CM magazine March 2021

credit

The CICM magazine for consumer and commercial credit professionals

CREDIT MANAGEMENT

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

MARCH 2021 £12.50

Game, set

and match

Is it game over for

the leisure sector?

Sean Feast FCICM speaks to

the Interim Small Business

Commissioner. Page 10

A flexible approach to

enforcement is more important

than ever. Page 29


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10

INTERVIEW

Philip King FCICM

36

LEGAL MATTERS

Peter Walker

20

LEAD ARTICLE

Tim Vine

44

SALARY TRENDS

Karen Young

MARCH 2021

www.cicm.com

CONTENTS

9 – SHIFTING SANDS

Adapting to a new world of insolvency.

10 – THE KING’S SPEECH

Sean Feast FCICM speaks to former

CICM CEO about life as the Small Business

Commissioner.

14 – VIRTUALLY SPEAKING

Is the new ruling a green light for virtual

enforcement?

16 – CROSS WORDS

The impact of Brexit on cross-border

enforcement.

20 – A SPORTING CHANCE

D&B looks at the challenges facing the

sport and leisure sector.

24 – OUT OF THE RED

Romania has long-since broken from its

communist past.

32 – PANEL BASHERS

What is the best way to identify and

analyse the root cause of disputes

affecting my collections performance?

36 – FISHY BUSINESS

A business profiting from fish created an

unexpected problem when the receiver

was called in.

44 – THROUGH THE LOOKING GLASS

What can we learn from the latest salary

and recruitment trends?

Publisher

Chartered Institute of Credit Management

The Water Mill, Station Road, South Luffenham

OAKHAM, LE15 8NB

Telephone: 01780 722900

Email: editorial@cicm.com

Website: www.cicm.com

CMM: www.creditmanagement.org.uk

CICM GOVERNANCE

President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM

Executive Board: Chair Debbie Nolan FCICM(Grad) – Vice Chair Phil Rice FCICM

Treasurer Glen Bullivant FCICM / Larry Coltman FCICM / Victoria Herd FCICM(Grad) / Philip Holbrough MCICM

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

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

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

Bryony Pettifor FCICM(Grad) / Allan Poole MCICM / Alice Purdy MCICM(Grad) / Matthew Roberts MCICM / Phil Rice FCICM

Chris Sanders FCICM / Stephen Thomson FCICM / Atul Vadher FCICM(Grad)

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

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

Credit Management is distributed to the entire UK and international CICM

membership, as well as additional subscribers

Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this magazine do

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

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

trade mark of the Chartered Institute of Credit Management.

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

Managing Editor

Sean Feast FCICM

Deputy Editor

Iona Yadallee

Art Editor

Andrew Morris

Telephone: 01780 722910

Email: andrew.morris@cicm.com

Editorial Team

Laura Biondi, Imogen Hart, Rob Howard

and Max Tyson

Advertising

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Telephone: 020 3603 7946

Email: grace@cabbell.co.uk

Printers

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2021 subscriptions

UK: £112 per annum

International: £145 per annum

Single copies: £12.50

ISSN 0265-2099

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


EDITOR’S COLUMN

Come shopping in Carlisle.

Or don’t.

Sean Feast FCICM

Managing Editor

WHEN I was a little boy growing up in the

Isle of Man in the 1970s, I remember

watching the television advertisements

enticing me to Carlisle (I kid you not, that

was intended as a Manx shopping destination!)

and a particular furniture shop that

proclaimed a ‘buy now pay nothing till April 1’ offer.

I recall thinking at the time that it was never really much of a

deal, because you still had to pay for it in the end, and in those

days, there was that thing called ‘interest’ that they slapped on

that made a £100 sofa actually cost you half as much again. I

was seven and not especially bright, but I knew even then this

was not a great deal. And I never liked their sofas much anyway.

So you can imagine how I did a double take recently when I

read in the press release from the Financial Conduct Authority

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

a form of credit’ and as such ‘do not apply the same level of

scrutiny’ as they might, perhaps, to other forms of ‘tick’ such as

a credit card.

Normally, I’m one who advocates less regulation not more,

and abhors the idea of a nanny state, but for once I am in

complete agreement with Government, the Regulator, and the

Debt Advice charities who have lined up to welcome the report

from Chris Woolard CBE that looked at the unsecured credit

market and buy-now-pay-later agreements in particular.

If consumers are being taken advantage of and don’t seem

to realise they are taking on something that actually they can’t

afford, then they definitely need protecting. (Either that, or

they do what my parents did, and many thousands like them,

and simply never bought anything unless it was essential, and

they could afford it.)

It is easy, however, to see why the Regulator is concerned.

Buy-now-pay-later products are rapidly increasing in popularity,

with the volume of transactions tripling in 2020 as the pandemic

drove online shopping, and there is now a significant risk that

these agreements could cause harm to consumers.

By announcing plans to legislate to bring interest-free

buy-now-pay-later into regulation, the Government claims

it is acting ‘swiftly’ to ensure people can continue to benefit

from these products with the right protections. Happily they

acknowledge that such products have their place, but they say

it is relatively easy to accrue around £1,000 of debt that credit

reference agencies and mainstream lenders cannot see. They

also say that with several buy-now-pay-later providers planning

to expand to higher-value retailers, or offer their products

in-store, the risk that consumers could take on ‘unaffordable

levels of debt’ is increasing.

Let’s see what happens. John Glen (am I alone in shouting

‘Godspeed’ at this point?), Economic Secretary to the Treasury,

says that by stepping in, he’s making sure people are treated

fairly and only offered agreements they can afford.

Perhaps the only part that’s missing is the bit that says: ‘and if

you can’t afford it, don’t buy it’.

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


FCICM

CMNEWS

A round-up of news stories from the

world of consumer and commercial credit.

Written by – Sean Feast FCICM

All Quiet on the

Brexit Front

THE impact of Brexit and

COVID-19 is yet to be felt

as Government support

and plans put in place

prior to the transition may

be masking a problem that

will later emerge.

This was one of the key discussion

points among the CICM’s Technical

Committee which met in February

comprising experts from within the

worlds of commercial and consumer

credit.

With warehouses full of stock

ordered well in advance, issues

over ongoing deliveries had not yet

materialised, neither were any serious

delays in payments being experienced.

One member reported being ‘surprised’

at how well things were going, given

the circumstances, while another said

they had been ‘busier than ever’ and

had even taken on new staff to meet

increased demand. His company sells

plant machinery all over the world, and

there had been no discernible impact

from Brexit. He also anticipated that

Government infrastructure projects

will add further turnover and so the

future ‘was looking good’. Some cracks,

however, were beginning to show.

Another committee member reported

delays in two major projects as a result

of ‘commercial practicalities’, though

the overall position was still ‘better

than expected’.

