br />

available contact details.<br />

As new channels develop<br />

or society changes<br />

its social norms, our<br />

communications and<br />

collections teams adjust<br />

their approach to<br />

optimise engagement<br />

– video as a channel<br />

is no different. Today,<br />

in almost every case,<br />

we use a multichannel<br />

approach<br />

to provide fair and<br />

early engagement,<br />

discuss payment<br />

arrangements and<br />

avoid doorstep visits.<br />

At Court Enforcement<br />

Services and our sister<br />

company, CDER Group,<br />

we refer to this as ‘virtual<br />

engagement’, we aim to<br />

agree a resolution with<br />

our customers without<br />

the need for any form<br />

of visit and without the<br />

need for a controlled<br />

goods agreement, so<br />

minimising the level of<br />

fees payable and the<br />

impact on the customer.<br />

We have been using this<br />

approach for over 6 years<br />

and are pleased to be<br />

able to advise our clients<br />

that more than 20% of<br />

our customers settle in<br />

compliance and more<br />

than 20% of our customers<br />

settle using a payment<br />

arrangement. We focus<br />

on delivering resolutions<br />

that match our client’s<br />

needs and their debtor’s<br />

circumstances,<br />

all Expertly<br />

Resolved.<br />




We deliver best practice<br />

by minimising the impact<br />

on the debtor, only<br />

putting a controlled goods<br />

agreement (CGA) in place<br />

when absolutely necessary<br />

and ensuring that all<br />

debts are settled subject<br />

to appropriate affordability<br />

tests.<br />

There is no requirement for<br />

us to take control of goods<br />

in the compliance phase<br />

as we have agreements<br />

in place with our clients.<br />

Our approach results in a<br />

lighter touch and delivers a<br />

fair resolution for both our<br />

clients and our debtors.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 22





As a market leader we<br />

innovate and adhere<br />

strictly to the regulations:<br />

the regulations already<br />

provide the ability to<br />

enter into a payment<br />

arrangement in the<br />

compliance stage,<br />

without the need for a<br />

visit or a CGA. We cannot<br />

therefore see the benefit<br />

of requesting that a debtor<br />

go through the intrusive<br />

process of allowing a<br />

video call to walk an<br />

Enforcement Agent<br />

around their house when<br />

they have already engaged<br />

to agree settlement and<br />

a creditor has accepted a<br />

payment arrangement<br />

during an extended<br />

compliance period.<br />


We will always act in<br />

accordance with the<br />

words and spirit set out<br />

in our charter which<br />

expresses our belief that<br />

– we believe everyone has<br />

the right to be treated<br />

fairly.<br />

At Court Enforcement<br />

Services Ltd, we would<br />

like to reassure our clients<br />

and all other creditors that<br />

we will always proceed<br />

in the spirit the law and<br />

regulations intended.<br />

We fully appreciate the<br />

importance of protecting<br />

our client’s brand and<br />

reputation and our<br />

duty of care in all our<br />

engagements.<br />

We currently have<br />

no plans to<br />

implement<br />

‘video<br />

visits’<br />

unless there is client<br />

demand for us to do so. We<br />

believe it is highly unlikely<br />

that our clients would want<br />

us to use video calls to take<br />

control of goods as the<br />

feedback and opposition<br />

received from CCUA<br />

members suggests that<br />

they do not wish to do so.<br />

For more information on<br />

our approach to Fairness<br />

in Operation, vulnerability<br />

and brand protection,<br />

please follow these links:<br />


www.courtenforcementservices.co.uk/<br />

us/fairness-in-operation/<br />


www.courtenforcementservices.co.uk/<br />

us/brand-protection/<br />


www.courtenforcementservices.co.uk/<br />

debtor-support/<br />


www.courtenforcementservices.co.uk/<br />

vulnerable-debtors/<br />


www.courtenforcementservices.co.uk/<br />

independent-advice/<br />


www.courtenforcementservices.co.uk/<br />

solicitors-brochure<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 23<br />

01993 220557<br />

BD@courtenforcementservices.co.uk<br />



Romania has<br />

long-since broken<br />

from its communist<br />

past.<br />


AUTHOR – Adam Bernstein<br />

TO many, Romania is the<br />

country where Ceausescu’s<br />

communist regime fell more<br />

than 30 years ago and where<br />

Bran Castle, often referred<br />

to as the home of the title<br />

character in Bram Stoker's Dracula, is<br />

located.<br />

Those things are true, but it’s also<br />

home to the Transfagarasan highway – the<br />

‘world’s best driving road’ according to<br />

Jeremy Clarkson; it has one of the world’s<br />

prettiest bookshops – the Cărturești<br />

Carusel – that’s set in a restored 19th<br />

century building and which contains more<br />

than 10,000 books; and it has a 4G mobile<br />

network that is rated the fourth best in<br />

the world which offers users an average<br />

35.61mbp download speed. UK users, in<br />

comparison, get just 21.16mps.<br />


Located in central Europe by the Black<br />

Sea, it’s bounded by Bulgaria, Ukraine,<br />

Hungary, Serbia and Moldova. Romania<br />

isn’t an old nation per se, having been<br />

formed from the union of the principalities<br />

of Moldavia and Wallachia in 1859 which<br />

gained independence from the Ottomans<br />

in 1877. Neutral at first, it fought with<br />

the Allies from 1916 and through a<br />

combination of geography and pressure,<br />

was forced to cede territory during World<br />

War Two to several belligerents before<br />

entering the war on the Axis side in 1941.<br />

It switched to the Allies in 1944 and postwar,<br />

until 1989, Romania was socialist and<br />

a member of the Warsaw Pact.<br />

With an international pedigree<br />

currently, it is a member of some 67<br />

international organisations including<br />

NATO and, since 2007, the EU. It isn’t a<br />

member of the Schengen Area meaning<br />

that its borders aren’t open, and it doesn’t<br />

yet use the euro, but it is obliged to adopt<br />

in once entry criteria are met. Romania<br />

presently uses the leu (RON) which, mid-<br />

December 2020, was worth around 19p (or<br />

5.38 RON to a pound sterling).<br />


Romania is large with 238,391 sq km<br />

making it similar in size to the UK’s<br />

242,495 sq km. It has a number of<br />

natural resources including oil, timber,<br />

natural gas, coal, iron ore and salt along<br />

with plentiful arable land and scope for<br />

hydropower.<br />

As for the population, it’s unlike many<br />

countries in the west in that they’re not<br />

very urbanised and are fairly evenly<br />

distributed. Bucharest is by far the largest<br />

urban area with (in 2011) 1.8m inhabitants.<br />

The Bran Castle and Bran city,<br />

Transylvania, Romania<br />

There are eight cities with more than<br />

200,000 people, 11 with 100,000 to 200,000<br />

residents, 21 with 50,000 to 100,000 people<br />

and 145 with a population between 10,000<br />

and 50,000. In other words, apart from<br />

Bucharest, Romanian cities and towns can<br />

be banded together with minimal effort.<br />

Its population was, according to<br />

the 2011 census, 20.1m and is now an<br />

estimated 21.1m according to a July 2020<br />

estimate published in the CIA World<br />

Factbook. However, in time it’s expected<br />

that the population will decline through<br />

migration and a falling birth-rate. Indeed,<br />

the birth-rate once stood at 5.82 children<br />

per woman in 1912 and was thought to<br />

be closer to 1.36 in 2018 – well below the<br />

replacement rate of 2.1. Combine this with<br />

an aging population and the Factbook<br />

considers Romania to have one of the<br />

oldest populations in the world. And it’s<br />

easy to see why – 2020 estimates reckon<br />

that the under 24’s account for around 24.5<br />

percent of the population, those aged 25-<br />

54 make up 46 percent, while those 55 and<br />

older represent around 29.25 percent of the<br />

population. It’s notable that as of 2018, the<br />

unemployment rate had risen after a long<br />

period of falling rates. Back in the summer<br />

of 2013 it stood at around 7.5 percent<br />

and had fallen to a low of 3.7 percent in<br />

January 2020. But as of September 2020,<br />

it’s reckoned to be around 5.2 percent.<br />

Ethnically, Romania is around 90<br />

percent Romanian, six percent Hungarian,<br />

and three percent Roma (but this last<br />

number is thought to be understated; the<br />

Roma could actually make up 10 percent of<br />

the population). Romanian is the official<br />

language and is spoken by 90 percent of<br />

the population but English and French are<br />

taught in schools.<br />


Once a former communist-run country<br />

with an outmoded industrial base that<br />

produced goods that weren’t what the<br />

country needed, the Romania of 2020 is<br />

radically different. Now considered by<br />

the World Bank in July 2020 to be a highincome<br />

economy with a GDP per capita<br />

of $28,189 it’s now running at 69 percent<br />

of the EU average. Growth has been<br />

spectacular and in 2004 was recorded as<br />

being 10.4 percent. But the financial crash<br />

of 2008 dented it somewhat with a negative<br />

5.51 percent in 2009; the IMF had to step in<br />

with a $20bn bailout. But 2019 saw growth<br />

of 4.08 percent and of course, in common<br />

with every other coronavirus afflicted<br />

country 2020 will not be a good year.<br />

In terms of land use, it’s estimated that<br />

around 61 percent is used for agriculture<br />

of which 39 percent is arable and 20<br />

percent is permanent pasture, and the<br />

rest is for permanent crops. As of 2017,<br />

agriculture generated 4.2 percent of GDP,<br />

manufacturing 33.2 percent and services<br />

62.6 percent. In numbers, Romanian GDP<br />

in US$ bubbled around the $40bn mark<br />

until 2001 when it took off exponentially<br />

to reach $214bn in 2008 and $250bn<br />

in 2019. The UK, in comparison had a<br />

GDP of $1.64tn in 2001 which rose to<br />

$2.82tn in 2019.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 24


AUTHOR – Adam Bernstein<br />

The Transfăgărășean or<br />

DN7C is a paved mountain<br />

road crossing the southern<br />

section of the Carpathian<br />

Mountains of Romania. It has<br />

national-road ranking and<br />

is the second-highest paved<br />

road in the country after the<br />

Transalpina.<br />

Imports into and exports from Romania<br />

are growing. In 2019 Trading Economics<br />

data shows that Romania’s biggest<br />

trading partners were, in value, Germany<br />

(22 percent), Italy (11.2 percent), France<br />

(6.9 percent), Hungary (4.8 percent) and<br />

the UK (3.73 percent). But these figures<br />

don’t offer up the full facts as import data<br />

seems to indicate that the UK doesn’t<br />

even count in the top ten – Germany<br />

comes first at 20 percent by value while<br />

Austria is seventh with 3.1 percent.<br />

With regard to what Romania actually<br />

imported in 2019, again in value order,<br />

it was parts and accessories for motor<br />

vehicles; petroleum oils and allied<br />

products; medical products; cars and<br />

other vehicles; wire and fibre optic<br />

cables; cameras, video products and<br />

transmission equipment; electronic<br />

circuits and micro assemblies; electrical<br />

equipment; and plastics.<br />

In total, goods and services imports<br />

stood at $96.6bn in 2019. That figure was<br />

estimated to be just $68bn in 2016.<br />


There are a number of key sectors to<br />

note in Romania of which automotive is<br />

one with Dacia (part of Renault group)<br />

and Ford and more than 400 car parts<br />

manufacturers operating. According<br />

to a study published in the Business<br />

Review Magazine in July 2019, the global<br />

automotive industry is stagnating while<br />

booming in Romania...car production<br />

could reach at least 650,000 units after<br />

2020, according Dacia. That may have<br />

changed a little in light of coronavirus<br />

but nevertheless, the groundwork for a<br />

revival has been laid.<br />

Another sector to note is textiles<br />

and clothing which, in 2018, was worth<br />

$3.1bn of which women and girls<br />

apparel accounted for $1.23bn. Data for<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 25<br />