This concept of a ‘quiet before the

storm’ was also reported in the world

of risk. While some necessary changes

have had to be made to the wording

of new credit insurance policies, the

impact of Brexit had been ‘minimal’

despite all the scare stories to the

contrary. The Government’s decision

to extend the credit insurance support

scheme was also clearly playing its

part in a surprisingly low number

of business failures, with insurance

claims also being described as being

at ‘a record low’. It was expected the

landscape for insolvencies may change

in the summer, once Government

support came to an end.

In terms of consumer debt, the

Government’s consultation paper on

debt relief orders was discussed, and

in particular the proposal to increase

the debt threshold from £20,000 to

£30,000 or less and have no more than

£100 in surplus income each month (up

from £50). By making these changes

the Government intends to give more

people with low levels of assets and

low income who are in problem debt

access to a suitable and proportionate

option for debt relief. As with any

debt relief solution, however, the

Government stresses it is important to

balance the interest of both creditors

and debtors.

At a ‘people’ level, some committee

members reported a marked difference

between this lockdown and the first,

and the difficulties this was presenting

in motivating staff. An even greater

focus was now required on employee

wellbeing.

As with any debt relief

solution, however, the

Government stresses it

is important to balance

the interest of both

creditors and debtors.

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


NEWS ROUNDUP

Woolard Review sets out a

vision for consumer credit

THE Financial Conduct Authority (FCA)

has published a report on change and

innovation in the unsecured consumer

credit market following a Review by its

former Interim Chief Executive, Christopher

Woolard CBE.

The Woolard Review, commissioned by the FCA Board,

is described as setting out how regulation can better

support a healthy market for unsecured lending, taking

into account the impact of the coronavirus (COVID-19)

pandemic, changing business models and new

developments in unregulated buy-now pay-later (BNPL)

unsecured lending.

Mr Woolard said that it is vital we have a market that

works for everyone: “New ways of borrowing and the

impact of the pandemic are changing the market, with

billions of pounds now in unregulated transactions

and millions of consumers at greater risk of financial

difficulty,” he explains.

“Changes are urgently needed: to bring BNPL into

regulation to protect consumers; to ensure that there is

secure provision of debt advice to help all those who may

need it; and to maintain a sustained regulatory response

to the pandemic. Alongside these urgent issues the

Review sets out a series of recommendations for how the

FCA, working with partners, can build a better market in

future.’

The report suggests that UK households have nearly

£250bn of outstanding consumer credit debt and more

than 42.5m people used consumer credit in 2019. The

Review sets out 26 recommendations to the FCA,

sometimes working with Government and other bodies,

to make the unsecured credit market fit for the future.

The key ones are:

• The regulation of unregulated buy-now pay-later:

BNPL products which are currently exempt from

regulation should be brought within the regulatory

perimeter as a matter of urgency. The use of BNPL

products nearly quadrupled in 2020 and is now at

£2.7bn, with five million people using these products

since the beginning of the coronavirus pandemic. The

emergence and expansion of unregulated BNPL products

gives consumers a significant alternative to more

expensive credit, but the report says this also comes with

significant potential for consumer harm. For example,

more than one in 10 customers of a major bank using

BNPL were already in arrears. Regulation would protect

people who use BNPL products and make the market

sustainable.

• Debt advice: Free debt advice services need secure,

long-term funding as demand increases to as many as

1.5 million additional cases, following the pandemic.

Funding needs to be in place to help the poorest pay fees

when applying for debt relief orders.

• Forbearance: Among other considerations, the FCA

needs to look at whether it should revise its rules and

guidance to drive greater consistency in the type of

support firms offer consumers struggling to pay.

“New ways of borrowing and the

impact of the pandemic are changing

the market, with billions of pounds

now in unregulated transactions and

millions of consumers at greater risk

of financial difficulty”

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


NEWS ROUNDUP

The Woolard Review - A review

of change and innovation in the

unsecured credit market.

Christopher Woolard CBE.

‘‘We very much look forward to

working with the FCA to act on these

recommendations, and especially to

improve the practical steps that can be

taken to reduce debt problems in the UK.”

• Alternatives to high-cost credit: A sustainable credit

market needs more alternatives to high-cost credit.

The FCA should work with the Government and Bank

of England to reform the regulation of credit unions

and Community Development Finance Institutions.

More should be done to encourage mainstream

lenders into this space.

• Outcomes focused: Regulation should be driven

by the outcome being sought and how consumers

use products in the real world. Regulation should

deliver similar protections where consumers face

similar harms. In addition to making sure products

are affordable, there should be an increased focus

on lenders meeting consumers needs’ for as long as

they hold the product. The FCA should review repeat

lending.

Perhaps not surprisingly, the FCA welcomed the

recommendations, agreeing in particular that there

is a strong and pressing case to bring buy-now paylater

business into regulation. Credit Management

understands that Charles Randell, Chair at the

FCA, has written to the Economic Secretary to the

Treasury setting out the Board’s view and proposing

that the FCA works with the Government to design

the appropriate regulation. “Unaffordable credit can

damage the lives of people who are already struggling

to manage everyday expenses,” Mr Randall says. “All

the authorities which cover debt and debt advice

must act together systematically to prevent problem

debt and to help people get out of a spiral of debt

through properly funded debt advice. Regulation

should be consistent and the Review shows how

we can ensure high standards in consumer credit

regardless of the form of credit.”

Mr Randall says that as the market innovates

and changes, regulators and legislators need to

respond quickly and decisively: “We need to protect

consumers by facilitating credit where it is beneficial

and clamping down on it when it does harm.”

The Board has asked the FCA executive to build

the Review’s recommendations into its business

planning. The FCA will publish its 2021/22 Business

Plan in April and will give further details of the

response to the Review.

The report was similarly welcomed by the debt

advice sector. StepChange Director of External

Affairs Richard Lane says that if the pandemic has

shown us anything, it’s that it’s not only our health

that is vulnerable to sudden shocks – our finances

are too: “Chris Woolard’s recommendations on how

the FCA should reflect the lessons learned from

this period and apply them to future consumer

protections show insight and clarity. We very much

look forward to working with the FCA to act on

these recommendations, and especially to improve

the practical steps that can be taken to reduce debt

problems in the UK.”

>NEWS

IN BRIEF

Legal Line

AZZURRO Law, a specialist

commercial debt collection and legal

recoveries firm, has revised and

relaunched its website with enhanced

user experience and increased

functionality to support its thirdparty

clients and their customers.

The design and layout of the website

has been given a stylish refresh, and

now features enhanced navigation,

with easy-to use-tabs and drop-down

menus for its full suite of services,

including UK debt collection and

Litigation Funding. The website is also

now equipped with a designated client

‘hub’, providing clients with total

visibility of their account and current

status of collections activities.

Gold Standard

CREDIT management firm Intrum

UK has achieved gold rating in an

independent customer experience

assessment for the seventh

consecutive year. Investor in

Customers (IIC) has again given the

business its highest gold standard

for delivering ‘exceptional’ customer

service. This is said to make Intrum

the only business ever to achieve gold

on first IIC assessment and maintain

that top rating for seven consecutive

years. IIC’s ratings are based on

a survey of Intrum’s customers,

employees and management -

assessing how well the business

understands its customer needs and

delivers services to meet them.

Vaccine Con

CIFAS, the UK’s leading fraud

prevention service, is reminding

consumers to look out for scams

relating to COVID-19 vaccination

bookings which are being targeted

by criminals to steal personal

information. The NHS will never ask

for payment – the vaccine is free;

never ask you for your bank details;

never arrive unannounced at your

home to administer the vaccine; and

never ask you to prove your identity by

sending copies of personal documents,

such as your passport. If you believe

you have been scammed, then report it

to Action Fraud or to Police Scotland if

you are a Scottish resident. If you have

provided bank details, contact your

bank immediately.

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


NEWS ROUNDUP

Just launches new

virtual service in wake

of court ruling

FOLLOWING the ruling in the

High Court around ‘virtual’

enforcement, Just, has

confirmed that it is now

offering virtual visits at

no additional cost to local

authorities, Government, utility firms and

the legal sector.

Nick Georgiades, Managing Director

of Just, says the decision was taken in

the light of considerable interest from

prospective customers: “It has proved

a game changer for creditors seeking

secured extended repayment plans in

current lockdown restrictions,” he told

Credit Management.

As a result of the court decision, Just,

CIVEA and HCEOA have together called

for the Ministry of Justice to review the

judgement, and, if appropriate, provide

statutory guidance on the processes to be

followed if re-entry is required and any

fees which might be applied.

“Whilst we recognise that members

of the associations and Just will be

well placed to conduct non-entry CGA's

with appropriate caution, we would like

to safeguard the process from others

who may not be so diligent. The two

associations and Just have offered to

assist the MoJ in completing this work,

should it be appropriate,” Nick concludes.

In a joint statement reported at the

time, Just, HCEOA and CIVEA described

the results of the hearing as ‘good news

for creditors, debtors, and members

of both associations’ and said it was

‘important to bring much needed clarity

in this area of enforcement.’

Debt collectors who can now operate

remotely for the first time while those in

debt will also be able to secure repayment

plans against their assets without the

need for a costly physical visit – saving

approximately £200 compared to a

payment plan agreed on the doorstep.

Creditors can also benefit from this

new approach as the agreement of a nonentry

Controlled Goods Agreement has

the advantage of establishing priority of

writs in circumstances where multiple

creditors are chasing the same person for

repayment.

Brokers fear severe capacity

issue in future lending

THE volume of Government loans granted

to help SMEs through the COVID-19 crisis

will be having a potentially devastating

impact on the availability of ‘traditional’

lending causing alarm in the broker

community.

New research from Allica Bank among

commercial mortgage brokers suggests that

SMEs could be starved of funding to fuel

future growth because lending capacity has

all been tied up in coronavirus business

interruption and bounce back loans (CBILS/

BBILS).

The Bank – which empowers SMEs to

succeed – found that more than eight out

of ten (82 percent) brokers said they have

seen a reduction in the supply of finance

from business lenders, with more than half

(56 percent) describing the reduction as

‘significant’.

Most of the brokers surveyed think it is

unlikely that banks and non-bank lenders

will be able to meet the future needs

of SMEs for a range of crucial financial

products in 2021, especially commercial

mortgages (93 percent fear lack of

availability), unsecured loans (86 percent),

and secured loans (81 percent).

The net result, according to Nick Baker,

Head of Intermediaries, Allica Bank, is that

small businesses’ efforts to recover from

the pandemic will be severely hamstrung:

“The Government lending initiatives have

been a lifesaver, but they have also tied up

the capacity of many lenders,” he explains.

“This means they are unable to service

the more ‘traditional’ funding needs of

businesses not seeking COVID relief, such

as those looking to grow. Businesses like

this will be central to the UK’s economic

recovery, and we need to make sure they

have access to adequate funding now to

spur long-term growth.”

Allica’s research found that brokers are

also concerned about the ability of SMEs to

access asset finance this year. Almost three

quarters (70 percent) of the brokers polled

said they thought it’s likely that SMEs will

be under-served by banks and non-bank

lenders for this form of funding.

>NEWS

IN BRIEF

Cash generation

HOIST Finance has reported continued

strong cash generation in the fourth

quarter of 2020. Klaus-Anders

Nysteen, Hoist Finance CEO, says that

the firm’s digital offering has been

especially effective and now accounts

for 20 percent of all collections

activities. “Looking forward, thanks to

our solid capital and funding position,

we are ready for growth in the

increasingly positive market outlook

for NPLs,” he says in his report. We are

looking forward to a 2021 in which we

will see positive effects from many

of our improvement initiatives where

implementation has started, and with

benefits to come.”

Regional Rep

THE CICM is actively seeking a new

Regional Representative for the South

West region to support and promote

the views of members in the area. For

more information on the role, and how

to apply, visit https://www.cicm.com/

about-cicm/vacancies-at-cicm/

Party Line

THE countdown has begun for The

British Credit Awards 2021, a virtual

event to be held on the night of March

25. So whether you choose to dress

to the nines and sip champagne,

or simply chill in your PJs on your

sofa, join us as we celebrate your

achievements and recognise all the

hard work you have achieved in this

challenging and sometimes crazy year.

cicmbritishcreditawards.com

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


INSOLVENCY SPECIAL

Shifting Sands

Adapting to a new world of insolvency with

training and support

AUTHOR – Michelle Thorp

Michelle Thorp

THE pandemic continues to

change the way we work

in all quarters. Many have

had to adapt not just to

working from home, but

also to market developments

brought on by the events of the last year and

this year, such as dramatic shifts in demand

and changes to how services are offered.

In a recent study by McKinsey on UK

consumer sentiment during COVID-19,

with respondents selected and weighted to

match the UK’s demographics, it was found

that up to 65 percent intend to decrease

discretionary spend and 61 percent

have changed how they shop. Perhaps

unsurprising, these figures do serve well

to validate what many in insolvency, the

creditor community and other industries

have suspected as mass change in consumer

behaviour. Just how long these changes will

last is one of the big questions of today. An

answer will perhaps come to the fore when,

hopefully sooner rather than later, the focus

switches from the emergency response

conditions that we are – quite rightly – in

at the moment and on to rebuilding the

economy and the longer-term recovery.

What is interesting is the shift to online

spending. The same McKinsey study

pointed to an increase of up to 40 percent

in terms of consumers’ intention to spend

online rather than in other ways, even after

the pandemic. Keeping in mind the sadly

long string of high street names that have

recently undergone insolvency procedures,

it seems that the present period of flux for

business is showing signs of its long-term

influence and what that will look like. It

appears that shifts we have seen so far will

continue to be felt for a considerable (if not

permanent) amount of time, with online

spending coming to the fore. We have seen

several UK firms shrink the number of

stores that they have through insolvency

procedures, in order to secure a rescue.