continues on page 26 >


AUTHOR – Adam Bernstein<br />

2017 showed that the sector employed<br />

around 200,000. Businessmedia.ro<br />

predicted that the annual growth rate<br />

for this sector will be around 5.3 percent<br />

between 2018 and <strong>2021</strong>.<br />

Pharmaceuticals is of interest as<br />

Romanians’ appetite for pills and<br />

treatments has grown following<br />

advertising campaigns and the crisis in<br />

the local healthcare system. According to<br />

the Guardian, the system is failing since<br />

thousands of doctors and nurses have<br />

emigrated to better paid economies. The<br />

April 2019 report believes that some 3.4m<br />

Romanians have left the country in the 10<br />

years since Romania joined the EU. But<br />

for those firms involved in the sector, it’s<br />

of interest that in the 12 months to <strong>March</strong><br />

2018, the market for pharmaceuticals in<br />

Romania reached 14.7bn RON (£2.7bn) of<br />

which 9.78bn RON related to prescription<br />

drugs, 3.19bn RON for OTC, while drug<br />

sales to hospitals accounted for 1.71bn<br />

RON.<br />

As the country has prospered so retail<br />

has grown in importance. A number of<br />

retail parks – as opposed to shopping<br />

malls – have opened and 59 percent<br />

are now located in cities with less than<br />

100,000 inhabitants. The country, is now,<br />

according to Stratulat Albulescu Attorneys<br />

at Law, ranked fifth at a European level<br />

for delivery of retail spaces in retail parks<br />

in 2018, being overtaken only by France,<br />

Spain, the UK and Italy.<br />

The hotel sector, until the pandemic<br />

struck, had seen tourism rise by 6.7<br />

percent in 2018 compared to 2017 with<br />

capacity growing 1.6 percent to catch<br />

up. Crosspoint Real Estate thinks that<br />

turnover for the sector is around €1.2bn.<br />

It’s believed that between 2019 and 2020<br />

the number of Romanian hotels will<br />

increase from 1633 to around 1800. This<br />

comes alongside a programme by some<br />

owners to update and refurb the estate<br />

that they hold.<br />

Brașov is a city in the<br />

Transylvania region of Romania,<br />

ringed by the Carpathian<br />

Mountains. It's known for its<br />

medieval Saxon walls and bastions,<br />

the towering Gothic-style Black<br />

Church and lively cafes. Piaţa<br />

Sfatului (Council Square) in the<br />

cobbled old town is surrounded by<br />

colourful baroque buildings and<br />

is home to the Casa Sfatului, a<br />

former town hall turned local<br />

history museum.<br />


Romanian infrastructure is in need of<br />

investment and is being bolstered with<br />

significant funding to the tune of €9.5bn<br />

from the EU. A number of motorways<br />

are being built including the Sibiu-Pitesti<br />

and the Bucharest Belt. The country is<br />

also launching tenders for four parts of<br />

the Craiova-Pitesti Expressway. Rail too<br />

needs updating; a US government report<br />

from July 2019 thought that the average<br />

freight rail speed in country was 13 km/<br />

hour – one of the slowest in Europe.<br />

According to National Railway Company<br />

CFR S.A., there are a number of projects<br />

which are under preparation or ready to<br />

be launched.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 26


AUTHOR – Adam Bernstein<br />

A masterpiece awaits in the<br />

remote village of Voronet, in the<br />

northern Romanian region of<br />

Moldavia. A biblical mural depicts<br />

angels and devils on opposite<br />

sides of a scale, scrutinizing a<br />

man’s life, good deeds weighed<br />

against sins. Around them,<br />

corpses rise from graves, joining<br />

scores of others awaiting the Last<br />

Judgment. It’s a graphic, gripping<br />

scene and it’s no wonder the<br />

500-year-old painting has earned<br />

the Voronet Monastery the title of<br />

"Sistine Chapel of the East."<br />

And then there are the ports. In particular,<br />

the Constanta Port sitting on the Danube-<br />

Black Sea Canal has several major projects<br />

running - an artificial island, new operational<br />

berths and transport infrastructure, and the<br />

modernisation of its piers. Collectively they’re<br />

worth nearly $1bn.<br />

Its importance was noted earlier, but<br />

agriculture is important to Romania. The total<br />

grain harvest in 2018 – about 30m tons – ranks<br />

Romania in the third place in the EU after<br />

France and Germany. In essence, Romania<br />

produces 28 percent of the EU’s maize, some<br />

19m tons and in terms of wheat, it produces<br />

nearly 11m tons. There’s also a strong wine<br />

culture with vineyards producing 1.1m tons of<br />

grape wine.<br />

Lastly, there’s technology where, according<br />

to PwC’s Central and Eastern Europe Private<br />

Business Survey 2019 Report, Romanian<br />

companies top the list when it comes to use of<br />

six from eight essential digital technologies,<br />

a highly skilled and diversified workforce,<br />

competitive prices, and a stimulating business<br />

environment with a sector worth up to €40bn.<br />


For a foreign investor, the most frequently used<br />

types of companies in Romania are the limited<br />

liability company (SRL) and the joint stock<br />

company (SA).<br />

The joint stock company is the most complex<br />

type of entity in Romania. The main advantages<br />

are that shareholders are responsible only<br />

for their capital, it can be listed on the stock<br />

market and so can attract large amounts of<br />

capital, and shares can be transferred without<br />

the approval of the others. However, they take<br />

time and involve expense to set up, need at least<br />

five founding members, attract bureaucracy<br />

and need around €25,000 minimum capital to<br />

be formed. In comparison, a limited liability<br />

company see subscribers only held responsible<br />

Romanian is the<br />

official language<br />

and is spoken<br />

by 90 percent of<br />

the population<br />

but English and<br />

French are taught<br />

in schools.<br />

for their share capital and no more. Further,<br />

the company can be set up in around one week<br />

with just 200 RON capital. It also requires just<br />

one director but can host a maximum of 50.<br />

There are few disadvantages, compared with<br />

benefits, and so it’s the entity of choice for<br />

foreign investors.<br />


The standard corporate income tax rate in<br />

Romania is 16 percent, 16 percent on personal<br />

income, and the standard VAT rate is 19<br />

percent. Gambling and nightclubs are subject<br />

to a 5 percent rate from the revenues or 16<br />

percent of the taxable profit, depending on<br />

which is higher.<br />

It should be noted that there are reduced<br />

VAT rates of nine percent for water, food,<br />

beverages (except alcoholic drinks), medical<br />

treatments, prosthesis and the like, and five<br />

percent for restaurant and catering services,<br />

hotel accommodation, social housing under<br />

certain conditions, and on schoolbooks,<br />

newspapers, <strong>magazine</strong>s, admission fees to<br />

castles, museums, sport events, etc.<br />

The VAT registration procedure is complex,<br />

and several types of documents are required;<br />

a VAT number must be in place before the<br />

commencement of business.<br />

DO’S AND DON’TS.<br />

And lastly, it’s important to observe social<br />

norms. So, those looking to work in Romania<br />

would do well to remember that Romanians<br />

like to be direct, sensitive and will focus on<br />

business unless otherwise prompted. It’s<br />

considered rude to be late for meetings – those<br />

running late should call ahead and apologise if<br />

it is unavoidable. Boasting about achievements<br />

or exaggerated claims are frowned upon.<br />

Importantly, it would be an own goal to talk<br />

or make jokes about the communist regime or<br />

Roma people.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 27




- 25 MARCH AT 8PM!<br />

Thursday 25 <strong>March</strong> - Virtual Event<br />

MEET THE <strong>2021</strong> AWARDS JUDGES:<br />

Gail Armstrong MCI<strong>CM</strong><br />

Head of Invoice 2 Cash GB&IE<br />

Siemens<br />

Michelle Atkinson<br />

Head of Income, Customer Services<br />

United Utilities<br />

Liz Bingham<br />

CEO<br />

R3<br />

Sue Chapple FCI<strong>CM</strong><br />

CEO<br />

CI<strong>CM</strong><br />

Leanne Chesterman<br />

Sales & Debtors Service Manager<br />

BAE Systems<br />

Brendan Clarkson FCI<strong>CM</strong><br />

Director<br />

Begbies Traynor<br />

Steven Coppard<br />

Deputy Director Government<br />

Debt Management Function<br />

Cabinet Office<br />

Sean Feast FCI<strong>CM</strong><br />

Director<br />

Gravity London<br />

Nigel Fields FCI<strong>CM</strong><br />

Senior Director,<br />

Global Process Owner OTC<br />

NBC Universal International<br />

Philip King FCI<strong>CM</strong><br />

Small Business Commissioner<br />

Dept for Business, Energy<br />

& Industrial Strategy<br />

Philip Roberts FCI<strong>CM</strong><br />

Partner<br />

Clarke Willmott<br />

Natalie Ross<br />

Head of Strategic Sales - Working Capital,<br />

Commercial Payments & SBS UK<br />

American Express<br />

Paula Swain<br />

Partner<br />

Shoosmiths<br />

Karen Young<br />

UK&I Director<br />

Hays<br />

To find out more information about the awards, please visit<br />

www.cicmbritishcreditawards.com<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 28



A flexible and sympathetic approach to enforcement<br />

is more important than ever.<br />

AUTHOR – Andrew Wilson FCI<strong>CM</strong><br />

LIKE all SME businesses which have<br />

seen a dramatic fall in activity, High<br />

Court Enforcement businesses have<br />

been looking very hard at their<br />

business models, making as few<br />

redundancies as possible and getting<br />

to grips with the furlough schemes, to see how<br />

best to keep the core staff they will need in the<br />

future.<br />

Not all enforcement activity has stopped,<br />

particularly in B2B cases, but great care has been<br />

taken to stick carefully to Government’s very<br />

specific guidelines.<br />


We have been training all our Enforcement Agents<br />

in the use of protective equipment, hygiene<br />

supplies and social distancing, ensuring they<br />

protect themselves and others they encounter.<br />

A priority has been training in supporting the<br />

vulnerable and recognising mental health issues<br />

and understanding the Association’s COVID-19<br />

Plan so that all can be aware of what constitutes<br />

permitted activity.<br />

We have encouraged all businesses to<br />

carefully collect and record details of customer<br />

vulnerabilities, making sure that all data<br />

protection requirements are observed and to<br />

develop support plans for those affected.<br />

Notices of Enforcement continue to be sent out<br />

on receipt of a Writ and greater effort is made to get<br />

the debtor to engage by any appropriate means to<br />

avoid an automatic visit and, where appropriate,<br />

to set up reasonable instalment arrangements.<br />

On visits, all businesses are encouraged to<br />

make sure that protective equipment is used, and<br />

hygiene supplies provided so that those meeting<br />

Enforcement Agents can be reassured that they<br />

are properly protected. Many debtors have<br />

responded well to this approach and engagement<br />

with the court process has increased.<br />


At the Lord Chancellor’s request, we continue<br />

to instruct our Enforcement Agents not to enter<br />

residential premises until we receive further<br />

guidance. We encourage those badly affected<br />

by the pandemic to seek help from debt advice<br />

agencies and generally to try to ease the financial<br />

burden by using instalment arrangements<br />

and Controlled Goods Agreements to keep<br />

enforcement fees to a minimum.<br />

With commercial premises, there are no entry<br />

restrictions, but Enforcement Agents are on the<br />

look-out for financial hardship and take each<br />

case on its merits, as not all businesses have been<br />

adversely affected.<br />

Residential evictions have been restricted by<br />

Statutory Instrument, with only a few exceptions,<br />

but squatter evictions have continued, though<br />

there is an enormous backlog of possession<br />

orders on residential properties. The new Notice<br />

of Eviction provisions bringing High Court &<br />

County Court into line and giving a minimum of<br />

14 days before eviction should give occupiers that<br />

extra breathing space to make arrangements to<br />

move with recourse to the Courts in hard cases.<br />


So has the High Court approach changed forever?<br />

Perhaps not, but it is constantly being adjusted.<br />

There is an increase in vulnerability cases and a<br />

reduction in the average amount on each Writ and<br />

use of the High Court by utility companies with<br />

high volume, low value debts.<br />

Despite the recent debate about virtual visits<br />

and entering into non-entry Controlled Goods<br />

Agreements, the key in all civil enforcement is<br />

engagement with the debtor. Most creditors have<br />

tried this before issuing a claim and, where there<br />

is no realistic engagement, they want the debtor<br />

to be visited by an Enforcement Agent with the<br />

authority of Writ. That should help to determine<br />

whether the debtor is a Can’t Pay, Won’t Pay or<br />

Can’t Cope.<br />

Only 10 to 15 percent of defendants refuse to<br />

obey a court order in any event (not quite the<br />

80/20 rule) and not all of them are Won’t Pays,<br />

where the full power of enforcement is needed.<br />

Can’t Copes are often vulnerable cases and can<br />

also be Can’t Pays, but sometimes just need the<br />

reminder that they really must sort the problem<br />

out and just need time to do so. Can’t Pays should<br />

be encouraged to take proper advice to consider<br />

the various insolvency options.<br />

The new Breathing Space procedure (along<br />

with its bureaucracy) comes into force in May,<br />

but the reality is most creditors and HCEOs are<br />

already perfectly prepared to allow extra time to a<br />

debtor who has consulted a debt adviser. They can<br />

expect a proper assessment of means and either a<br />

realistic instalment offer, or confirmation that the<br />

case is heading for insolvency.<br />

So the USP of High Court enforcement still<br />

remains—a visit by an EA in appropriate cases<br />

to obtain payment immediately after the expiry<br />

of the Notice of Enforcement. But now we are<br />

much more aware of potential vulnerability cases,<br />

particularly in these exceptional times and the<br />

greater need for instalment arrangements where<br />

there is financial hardship.<br />

Andrew Wilson FCI<strong>CM</strong> is Chairman of the High<br />

Court Enforcement Officers Association (HCEOA).<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 29


TRADE<br />

Monthly round-up of the latest stories<br />

in global trade by Andrea Kirkby.<br />

But one thing is<br />

certain, the French,<br />

Germans and Italians<br />

want a share of<br />

the cake and are<br />

uncomfortable with<br />

debt being held<br />

outside of the EU’s<br />

purview.<br />

Financial services trade deal<br />

SO, the UK and the EU finally reached<br />

a trade deal just before the transitional<br />

period expired. But ask the man on the<br />

Clapham omnibus if they think that<br />

Brexit is truly done and dusted and they’d<br />

no doubt reply in the affirmative. And<br />

they’d be wrong – the deal didn’t fully<br />

cover financial services which represents<br />

some seven percent of the UK economy.<br />

Understandably, the Government<br />

will be pressed by the UK’s banks,<br />

insurers and asset managers to make<br />

concessions to guarantee access to<br />

the European market. But MoneyWeek<br />

reckons that the Government should<br />

stand its ground as ‘no deal is better than<br />

a bad deal’.<br />

At issue is the UK’s position as a<br />

dominant financial centre for the whole<br />

of Europe. To maintain that requires the<br />

UK to find a way to maintain ‘equivalence’<br />

rules which permit financial services to<br />

be sold on the continent. The problem is,<br />

as the Telegraph reported, that the EC has<br />

no plans to grant equivalence despite the<br />

UK giving the same to EU firms.<br />

EU officials have said that Brussels<br />

would not grant equivalence to UK firms<br />

unless the Government explained how<br />

far it planned to diverge from EU rules in<br />

the future.<br />

Only time will tell what the outcome<br />

will be. But one thing is certain, the<br />

French, Germans and Italians want a<br />

share of the cake and are uncomfortable<br />

with debt being held outside of the EU’s<br />

purview.<br />

The City should look to grow elsewhere.<br />

And with Europe making up just 16<br />

percent of the global economy, it’s time to<br />

look to the growth regions that are Asia<br />

and Africa.<br />


THE Saudi’s are having to cut back on spending to<br />

reduce a huge post-Covid-19 budget deficit. As the<br />

Wall Street Journal notes, the country wants to lower<br />

its annual overspend from 12 percent of economic<br />

output to 4.9 percent in <strong>2021</strong>.<br />

The Saudi Government’s budget is a ‘closely<br />

watched measure of spending’ for not just Saudi<br />

Arabia, but also the wider Gulf region and is thought<br />

of as an outlook for oil prices. Further, the country<br />

is trying to wean itself off oil as a bulwark to the<br />

economy and is making cuts while at the same time<br />

seeking to create jobs for a young population. To do<br />

this, it’s planning to inject around $40bn into the<br />

domestic economy in <strong>2021</strong> and 2022 from its $300bn<br />

sovereign wealth fund, which is excluded from the<br />

budget.<br />



THE recently concluded EU-China Comprehensive<br />

Agreement on Investment (CAI) has, says Bloomberg,<br />

given the Chinese ‘a massive diplomatic victory’.<br />

From reports, it appears that after seven years of<br />

‘desultory talks’, China offered concessions to ensure<br />

that the agreement was finalised before Joe Biden<br />

took over the US presidency, despite his request to<br />

not complete the deal.<br />

From Biden’s perspective, the CAI undermines<br />

US efforts to define a single approach to China,<br />

especially in light of its activity in Hong Kong, on its<br />

Indian border, its threats to Taiwan and Australia.<br />

Gideon Rachman, in the Financial Times, suggests<br />

that the EU is ‘naïve’ to believe that China will<br />

respect the deal. However, from the EU’s standpoint,<br />

it wants to stand well away from US/Sino differences<br />

and wants European manufacturers to sell cars into<br />

what is a huge market, and Germany’s largest.<br />


BRITAIN is in fifth place in the rankings<br />

of the world’s biggest economies,<br />

despite suffering one of the deepest<br />

recessions in the pandemic. According<br />

to the annual league table produced by<br />

The Centre for Economic and Business<br />

Research (CEBR), the UK overtook India<br />

and will move away from France in the<br />

decade after Brexit.<br />

The CEBR also predicts that China will<br />

overtake America as the world’s biggest<br />

economy in 2028, five years earlier than<br />

expected. It’s interesting that the CEBR<br />

suggests that ‘western economies need<br />

to keep much more closely in touch with<br />

what is happening in Asia to keep up<br />

with international developments’. India<br />

shouldn’t be ignored – the CEBR thinks<br />

it will overtake the UK again in 2024 and<br />

will overtake Germany to be the world’s<br />

fourth-largest economy, behind the US,<br />

China and Japan, by 2027.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 30


CORONAVIRUS may have ‘started’ in<br />

China, but the country is no longer on<br />

the backfoot and is thriving. Investors,<br />

according to the Financial Times,<br />

are racing back and in 2020 bought<br />

nearly £113.5bn of local assets, poured<br />

£102bn into Chinese bonds (to the end<br />

of November) and bought stocks to the<br />

tune of £19bn from overseas buyers – the<br />

CSI 300 stock market was up more than<br />

19 percent by the year’s end. China’s<br />

GDP is likely to have grown by around<br />

two percent in 2020 despite it being the<br />

epicentre of the outbreak, says Pantheon<br />

Macroeconomics.<br />

It appears that the world’s overnight<br />

need for masks and gel and demand from<br />

locked-down workers for IT equipment<br />

DESPITE the world being in turmoil and the<br />

populations of many countries in lockdown,<br />

why is the price of oil rising?<br />

Despite the world being in turmoil<br />

and the populations of many countries in<br />

lockdown, why is the price of oil rising?<br />

Having fallen from $67 a barrel in January<br />

2020 to just $18 in late April, the cost per<br />

barrel has shot up since then, reaching<br />

$55.50 on 22 January <strong>2021</strong>.<br />

There are a number of reasons for<br />

this rise, key of which is a gathering of<br />

the Opec+ oil cartel – the Gulf states and<br />

Russia – and their restricting of supply by<br />

bolstered China’s manufacturing –<br />

medical equipment exports rose 42.5<br />

percent during the first 11 months while<br />

electronics exports rose 25 percent last<br />

month on the year.<br />

It’s true that once the vaccine has<br />

taken a grip that these figures will decline<br />

somewhat, but that will be offset by<br />

rising domestic demand. As the South<br />

China Morning Post reported, the Chinese<br />

economy saw retail sales rise five percent<br />

on the year in November, while industrial<br />

production gained seven percent.<br />

China is expected to be the only G20<br />

nation to grow in 2020 and by the end of<br />

<strong>2021</strong> the economy could be the same size<br />

as it would have been if the pandemic had<br />

never happened.<br />


more than markets had expected. Russia<br />

still plans to raise production, but the<br />

Saudi’s have helpfully cut to compensate.<br />

A gentle rise in price is one thing,<br />

albeit unwanted. But oil price spikes are<br />

not helpful for the global economy as<br />

they find their way into most things and<br />

are damaging and inflationary. While oil,<br />

or rather fossil fuels for vehicles, is being<br />

phased out, it’s nevertheless a key driver<br />

of economies (pun intended) and so firms<br />

need to be aware of the recent move<br />

when they forward price their goods and<br />

services.<br />



A Yorkshire-based innovation marketing<br />

agency, ThinkOTB, has received the<br />

Queen’s Award for Enterprise for<br />

International Trade for sales growth in<br />

overseas markets.<br />

The agency has grown quickly. It saw<br />

export sales rise by 560 percent – from<br />

22 to 52 percent of its overall business<br />

in just three years. Established in 1988,<br />

ThinkOTB focuses on innovation and<br />

supports blue chip clients and SMEs<br />

across the globe. The agency’s main<br />

overseas markets are in Ireland, Central<br />

and Eastern Europe, the Middle East and<br />

Africa, the Asian Pacific and the USA.<br />


TURKEY is in trouble. Inflation there<br />

has hit 14 percent, a 15-month high,<br />

while its currency, the lira, has fallen<br />

to record lows. Central to the issue is<br />

President Erdogan who has pushed the<br />

country’s central bank to keep interest<br />

rates low, which in turn has led to a<br />

credit boom and devalued Turkish<br />

assets. Further, an aggressive and costly<br />

foreign-policy strategy in Azerbaijan,<br />

Libya, Syria and in the Mediterranean<br />

isn’t helping. The BBC reported that the<br />

Trump administration levied sanctions<br />

against Turkey over the purchase of a<br />

Russian-made missile-defence system.<br />

Worryingly, nearly 80 percent of Turks<br />

think that the country’s economy is<br />

failing, a position no doubt made worse<br />

by Coronavirus.<br />


IT’S perfectly true that ‘people buy people’.<br />

But it’s just as true that ‘people buy<br />

products’ and those that assume markets<br />

rarely change are heading for a fall.<br />

Look at South Korea. Its population<br />

decreased for the first time in 2020, by<br />

20,838 from 51.8m in 2019. Asia’s fourthlargest<br />

economy has had a low birth-rate<br />

since 2016, with South Korean women,<br />

on average, having one child, the lowest<br />

fertility rate in the world (according to<br />

2018 World Bank figures). Part of the<br />

reason is down to coronavirus where jobs<br />

have been harder to find and couples have<br />

delayed marriages – most births occur in<br />

wedlock.<br />

Notably, Japan is not a million miles<br />

away from the same problem and again, a<br />

rapidly ageing population combined with<br />

a low fertility rate is posing a problem for<br />

the government which is struggling to<br />

run the country on a shrinking workforce.<br />

Japan, however, is seeking to improve<br />

matters by using artificial intelligence<br />

(AI) to ‘help match lonely hearts’, says the<br />

MailOnline. While it’s not overly romantic,<br />

it shows just what governments think AI<br />

can do – in this case, help match suitors<br />

more appropriately.<br />

What does all of this mean? South<br />

Korea is expected to have the world’s<br />

largest proportion of over-65’s by 2045,<br />

overtaking Japan, which is in a similarly<br />

parlous state. Those exporting into South<br />

Korea and Japan may need to refocus<br />

from baby-care to elderly-care products.<br />



OR CALL 020 7738 0777<br />

Currency UK is authorised and regulated<br />

by the Financial Conduct Authority (FCA).<br />


GBP/EUR 1.14904 1.12075 Up<br />

GBP/USD 1.39498 1.35271 Up<br />

GBP/CHF 1.24161 1.20625 Up<br />

GBP/AUD 1.80202 1.75940<br />

GBP/CAD 1.76603 1.72523<br />

Up<br />

Up<br />

GBP/JPY 147.535 140.944 Up<br />

This data was taken on 17th February and refers to the<br />

month previous to/leading up to 16th February <strong>2021</strong>.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 31