This is not to mention the takeover of

Arcadia brands Topshop, Topman, and Miss

Selfridge, arguably among the kingpins

of the high street not too long ago, by the

online-only ASOS. Additionally, UK heritage

brand Debenhams is now under the control

of Boohoo, a relative newcomer and another

online-only brand, established in 2006.

Over the last year, we at the IPA have

been responding to the changes that

the insolvency profession has seen, for

example the new legislation brought in,

and we have also made changes to how we

regulate during this time. Recently, we have

considered our membership criteria, and

if it might usefully be changed in order to

better support incoming practitioners into

the profession and those who are involved

in it, keeping in mind the rise in corporate

insolvencies and the expected rise in

personal insolvencies.

Membership changes mean that anyone

can join the IPA in order to study towards

our exams as a student member, provided

they have a sponsor, for example their

employer. Our suite of examinations are

the Certificate of Proficiency in Insolvency

(CPI), Certificate of Proficiency in Personal

Insolvency (CPPI) and Certificate of

Proficiency in Corporate Insolvency (CPCI).

These exams are designed to provide a

comprehensive offering to those wishing

to study insolvency, whether generally or

focused on either personal or corporate

work. People on their way to qualifying as

an Insolvency Practitioner (IP) via the Joint

Insolvency Examination (JIE) take these

exams as a well-established stepping stone.

In themselves, the exams can give our

student members potential enhancements

to their careers. Many in related fields

to insolvency find that they benefit from

taking these exams with us.

Looking at our other, higher levels of

membership and the criteria to join, we have

made our requirements more streamlined

so that prospective members can more

readily access the IPA, our services and

benefits. Similarly, and keeping in mind

both the spotlight that insolvency finds itself

in and its expected growth in prominence,

we plan to very carefully change our criteria

for insolvency licences, to make becoming

an IP as accessible as possible – provided

of course that prospective IPs have the

requisite skills and experience.

It is hoped that the measures we are

taking will widen access to insolvency

knowledge at this critical time, as well as

help more of our members to practise as IPs

and meet any increase in demand. You can

read more about our membership criteria

on our website – insolvency-practitioners.

org.uk/membership/.

Michelle Thorp is CEO, Insolvency

Practitioners Association.

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


INTERVIEW

THE

KING’S SPEECH

Sean Feast FCICM speaks to Philip King FCICM about

the importance of learning, helping small businesses,

and the brake pads of a Reliant Robin.

IT would not be too impolite to say that

Philip King FCICM was a slow starter.

As a schoolboy growing up in North

London, Philip was academically

ordinary, doing very little to impress

either his peers or his parents. Neither

did he particularly excel at sport, a fact he puts

down (perhaps with his tongue placed firmly

in cheek) to wearing football boots that had

adorned at least three previous owners.

Originally from Kent, the failure of his father’s

stationery and fancy goods business forced a

move to Balham in South London where they

lived above the Church Hall.

Mr King senior eked out a

living as the hall caretaker,

before gaining enough

money to move to slightly

better accommodation in

Barnet when Philip was five.

Philip acquaints some of

his subsequent passion for

protecting small businesses

on the experiences his

father had to endure: “There

was a real stigma then,”

he explains, “and the consequences of going

bankrupt were dire. My father became a pariah

in some circles and was even shunned by some

of his friends. His experience was horrendous.

“Perhaps it has swung too much in the other

direction now,” he continues, “where you can

declare yourself bankrupt online in the middle

of the night. It is good that the stigma is less, but

we’re not at the US level where to show you’re

a real success you have to have a number of

failures behind you.”

Leaving school with a singularly

unspectacular two ‘O’ Levels and a solitary

CSE (across Music, English and Mathematics),

Philip admits to neither enjoying school nor

particularly working hard, preferring to hang

out with a group who never applied themselves

academically. Careers’ advice was non-existent

beyond the prospect that ‘any job will do.’

EXAM SUCCESS

Through his father who was now at least

partly rehabilitated and working in the Civil

Service, Philip applied to join the Department

Can we expect to

see Philip putting

his feet up and

watching more of

his beloved Spurs?

The prospect makes

Philip laugh.

of Education and Science as a Clerical Assistant

and surprised himself by finishing fifth out

of 600 in the entrance exams. As such he was

appointed to the loftier role of Clerical Officer.

Four and a half years passed with the young

Philip learning very little, other than if you left

the Service before five years was up, you could

get a refund of pension contributions. This

simple fact, and the lure of a new car, resulted

in Philip’s departure a few months short of his

fifth anniversary.

“I loved driving and cars,” he says. “That’s not

to say I was a petrol head, but I learned basic

maintenance and could

change the brake pads and

that sort of thing.”

The car that so appealed

to our intrepid Stirling Moss

had neither four wheels nor

two. It was, in fact, a threewheeler

Reliant Robin van,

though Philip is very quick

to point out that there was

no signwriting on the side,

neither was it yellow. It was

purple.

Finding a job as a delivery driver for a laundry

company, Philip spent a happy 18 months

making deliveries all over North London before

buying himself a rather battered Ford Cortina

and putting in a shift or two as a minicab driver.

He remembers one fare especially well: “I had

to take two old ladies to a funeral, and the

car broke down between the Church and the

Cemetery. I did manage to get it going in the

end, but it was rather touch and go.”

By now married but still with little direction

or ambition, a friend within his local

church told Philip of a job that was going in

the credit department of an electrical

wholesalers. Philip applied with little

enthusiasm and was not disappointed when

he didn’t get the job. Two weeks later, however,

the business called him and said the job was

still there if he wanted it as no-one else

had applied!

INSTITUTE FOLKLORE

Philip had unwittingly fallen on his feet. The

company was ITT Distributors (later STC) and

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


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


INTERVIEW

AUTHOR – Sean Feast FCICM

his boss and mentor John Brown, a name that

has entered folklore in CICM history. Philip

studied first for a Dun & Bradstreet (D&B)

Diploma in Credit and Financial Analysis,

passing with ease, before being encouraged

to study for a CICM (or ICM as it was then)

qualification.

His interest in credit management soon

became a passion. Starting at the bottom of

the ladder he rose to become number two in

a team of more than 60: “I loved everything

about the role,” he says, “and was exposed

to every part of credit management. Being a

distributor, ITT had a high volume of credit

requests, and it was fascinating to look at

the whole credit lifecycle, from the initial

risk analysis and granting of credit through

to collections and, where appropriate,

recoveries.”

After 10 happy years, and partly at the

suggestion of his mentor to gain new

experiences, Philip joined Olivetti. By now

living in Newport Pagnell, Philip was happy

to learn that Olivetti was moving its credit

function to a greenfield site in Milton Keynes,

and Philip was given the task of building

the processes, policies and procedures to go

with it.

This was an interesting time to be in the

computer and office equipment space, and

the company was characterised by a number

of colourful and eccentric individuals: “Many

Olivetti salesmen who had done well out of

the business believed they could do equally

well by setting up their own dealerships, but

changing market conditions, and their own

inexperience at running a business, meant it

was very high risk and many failed.”