John O’Sullivan FCI<strong>CM</strong> and Nigel Fields FCI<strong>CM</strong><br />

answer this month’s challenge.<br />

What is the best<br />

way to identify<br />

and analyse the<br />

root cause of<br />

disputes affecting<br />

my collections<br />

performance?<br />

Panellist<br />

John O’Sullivan FCI<strong>CM</strong><br />

DISPUTES are a fact of life<br />

when providing goods<br />

and services on credit;<br />

they are costly but, as we<br />

all know, they happen,<br />

so we need to prepare<br />

for them; but how? Part of the answer is<br />

in the question: Identify, analyse and find<br />

the cause of debtor disputes. This is where<br />

the fun starts. But first, three observations<br />

on disputes from personal experience:<br />

They are usually badly handled; they<br />

have a bigger impact on credit costs than<br />

is often realised; and they are not always<br />

monitored or analysed.<br />

First examine the disputes. You should<br />

begin to see a pattern: many disputes are<br />

home-grown. They are a result of internal<br />

failures – usually a combination of one or<br />

three of the following: clerical; warranty;<br />

and inaction (often the most frequent).<br />

During my time in credit I was amazed<br />

at how fast debtor queries, if not properly<br />

handled, could develop into disputes. Many<br />

years ago I did some work for a company.<br />

They were a new manufacturing company<br />

with good sales, poor cash flow, and a high<br />

reliance on their bank overdraft. We did a<br />

textbook analysis on their debtors. Nearly<br />

a third was tied up in disputes. They had<br />

good products but a very poor warranty<br />

system. It was taking three months to<br />

administer their manufacturing warranty<br />

during which time their debtors withheld<br />

a portion of their payments, disputes<br />

escalated and sales began to suffer. An<br />

analysis of the disputes showed that initial<br />

communication with the customer was<br />

poor. As the outlook was dire we quickly<br />

changed their warranty procedures<br />

and debtor communications and set a<br />

warranty deadline of two weeks maximum<br />

with most cases settled within 48 hours.<br />

This, combined with numerous debtor<br />

visits, turned the situation around in four<br />

months. The business is still going strong.<br />

It is interesting to observe the genesis<br />

of a dispute: it starts as an unanswered<br />

query, develops into a dispute, is sat on<br />

and becomes serious, grows legs and<br />

ends up in litigation. During this time<br />

it impacts on the quality of the debtors,<br />

affects cash-flow, can lose you customers,<br />

and adds substantially to costs. A badly<br />

handled query from a debtor is an own<br />

goal. A well-handled query is often times<br />

an opportunity to develop bonds with your<br />

debtor. Remember: hit the dispute early.<br />

As a consumer there is nothing more<br />

annoying than trying to sort out a query<br />

prior to paying a bill but being constantly<br />

side-lined. (Utility companies please note).<br />

There are plenty of small reasons why<br />

debtors do not pay; I am always amazed<br />

at the number of times we are the cause<br />

of them not wanting to pay. One of my pet<br />

hates is inaccurate invoices – no order<br />

numbers, incorrect discounts, idiotic<br />

messages and, the worst crime, incorrect<br />

company name. If a creditor can’t/won’t<br />

decide who they are dealing with then<br />

they deserve to be kept waiting.<br />

One of the unfortunate potential<br />

side-effects of disputes is the risk of<br />

compensation payments i.e. because the<br />

debtor with the dispute won’t pay we try<br />

to compensate this shortfall by squeezing<br />

our old reliable good payers. This only<br />

works in the short term. I recommend<br />

a monthly report on debtor disputes<br />

including an aged analysis and a dispute<br />

ownership section. Hopefully, the above<br />

will assist in identifying, analysing and<br />

resolving debtor disputes.<br />


John O’Sullivan has 40 years’ experience in credit .He worked for many years<br />

in the heavy commercials motor industry (DAF Trucks). He was a Fellow and<br />

former President of the Irish Institute of Credit Management (87/88), part of the<br />

Irish delegation on the inauguration of FE<strong>CM</strong>A (Windsor 86) and organiser of<br />

FE<strong>CM</strong>A Seminar ‘Credit in the 90s’ in Dublin 1988. He lectured in The Dublin<br />

Institute of Technology for the degree BSc Management of Credit and was<br />

External Examiner for the Certificate and Diploma in Credit. He has written<br />

and given many presentations on credit and risk. Since retiring he has become a<br />

credit union director and a Judge in the Irish Credit Management Training Credit<br />

of the Year Awards. He is involved in credit consultancy on marketing and credit,<br />

and dispute reconciliation. He is a member of Credit Management Institute<br />

Ireland (<strong>CM</strong>II). During lockdown his hobby is writing and being optimistic.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 32


There are plenty of small reasons why<br />

debtors do not pay; I am always amazed<br />

at the number of times we are the cause<br />

of them not wanting to pay. One of my<br />

pet hates is inaccurate invoices – no<br />

order numbers, incorrect discounts,<br />

idiotic messages and, the worst crime,<br />

incorrect company name.<br />

Explain the reason for any suggested or<br />

necessary process changes. Try to show<br />

what ineffective processes is currently<br />

costing and what can be gained by<br />

making some changes and improving.<br />

Panellist<br />

Nigel Fields FCI<strong>CM</strong><br />


A career in credit management spanning more than 30<br />

years, Nigel Fields FCI<strong>CM</strong> is now ‘Senior Director, Global<br />

Process Owner OTC at NBC Universal International.<br />

Nigel spent 20 years working for Twentieth Century Fox<br />

International Film Corp. starting out in its UK business as<br />

Credit Manager and rising to Executive Director for Credit,<br />

responsible for Order to Cash (O2C) across Fox’s entire<br />

international business portfolio. Prior to Fox, he worked<br />

as the Credit Manager at Hornby Hobbies and a Credit<br />

Controller for GEC. Nigel says: “I attribute much of my<br />

career success to the CI<strong>CM</strong> community where I am always<br />

able to draw upon knowledge and skills from the extensive<br />

array of members and partners.”<br />

If you’d like to join our panel of experts, or<br />

if you have a question to ask, contact the<br />

editor at sfeast@gravityglobal.com<br />

A/R teams are often responsible for managing large<br />

volumes of payment disputes and deductions that<br />

arise when a customer might dispute invoices,<br />

take discounts, or levy penalties etc. Most systems<br />

have limited functionality to deal with them and so<br />

A/R Teams will often dedicate a disproportionate<br />

amount of time and energy to manually managing disputes and<br />

lose their focus on the more value-added tasks.<br />

Disputes are both time-consuming and labour intensive and<br />

will almost certainly impact on the cash flow. Some disputes are<br />

maybe not valid, and many will simply end up as revenue write<br />

offs. It is therefore incredibly important to understand why<br />

disputes happen and, if possible, avoid them completely. For the<br />

‘unavoidable’ disputes, you will benefit hugely by having good<br />

and consistent processes in place to help identify and then work<br />

efficiently and effectively through to closure. A good clear process<br />

will also reduce unnecessary complexities and eliminate zero<br />

value work.<br />

A really good way to improve this area and achieve better<br />

practices is to capture your O2C transactional information<br />

from invoices and payments and identify reasons and types of<br />

disputes. There are some fantastic A/R platforms available today<br />

that will automatically capture the detail from huge volumes of<br />

transactions (this is often referred to as ‘BI’). The A/R BI is critical<br />

for providing information back for your analysis. These systems<br />

will often also provide excellent dashboards and reports that help<br />

to summarise and visualise data into simple insights and statistics.<br />

This also saves time and helps your business understand the<br />

issues quickly and easily and is the first step to improve and avoid<br />

issues that create these disputes. It’s also valuable information<br />

to share with your management team and customers for highlighting<br />

various issues and potential weaknesses.<br />

Good communication is also essential for success so be sure<br />

to communicate the findings and any remediations plans to<br />

all involved. Explain the reason for any suggested or necessary<br />

process changes. Try to show what ineffective processes are<br />

currently costing and what can be gained by making some<br />

changes and improving. Set clear goals and timelines, provide<br />

any necessary training and documentation that both explains the<br />

processes and ownership of the various tasks.<br />

You will need to continuously monitor the data and performance<br />

and potentially modify the processes to make additional on-going<br />

improvements where necessary. Also continue to review and<br />

share the results and how the improvements are delivering value<br />

to meet the changing needs and demands of your customers and<br />

your business.<br />

In summary, root cause analysis provides data-driven insight<br />

and helps you to better understand the scope and causes of<br />

problems and issues. It’s giving you a logical view to identify the<br />

various source of the root causes. The business can then tackle the<br />

various types and causes of the issues and try to prevent avoidable<br />

problems from recurring and to set up efficient processes to deal<br />

with things like discounts, returns, shortages etc. that are simply<br />

part of normal trading.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 33



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Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 34

LOVETTS Solicitors has recently<br />

launched Guildways, a UK and<br />

International pre-legal debt<br />

collection service. As a nocollection,<br />

no fee service for<br />

use before legal proceedings<br />

are initiated, it complements Lovetts’ fixed<br />

fee legal services, and gives flexibility to<br />

credit managers both in collection methods<br />

and pricing.<br />

It comes at a time where companies<br />

are suffering huge pressure on staff, on<br />

supplies, on sales fulfilment, and on cash<br />

and margins. There is also the looming<br />

spectre of COVID-19 Government support<br />

ceasing shortly, just when the business<br />

world is trying to get back onto its feet.<br />

Chairman Charles Wilson FCI<strong>CM</strong> says:<br />

“Growth and economic recovery may, in<br />

contrast to the past year, be rapid from<br />

<strong>2021</strong> onwards, so the old adage ‘cash is king’<br />

will never be more true. Growth is bound<br />

to mean pressure on customers’ cash, just<br />

at a time when there is inevitable stress on<br />


Guildways – a new brand<br />

for Lovetts<br />

each company‘s own finances and cashflow<br />

during the pandemic economy.”<br />

As part of Lovetts Ltd, Guildways shares<br />

the same ethos and professionalism that<br />

Lovetts Solicitors has shown over the<br />

past 25 years. It is able to use Lovetts’<br />

highly developed online CaseManager<br />

web services, its proven and secure<br />

online technology with Cyber Essentials<br />

Plus accreditation, giving every credit<br />

professional visibility of case data in real<br />

time.<br />

Guildways (like Lovetts) is also regulated<br />

by the Solicitors Regulation Authority<br />

(SRA) under special statutory exemptions<br />

of Financial Services and Markets Act 2000.<br />

This gives the security of having back-up<br />

from a highly experienced and reputable<br />

law firm, dedicated to debt collection<br />

alone.<br />

If you would like to know more about<br />

Guildways, do visit www.guildways.com –<br />

or contact info@guildways.com or phone<br />

+44 3333 409000.<br />

“Growth and economic<br />

recovery may, in<br />

contrast to the past<br />

year, be rapid from <strong>2021</strong><br />

onwards, so the old<br />

adage ‘cash is king’ will<br />

never be more true."<br />

Charles Wilson FCI<strong>CM</strong><br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 35



A business profiting from fish created<br />

unexpected problems when the<br />

receivers were called in.<br />

AUTHOR – Peter Walker<br />

THERE were no red herrings for<br />

the Court of Appeal judges in a<br />

recent law case, but there were<br />

carp and other freshwater fish<br />

awaiting their judgment. They<br />

resided in lakes in Borwick,<br />

Lancashire, where the claimant’s ownership<br />

of the surrounding land had been subject to a<br />

mortgage until the mortgagee’s receivers took<br />

charge. They sold that land to the defendant, but<br />

the claimant wanted £1.1m as compensation for<br />

the fish he had lost.<br />

The judges in Borwick Development<br />

Solutions Ltd v Clear Water Fisheries Ltd (2020)<br />

3 WLR 755 had to decide who owned the fish.<br />

One possible answer to the question is that the<br />

receivership of the land resulted in its transfer<br />

to the defendant, and that the transfer included<br />

the fish just like some solar panels on the<br />

property.<br />

The site was near Manchester, where nine<br />

lakes were created in pits resulting from<br />

gravel extraction for the construction of the<br />

M6 motorway. The development was subject<br />

to a section 106 agreement, i.e. section 106<br />

of the Town and Country Act 1990. Some<br />

property developments would be unacceptable<br />

to the planners, but they may enter into such<br />

agreements to allow them to go ahead subject<br />

to certain conditions. The developer will have<br />

to agree, for example, to build some affordable<br />

housing, or to use some land in a specified way.<br />


This time the result was a fishery, where the lakes<br />

were stocked with carp and other fish. Some of<br />

the fish became famous among anglers, who<br />

gave them names, such as Moonscale, a carp<br />

weighing more than 17kg. The fishery owners<br />

hired sessions at the lakes, but any successful<br />

anglers sportingly agreed to return their catches<br />

to the water. Some of the fish may have been<br />

caught many times.<br />

Angling and other facilities, such as a<br />

restaurant, provided an income, but the<br />

construction of the restaurant required finance<br />

resulting in the mortgage. When the receivers<br />

took over, and transferred the property to<br />

the defendants, there was no mention of the<br />

fish in the documents. The claimant, which<br />

had stocked the lakes with fish, claimed it<br />

had retained proprietary rights in the creatures,<br />

and it wanted £1.1m in damages.<br />

The reason for the claim arose from earlier<br />

events, when the claimant, the mortgagor, had<br />

once tried to sell the land including the fisheries<br />

for £700,000 to the defendants. The negotiations<br />

failed but the receivers later settled for £625,000.<br />

The receivers had given no warranties relating<br />

to the fish, because they took the view that the<br />

charge did not extend to the creatures. The<br />

claimant could remove the fish, but it would be<br />

expensive and would take many months to do<br />

so. It wanted compensation of £1.1m.<br />


There perhaps should be some precedents,<br />

because there have been various kinds of fish<br />

farms for many centuries, so Sir Timothy Lloyd<br />

in the Court of Appeal turned to legal definitions<br />

in old law books. In law there were domestic<br />

animals (domitae naturae), and wild animals<br />

(ferae naturae). The claimant suggested that the<br />

creatures in the fishery should be classified as<br />

domestic, because they were kept in enclosed<br />

lakes, from which they could not escape.<br />

Sir Timothy Lloyd consulted the judgment<br />

in Buckle v Holmes (1925) 134 LT 284. The<br />

defendant’s cat had killed some homing pigeons<br />

and bantams belonging to the plaintiff. There is<br />

a whimsical poem on the case published in the<br />

Canadian Bar Review Vol 5 No 2 (1927), and an<br />

extract reads.<br />

‘The lawyer consulting his leather-bound tome,<br />

Concluded he had a good case against Holmes;<br />

For dinners obtained in this unlicensed way<br />

He claimed the defendant must properly pay.’<br />

Despite this poetry, or doggerel, cats were not<br />

wild animals in relation to tempting birds. They<br />

were domestic, and the plaintiff would have<br />

to prove the defendant’s knowledge if the cat<br />

particularly had vicious propensities as against<br />

birds generally. In the Borwick Developments<br />

dispute Sir Timothy Lloyd thought that such<br />

cases meant there was no change in the<br />

traditional legal classification of fish. They are<br />

wild.<br />


He then had to consider the effect of this<br />

classification in the light of the proprietary<br />

rights and its effect on what happens to the fish.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 36


AUTHOR – Peter Walker<br />

Sir Timothy Lloyd noted that animals are not<br />

goods or chattels, but there may be a qualified<br />

property in them. An animal may defeat such a<br />

classification, if it resumes its natural habitat in<br />

the wild.<br />

There were no reported cases on this point<br />

to help him, and only one of these disputes<br />

involved the transfer of property. This was<br />

Greyes Case (1593) Owen 20. ‘A man’ purchased<br />

‘divers’ fish and put them in a pond. After the<br />

man’s death the court had to decide who should<br />

have the fish. Popham J said that the heir ‘shall<br />

have the deer in the park, and by the same<br />

reason, the fish.’ Fenner J ruled, ‘he which hath<br />

the water shall have the fish.’ Sir Timothy Lloyd<br />

in the Borwick Developments case concluded<br />

that the report of the case was too brief that<br />

it would be ‘rash’ to put much reliance on any<br />

particular phrase.<br />

A freeholder on the other hand holds rights<br />

ratione soli, i.e. exclusive rights to hunt, etc.,<br />

wild animals, on his or her land. The principle<br />

was extended further by the Law Lords in Blades<br />

v Higgs (1865) 11 HL Cas 621, who considered<br />

the ownership of two bags of 90 rabbits sold<br />

to a licensed dealer in game. A trespasser had<br />

killed the rabbits on the land belonging to the<br />

Marquis of Exeter. Lord Chelmsford said that<br />

the dead rabbits, whether ‘for an instant or for<br />

hours upon the land, they equally belonged to<br />

the owner of the land.’<br />


A landowner has another qualified right<br />

of animal ownership, i.e. per industriam.<br />

That right exists for as long as he or she is in<br />

possession of the creature. The judges in Young<br />

v Hitchen (1844) 6 QB 66 illustrated the principle<br />

in a dispute about a catch of sea fish off the coast<br />

The Borwick<br />

Developments case<br />

is a reminder that<br />

a mortgagee must<br />

be diligent about<br />

the property which<br />

is its security. He<br />

or she will not want<br />

an ancient Roman<br />

lawyer to pop up<br />

and to spoil things.<br />

of Cornwall. The plaintiff ‘had drawn his net<br />

partially around the catch… which he was about<br />

to close…’ The defendant ‘rowed his boat up to<br />

the opening’ and took the fish. The defendant<br />

was not liable for the lost catch, because the<br />

plaintiff had not taken possession of the fish.<br />

These principles have influenced the law for<br />

a long time. Henry de Bracton in the early 13th<br />

century wrote De Legibus et Consuetudinibus<br />

Angliae (On the Laws of Customs of England),<br />

and, unusually, because cases rather than<br />

the writings of academics are appropriate<br />

precedent, was mentioned by Sir Timothy Lloyd<br />

in the Borwick Developments case. Bracton<br />

expressed a similar principle about bees, which<br />

when they fly away from the hive, they belong<br />

to the beekeeper for as long as he or she has the<br />

power to pursue them.<br />

Bracton was influenced by the law of ancient<br />

Rome, where in the second century Gaius<br />

wrote in his Second Commentary about living<br />

creatures. He regarded bees as a special case,<br />

but fish and other wild animals remained the<br />

property of their captor unless they recovered<br />

their liberty.<br />

In the Borwick Developments case Jackson LJ<br />

further observed that there were other examples<br />

of the Common Law searching the Civil Law for<br />

guidance. In this context he mentioned Hugo<br />

Grotius and Chapter VIII, Book II, On the Law of<br />

War and Peace published in 1625. He wrote that<br />

‘we have right of ownership over wild beasts in<br />

private forests, and fish in private lakes, just as<br />

we have possession of them.’<br />

Although it is very unusual for judges in this<br />

country to refer to the opinions of academic<br />

lawyers, the judges of the Court of Appeal did<br />

not neglect case law. There was a case where<br />

bees left the plaintiff’s beehive and swarmed<br />

onto the defendant’s land. The defendant<br />

refused to allow the plaintiff access to that land,<br />

and by the time he changed his mind, the bees<br />

had gone. In Keary v Patterson 1939 1KB 471 the<br />

judges of the Court of Appeal would not award<br />

damages.<br />

In the Borwick Developments case the<br />

judges took this case into account but ruled<br />

that fish were wild creatures, and not owned<br />

like domestic animals, such as my guinea pigs<br />

which I adopted. The purchaser of the fishery<br />

possessed the fish, which were confined in the<br />

lakes into which they had been introduced by<br />

the claimant. After the sale of the property the<br />

claimant lost any rights to the fish just as it lost<br />

its rights to the solar panels also on the land.<br />

This is good news for credit managers of<br />

mortgagees, where wild animals are a part of a<br />

business operated on a mortgaged property. The<br />

Borwick Developments case is a reminder that a<br />

mortgagee must be diligent about the property<br />

which is its security. He or she will not want an<br />

ancient Roman lawyer to pop up and to spoil<br />

things.<br />

Peter Walker is a freelance journalist.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 37


In the red zone<br />

Late Payment statistics show the<br />

problems are mounting.<br />

AUTHOR – Iona Yadallee<br />

LATE payment is a perennial issue, but the<br />

coronavirus pandemic is exacerbating the<br />

situation and companies up and down the<br />

country are now feeling the pinch. The latest<br />

data for the number of days beyond term<br />

that business are having to wait paints a<br />

worrying picture.<br />


It is perhaps the regional figures that throw the harshest<br />

spotlight on the situation with (almost) every regional<br />

suffering longer payment delays. The only exception is<br />

Northern Ireland, but the improvement is marginal – a 0.3<br />

drop from 17.4 Days Beyond Terms (BDT) in December to<br />

17.1 days in January. Interestingly, this is a significant slip<br />

from the 7.2 day improvement that it saw from November to<br />

December last year (as reported in <strong>CM</strong> January/February).<br />

Could the positive affect of the rebound experienced over<br />

the second half of 2020 in some of Northern Ireland’s key<br />

sectors, such construction, be winding back?<br />

Another region seeing a reversal of fortunes is Scotland.<br />

In December it was the only other improver, alongside<br />

Northern Ireland, but according to the January DBT<br />

figures it has experienced the sharpest hike in late<br />

payment – with businesses waiting an additional 6.4<br />

days, putting the average DBT at 19.3. This, however, is<br />

still some way from East Anglia whose businesses are<br />

waiting the longest for payments – 25.4 DBT in January<br />

and rising at a rate of 5.3 additional days a month.<br />

The Hospitality sector with its<br />

closed signs up for example<br />

is the hardest hit – it had the<br />

highest DBT in January of all<br />

sectors at 35.7.<br />


Unsurprisingly, the late payments statistics by sector<br />

also show a worsening situation. According to the<br />

January data there are now only five improving sectors<br />

that experienced a reduction in the number of days<br />

beyond terms. Last month there were 14 sectors that<br />

were improving. The shift is staggering.<br />

There are of course some predictable sectors that<br />

are suffering the prolonged misery of the Coronavirus<br />

restrictions. The Hospitality sector with its closed signs<br />

up for example is the hardest hit – it had the highest DBT<br />

in January of all sectors at 35.7. This is an additional 15.2<br />

days compared to the previous month. Another two sectors<br />

worsening at a quicker pace are the Construction sector,<br />

the reliable economic bellwether for our economy, which<br />

saw a 14.4 day rise to its DBT (taking it to 26.6 for January),<br />

and also the Business from Home sector with a similar rise<br />

of 14.3 which took late payment to an average of 34.8 DBT.<br />

Dismal economic climates are credited with prompting<br />

a resurgence in entrepreneurship and self-employment,<br />

and the Coronavirus pandemic will undoubtedly be<br />

prompting unemployed workers to stealthily move<br />

into starting a business from their home. Let’s hope<br />

there is a reversal in the late payment trend so they<br />

can make a success of it, and yet again prove that<br />

entrepreneurship and the Business from Home<br />

sector can drive local economic recovery.<br />

By Iona Yadallee is Deputy Editor<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 38


Data supplied by the Creditsafe Group<br />

Top Five Prompter Payers<br />

Region Jan 21 Change from Dec 20<br />

Northern Ireland 17.1 -0.3<br />

London 18.4 0.7<br />

Scotland 19.3 6.4<br />

Yorkshire and Humberside 20.1 6.1<br />

South East 20.5 4.1<br />

Bottom Five Poorest Payers<br />

Region DEC 20 Change from Dec 20<br />

East Anglia 25.4 5.3<br />

East Midlands 24.7 3.1<br />

Wales 21.9 3.8<br />

South West 21.8 2.4<br />

North West 20.8 5.6<br />

Top Five Prompter Payers<br />

Sector DEC 20 Change from Dec 20<br />

Health & Social 12 -2.5<br />

Education 13.1 -0.1<br />

Public Administration 13.4 1.8<br />

Wholesale and retail traded 13.8 -3.8<br />

International Bodies 14.8 -11.4<br />

Bottom Five Poorest Payers<br />

Sector DEC 20 Change from Dec 20<br />

Hospitality 35.7 15.2<br />

Business from Home 34.8 14.3<br />

Real Estate 28.2 11.8<br />

Financial and Insurance 27.1 11.3<br />

Agriculture, Forestry and Fishing 26.9 10.4<br />

Getting Better<br />

International Bodies -11.4<br />

Other Service -9.9<br />

Wholesale and retail trade -3.8<br />

Health & Social -2.5<br />

Education -0.1<br />

Getting Worse<br />

Hospitality 15.2<br />

Construction 14.4<br />

Business from Home 14.3<br />

Real Estate 11.8<br />

Financial and Insurance 11.3<br />

Agriculture, Forestry and Fishing 10.4<br />

Professional and Scientific 9.0<br />

Mining and Quarrying 7.2<br />

Dormant 6.4<br />

Energy Supply 6.2<br />

Manufacturing 5.1<br />

Business Admin and Support 4.9<br />

Transportation and Storage 3.8<br />

Water and Waste 2.6<br />


6.4 DBT<br />

Public Administration 1.8<br />

Entertainment 0.9<br />



-0.3 DBT<br />

SOUTH<br />

WEST<br />

2.4 DBT<br />

WALES<br />

3.8 DBT<br />

NORTH<br />

WEST<br />

5.6 DBT<br />

WEST<br />


5.3 DBT<br />



6.1 DBT<br />

EAST<br />


3.1 DBT<br />

LONDON<br />

0.7 DBT<br />

SOUTH<br />

EAST<br />

4.1 DBT<br />

EAST<br />

ANGLIA<br />

5.3 DBT<br />

IT and Comms 0.6<br />

Region<br />

Getting Better – Getting Worse<br />

-0.3<br />

6.4<br />

6.1<br />

5.6<br />

5.3<br />

5.3<br />

4.1<br />

3.8<br />

3.1<br />

2.4<br />

0.7<br />

Northern Ireland<br />

Scotland<br />

Yorkshire and Humberside<br />

North West<br />

East Anglia<br />

West Midlands<br />

South East<br />

Wales<br />

East Midlands<br />

South West<br />

London<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 39



For further information and to discuss the opportunities of entering into a<br />

Corporate Partnership with the CI<strong>CM</strong>, please contact corporatepartners@cicm.com<br />

The Company Watch platform provides risk analysis<br />

and data modelling tools to organisations around<br />

the world that rely on our ability to accurately predict<br />

their exposure to financial risk. Our H-Score®<br />

predicted 92 percent of quoted company insolvencies<br />

and our TextScore® accuracy rate was 93<br />

percent. Our scores are trusted by credit professionals<br />

within banks, corporates, investment houses<br />

and public sector bodies because, unlike other credit<br />

reference agencies, we are transparent and flexible<br />

in our approach.<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

Satago helps business owners and their<br />

accountants avoid credit risks, manage debtors<br />

and access finance when they need it – all in<br />

one platform. Satago integrates with 300+ cloud<br />

accounting apps with just a few clicks, helping<br />

businesses:<br />

Understand their customers - with RISK INSIGHTS<br />

Get paid on time - with automated CREDIT CONTROL<br />

Access funding - with flexible SINGLE INVOICE FINANCE<br />

Visit satago.com and start your free trial today.<br />

T: 020 8050 3015<br />

E: hello@satago.com<br />

W: www.satago.com<br />

Onguard is a specialist in credit management<br />

software and a market leader in innovative solutions<br />

for Order to Cash. Our integrated platform ensures<br />

an optimal connection of all processes in the Order<br />

to Cash chain and allows sharing of critical data. Our<br />

intelligent tools can seamlessly interconnect and<br />

offer overview and control of the payment process,<br />

as well as contribute to a sustainable customer relationship.<br />

The Onguard platform is successfully used<br />

for successful credit management in more than 50<br />

countries.<br />

T: 020 3868 0947<br />

E: lisa.bruno@onguard.com<br />

W: www.onguard.com<br />

Chris Sanders Consulting – we are a different<br />

sort of consulting firm, made up of a network of<br />

independent experienced operational credit and<br />

collections management and invoicing professionals,<br />

with specialisms in cross industry best practice<br />

advisory, assessment, interim management,<br />

leadership, workshops and training to help your<br />

team and organisation reach their full potential in<br />

credit and collections management. We are proud to<br />

be Corporate Partners of the Chartered Institute of<br />

Credit Management and to manage the CI<strong>CM</strong> Best<br />

Practice Accreditation Programme on their behalf.<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Dun & Bradstreet Finance Solutions enable modern<br />

finance leaders and credit professionals to improve<br />

business performance through more effective risk<br />

management, identification of growth opportunities,<br />

and better integration of data and insights<br />

across the business. Powered by our Data Cloud,<br />

our solutions provide access to the world’s most<br />

comprehensive commercial data and insights<br />

supplying a continually updated view of business<br />

relationships that help finance and credit teams<br />

stay ahead of market shifts and customer changes.<br />

T: (0800) 001-234<br />

W: www.dnb.co.uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps<br />

businesses pay and get paid. Businesses and banks<br />

rely on Bottomline for domestic and international<br />

payments, effective cash management tools, automated<br />

workflows for payment processing and bill review<br />

and state of the art fraud detection, behavioural<br />

analytics and regulatory compliance. Every day, we<br />

help our customers by making complex business<br />

payments simple, secure and seamless.<br />

T: 0870 081 8250<br />

E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Operating across seven UK offices, Menzies LLP is<br />

an accountancy firm delivering traditional services<br />

combined with strategic commercial thinking. Our<br />

services include: advisory, audit, corporate and<br />

personal tax, corporate finance, forensic accounting,<br />

outsourcing, wealth management and business<br />

recovery – the latter of which includes our specialist<br />

offering developed specifically for creditors. For<br />

more information on this, or to see how the Menzies<br />

Creditor Services team can assist you, please<br />

visit: www.menzies.co.uk/creditor-services.<br />

T: +44 (0)2073 875 868 - London<br />

T: +44 (0)2920 495 444 - Cardiff<br />

W: menzies.co.uk/creditor-services<br />

Tinubu Square is a trusted source of trade credit<br />

intelligence for credit insurers and for corporate<br />

customers. The company’s B2B Credit Risk<br />

Intelligence solutions include the Tinubu Risk<br />

Management Center, a cloud-based SaaS platform;<br />

the Tinubu Credit Intelligence service and the<br />

Tinubu Risk Analyst advisory service. Over 250<br />

companies rely on Tinubu Square to protect their<br />

greatest assets: customer receivables.<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com.<br />

With 130+ years of experience, Graydon is a leading<br />

provider of business information, analytics, insights<br />

and solutions. Graydon helps its customers to make<br />

fast, accurate decisions, enabling them to minimise<br />

risk and identify fraud as well as optimise opportunities<br />

with their commercial relationships. Graydon<br />

uses 130+ international databases and the information<br />

of 90+ million companies. Graydon has offices in<br />

London, Cardiff, Amsterdam and Antwerp. Since 2016,<br />

Graydon has been part of Atradius, one of the world’s<br />

largest credit insurance companies.<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 40

Each of our Corporate Partners is carefully selected for<br />

their commitment to the profession, best practice in the<br />

Credit Industry and the quality of services they provide.<br />

We are delighted to showcase them here.<br />


Hays Credit Management is a national specialist<br />

division dedicated exclusively to the recruitment of<br />

credit management and receivables professionals,<br />

at all levels, in the public and private sectors. As<br />

the CI<strong>CM</strong>’s only Premium Corporate Partner, we<br />

are best placed to help all clients’ and candidates’<br />

recruitment needs as well providing guidance on<br />

CV writing, career advice, salary bench-marking,<br />

marketing of vacancies, advertising and campaign<br />

led recruitment, competency-based interviewing,<br />

career and recruitment trends.<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