By the early 1990s Olivetti, which had once

held a dominant position selling desktop

computers, was being outstripped by smaller,

cheaper providers, and in 1995, Philip was

enticed away to join Vodafone. Originally

working within the Vodac business, Philip’s

remit soon expanded and at various times he

ran the company’s fraud teams and corporate

collections team, managing multiple

teams across multiple sites as the company

expanded and added other well-known

brands including Phones4U and Cable &

Wireless.

DIRECTOR GENERAL

Throughout all this time Philip had stayed

close to the CICM, and for several years had

been one of its trainers. Among the alumni at

Watford College were Debbie Nolan FCICM

and Nick King FCICM. He’d also kept half

an eye on the senior leadership position,

and with the retirement of Peter Rowe in

2005, Philip applied for and was successful

in becoming the Institute’s new Director

General.

Philip’s many achievements as DG (and

as Chief Executive as his position was

later retitled) have been written about in

these pages before. Forging closer ties with

Government undoubtedly helped in raising

the Institute’s profile, as did writing the

Managing Cashflow Guides and creating

the Prompt Payment Code which Peter

Mandelson asked Philip and the CICM to

devise and run on behalf of the (then) BERR:

“I think he may have asked others before

me and been turned down,” Philip jokes,

“but there is no doubt it was good for our

profile as was being aligned to helping small

businesses.”

“I had to take two

old ladies to a funeral,

and the car broke down

between the Church

and the Cemetery. I did

manage to get it going

in the end, but it was

rather touch and go.”

Without question his proudest achievement

was in helping the CICM to secure Chartered

status: “Everyone said it couldn’t be done but

we did it and gained Chartered status at the

first attempt, which is a tremendous credit to

the team involved.”

The transition from the ICM to the CICM

certainly served as a signal that the Institute

had changed, and changed for the better, and

become the de facto ‘standard’ for anyone

aspiring to best practice excellence in credit

management. Philip even jokes that one of

his better decisions was bringing in external

support where it was needed, including a new

editor for the Credit Management magazine!

Since passing on the baton to Sue Chapple

FCICM as Chief Executive, Philip has enjoyed

a full and interesting term as Interim Small

Business Commissioner (SBC), a role which

(at the time of going to press) will be shortly

coming to an end. It has been 12-months like

no other: “I expected when I took on the role

that I would be on the road meeting people

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

just completed my 100th virtual webinar!

Perhaps that’s not a bad thing; had I been

on the road I may have spoken to hundreds

of businesses, but virtually I have now met

thousands.

“What I am most pleased about,” he

continues, “is the increased level of

collaboration that the SBC’s office now

enjoys. We have forged much closer ties

with local and national groups like the IoD,

The car that so appealed to

our intrepid Stirling Moss had

neither four wheels nor two.

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


INTERVIEW

AUTHOR – Sean Feast FCICM

necessary: “What you will find, and something

I’ve always said, is that larger companies are

also often struggling with their own cashflow –

the difference is they have a greater number of

zeros on their balance sheet.

“We worked with one large business recently

that has been struggling and helped them to

identify key small suppliers into their business

who were particularly vulnerable. They then

prioritised payments to these suppliers of

£200,000 which was essential to keep them

in business. I am happy to say that the larger

company has since recovered, and all of the

suppliers are still in place.”

The transition from the ICM to

the CICM certainly served as

a signal that the Institute had

changed, and changed for the

better, and become the de facto

‘standard’ for anyone aspiring

to best practice excellence in

credit management.

the CBI, the ICAEW etc. as well as Fintechs and

other organisations like GoCardless and Tide.

There is still a great deal to be done but I feel we

have been much more successful in getting our

name out there and helping small businesses.”

SUPPORT AND ADVICE

What Philip especially hopes he has

achieved from his tenure as Interim SBC is

a shift in mindset from people who view the

Commissioner’s office as a complaints’ handling

tool, to one that provides ongoing support and

advice. That’s not to say he hasn’t been pleased

to intercede on a small company’s behalf when

Everyone said it couldn’t be

done but we did it and gained

Chartered status at the first

attempt.

Philip senses that most larger businesses are

aware that they need to support their smaller

suppliers: “What I have been working on in my

conversations with CEOs and CFOs of many

High Street names is to move them beyond just

thinking ‘transactionally’ and more ‘emotionally’

What they see as a number on a balance sheet

is in fact cereal on the table for their small

supplier. We’ve also tried to highlight that

they need to think of those businesses beyond

the ‘traditional’ supply chain – the freelance

writers or web designers who are often ‘missed’

because they are not seen as operationally

important.”

Recent changes announced to the Prompt

Payment Code have been welcomed, and Philip

similarly welcomes proposed changes to the

role of the SBC: “It is perhaps not my place to

say,” he explains, “because the changes will

affect my successor, but it is fair to say that if

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

do more with it.”

So what of the future? Does retirement

beckon? Will Philip be spending more time with

his six grandsons? Can we expect to see Philip

putting his feet up and watching more of his

beloved Spurs? The prospect makes Philip laugh:

“I’ve been passionate about credit management

for 42 years and I’d like to think I will still be

involved in helping businesses somehow,” he

adds.

And if he could meet his younger self today

and offer some advice, what would it be? “Have

a bit of a plan and don’t waste your school years,”

he smiles.

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


OPINION

VIRTUALLY SPEAKING

New ruling is not the green light for

‘virtual’ collections.

THE Court has issued

clarification on taking

control of goods by way of a

video call and some people

think this means that process

can now be used. But does

the Court decision really give the green

light to virtual collections?

The recent judgment made by

Master McCloud in the Queen’s Bench

Division of the High Court on 8 January

confirmed there was nothing in the

current regulations to prevent the taking

control of goods by way of a video call.

In her judgment, Master McCloud stated:

‘An enforcement agent may enter into a

controlled goods agreement within the

meaning of Schedule 12 to the Tribunals,

Courts and Enforcement Act 2007 with a

debtor whether or not the enforcement

agent has physically entered the premises

on which the goods are located.’

High Court Enforcement Officers

(HCEOs) already engage with debtors

remotely at the compliance stage without

having to take control of their goods or

apply any additional fees other than the

compliance fee of £75 plus VAT.

CURRENT REGULATIONS

The current regulations (The Taking

Control of Goods Regulations 2013, which,

came into force in 2014) require a visit to

be made before an enforcement agent can

take control of goods, but do not specify

whether it must be a physical attendance.

A physical visit was no doubt intended as

the technology was not available when the

regulations were made.

The Court has asked the Ministry of

Justice (MoJ) to review the regulations

and consider whether any changes need

to be made. As this option is currently

unregulated it would not be a compliant

approach to use it currently.

Taking control of goods by way of a video

call under the current regulations does

not give an enforcement agent the power

to take further enforcement action where

required, such as, for example, the power

to force entry so will not have the desired

effect and would be unenforceable. It is

also not clear what fees should be applied

and when.