The Atradius Collections business model is to support<br />

businesses and their recoveries. We are seeing a<br />

deterioration and increase in unpaid invoices placing<br />

pressures on cashflow for those businesses. Brexit is<br />

causing uncertainty and we are seeing a significant<br />

impact on the UK economy with an increase in<br />

insolvencies, now also impacting the continent and<br />

spreading. Our geographical presence is expanding<br />

and with a single IT platform across the globe we can<br />

provide greater efficiencies and effectiveness to our<br />

clients to recover their unpaid invoices.<br />

T: +44 (0)2920 824700<br />

W: www.atradiuscollections.com/uk/<br />

Shoosmiths’ highly experienced team will work<br />

closely with credit teams to recover commercial<br />

debts as quickly and cost effectively as possible.<br />

We have an in depth knowledge of all areas of debt<br />

recovery, including:<br />

• Pre-litigation services to effect early recovery and<br />

keep costs down • Litigation service • Insolvency<br />

• Post-litigation services including enforcement<br />

As a client of Shoosmiths, you will find us quick to<br />

relate to your goals, and adept at advising you on the<br />

most effective way of achieving them.<br />

T: 03700 86 3000<br />

E: paula.swain@shoosmiths.co.uk<br />

W: www.shoosmiths.co.uk<br />

Forums International has been running Credit and<br />

Industry Forums since 1991 covering a range of<br />

industry sectors and international trading. Attendance<br />

is for credit professionals of all levels. Our forums<br />

are not just meetings but communities which<br />

aim to prepare our members for the challenges<br />

ahead. Attending for the first time is free for you to<br />

gauge the benefits and meet the members and we<br />

only have pre-approved Partners, so you will never<br />

intentionally be sold to.<br />

T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Data Interconnect provides ERP-agnostic AR<br />

software. The Corrivo platform transmits invoices<br />

in multiple formats using tax compliant templates<br />

custom-designed for your business. Corrivo expedites<br />

collections, reconciliation and dispute processes with<br />

flexible workflow tools for creating and assigning tasks,<br />

limits, chase paths or stops and a self-service portal<br />

where customers can query, comment, dispute or pay.<br />

Corrivo manages data securely and efficiently so that<br />

you can manage your customers and cashflow better.<br />

T: +44 (0)1367 245777<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

Serrala optimizes the Universe of Payments for<br />

organisations seeking efficient cash visibility<br />

and secure financial processes. As an SAP<br />

Partner, Serrala supports over 3,500 companies<br />

worldwide. With more than 30 years of experience<br />

and thousands of successful customer projects,<br />

including solutions for the entire order-to-cash<br />

process, Serrala provides credit managers and<br />

receivables professionals with the solutions they<br />

need to successfully protect their business against<br />

credit risk exposure and bad debt loss.<br />

T: +44 118 207 0450<br />

E: contact@serrala.com<br />

W: www.serrala.com<br />

American Express® is a globally recognised<br />

provider of business payment solutions, providing<br />

flexible capabilities to help companies drive<br />

growth. These solutions support buyers and<br />

suppliers across the supply chain with working<br />

capital and cashflow.<br />

By creating an additional lever to help support<br />

supplier/client relationships American Express is<br />

proud to be an innovator in the business payments<br />

space.<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

C2FO turns receivables into cashflow and payables<br />

into income, uniquely connecting buyers and<br />

suppliers to allow discounts in exchange for<br />

early payment of approved invoices. Suppliers<br />

access additional liquidity sources by accelerating<br />

payments from buyers when required in just two<br />

clicks, at a rate that works for them. Buyers, often<br />

corporates with global supply chains, benefit from<br />

the C2FO solution by improving gross margin while<br />

strengthening the financial health of supply chains<br />

through ethical business practices.<br />

T: 07799 692193<br />

E: anna.donadelli@c2fo.com<br />

W: www.c2fo.com<br />

Esker’s Accounts Receivable (AR) solution removes<br />

the all-too-common obstacles preventing today’s<br />

businesses from collecting receivables in a<br />

timely manner. From credit management to cash<br />

allocation, Esker automates each step of the orderto-cash<br />

cycle. Esker’s automated AR system helps<br />

companies modernise without replacing their<br />

core billing and collections processes. By simply<br />

automating what should be automated, customers<br />

get the post-sale experience they deserve and your<br />

team gets the tools they need.<br />

T: +44 (0)1332 548176<br />

E: sam.townsend@esker.co.uk<br />

W: www.esker.co.uk<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 41




For further information and to discuss the<br />

opportunities of entering into a Corporate<br />

Partnership with the CI<strong>CM</strong>, please contact<br />

corporatepartners@cicm.com<br />

HighRadius is a Fintech enterprise Software-as-a-<br />

Service (SaaS) company. Its Integrated Receivables<br />

platform reduces cycle times in the Order to Cash process<br />

through automation of receivables and payments<br />

across credit, e-invoicing and payment processing,<br />

cash allocation, dispute resolution and collections.<br />

Powered by the RivanaTM Artificial Intelligence<br />

Engine and Freeda Digital Assistant for Order to Cash<br />

teams, HighRadius enables more than 450 organisations<br />

to leverage machine learning to predict future<br />

outcomes and automate routine labour intensive tasks.<br />

T: +44 7399 406889<br />

E: gwyn.roberts@highradius.com<br />

W: www.highradius.com<br />

‘‘<br />

CI<strong>CM</strong> offered the<br />

prospect of qualifications,<br />

but as soon as I became<br />

a member, loads of other<br />

opportunities came to<br />

light that I hadn’t initially<br />

realised were available.<br />

Molly Kane<br />

ACI<strong>CM</strong><br />

C<br />

M<br />

Key IVR provide a suite of products to assist companies<br />

across Europe with credit management. The<br />

service gives the end-user the means to make a<br />

payment when and how they choose. Key IVR also<br />

provides a state-of-the-art outbound platform<br />

delivering automated messages by voice and SMS.<br />

In a credit management environment, these services<br />

are used to cost-effectively contact debtors and<br />

connect them back into a contact centre or<br />

automated payment line.<br />

T: +44 (0) 1302 513 000<br />

E: sales@keyivr.com<br />

W: www.keyivr.com<br />

Building on our mature and hugely successful<br />

product and world class support service, we are<br />

re-imagining our risk awareness module in 2019 to<br />

allow for hugely flexible automated worklists and<br />

advanced visibility of areas of risk. Alongside full<br />

integration with all credit scoring agencies (e.g.<br />

Creditsafe), this makes Credica a single port-of-call<br />

for analysis and automation. Impressive results<br />

and ROI are inevitable for our customers that also<br />

have an active input into our product development<br />

and evolution.<br />

The value<br />

of CI<strong>CM</strong><br />

membership<br />

Molly Kane ACI<strong>CM</strong><br />

Global Process Architect<br />

Stuart Delivery Ltd<br />

Read more about her story and join your<br />

credit community by visiting:<br />

www.cicm.com/value-of-cicm-membership/<br />

Y<br />

<strong>CM</strong><br />

MY<br />

CY<br />

<strong>CM</strong>Y<br />

K<br />

T: 01235 856400<br />

E: info@credica.co.uk<br />

W: www.credica.co.uk<br />

info@cicm.com<br />

www.cicm.com<br />

01780 722900<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 42

B A K E R I N G . G L O B A L<br />

G L O B A L O U T L O O K<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 43


Through the looking glass<br />

What can we learn from the most significant<br />

salary and recruiting trends for <strong>2021</strong>.<br />

AUTHOR – Karen Young<br />

LAST year unfolded in a way<br />

that nobody could have<br />

foreseen just a year ago.<br />

There is much to unpack<br />

about the events of the last<br />

12 months and how they<br />

impacted our world of work – and indeed<br />

lots to speculate about what might be in<br />

store for <strong>2021</strong> and beyond.<br />

According to new research from<br />

roughly 400 credit professionals in<br />

the Hays Salary & Recruiting Trends<br />

<strong>2021</strong> Guide, here are some of the most<br />

significant trends that we witnessed last<br />

year, as well as a glimpse into what we can<br />

expect going forward.<br />



Starting on a positive note, more than four<br />

in five (82 percent) employers of credit<br />

professionals, expect their organisation’s<br />

activity levels to increase or stay the same<br />

throughout the year. Clearly the pace of<br />

change doesn’t look to be slowing down<br />

any time soon and the profession will<br />

continue to respond to the development<br />

of the pandemic.<br />

Another encouraging sign from<br />

employers is that exactly half (50 percent)<br />

are planning to recruit new staff in credit<br />

over the year ahead, which is actually<br />

higher than those who said they intended<br />

to do this last year (44 percent).<br />



There are in fact three in five (60 percent)<br />

credit professionals who say they<br />

anticipate moving roles in the year ahead.<br />

What’s important for those in this position<br />

to note is that the hiring landscape has<br />

changed drastically over the last year<br />

– and employers are now looking for<br />

different things in potential candidates.<br />

New skill requirements are emerging,<br />

accelerated by the pandemic, and<br />

credit professionals need to be aware<br />

of what these are to make themselves as<br />

employable as possible. Specific credit<br />

and finance skills unsurprisingly still top<br />

the list of skills in demand, but sales and<br />

IT infrastructure skills are also high in<br />

importance (needed by 32 percent and 23<br />

percent respectively).<br />

Certain non-technical or soft skills are<br />

also coming to the fore. Unsurprisingly,<br />

these skills reflect a changing world of<br />

work where we are interacting in different<br />

ways and up against new challenges. The<br />

soft skills most in demand this year are:<br />

• The ability to adopt change (needed by 58<br />

percent of employers)<br />

• Communication and interpersonal skills<br />

(57 percent)<br />

• Flexibility and adaptability (51 percent)<br />



It won’t come as a surprise that salary rises<br />

weren’t as generous as might be expected.<br />

Our research found that on average,<br />

salaries for credit professionals rose half<br />

of one percent in the last 12 months.<br />

This is slightly under the accountancy<br />

and finance sector as a whole (just less<br />

than one percent) and the UK average for<br />

all professions this year (a little over one<br />

percent).<br />

Despite this, professionals remain<br />

just as satisfied with their salaries – 59<br />

percent say they are satisfied, on a par<br />

with 60 percent last year. For those who<br />

are seeking a pay rise this year, the good<br />

news is that about half (49 percent) of<br />

employers expect to increase salaries over<br />

the next 12 months.<br />




Our research certainly uncovered some<br />

positive findings, but it also revealed the<br />

extent to which COVID-19 has negatively<br />

impacted the careers of many people.<br />

Currently, four in five (82 percent)<br />

say they are concerned about the wider<br />

economic climate and their employment<br />

opportunities over the next few years.<br />

What’s more, less than a third (30 percent)<br />

feel positive about their career prospects<br />

compared to 54 percent who felt this<br />

way last year. Over half (51 percent)<br />

feel uncertain and 81 percent say their<br />

employer hasn’t taken steps to reduce this<br />

uncertainty.<br />



Finally, let’s take a look at working<br />

patterns and preferences. Over the last<br />

year, we’ve completely changed the way<br />

we work, with the vast majority of credit<br />

professionals (84 percent) saying they<br />

have been working remotely since the<br />

first national lockdown in <strong>March</strong> 2020.<br />

Although 68 percent of professionals<br />

feel this has been positive for their<br />

organisation, it doesn’t look to be the<br />

favoured option going forward. For just<br />

under a third (30 percent), their ideal way<br />

of working in 12 months’ time is half in<br />

the office and half remotely, followed by<br />

28 percent who want a majority remote<br />

arrangement but still with some time<br />

in the office. Less than one in five (17<br />

percent) want to be working fully remotely<br />

in 12 months’ time.<br />



Based on the findings above, here are<br />

three actions I recommend employers and<br />

professionals take in the year ahead.<br />

1. Feelings of uncertainty and concern<br />

among professionals cannot be ignored.<br />

Employers need to address these by being<br />

transparent about their organisation’s<br />

approach to tacking the pandemic and<br />

emphasising progression opportunities<br />

through internal communications.<br />

These messages also need to be clear in<br />

recruitment materials to attract new staff.<br />

2. In light of the requirement for new<br />

skills, training and development need<br />

to be taken seriously. For employers,<br />

investing in engaging and flexible remote<br />

training ought to be a priority – and<br />

professionals should make the most of<br />

opportunities in and out of work.<br />

3. A single working pattern for all<br />

employees is a thing of the past.<br />

Embracing a variety of diverse working<br />

patterns and preferences will help<br />

employers and professionals thrive in<br />

a world of work which will continue to<br />

evolve and adapt<br />

Despite entering <strong>2021</strong> under lockdown<br />

restrictions and against a backdrop of<br />

a damaged economy, there is cause for<br />

optimism. Being armed with the latest<br />

insights about the profession and the<br />

wider world of work will help those in<br />

credit put their best foot forward as we<br />

tackle the year ahead.<br />

Karen Young is Director<br />

at Hays Credit Management.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 44


AUTHOR – Karen Young<br />


REGIONAL SALARIES <strong>2021</strong><br />

Northern Ireland<br />

£47,000<br />

Scotland<br />

£40,000<br />

North East<br />

£39,000<br />

North West<br />

£45,000<br />

Yorkshire & Humber<br />

£40,000<br />

East Midlands<br />

£40,000<br />

West Midlands<br />

£48,000<br />

Wales<br />

£37,000<br />

East of England<br />

£47,000<br />

South West England<br />

£40,000<br />

South East England<br />

£45,000<br />

London<br />

£55,000<br />

CREDIT SALARIES UK <strong>2021</strong><br />

Credit<br />

Controller<br />

Senior<br />

Credit Controller<br />

Credit Risk<br />

Analyst<br />

Credit Control<br />

Supervisor<br />

Credit<br />

Manager<br />

Group Credit Manager<br />

/ Head of Credit<br />

Credit<br />

Director<br />

Region 2020 <strong>2021</strong> 2020 <strong>2021</strong> 2020 <strong>2021</strong> 2020 <strong>2021</strong> 2020 <strong>2021</strong> 2020 <strong>2021</strong> 2020 <strong>2021</strong><br />

East Midlands £23,000 £23,000 £25,000 £26,000 £40,000 £40,000 £30,000 £29,000 £40,000 £40,000 £60,000 £60,000 £80,000 £80,000<br />

East of England £24,500 £25,000 £28,000 £29,000 £40,000 £40,000 £32,000 £38,000 £38,000 £47,000 £55,000 £60,000 £70,000 £70,000<br />

London £27,000 £27,000 £32,000 £32,000 £50,000 £50,000 £36,000 £36,000 £55,000 £55,000 £72,000 £72,000 £95,000 £95,000<br />

North East £21,000 £21,000 £25,000 £25,000 £32,000 £32,000 £26,000 £27,000 £38,000 £39,000 £60,000 £60,000 £75,000 £75,000<br />

North West £23,500 £24,500 £26,000 £27,000 £40,000 £40,000 £30,000 £30,000 £45,000 £45,000 £60,000 £60,000 £80,000 £80,000<br />

Northern Ireland £23,000 £24,000 £28,000 £29,000 £33,000 £33,000 £38,000 £38,000 £47,000 £47,000 £55,000 £55,000 £72,000 £72,000<br />

Scotland £23,000 £23,000 £26,000 £26,000 £32,000 £32,000 £30,000 £30,000 £40,000 £40,000 £55,000 £55,000 £65,000 £65,000<br />

South East £26,500 £27,500 £31,000 £21,000 £40,000 £40,000 £34,000 £35,000 £45,000 £45,000 £65,000 £65,000 £85,000 £85,000<br />

South West £25,000 £25,000 £27,000 £27,000 £42,000 £42,000 £28,000 £30,000 £38,000 £40,000 £55,000 £55,000 £70,000 £70,000<br />

Wales £20,000 £20,000 £24,000 £25,000 £30,000 £30,000 £27,000 £27,000 £36,000 £37,000 £52,000 £52,000 £65,000 £65,000<br />

West Midlands £24,000 £24,000 £27,000 £27,000 £40,000 £40,000 £33,000 £33,000 £48,000 £48,000 £70,000 £65,000 £85,000 £80,000<br />

Yorkshire £23,000 £23,000 £24,000 £25,000 £32,000 £32,000 £28,000 £28,000 £40,000 £40,000 £58,000 £60,000 £70,000 £70,000<br />

Average £23,625 £23,917 £26,917 £26,583 £37,583 £37,583 £31,000 £31,750 £42,500 £43,583 £59,750 £59,917 £76,000 £75,583<br />

2020-<strong>2021</strong> % increase 1.2% -1.2% 0% 2.4% 2.5% 0.3% -0.5%<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 45

$<br />

Advancing<br />

Careers<br />

Advancing<br />

Best Practice<br />

Advancing<br />

Connections<br />

Advancing<br />

Skills<br />

Advancing<br />

Thinking<br />

Advancing<br />

Business<br />



01780 722900 | www.cicm.com<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 46


Virtual Classes<br />

for <strong>2021</strong><br />

Get CI<strong>CM</strong> qualified by attending<br />

Virtual Classes: The best of both worlds.<br />

Home study does not mean you have to study alone. Our ‘gold standard’<br />

distance learning offer, our Virtual Classes have the greatest success<br />

rate of all our packages. Your study will be supported and led by one of<br />

our experienced CI<strong>CM</strong> Tutors via a series of virtual classes and activities,<br />

which are interactive, challenging and fun.<br />

LEVEL<br />

2<br />

Commercial<br />

LEVEL<br />

3<br />

LEVEL<br />

5<br />

Telephone<br />

Consumer Collections<br />

Consumer Telephone Collections<br />

*Coming soon for <strong>2021</strong> – Advanced Business Comms and Personal Skills*<br />

*Coming soon for <strong>2021</strong> – Credit Risk Management*<br />

Accounting Principles<br />

Advanced Telephone Collections<br />

Advanced Business Communications<br />

Business Environment<br />

Business Law<br />

Credit Management (trade, export and consumer)<br />

Debt Recovery<br />

Advanced Credit Risk Management<br />

Compliance with legal, regulatory, ethical and social requirements<br />

Process Improvement<br />

Strategic Planning<br />

Legal Proceedings and Insolvency<br />

Strategic Communications and Leadership<br />

Book your place today, visit www.cicm.com<br />

or contact a member of our team on 01780 722900<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 47


CI<strong>CM</strong> Virtual Training is an ‘access anywhere’ range of interactive, online training<br />

courses, designed to give you the skills and tools you need to thrive in your credit<br />

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

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

array of credit management experience, will guide you through the subject to give you<br />

practical skills, improved results and greater confidence.<br />

These are pre-recorded training<br />

sessions that you can access<br />

anywhere and at anytime. Short,<br />

sharp and to the point – these suit<br />

you if you are short on time, or need<br />

a quick introduction or update on a<br />

subject.<br />

These are live, interactive sessions,<br />

delivered virtually by a qualified trainer,<br />

experienced in the subject. Through<br />

a series of tasks and discussions, you<br />

will access a hands-on training session<br />

that offers the best practice approach to<br />

essential credit and debt skills.<br />

MEET YOUR TRAINER: Jules Eames FCI<strong>CM</strong>(Grad); PGCE, is a qualified teacher,<br />

trainer and credit manager with experience in credit and debt specialisms across the<br />