Guidance from the MoJ on this point

is awaited. This could take some time as

there would be a need to consult with all

stakeholders concerned. In the meantime,

most enforcement agents acting under

AUTHOR – Neil Jinks FCICM IRRV

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


OPINION

AUTHOR – Neil Jinks FCICM IRRV

the authority of an HCEO will continue

to make physical attendances where

required until the position has been

clarified or regulations have been

updated. Obviously, this is subject to any

prohibition on such activity due to any

lockdown during the pandemic.

TAKING CONTROL

Where the debtor fails to make payment

when the enforcement agent attends,

the debtor is required to enter into a

controlled goods agreement (CGA). The

debtor’s goods are then under the control

of the enforcement agent and cannot be

sold or removed without their permission.

It only becomes necessary to take control

of goods in a very small percentage of

cases. If the debtor fails to make payment,

the enforcement agent can then return to

remove the goods and sell them.

Enforcement only

follows where there is

no engagement. A call

of any kind cannot take

place if the debtor does

not engage with the

enforcement agency.

The High Court Enforcement Officers

Association (HCEOA) has recently issued

updated Best Practice in light of this

latest judgment. It confirms that during

the compliance stage an instalment

arrangement can be entered into where

the judgment creditor has given specific

written instructions to the HCEO to accept

an arrangement during an extended

compliance period (See paragraph

13 of the Best Practice on the HCEOA

website). Therefore, no visit of any type is

required to secure a long-term payment

arrangement.

The compliance period is the first step

in the process following the issue of the

writ when a notice of enforcement is sent

to the debtor and the first opportunity for

engagement. Where the debtor engages

with the enforcement agency, they will

often secure full payment, a payment

arrangement or identify any issues such

as vulnerability.

Enforcement only follows where there

is no engagement. A call of any kind

cannot take place if the debtor does not

engage with the enforcement agency.

If they do engage at this initial stage,

there is no need to take control of their

goods, especially when in default it is not

enforceable.

At the compliance stage, the requesting

of a CGA is not required or necessary

under the regulations, so this is a more

intrusive step than is required at this

stage.

Creditors continue issuing their writs

to their HCEOs during these difficult

times to enable them to engage with

debtors in the usual manner without the

need for a video call to take control of

their goods.

This leads to very early-stage

resolution and means creditors are paid

sooner rather than later with costs and

the burden of debt kept to a minimum.

It is the same outcome but without the

need for a controlled goods agreement

so a much more amicable solution for all

concerned.

OPEN TO ABUSE

Having been involved in High Court

enforcement for more than 30 years, I

believe it is only practicable to take control

of goods physically. To do so remotely, is

open to abuse, which is more likely to be

avoided if the process is undertaken in

person. Examples include people using

fake ID, showing you around the wrong

premises, avoiding showing you into

rooms where there are valuable goods to

be seized, or parking vehicles away from

the property, so they are not included in

the seizure.

In any event, paragraph 153 of the

Court judgment reads as follows: ‘The

Act, in my judgment, permits regulations

to be made which deal with the above, but

in the absence of such regulations having

been made, a ‘non-entry’ CGA would offer

limited enforcement options if breached

unless (a) a warrant for forcible entry

could be obtained or (b) peaceable entry

was obtained legitimately under para

14 of sch. 12 after entry into the CGA,

meaning that subsequent steps are ‘reentry’.

The Act, in short, does not forbid a

non-entry CGA entry, but the Regulations

do not fully enable it to be given effect as

they presently stand.’

As the regulations do not fully allow

it, I cannot see the point in it, as it is

restrictive when further enforcement

action becomes necessary. The

compliance stage allows for engagement

and payment arrangements without the

need for any further enforcement action

or additional fees.

Neil Jinks is Head of Client Development

& Communications at Court Enforcement

Services Ltd, a member of CICM’s

Advisory Council and President of the

IRRV West Midlands Association.

Where the debtor

engages with

the enforcement

agency, they will

often secure full

payment, a payment

arrangement

or identify any

issues such as

vulnerability.

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


ENFORCEMENT

CROSS WORDS

The impact of Brexit on cross-border

enforcement. Part 1

AUTHOR – Dmytro Tupchiienko

FOLLOWING Brexit, the question about

the recognition and execution of the

judgments between the UK and the EU

is governed by the so-called Withdrawal

Agreement, which was signed on

17 October 2019 and came into force on the

1 February 2020.

Essentially, the withdrawal agreement provides that

EU law with the international jurisdiction of crossborder

civil disputes will continue to apply to judicial

proceedings established before the end of the transition

period. It also provides that the relevant recognition

law and the execution of the judgments will continue

to apply with regard to the judgments.

The Hague Choice Of Court Convention 2005 aims to

facilitate cross-border recognition and the application

of judgments. However, the Convention applies to

commercial and civil judgments and expressly excludes

judgments regarding criminal, administrative, revenue,

or customs issues. On 2 July 2019, Uruguay became the

first state signatory.

Importantly, this is to determine the international

jurisdiction of the courts, to facilitate the recognition,

and to ensure a fast process for a successful application

of the judgments, enforcement instruments, and rule

of law in general.

RECOGNITION AND APPLICATION OF A

FOREIGN JUDGMENT

1. Recast Brussels I

Recast Brussels I continues the de Plano

acknowledgment of foreign judgment and, moreover,

no longer requires exequatur.

The Recast Brussels I does not ensure an effective

or instance execution, but it is governed by the

law of the Member State from which the judgment

execution is expected. Since an exequatur should no

longer be obtained, the creditor can directly instruct

the competent local authority (for example, a bailiff)

responsible for the execution procedure as such. The

applicant must provide the following documents;

(i) A certificate from the source Court. In other

words, the Court where the judgment was originally

returned.

(ii) A copy of the judgment sought

2. Brussels I and the Lugano Convention

In accordance with Brussels I and the Lugano

Convention, the seeking Party shall carry out a foreign

judgment must request an exequatur with the court

or the competent authority of the Member State of

execution listed in Annexes II of Brussels I and the

Lugano Convention. The request for an example must

produce:

(i) A statement containing the judgment of the

Brussels I and Lugano Convention

(ii) A certificate issued by the original court that

confirms the enforceable measures. If it is considered

necessary, a certified translation of the above

documents should also be. The actual procedure to be

applied to an exequatur is governed by the law of the

Member State in which implementation is taking place.

3. Hague Convention 2005

The process for the recognition and implementation

of the law is governed by the Act of the State of

Implementation unless governed by the Hague

Convention 2005. The documents to be produced under

these procedures are more elaborate than the required

documents in the EU. More specifically, the person

looking for recognition or application must provide:

(i) Copy of Assessment

(ii) Certificates issued by the Origin Court (eg

Court where the assessment is initially given) confirming

the steps that can be enforced (Article 53 (2) Brussels I and

Lugano Convention). If deemed necessary, the above

documents’ certified translation must also be produced

(Article 55 (2) Brussels I and Lugano Convention). The

actual procedure to apply to exequatur is governed

by member countries' laws where implementation is

requested.

Finally, in the context of the Hague Convention 2005,

the procedure of recognition and law enforcement

is regulated by the law of the implementing state

unless the Hague Convention provides the opposite.

The documents produced in this procedure are more

complicated than the documents needed in the

EU regulation. More specifically, people who seek

recognition or application must provide:

(i) Copy of certified and complete judgement

(ii) The exclusive choice of justice agreements,

certified copies, or other evidence of their existence;

(iii) All documents needed to determine that

the assessment has an effect or, if necessary, can be

enforced in the original state;

(iv) If the assessment has been given by default,

a copy of the original or certified certification of

the document that sets the equivalent document or

document has been notified in the failed part;

(v) In the case of trial settlement: state certificate

from the country of origin that justice regulation,

or part of it, can be applied in the same way as an

assessment in the country of origin;

(vi) Applications for execution or rewards can be

accompanied by documents published by the court

(including court leaders) from the country of origin, in

the form of registered and published by the Conference

of the Hague about very large personal law;

(vii) Other documents that are deemed necessary

if certain conditions are not fulfilled and if necessary,

the translation of the certified document listed above.

To be continued….

Dmytro Tupchiienko is a CICM

studying member.

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


ENFORCEMENT

AUTHOR – Dmytro Tupchiienko

Essentially, the withdrawal

agreement provides that EU

law with the international

jurisdiction of cross-border

civil disputes will continue to

apply to judicial proceedings

established before the end of

the transition period.

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


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


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


OPINION

A SPORTING CHANCE

How is the sports and recreation

industry surviving the pandemic?

AUTHOR – Tim Vine, Head of Credit Intelligence at Dun & Bradstreet

LAST year was a tough time

for many businesses. Dun &

Bradstreet’s COVID-19 Impact

Index has been tracking the

impact of the pandemic across

industries and regions in the

UK to support companies as they manage

disruption and uncertainty. The index covers

the latest industry, financial strength and

location disruption analysis and shows that

the sports and recreation sector continues

to be significantly affected by the pandemic

(see table to right).

Euro 2020 and the Tokyo Olympics – major

events that represented everything we love

about sport – were both postponed and the

Wimbledon Championships were cancelled

for the first time since the Second World War.

Gyms, leisure centres and sports clubs

across the country have been forced to close

during the national lockdowns. Data shows

that a high proportion of sport and fitness

related companies (79 percent) are micro

businesses who are unlikely to have the same

back-up funds and contingency plans as larger

businesses. Although the support schemes

provided by the Government have provided

some assistance, 2020 was a tough year for

many businesses in the sector and 2021 is

likely to be another challenging year.

However, while it continues to be an

uncertain time, some fitness-related

businesses and certain sports have managed

to weather the storm better than others.

SOCIALLY DISTANCED

Tennis is one of the UK’s favourite sports. But

although Wimbledon was cancelled, until the

most recent lockdown, grass roots tennis could

still be played and was one of the sports the

Government had allowed to continue, subject

to social distancing guidelines. It was also one

of several sports to receive a cash injection

through the Sport Winter Survival Programme.

The future of golf looked pretty bleak at the

start of 2020, with the virus arriving after years

of falling attendance, and national lockdown

came after 40 percent of clubs had sent out

their annual renewal subscription forms to

members. However in the early summer, golf

clubs in England were given the green light to

open and there was a surge in demand to play.

Sadly, at the time of going to press, golf clubs

have once again been obliged to close.

UK Industries (Specific Divisions)

Food and beverage service activities 10

Accommodation 16

Construction of buildings 30

Air transport 34

Land transport and transport via pipelines 34

Creative, arts and entertainment activities 37

Sports activities and amusement and recreation activities 38

Manufacture of food products 49

Employment activities 49

Manufacture of textiles 50

Travel agency, tour operator and other reservation service

and related activities 51

Telecommunications 58

Manufacture of beverages 59

Rental and leasing activities 61

Public administration and defence; compulsory social security 65

Real estate activities 73

Source: Dun & Bradstreet

COVID-19 Impact Index, as at

Friday 1 January. Industries

rated 1 to 100, with 1 being the

most impacted.

Tennis is one of the UK’s

favourite sports. But

although Wimbledon

was cancelled, until the

most recent lockdown,

grass roots tennis could

still be played and was

one of the sports the

Government had allowed

to continue, subject

to social distancing

guidelines.

Overall Business Impact

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


OPINION

AUTHOR – Tim Vine, Head of Credit Intelligence at Dun & Bradstreet

Sports Industry Business Liquidations YoY

95

0.24%

Volume

90

85

80

0.24%

0.24%

0.23%

0.23%

75

October 2018

October 2019 October 2020

0.23%

Unfavourable OOB

Unfavourable OOB Rate

And there is further depressing news. Although the

number of businesses in the sporting industry are increasing

(36,000 compared to 23,000 in 2017), Dun & Bradstreet data

shows that business liquidations have increased between

October 2018 and October 2020, which does not bode well.

WHAT IS NEXT?

Although some sports have been able to continue in a

limited capacity, a third and stricter national lockdown

has forced many venues and clubs to close their doors

once again. Some business have adapted by providing

online classes and tuition but with gyms, stadiums and

arenas empty once again, the future of many sport-related

businesses will be uncertain.

Despite this uncertainty, the hope is that this year will

bring with it some degree of normality that will see us

enjoying sport and exercise once again. Credit and financial

data and analytics will continue to help businesses navigate

the unpredictable times by helping to identify opportunities

for growth and support risk management during the

pandemic and beyond.

Tim Vine is Head of Credit Intelligence

at Dun & Bradstreet.

Tim Vine

However in the early

summer, golf clubs in

England were given

the green light to

open and there was

a surge in demand

to play. Sadly, at

the time of going

to press, golf clubs

have once again been

obliged to close.

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


“VIRTUAL ENGAGEMENT –

MAXIMISING COLLECTIONS

IN COMPLIANCE.”

From the desk of our

Chairman, Daren Simcox.

EXPERTLY

VIRTUAL ENGAGEMENT

MAXIMISING

COLLECTIONS IN

COMPLIANCE.

Court Enforcement

Services is a leading

provider of High Court

Enforcement to businesses

and individuals, and,

since forming in 2014, has

become an established

name in the UK’s High

Court enforcement

industry by offering a

combination that is

intentionally difficult for

our competitors to match

– vast legal experience and

knowledge, a dedication

to the very best client

service levels and most

importantly, the highest

collection performance

levels in our sector.

With over £187 million

judgment debt fairly

collected for our clients,

and minimal complaints

in executing over 100,000

High Court Writs, we are

justifiably proud of the

speed with which we have

achieved this record for

our clients and customer

debtors, which promotes

early-stage resolution and

achieves an above industry

average engagement

rate of 39% during the

compliance stage.