O2C spectrum and ancillary businesses, in consumer, B2B and export markets.<br />

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

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 48

CI<strong>CM</strong> East of England Branch held<br />

a webinar in February with Andy<br />

Moylan, FCI<strong>CM</strong>, Executive Board<br />

member of ICBA (International<br />

Broker Alliance), who has 30<br />

years’ experience in the trade<br />

credit industry working with multinational<br />

credit departments.<br />

Andy outlined the current ‘Perfect Storm’:<br />

the worst recession in living memory and the<br />

tsunami of insolvencies which is expected once<br />

the current restrictions on recoveries are lifted.<br />

Those companies currently in survival mode<br />

face many challenges but with these come<br />

opportunities for those prepared to take risks in<br />

order to obtain growth.<br />

Most UK companies hold just three months<br />

of working capital and in the short term many<br />

will struggle to obtain more, so more risk is<br />

inevitable over the next six months in order<br />

to increase sales. This is where the Credit<br />

Manager who understands risk and not just cash<br />

collection will prove vital.<br />

Relying simply on past payment performance<br />

will not be sufficient. Risk will need to be<br />

assessed using not only financial data but other<br />


How do you assess<br />

risk post pandemic?<br />

Andy outlined the<br />

current ‘Perfect<br />

Storm’: the worst<br />

recession in living<br />

memory and<br />

the tsunami of<br />

insolvencies which<br />

is expected once the<br />

current restrictions<br />

on recoveries are<br />

lifted.<br />

information like knowing not just your customer<br />

but their customers too. Credit insurance might<br />

help but it will not suffice on its own so there is<br />

a need to look at what fresh tools are available.<br />

Taking more risk, and being brave, requires<br />

understanding the margins.<br />

Fraud always rises after a recession and it has<br />

already more than doubled in the food, meat,<br />

fruit and vegetable and IT sectors.<br />

Andy gave practical advice such as drawing up<br />

a new, well thought out, risk strategy, plan and<br />

toolbox, grading every customer by risk level,<br />

taking the external credit rating and mapping<br />

that to their own margins and collection<br />

methods. Higher risk customers should possibly<br />

have shorter payment terms and be charged a<br />

higher margin.<br />

We hope that everyone found Andy’s webinar<br />

useful, informative and enjoyable. The session<br />

was recorded so if you would like details<br />

about how to watch it, or for a copy of the<br />

slides, or Andy’s Fraud checklist, please email<br />

eastofenglandbranch@cicm.com<br />

Author: Will Plom CI<strong>CM</strong> Affliliate<br />

Manager, Hays<br />



Prepare and act now, for the<br />

Credit world of tomorrow.<br />

As the world continues to react to constant change, our<br />

credit profession needs to prepare for the new credit future.<br />

Debt management<br />

• Adjust collections and recovery strategies to fit the changing financial environment<br />

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

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

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

Employees<br />

• Upskill staff for a new credit future through training and qualification programmes<br />

• Review and bolster support mechanisms that cater for the wellbeing of employees<br />

• Consult and trial agile working arrangements with touch points to check feasibility<br />

Cash resilience<br />

• Firm up honest and realistic cash forecasting projections and review them frequently<br />

• Tighten processes for quick & efficient cash collection, allocation and recovery referral<br />

• Calculate provision for bad and doubtful debt & review validity and value of securities<br />

• Agree new risk assessment protocols for ledger-wide vetting of new and existing customers<br />

• Review and strengthen supply chain, renegotiating contract terms in the new climate.<br />

Future proof strategies<br />

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

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

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

• Secure debt and ledger management software to automate manual tasks<br />

Communication<br />

• Maintain Senior Management visibility with short, frequent reports linked to overall objectives<br />

• Reaffirm supply chain relationships with bespoke contact that builds plans for future trading<br />

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

• Create cross functional work plans with re-emerging departments, to leverage help<br />

01780 722900 | info@cicm.com<br />

Access help from CI<strong>CM</strong><br />

Follow the CI<strong>CM</strong> Managing the New Credit<br />

Future Forum on LinkedIn.<br />

Access our Member Advice Service<br />

for support, answers and advice.<br />

Visit our Managing the New Credit Future<br />

webpage for more resources<br />

We continue to develop resources, advice and tools to help you prepare for<br />

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

CI<strong>CM</strong> is your professional body: use it. We are stronger in numbers.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 49

CI<strong>CM</strong> MEMBER<br />


Your CI<strong>CM</strong> lapel badge<br />

demonstrates your commitment to<br />

professionalism and best practice<br />



If you haven’t received your badge<br />

contact: cicmmembership@cicm.com<br />

CI<strong>CM</strong> has launched<br />

critical AR Factsheets<br />

for EMEA countries<br />

Powered by<br />

Powered by Baker Ing, country specific factsheets have been<br />

provided for up-to-date information on payment performance,<br />

legislation, and the effects of COVID-19 and Brexit. The<br />

factsheets are designed for credit professionals, and they<br />

cover legal business forms, credit risk data, collections<br />

protocols, enforcement and much more.<br />

Credit professionals need granular knowledge of the situation<br />

in their clients’ territories. Whether you need an off-the-peg<br />

checklist for dealing with a new country, or you need on-thespot<br />

information to help review risk strategies and Credit<br />

Policies, these insightful documents will help.<br />

Powered by<br />

EU Factsheet<br />


Powered by<br />

Germany has introduced a raft of measures and programmes to help combat the<br />

economic impact of COVID-19 containment measures. Here we present what we<br />

consider to be the most significant and interesting. This section is not exhaustive.<br />

Loans and grants – employees:<br />

Three main tranches of wage subsidy have been introduced.<br />

The most wide-reaching is “Kurzarbeit”. This programme existed before COVID-19.<br />

It is a social security programme whereby the government will subsidy employees’<br />

wages up to 60% (more for those with children) in order to allow their employers to<br />

reduce their hours (and their expenditure on wages) instead of laying them off.<br />

Under COVID provisions, the subsidy has been increased. From the fourth month,<br />

the rate is increased to 70% of flat-net renumeration for those households without<br />

children and 77% for those households with children. From the seventh month, it is<br />

increased to 80% for those households without children and 87% for those<br />

households with children. In September, there was a decree to make this benefit<br />

more flexible (e.g., reducing the minimum number of employees effected by<br />

working hours reduction to 10% for the business the qualify) and to extend the<br />

period for receiving this benefit from 12 to 24 months until 31 st December <strong>2021</strong>.<br />

Pre-Litigation<br />

Extended ROT; Assigned to the supplier in advance. In accordance with §354a<br />

of the Commercial Code, an advance assignment is effective despite a nonassignment<br />

agreement between the purchaser and any third parties.<br />

Letter before action. Do you have to send a demand letter to a debtor before<br />

going to court?<br />

Freelance artists in Germany can access funds if they work for cultural institutions<br />

funded by the Federal Government. They will be compensated for up to 60% o fees<br />

from cancelled events up to €1,000 and 40% up to €2,500.<br />

Students can access interest-free loans of up to €650 per month for jobs lost due to<br />

the pandemic.<br />

Loans and grants – businesses:<br />

EU Factsheet<br />


As well as the enhanced terms of “Kurzarbeit”, there are a variety of direct loans<br />

and grants available which businesses of different sizes can access.<br />

A grant of up to €150,000 / 80% of fixed costs in the subsidy period is available for<br />

businesses showing decreased sales volumes compared to the same month of the<br />

previous year. This Federal Government grant has been supplemented by some<br />

Federal States’ own grant programmes.<br />

Powered by<br />

Before going to court, and even before filing the claim to the enforcement<br />

authority, a warning notice to the debtor's registered address is<br />

mandatory.<br />

The warning notice should contain;<br />

o The name of the creditor and the basis of the claim<br />

o The total amount of the claim, including any penalty interests<br />

o Prescription on how to transfer the payment, i.e. bank account etc.<br />

o A warning that the claim will be enforced through the enforcement<br />

authority in case the claim is not settled within from the date of the<br />

notice<br />

o Information on how the object to the claim if not acknowledged be<br />

the debtor.<br />

If this measure has been taken and the payment still has not been made after<br />

the two-week notice period (according to the law), the creditor may file for<br />

enforcement.<br />

It is worth noting that, in Germany, you may be ordered to all pay court fees if<br />

you did not send a warning letter to the debtor prior to issuing<br />

proceedings.<br />

Visit cicm.com to view country specific factsheets from,<br />

Germany, Italy, Czech Republic, Spain, France, UK.<br />



Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 50

How can CRAs support<br />

an economic recovery?<br />

Page 10<br />

Exclusive interview<br />

with the CSA’s Chris<br />

Leslie. Page 12<br />



Sean Feast speaks to the CI<strong>CM</strong> Chair,<br />

Debbie Nolan FCI<strong>CM</strong>(Grad). Page 12<br />

The days of the free movement<br />

of goods are over. Page 24<br />

THE CI<strong>CM</strong> MAGAZINE FOR<br />




John Ricketts FCI<strong>CM</strong><br />

reflects on three years as<br />

CSA President. Page 22<br />

Open-mindedness is a<br />

professional’s greatest<br />

asset. Page 39<br />



<strong>CM</strong> July August 2020.indd 1 19/06/2020 09:46<br />

Winners of the<br />

CI<strong>CM</strong> British<br />

Credit Awards<br />

2020<br />

Are customers engaging<br />

with new digital<br />

communications? Page 12<br />

Sean Feast speaks to<br />

Jo Kettner of Company<br />

Watch. Page 17<br />



<strong>CM</strong> <strong>March</strong> 2020.indd 1 21/02/2020 12:21<br />


MARCH <strong>2021</strong> £12.50<br />

Sean Feast FCI<strong>CM</strong> speaks to<br />

the Interim Small Business<br />

Commissioner. Page 10<br />

A flexible approach to<br />

enforcement is more important<br />

than ever. Page 29<br />



HBH v5 <strong>CM</strong>YK.pdf 1 12/02/<strong>2021</strong> 10:54<br />


www.hostedbyhenry.global<br />

Henry James Barrowclough, CRO, Baker Ing<br />

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A n e w w e b i n a r s e r i e s b r e a k i n g<br />

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NOVEMBER 2020 £12.50<br />

Transmission Ends<br />

Can the broadcast media<br />

industry survive?<br />

S p e a k e r s i n c l u d e<br />

A d r i a n H y d e - B e g b i e s T r a y n o r<br />

R o b e r t D y r c z - P o l i s h I n s t i t u t e o f C r e d i t M a n a g e m e n t<br />

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JULY & AUGUST 2020 £12.50<br />

Commercial<br />

Brake<br />

Will COVID-19 bring<br />

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INSIDE<br />

Treading softly<br />

Ways to reduce your<br />

carbon footprint<br />

Game, set<br />

and match<br />

Is it game over for<br />

the leisure sector?<br />




IN DEPTH<br />


ASK THE<br />


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TRADE<br />



HR<br />







TO SUBSCRIBE CONTACT: T: 01780 722903 E: ANGELA.COOPER@CI<strong>CM</strong>.COM<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 51


Do you know someone who would benefit from CI<strong>CM</strong> membership? Or have<br />

you considered applying to upgrade your membership? See our website<br />

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

Studying Member<br />

Beatriz Abrisqueta Llamosas<br />

Muhammad Ali<br />

Kristie Lynne Allen<br />

Juergen Anselmann<br />

Primrose Arthurs-Wood<br />

Alvine Biewald<br />

Ricardo Da Silva<br />

Khadijah Dakri<br />

Janet Dickson<br />

Jonathan Evetts<br />

Jonathan Michael Ferguson<br />

Carolina Garcia<br />

Danica Hall<br />

Aaron Hurst<br />

Anna Indrak<br />

Lavinia Iriciuc<br />

Mariam Jamila<br />

Elena Kochetkova<br />

Chi Hung Luk<br />

Elizabeth Madigan<br />

Susmita Menon<br />

Sharvana Naidoo<br />

Md Nowshad<br />

Femi Ogunyemi<br />

Adele Payne<br />

Bhavya Ravikumar<br />

Katie Reed<br />

Michele Scarlino<br />

Clive Silvester<br />

Niklas Stamm Andersson<br />

Josephine Strain<br />

Barbora Venecsek<br />

Affiliate<br />

Chris Curd<br />

Jennifer Currie<br />

Emma Fitzgerald<br />

Karel Svanda<br />

Helena Thwaites<br />

Congratulations to our current members who have upgraded their membership<br />

Upgraded member<br />

Mrs Elisabetta Giglio-Charlton MCI<strong>CM</strong><br />


Congratulations to the following, who successfully achieved Diplomas<br />

Level 3 Diploma in Credit Management (ACI<strong>CM</strong>)<br />

NAME<br />

Kumar Arvind<br />

Charlotte Ashford<br />

Giacomo Cosentino<br />

Ian Hauka<br />

Kyle Hynes<br />

Kelly Nichols<br />

Louise Padmore<br />

Emily Talbot<br />

Liutsiia Zaikina<br />

Level 3 Diploma in Credit & Collections (ACI<strong>CM</strong>)<br />

NAME<br />

Kevin Dowdall William Runacre Jonathan Callow Lynda Bradbury<br />

Level 4 Diploma in High Court Enforcement<br />

NAME<br />

Richard Hooper<br />

Level 5 Diploma in Credit & Collections Management MCI<strong>CM</strong>(Grad)<br />

NAME<br />

Hayley Garrett<br />

Terri-Louise Taylor<br />


Get in touch with the CI<strong>CM</strong> by emailing branches@cicm.com with your branch news and event reports.<br />

Please only send up to 400 words and any images need to be high resolution to be printable, so 1MB plus.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 52



The risk of protected disclosures<br />

in an employment tribunal.<br />

AUTHOR – Gareth Edwards<br />

Exactly what can constitute a<br />

protected disclosure for the<br />

purposes of whistleblowing? A<br />

recent case in the Court of Appeal,<br />

Simpson v Cantor Fitzgerald<br />

Europe, answered the question,<br />

finding that an employment tribunal was entitled<br />

to reject a whistleblowing claim which was based<br />

on 37 separate alleged communications.<br />

Workers are afforded protection from detriment<br />

and dismissal under the Whistleblowing<br />

Framework where they have made a ‘protected<br />

disclosure’. This involves making what is known<br />

as a ‘qualifying disclosure’ of information that,<br />

in the reasonable belief of the worker that any<br />

of the following has occurred, is occurring, or<br />

is likely to occur – a criminal offence, breach<br />

of any legal obligation, miscarriage of justice,<br />

danger to health and safety of any individual,<br />

damage to the environment, or concealment of<br />

any of the above.<br />

For disclosures made on or after 25 June 2013,<br />

the worker must also reasonably believe that the<br />

disclosure is in the public interest.<br />

A qualifying disclosure will become a protected<br />

disclosure where it has been made to one of the<br />

categories of people listed in the legislation (the<br />

first of these being the worker’s employer).<br />

Employees are regarded as having been<br />

automatically unfairly dismissed if the reason<br />

or principal reason for the dismissal is that they<br />

have made a protected disclosure.<br />

In the case, Simpson made a number of<br />

allegations during his employment, including<br />

that his colleague had been undertaking an<br />

illegal trading practice known as ‘front running’.<br />

However, Simpson was criticised by his employer<br />

for constantly complaining, failing to generate<br />

business and concerns over his timekeeping. He<br />

was suspended and eventually dismissed due to<br />

these concerns.<br />

Simpson brought a claim in the Employment<br />

Tribunal that he had suffered detriments and<br />

had been automatically unfairly dismissed<br />

for making protected disclosures under the<br />

Employment Rights Act 1996. The tribunal<br />

found that none of the 37 alleged disclosures<br />

amounted to protected disclosures and that it<br />

was ‘‘utterly fanciful’’ to suggest that the reason<br />

or principal reason for his dismissal was due to<br />

the disclosures he had made.<br />

Simpson appealed to the Employment Appeal<br />

Tribunal and Court of Appeal. One of the grounds<br />

of appeal was that the tribunal had failed to<br />

read the 37 communications together when<br />

determining whether he had made a protected<br />

disclosure. The Court of Appeal acknowledged<br />

that previous case law had established that two<br />

or more communications can, taken together,<br />

amount to a protected disclosure. This will be<br />

a question of fact. In this particular case, the<br />

court found that none of the 37 communications<br />

amounted to a protected disclosure whether read<br />

in isolation, or grouped together, and therefore<br />

the question of whether or not they should be<br />

read together was irrelevant.<br />

Whether or not more than one communication<br />

from an employee can amount to a protected<br />

disclosure will depend on the particular facts<br />

of the case. However, employers should be<br />

mindful of this risk when following a process in<br />

relation to a worker or employee and ensure that<br />

decisions are taken based on objective reasoning<br />

and not by reason of any disclosures made.<br />


Changes to the Disclosure and Barring Service<br />

(DBS) filtering rules came into effect on 28<br />

November 2020 which removed the ‘multiple<br />

conviction rule’ and prevent the disclosure of<br />

youth cautions.<br />

The purpose of the filtering rules is to exclude<br />

from DBS certificates certain information relating<br />

to minor criminal offences that meet particular<br />

criteria. Information that is excluded is known<br />

as a 'protected caution' or a 'protected conviction'.<br />

A caution or conviction that is 'protected' does<br />

not have to be disclosed by a job applicant and<br />

employers are not permitted to require their<br />

disclosure. Under the previous filtering rules a<br />

caution or conviction could not be ‘protected’<br />

where an individual had committed more than<br />

one offence (the ‘multiple conviction rule’). The<br />

other key change is that youth cautions are now<br />

always ‘protected’.<br />

Updated guidance on the filtering rules has<br />

also been published on the Government website.<br />

‘Specified offences’ are usually of a serious<br />

violent or sexual nature or are relevant for<br />

safeguarding children and vulnerable adults.<br />

Employers who are entitled to ask about<br />

spent criminal records can still do so. However,<br />

employers must not ask applicants to disclose<br />

‘protected’ criminal records information as it<br />

is unlawful to take into account a conviction<br />

or caution that has been filtered. If a protected<br />

conviction or caution is inadvertently disclosed<br />

during the recruitment process it must be<br />

disregarded when making a recruitment<br />

decision.<br />

Employers should refer to the filtering rules<br />

in their recruitment documentation so that staff<br />

involved in the recruitment process, as well as job<br />

applicants, are clear on what must be disclosed.<br />

Gareth Edwards is a partner in<br />

the employment team at<br />

VWV.gedwards@vwv.co.uk<br />

Employees are<br />

regarded as having<br />

been automatically<br />

unfairly dismissed<br />

if the reason or<br />

principal reason<br />

for the dismissal<br />

is that they have<br />

made a protected<br />

disclosure.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 53



How to set up a great one click link to the CI<strong>CM</strong> website on<br />

your mobile phone. Follow these four simple steps...<br />

Step 1 Step 2 Step 3 Step 4<br />

Go to cicm.com > Click highlighted icon at bottom of screen > Click add to Home screen icon<br />

> Click add icon at top right of screen > CI<strong>CM</strong> icon will appear on your screen<br />

Step 1 Step 2 Step 3 Step 4<br />

Open cicm.com in Google Chrome browser > Tap Menu button > Tap add shortcut to Home screen<br />

> Icon will appear on your screen. Menu button on other Android devices may be displayed differently.<br />


T: +44 (0)1780 722900 | WWW.CI<strong>CM</strong>.COM<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> October <strong>2021</strong> 2020 / PAGE / PAGE 5452

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risk insights and single invoice finance, all in one easy-touse<br />

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To try two weeks of Satago free<br />

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Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 55




Barnwood, Gloucester, £38,000 DOE<br />

John Deere Financial is looking for a contract admin and<br />

collections manager to join its team. This is an exciting opportunity<br />

to join and manage a successful team of eight contract<br />

administrators responsible for the collection of aged debt and<br />

the general customer service of dealers, agents and product users.<br />

The operations team provides a professional contact point and a<br />

high-quality service to all internal and external business contacts.<br />

As well as manage new business, you will provide high quality<br />

customer service and ensure collection process is in line with<br />

business requirements. Ref: 3922304<br />

Contact Edward Kennedy on 07805 014095<br />

or email edward.kennedy@hays.com<br />


South Leeds, up to £26,000 + generous holiday package<br />

An excellent opportunity for a senior credit controller to join a<br />

thriving commercial property business in South Leeds. This role<br />

involves setting up payments plans for tenancies, collections,<br />

and supporting the FC. You will be a commercially minded credit<br />

controller who can demonstrate previous reduction of aged debt<br />

and knowledge of the property industry. A new opportunity for<br />

a career driven credit controller to join a SME that supports its<br />

employees. Ref: 3919604<br />

Contact Jasmine Chambers on 01924 362277<br />

or email jasmine.chambers@hays.com<br />


West London, £27,000-£30,000<br />

An established global media entertainment company<br />

headquartered in West London is looking for an experienced<br />

accounts receivable specialist. In this varied role you will raise<br />

invoices, deal with queries, chase due payments, issue statements,<br />

allocate receipts, reconcile accounts and analyse credit limits.<br />

SAP Business One system experience is highly desirable, and you<br />

will need intermediate Excel skills. A target driven and ambitious<br />

individual will thrive in this role and you will also be given the<br />

opportunity to input ideas on process development.<br />

Ref: 3593774<br />

Contact Julia Foster on 020 3465 0020<br />

or email julia.foster2@hays.com<br />


Sheffield based (remote working), £22,000-£23,000<br />

A great opportunity has arisen for an experienced credit controller.<br />

Relationship building is key to this role, you will enjoy looking<br />

after your own accounts and developing your debt chasing skills.<br />

In this hugely rewarding position, you will be set clear goals and<br />

objectives and be presented with a challenge. If you are a credit<br />

controller who has a passion for people, a keen eye for detail and<br />

have proficient Excel skills, please apply. Ref: 3924568<br />

Contact Samantha Cooper on 07977 044195<br />

or email samantha.cooper@hays.com<br />

hays.co.uk/creditcontrol<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 56



My Learning – free skills<br />

training from Hays<br />

To find out more visit<br />

hays.co.uk/mylearning<br />

CREDIT CONTROLLER (2 roles available)<br />

Stroud, Gloucestershire, £21,500<br />

Working within Ecotricity’s Group finance operation,<br />

the objective of this position is to maximise cash collections<br />

and minimise bad debt through excellent customer service<br />

and effective debt recovery processes. If successful, you will<br />

undertake the challenging task of balancing the needs of the<br />

customer with the needs of the wider business, all within a<br />

regulatory framework shaped by quality, compliance and<br />

a drive for exceptional customer service.<br />

Ref: 3913252<br />

Contact Edward Kennedy on 07805 014095<br />

or email edward.kennedy@hays.com<br />


New Malden, £9.64-£14.34 per hour + bonus<br />

Hays plc is a global leader and FTSE 250 recruitment business.<br />

You will be responsible for the collection of debt on behalf of<br />

the UK head office across varied industry specialisms with the<br />

ambition to reduce ageing debt ensuring strict processes are<br />

followed. Experience with cloud-based systems such as Oracle,<br />

Salesforce or SAP are desirable and good Excel skills including<br />

VLOOKUP and pivot tables are essential. Ref: 3811785<br />

Contact Mark Ordoña on 020 8247 4042<br />

or email mark.ordona@hays.com<br />

This is just a small selection of the many opportunities we have<br />

available for credit professionals. To find out more visit us<br />

online or contact Kabir Gulabkhan, Hays Credit Management<br />

UK Lead on 020 3465 0020<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 57

View our digital version online at www.cicm.com<br />

Log on to the Members’ area, and click on the tab labelled<br />

‘Credit Management <strong>magazine</strong>’<br />

Just another great reason to be a member<br />

Credit Management is distributed to the entire UK and international<br />

CI<strong>CM</strong> membership, as well as additional subscribers<br />

Advancing the credit profession<br />

www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 58



Keep an eye on our events calendar at CI<strong>CM</strong>.COM for all CI<strong>CM</strong> events!<br />

Visit our website and book online at: www.cicm.com/cicm-events<br />

CI<strong>CM</strong> Branch AGM season is upon us, and all<br />

Committees are due to convene virtually by 31 <strong>March</strong> <strong>2021</strong>.<br />

Look out for more information across CI<strong>CM</strong> channels<br />

and by visiting www.cicm.com/branches/<br />

Many of our events are now available online,<br />

along with a new series of live and a series of<br />

recorded webinars for the credit profession.<br />

Visit our website for updates<br />

and instructions on how to register.<br />

Studying at a<br />

distance<br />

with CI<strong>CM</strong><br />

From interactive virtual classrooms to supporting texts,<br />

from mentor advice to peer support, we’ve got it all.<br />

Contact CI<strong>CM</strong> for more information on any of these services,<br />

or check them out at cicm.com<br />

Giving you the tools to continue<br />

working through this crisis.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 59

Cr£ditWho?<br />

CI<strong>CM</strong> Directory of Services<br />




Controlaccount Plc<br />

Address: Compass House, Waterside, Hanbury Road,<br />

Bromsgrove, Worcestershire B60 4FD<br />

T: 01527 549 522<br />

E: sales@controlaccount.com<br />

W: www.controlaccount.com<br />

Controlaccount Plc provides an efficient, effective and ethical<br />

commercial debt recovery service focused on improving business<br />

cash flow whilst preserving customer relationships and established<br />

reputations. Working with leading brand names in the UK and<br />

internationally, we deliver a bespoke service to our clients. We<br />

offer a no collect, no fee service without any contractual ties in.<br />

Where applicable, we can utilise the Late Payment of Commercial<br />

Debts Act (2013) to help you redress the cost of collection. Our<br />

clients also benefit from our in-house international trace and<br />

legal counsel departments and have complete transparency and<br />

up to the minute information on any accounts placed with us for<br />

recovery through our online debt management system, ClientWeb.<br />

Premium Collections Limited<br />

3 Caidan House, Canal Road<br />

Timperley, Cheshire. WA14 1TD<br />

T: +44 (0)161 962 4695<br />

E: paul.daine@premiumcollections.co.uk<br />

W: www.premiumcollections.co.uk<br />

For all your credit management requirements Premium<br />

Collections has the solution to suit you. Operating on a national<br />

and international basis we can tailor a package of products and<br />

services to meet your requirements.<br />

Services include B2B collections, B2C collections, international<br />

collections, absconder tracing, asset repossessions, status<br />

reporting and litigation support.<br />

Managed from our offices in Manchester, Harrogate and Dublin our<br />

network of 55 partners cover the World.<br />

Contact Paul Daine FCI<strong>CM</strong> on +44 (0)161 962 4695 or<br />

paul.daine@premiumcollections.co.uk<br />

www.premiumcollections.co.uk<br />

Keebles<br />

Capitol House, Russell Street, Leeds LS1 5SP<br />

T: 0113 399 3482<br />

E: charise.marsden@keebles.com<br />

W: www.keebles.com<br />

Keebles debt recovery team was named “Legal Team of the Year”<br />

at the 2019 CI<strong>CM</strong> British Credit Awards.<br />

According to our clients “Keebles stand head and shoulders<br />

above others in the industry. A team that understands their client’s<br />

business and know exactly how to speedily maximise recovery.<br />

Professional, can do attitude runs through the team which is not<br />

seen in many other practices.”<br />

We offer a service with no hidden costs, giving you certainty and<br />

peace of mind.<br />

• ‘No recovery, no fee’ for pre-legal work.<br />

• Fixed fees for issuing court proceedings and pursuing claims to<br />

judgment and enforcement.<br />

• Success rate in excess of 80%.<br />

• 24 hour turnaround on instructions.<br />

• Real-time online access to your cases to review progress.<br />

Guildways<br />

T: +44 3333 409000<br />

E: info@guildways.com<br />

W: www.guildways.com<br />

Guildways is a UK & International debt collection specialist with over<br />

25 years experience. Guildways prides itself on operating to the<br />

highest ethical standards and professional service levels. We are<br />

experienced in collecting B2B and B2C debts. Our service includes:<br />

• A complete No collection, No Fee commission based service<br />

• 10% plus VAT commission for UK debts<br />

• Commission from 22% plus VAT for International debts<br />

• 24/7 online access to your cases through our CaseManager portal<br />

• Direct online account-to-account payments, to speed up<br />

collections and minimise costs<br />

If you are unable to locate your customer, we also offer a no trace, no<br />

fee, trace and collect service.<br />

For more information, visit: www.guildways.com<br />


Baker Ing International Limited<br />

Office 7, 35-37 Ludgate Hill, London. EC4M 7JN<br />

Contact: Lisa Baker-Reynolds<br />

Email: lisa@bakering.global<br />

Website: https://www.bakering.global/contact/<br />

Tel: 07717 020659<br />

Baker Ing International is a dedicated team of Credit industry<br />

experience that, combined, covers time served in most industries.<br />

The team is wholly comprised of working Credit Manager’s<br />

across the Globe with a minimum threshold of ten years working<br />

experience within Credit Management. The team offers a<br />

comprehensive service to clients - International Debt Recovery,<br />

Credit Control, Legal Services & more<br />

Our mission is to help companies improve the cost and efficiency<br />

of their Credit Management processes in order to limit the risks<br />

associated with extending credit and trading around the globe.<br />

How can we help you - call Lisa Baker Reynolds on<br />

+44(0)7717 020659 or email lisa@bakering.global<br />

Lovetts Solicitors<br />

Lovetts, Bramley House, The Guildway,<br />

Old Portsmouth Road,<br />

Guildford, Surrey, GU3 1LR<br />

T: 01483 347001<br />

E: info@lovetts.co.uk<br />

W: www.lovetts.co.uk<br />

With more than 25yrs experience in UK & international business<br />

debt collection and recovery, Lovetts Solicitors collects £40m+<br />

every year on behalf of our clients. Services include:<br />

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

of cases)<br />

• Advice and dispute resolution<br />

• Legal proceedings and enforcement<br />

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

CaseManager<br />

Don’t just take our word for it, here’s some recent customer<br />

feedback: “All our service expectations have been exceeded.<br />

The online system is particularly useful and extremely easy to<br />

use. Lovetts has a recognisable brand that generates successful<br />

results.”<br />

Atradius Collections Ltd<br />

3 Harbour Drive,<br />

Capital Waterside, Cardiff, CF10 4WZ<br />

Phone: +44 (0)29 20824397<br />

Mobile: +44 (0)7767 865821<br />

E-mail:yvette.gray@atradius.com<br />

Website: atradiuscollections.com<br />

Atradius Collections Ltd is an established specialist in business<br />

to business collections. As the collections division of the Atradius<br />

Crédito y Caución, we have a strong position sharing history,<br />

knowledge and reputation.<br />

Annually handling more than 110,000 cases and recovering over<br />

a billion EUROs in collections at any one time, we deliver when<br />

it comes to collecting outstanding debts. With over 90 years’<br />

experience, we have an in-depth understanding of the importance<br />

of maintaining customer relationships whilst efficiently and<br />

effectively collecting monies owed.<br />

The individual nature of our clients’ customer relationships is<br />

reflected in the customer focus we provide, structuring our service<br />

to meet your specific needs. We work closely with clients to<br />

provide them with a collection strategy that echoes their business<br />

character, trading patterns and budget.<br />

For further information contact Yvette Gray Country Director, UK<br />

and Ireland.<br />

Sterling Debt Recovery<br />

E: info@sterlingdebtrecovery.com<br />

T: 0207 1005978<br />

W: www.sterlingdebtrecovery.com<br />

Sterling specialises in international business debt collection<br />

to get outstanding invoices paid quickly and cost effectively.<br />

Our experienced, enthusiastic collectors achieve results whilst<br />

maintaining a professional image.<br />

We work on a commission only basis with no up-front fees and<br />

no hidden costs. Each client is allocated a named collector for<br />

personal service and regular updates. We collect the majority<br />

of debt without litigation, with our on-site lawyer supporting us<br />

where appropriate.<br />

Where local expertise is required our global network are available<br />

to assist.<br />


Chris Sanders Consulting<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Chris Sanders Consulting – we are a different sort of consulting<br />

firm, made up of a network of independent experienced<br />

operational credit & collections management and invoicing<br />

professionals, with specialisms in cross industry best practice<br />

advisory, assessment, interim management, leadership,<br />

workshops and training to help your team and organisation reach<br />

their full potential in credit and collections management. We are<br />

proud to be Corporate Partners of the Chartered Institute of Credit<br />

Management and to manage the CI<strong>CM</strong> Best Practice Accreditation<br />

Programme on their behalf. For more information please contact:<br />

enquiries@chrissandersconsulting.com<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 60


russell@cabbells.uk 0203 603 7937<br />




Court Enforcement Services<br />

Wayne Whitford – Director<br />

M: +44 (0)7834 748 183 T : +44 (0)1992 663 399<br />

E : wayne@courtenforcementservices.co.uk<br />

W: www.courtenforcementservices.co.uk<br />


We help law firms, in-house debt recovery and legal teams to<br />

enforce CCJs by transferring them up to the High Court. With our<br />

fast, fair and personable approach to service, we work harder to<br />

bring you the sector’s best results without risking client reputation.<br />

• Free Transfer Up process of CCJs to High Court<br />

• Market-leading recovery rates<br />

• Over 100,000 writs, recovering >£187 million since 2014<br />

• Real-time access to cases via our own Award-Winning App<br />

• Our highly trained and certificated agents cover every postcode<br />

in England & Wales.<br />



2 0 0 2<br />

CoCredo<br />

Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />

T: 01494 790600<br />

E: customerservice@cocredo.com<br />

W: www.cocredo.co.uk<br />

CoCredo has 18 years experience in developing credit reports for<br />

businesses and is the current CI<strong>CM</strong> Credit Information Provider<br />

of the Year. Our company data is continually updated throughout<br />

the day and ensures customers have the most current information<br />

available. We aggregate data from a range of leading providers<br />

across over 235 territories and offer a range of services including<br />

the industry first Dual Report, Monitoring, XML Integration and<br />

DNA Portfolio Management.<br />

We pride ourselves in offering award-winning customer service<br />

and support to protect your business.<br />

CEDAR<br />

ROSE<br />

—<br />

R<br />

2 0 2 0<br />

Cedar Rose<br />

3, Georgiou Katsonotou Street,3036, Limassol, Cyprus<br />

E: info@cedar-rose.com T: +357 25346630<br />

W: www.cedar-rose.com<br />

Cedar Rose has been globally recognised as the expert for credit<br />

reports, due diligence and data for the Middle East and North<br />

African countries since 1997. We now cover over 170 countries<br />

with the same high quality, expert analysis and attention to detail<br />

we are well-known and trusted for.<br />

Making best use of artificial intelligence and technology, Cedar<br />

Rose has won several awards including Credit Excellence &<br />

European Business Awards. Our website is a one-stop-shop for<br />

your business intelligence solutions. We are the ultimate source;<br />

with competitive prices and friendly customer service - whether<br />

you need one or one thousand reports.<br />


SmartSearch<br />

SmartSearch, Harman House,<br />

Station Road,Guiseley, Leeds, LS20 8BX<br />

T: +44 (0)113 238 7660<br />

E: info@smartsearchuk.com W: www.smartsearchuk.com<br />

KYC, AML and CDD all rely on a combination of deep data with<br />

broad coverage, highly automated flexible technology with an<br />

innovative and intuitive customer interface. Key features include<br />

automatic Worldwide Sanction & PEP checking, Daily Monitoring,<br />

Automated Enhanced Due Diligence and pro-active customer<br />

management. Choose SmartSearch as your benchmark.<br />

Graydon UK<br />

66 College Road, 2nd Floor, Hygeia Building, Harrow,<br />

Middlesex, HA1 1BE<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

With 130+ years of experience, Graydon is a leading provider of<br />

business information, analytics, insights and solutions. Graydon<br />

helps its customers to make fast, accurate decisions, enabling<br />

them to minimise risk and identify fraud as well as optimise<br />

opportunities with their commercial relationships. Graydon uses<br />

130+ international databases and the information of 90+ million<br />

companies. Graydon has offices in London, Cardiff, Amsterdam<br />

and Antwerp. Since 2016, Graydon has been part of Atradius, one<br />

of the world’s largest credit insurance companies.<br />

Company Watch<br />

Centurion House, 37 Jewry Street,<br />

LONDON. EC3N 2ER<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

Organisations around the world rely on Company Watch’s<br />

industry-leading financial analytics to drive their credit risk<br />

processes. Our financial risk modelling and ability to map medium<br />

to long-term risk as well as short-term credit risk set us apart<br />

from other credit reference agencies.<br />

Quality and rigour run through everything we do, from our unique<br />

method of assessing corporate financial health via our H-Score®,<br />

to developing analytics on our customers’ in-house data.<br />

With the H-Score® predicting almost 90 percent of corporate<br />

insolvencies in advance, it is the risk management tool of choice,<br />

providing actionable intelligence in an uncertain world.<br />



T: 020 3868 0947<br />

E: lisa.bruno@onguard.com<br />

W: www.onguard.com<br />

Onguard is specialist in credit management software and market<br />

leader in innovative solutions for order to cash. Our integrated<br />

platform ensures an optimal connection of all processes in the<br />

order to cash chain and allows sharing of critical data.<br />

Intelligent tools that can seamlessly be interconnected and<br />

offer overview and control of the payment process, as well as<br />

contribute to a sustainable customer relationship.<br />

In more than 50 countries the Onguard platform is successfully<br />

used for successful credit management.<br />

Tinubu Square UK<br />

Holland House, 4 Bury Street,<br />

London EC3A 5AW<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com<br />

Founded in 2000, Tinubu Square is a software vendor, enabler<br />

of the Credit Insurance, Surety and Trade Finance digital<br />

transformation.<br />

Tinubu Square enables organizations across the world to<br />

significantly reduce their exposure to risk and their financial,<br />

operational and technical costs with best-in-class technology<br />

solutions and services. Tinubu Square provides SaaS solutions<br />

and services to different businesses including credit insurers,<br />

receivables financing organizations and multinational corporations.<br />

Tinubu Square has built an ecosystem of customers in over 20<br />

countries worldwide and has a global presence with offices in<br />

Paris, London, New York, Montreal and Singapore.<br />

Credica Ltd<br />

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT<br />

T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk<br />

Our highly configurable and extremely cost effective Collections<br />

and Query Management System has been designed with 3 goals<br />

in mind:<br />

•To improve your cashflow • To reduce your cost to collect<br />

• To provide meaningful analysis of your business<br />

Evolving over 15 years and driven by the input of 1000s of<br />

Credit Professionals across the UK and Europe, our system is<br />

successfully providing significant and measurable benefits for our<br />

diverse portfolio of clients.<br />

We would love to hear from you if you feel you would benefit from<br />

our ‘no nonsense’ and human approach to computer software.<br />

Data Interconnect Ltd<br />

Units 45-50<br />

Shrivenham Hundred Business Park, Majors Road,<br />

Watchfield. Swindon, SN6 8TZ<br />

T: +44 (0)1367 245777<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

Data Interconnect is dedicated to solving complex Accounts<br />

Receivable problems through reliable, easy-to-use cloud<br />

software. We empower billing managers and collections experts<br />

with the tools and data they need in a user-friendly interface, for<br />

timely, tax-compliant invoicing, collections and reconciliation in<br />

the most cost effective, secure, auditable and trackable manner.<br />

The powerful, flexible, Corrivo platform is the only system your<br />

AR team needs to manage your company’s cashflow better.<br />

HighRadius<br />

T: +44 7399 406889<br />

E: gwyn.roberts@highradius.com<br />

W: www.highradius.com<br />

HighRadius is the leading provider of Integrated Receivables<br />

solutions for automating receivables and payment functions such<br />

as credit, collections, cash allocation, deductions and eBilling.<br />

The Integrated Receivables suite is delivered as a software-as-aservice<br />

(SaaS). HighRadius also offers SAP-certified Accelerators<br />

for SAP S/4HANA Finance Receivables Management, enabling<br />

large enterprises to maximize the value of their SAP investments.<br />

HighRadius Integrated Receivables solutions have a proven track<br />

record of reducing days sales outstanding (DSO), bad-debt and<br />

increasing operation efficiency, enabling companies to achieve an<br />

ROI in less than a year.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 61

Cr£ditWho?<br />

CI<strong>CM</strong> Directory of Services<br />



russell@cabbells.uk 0203 603 7937<br />



FORUMS<br />

ESKER<br />

Sam Townsend Head of Marketing<br />

Northern Europe Esker Ltd.<br />

T: +44 (0)1332 548176 M: +44 (0)791 2772 302<br />

W: www.esker.co.uk LinkedIn: Esker – Northern Europe<br />

Twitter: @EskerNEurope blog.esker.co.uk<br />

Esker’s Accounts Receivable (AR) solution removes the all-toocommon<br />

obstacles preventing today’s businesses from collecting<br />

receivables in a timely manner. From credit management to cash<br />

allocation, Esker automates each step of the order-to-cash cycle.<br />

Esker’s automated AR system helps companies modernise<br />

without replacing their core billing and collections processes. By<br />

simply automating what should be automated, customers get the<br />

post-sale experience they deserve and your team gets the tools<br />

they need.<br />

Dun & Bradstreet<br />

Marlow International, Parkway Marlow<br />

Buckinghamshire SL7 1AJ<br />

Telephone: (0800) 001-234 Website: www.dnb.co.uk<br />

Dun & Bradstreet Finance Solutions enable modern finance<br />

leaders and credit professionals to improve business performance<br />

through more effective risk management, identification of growth<br />

opportunities, and better integration of data and insights across<br />

the business. Powered by our Data Cloud, our solutions provide<br />

access to the world’s most comprehensive commercial data<br />

and insights - supplying a continually updated view of business<br />

relationships that helps finance and credit teams stay ahead of<br />

market shifts and customer changes. Learn more here:<br />

www.dnb.co.uk/modernfinance<br />


T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Forums International Ltd have been running Credit and Industry<br />

Forums since 1991. We cover a range of industry sectors and<br />

International trading, attendance is for Credit Professionals of all<br />

levels. Our forums are not just meetings but communities which<br />

aim to prepare our members for the challenges ahead. Attending<br />

for the first time is free for you to gauge the benefits and meet the<br />

members and we only have pre-approved Partners, so you will<br />

never intentionally be sold to.<br />



Serrala UK Ltd, 125 Wharfdale Road<br />

Winnersh Triangle, Wokingham<br />

Berkshire RG41 5RB<br />

E: r.hammons@serrala.com W: www.serrala.com<br />

T +44 118 207 0450 M +44 7788 564722<br />

Serrala optimizes the Universe of Payments for organisations<br />

seeking efficient cash visibility and secure financial processes.<br />

As an SAP Partner, Serrala supports over 3,500 companies<br />

worldwide. With more than 30 years of experience and<br />

thousands of successful customer projects, including solutions<br />

for the entire order-to-cash process, Serrala provides credit<br />

managers and receivables professionals with the solutions they<br />

need to successfully protect their business against credit risk<br />

exposure and bad debt loss.<br />

C2FO<br />

C2FO Ltd<br />

105 Victoria Steet<br />

SW1E 6QT<br />

T: 07799 692193<br />

E: anna.donadelli@c2fo.com<br />

W: www.c2fo.com<br />

C2FO turns receivables into cashflow and payables into income,<br />

uniquely connecting buyers and suppliers to allow discounts<br />

in exchange for early payment of approved invoices. Suppliers<br />

access additional liquidity sources by accelerating payments<br />

from buyers when required in just two clicks, at a rate that works<br />

for them. Buyers, often corporates with global supply chains,<br />

benefit from the C2FO solution by improving gross margin while<br />

strengthening the financial health of supply chains through<br />

ethical business practices.<br />

Menzies<br />

T: +44 (0)2073 875 868 - London<br />

T: +44 (0)2920 495 444 - Cardiff<br />

W: menzies.co.uk/creditor-services<br />

Operating across seven UK offices, Menzies LLP is an<br />

accountancy firm delivering traditional services combined<br />

with strategic commercial thinking. Our services include:<br />

advisory, audit, corporate and personal tax, corporate<br />

finance, forensic accounting, outsourcing, wealth<br />

management and business recovery – the latter of which<br />

includes our specialist offering developed specifically for<br />

creditors. For more information on this, or to see how the<br />

Menzies Creditor Services team can assist you, please<br />

visit: www.menzies.co.uk/creditor-services. Bethan Evans,<br />

Partner and Head of Menzies Creditor Services, email:<br />

bevans@menzies.co.uk and phone: +44 (0)2920 447512<br />

LEGAL<br />

Redwood Collections Ltd<br />

0208 288 3555<br />

enquiry@redwoodcollections.com<br />

Airport House, Purley Way, Croydon, CR0 0XZ<br />

“Redwood Collections offers a complete portfolio of debt<br />

collection services ranging from sensitive client-debtor mediation<br />

through to legal and insolvency action.<br />

Incorporated in 2009, we are pleased to represent in excess of<br />

11,000 clients. Whatever your debt collection needs, we have<br />

the expertise and resources to deliver a fast, efficient and costeffective<br />

solution.”<br />

Satago<br />

48 Warwick Street, London, W1B 5AW<br />

T: +44(0)020 8050 3015<br />

E: hello@satago.com<br />

W: www.satago.com<br />

Satago helps business owners and their accountants avoid credit<br />

risks, manage debtors and access finance when they need it – all<br />

in one platform. Satago integrates with 300+ cloud accounting<br />

apps with just a few clicks, helping businesses:<br />

• Understand their customers - with RISK INSIGHTS<br />

• Get paid on time - with automated CREDIT CONTROL<br />

• Access funding - with flexible SINGLE INVOICE FINANCE<br />

Visit satago.com and start your free trial today.<br />

identeco – Business Support Toolkit<br />

Compass House, Waterside, Hanbury Road, Bromsgrove,<br />

Worcestershire B60 4FD<br />

Telephone: 01527 549 531 Email: info@identeco.co.uk<br />

Web: www.identeco.co.uk<br />

identeco’s Business Support Toolkit is an online portal connecting<br />

its subscribers to a range of business services that help them<br />

to engage with new prospects, understand their customers and<br />

mitigate risk. Annual subscription is £79.95 per year for unlimited<br />

access. Providing company information and financial reports,<br />

director and shareholder structures as well as a unique financial<br />

health rating, balance sheets, ratio analysis, and any detrimental<br />

data that might be associated with a company. Other services<br />

also included in the subscription include a business names<br />

database, acquisition targets, a data audit service as well as<br />

unlimited, bespoke marketing and telesales listings for any sector.<br />


Gravity Global<br />

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

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

W: www.gravityglobal.com<br />

Gravity is an award winning full service PR and advertising<br />

business that is regularly benchmarked as being one of the<br />

best in its field. It has a particular expertise in the credit sector,<br />

building long-term relationships with some of the industry’s bestknown<br />

brands working on often challenging briefs. As the partner<br />

agency for the Credit Services Association (CSA) for the past 22<br />

years, and the Chartered Institute of Credit Management since<br />

2006, it understands the key issues affecting the credit industry<br />

and what works and what doesn’t in supporting its clients in the<br />

media and beyond.<br />

Shoosmiths<br />

Email: paula.swain@shoosmiths.co.uk<br />

Tel: 03700 86 3000 W: www.shoosmiths.co.uk<br />

Shoosmiths’ highly experienced team will work closely with credit<br />

teams to recover commercial debts as quickly and cost effectively<br />

as possible. We have an in depth knowledge of all areas of debt<br />

recovery, including:<br />

•Pre-litigation services to effect early recovery and keep costs down<br />

•Litigation service<br />

•Post-litigation services including enforcement<br />

•Insolvency<br />

As a client of Shoosmiths, you will find us quick to relate to your goals,<br />

and adept at advising you on the most effective way of achieving<br />

them.<br />


Bottomline Technologies<br />

115 Chatham Street, Reading<br />

Berks RG1 7JX | UK<br />

T: 0870 081 8250 E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps businesses<br />

pay and get paid. Businesses and banks rely on Bottomline for<br />

domestic and international payments, effective cash management<br />

tools, automated workflows for payment processing and bill<br />

review and state of the art fraud detection, behavioural analytics<br />

and regulatory compliance. Businesses around the world depend<br />

on Bottomline solutions to help them pay and get paid, including<br />

some of the world’s largest systemic banks, private and publicly<br />

traded companies and Insurers. Every day, we help our customers<br />

by making complex business payments simple, secure and<br />

seamless.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 62


American Express<br />

76 Buckingham Palace Road,<br />

London. SW1W 9TQ<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

American Express is working in partnership with the CI<strong>CM</strong> and is a<br />

globally recognised provider of payment solutions to businesses.<br />

Specialising in providing flexible collection capabilities to drive a<br />

number of company objectives including:<br />

• Accelerate cashflow • Improved DSO • Reduce risk<br />

• Offer extended terms to customers<br />

•Provide an additional line of bank independent credit to drive<br />

growth • Create competitive advantage with your customers<br />

As experts in the field of payments and with a global reach,<br />

American Express is working with credit managers to drive growth<br />

within businesses of all sectors. By creating an additional lever<br />

to help support supplier/client relationships American Express is<br />

proud to be an innovator in the business payments space.<br />



Key IVR<br />

T: +44 (0) 1302 513 000<br />

E: sales@keyivr.com<br />

W: www.keyivr.com<br />

Key IVR are proud to have joined the Chartered Institute of<br />

Credit Management’s Corporate partnership scheme. The<br />

CI<strong>CM</strong> is a recognised and trusted professional entity within<br />

credit management and a perfect partner for Key IVR. We are<br />

delighted to be providing our services to the CI<strong>CM</strong> to assist with<br />

their membership collection activities. Key IVR provides a suite<br />

of products to assist companies across the globe with credit<br />

management. Our service is based around giving the end-user<br />

the means to make a payment when and how they choose. Using<br />

automated collection methods, such as a secure telephone<br />

payment line (IVR), web and SMS allows companies to free up<br />

valuable staff time away from typical debt collection.<br />


Hays Credit Management<br />

107 Cheapside, London, EC2V 6DN<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Hays Credit Management is working in partnership with the CI<strong>CM</strong><br />

and specialise in placing experts into credit control jobs and<br />

credit management jobs. Hays understands the demands of this<br />

challenging environment and the skills required to thrive within<br />

it. Whatever your needs, we have temporary, permanent and<br />

contract based opportunities to find your ideal role. Our candidate<br />

registration process is unrivalled, including face-to-face screening<br />

interviews and a credit control skills test developed exclusively for<br />

Hays by the CI<strong>CM</strong>. We offer CI<strong>CM</strong> members a priority service and<br />

can provide advice across a wide spectrum of job search and<br />

recruitment issues.<br />



Portfolio Credit Control<br />

1 Finsbury Square, London. EC2A 1AE<br />

T: 0207 650 3199<br />

E: recruitment@portfoliocreditcontrol.com<br />

W: www.portfoliocreditcontrol.com<br />

CI<strong>CM</strong>Q accreditation is a proven model<br />

that has consistently delivered dramatic<br />

improvements in cashflow and efficiency<br />

CI<strong>CM</strong>Q is the hallmark of industry<br />

leading organisations<br />

The CI<strong>CM</strong> Best Practice Network is where<br />

CI<strong>CM</strong>Q accredited organisations come<br />

together to develop, share and celebrate<br />

best practice in credit and collections<br />

BE A LEADER – JOIN THE CI<strong>CM</strong> BEST<br />


To find out more about flexible options<br />

to gain CI<strong>CM</strong>Q accreditation<br />

E: cicmq@cicm.com T: 01780 722900<br />

Portfolio Credit Control, solely specialises in the recruitment of<br />

permanent, temporary and contract Credit Control, Accounts<br />

Receivable and Collections staff. Part of an award winning<br />

recruiter we speak to and meet credit controllers all day everyday<br />

understanding their skills and backgrounds to provide you with<br />

tried and tested credit control professionals. We have achieved<br />

enormous growth because we offer a uniquely specialist approach<br />

to our clients, with a commitment to service delivery that exceeds<br />

your expectations every single time.<br />

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 63

Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 64

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