These clear credentials

are why, as one of the

fastest growing and largest

High Court Enforcement

businesses in the UK,

we feel it is our duty

to provide guidance

to creditors in light of

recent communications

about ‘virtual’ (video call)

enforcement.

VIRTUAL

ENFORCEMENT?

WE PREFER VIRTUAL

ENGAGEMENT.

Virtual engagement

between debtors and

enforcement agents

is nothing new. It has

been heavily in use since

telephony started and

further developed with the

internet over the past two

decades. Used properly

as part of a multi-channel

mix of engagement

approaches, we are able

to tailor our engagements

to suit individuals and the

available contact details.

As new channels develop

or society changes

its social norms, our

communications and

collections teams adjust

their approach to

optimise engagement

– video as a channel

is no different. Today,

in almost every case,

we use a multichannel

approach

to provide fair and

early engagement,

discuss payment

arrangements and

avoid doorstep visits.

At Court Enforcement

Services and our sister

company, CDER Group,

we refer to this as ‘virtual

engagement’, we aim to

agree a resolution with

our customers without

the need for any form

of visit and without the

need for a controlled

goods agreement, so

minimising the level of

fees payable and the

impact on the customer.

We have been using this

approach for over 6 years

and are pleased to be

able to advise our clients

that more than 20% of

our customers settle in

compliance and more

than 20% of our customers

settle using a payment

arrangement. We focus

on delivering resolutions

that match our client’s

needs and their debtor’s

circumstances,

all Expertly

Resolved.

LEADING BY EXPERTLY

DELIVERING BEST

PRACTICE.

We deliver best practice

by minimising the impact

on the debtor, only

putting a controlled goods

agreement (CGA) in place

when absolutely necessary

and ensuring that all

debts are settled subject

to appropriate affordability

tests.

There is no requirement for

us to take control of goods

in the compliance phase

as we have agreements

in place with our clients.

Our approach results in a

lighter touch and delivers a

fair resolution for both our

clients and our debtors.

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


RESOLVED.

BRANDS NEED

PROTECTION, NOT

RESULTS AT ANY COST.

As a market leader we

innovate and adhere

strictly to the regulations:

the regulations already

provide the ability to

enter into a payment

arrangement in the

compliance stage,

without the need for a

visit or a CGA. We cannot

therefore see the benefit

of requesting that a debtor

go through the intrusive

process of allowing a

video call to walk an

Enforcement Agent

around their house when

they have already engaged

to agree settlement and

a creditor has accepted a

payment arrangement

during an extended

compliance period.

FAIRNESS IN OPERATION.

We will always act in

accordance with the

words and spirit set out

in our charter which

expresses our belief that

– we believe everyone has

the right to be treated

fairly.

At Court Enforcement

Services Ltd, we would

like to reassure our clients

and all other creditors that

we will always proceed

in the spirit the law and

regulations intended.

We fully appreciate the

importance of protecting

our client’s brand and

reputation and our

duty of care in all our

engagements.

We currently have

no plans to

implement

‘video

visits’

unless there is client

demand for us to do so. We

believe it is highly unlikely

that our clients would want

us to use video calls to take

control of goods as the

feedback and opposition

received from CCUA

members suggests that

they do not wish to do so.

For more information on

our approach to Fairness

in Operation, vulnerability

and brand protection,

please follow these links:

FAIRNESS IN OPERATION:

www.courtenforcementservices.co.uk/

us/fairness-in-operation/

BRAND PROTECTION:

www.courtenforcementservices.co.uk/

us/brand-protection/

DEBTOR SUPPORT:

www.courtenforcementservices.co.uk/

debtor-support/

VULNERABILITY:

www.courtenforcementservices.co.uk/

vulnerable-debtors/

SIGNPOSTING:

www.courtenforcementservices.co.uk/

independent-advice/

SOLICITORS BROCHURE:

www.courtenforcementservices.co.uk/

solicitors-brochure

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 23

01993 220557

BD@courtenforcementservices.co.uk

www.courtenforcementservices.co.uk


COUNTRY FOCUS

Romania has

long-since broken

from its communist

past.

OUT OF THE RED

AUTHOR – Adam Bernstein

TO many, Romania is the

country where Ceausescu’s

communist regime fell more

than 30 years ago and where

Bran Castle, often referred

to as the home of the title

character in Bram Stoker's Dracula, is

located.

Those things are true, but it’s also

home to the Transfagarasan highway – the

‘world’s best driving road’ according to

Jeremy Clarkson; it has one of the world’s

prettiest bookshops – the Cărturești

Carusel – that’s set in a restored 19th

century building and which contains more

than 10,000 books; and it has a 4G mobile

network that is rated the fourth best in

the world which offers users an average

35.61mbp download speed. UK users, in

comparison, get just 21.16mps.

UNION OF PRINCES

Located in central Europe by the Black

Sea, it’s bounded by Bulgaria, Ukraine,

Hungary, Serbia and Moldova. Romania

isn’t an old nation per se, having been

formed from the union of the principalities

of Moldavia and Wallachia in 1859 which

gained independence from the Ottomans

in 1877. Neutral at first, it fought with

the Allies from 1916 and through a

combination of geography and pressure,

was forced to cede territory during World

War Two to several belligerents before

entering the war on the Axis side in 1941.

It switched to the Allies in 1944 and postwar,

until 1989, Romania was socialist and

a member of the Warsaw Pact.

With an international pedigree

currently, it is a member of some 67

international organisations including

NATO and, since 2007, the EU. It isn’t a

member of the Schengen Area meaning

that its borders aren’t open, and it doesn’t

yet use the euro, but it is obliged to adopt

in once entry criteria are met. Romania

presently uses the leu (RON) which, mid-

December 2020, was worth around 19p (or

5.38 RON to a pound sterling).

POPULATION AND SIZE

Romania is large with 238,391 sq km

making it similar in size to the UK’s

242,495 sq km. It has a number of

natural resources including oil, timber,

natural gas, coal, iron ore and salt along

with plentiful arable land and scope for

hydropower.

As for the population, it’s unlike many

countries in the west in that they’re not

very urbanised and are fairly evenly

distributed. Bucharest is by far the largest

urban area with (in 2011) 1.8m inhabitants.

The Bran Castle and Bran city,

Transylvania, Romania

There are eight cities with more than

200,000 people, 11 with 100,000 to 200,000

residents, 21 with 50,000 to 100,000 people

and 145 with a population between 10,000

and 50,000. In other words, apart from

Bucharest, Romanian cities and towns can

be banded together with minimal effort.

Its population was, according to

the 2011 census, 20.1m and is now an

estimated 21.1m according to a July 2020

estimate published in the CIA World

Factbook. However, in time it’s expected

that the population will decline through

migration and a falling birth-rate. Indeed,

the birth-rate once stood at 5.82 children

per woman in 1912 and was thought to

be closer to 1.36 in 2018 – well below the

replacement rate of 2.1. Combine this with

an aging population and the Factbook

considers Romania to have one of the

oldest populations in the world. And it’s

easy to see why – 2020 estimates reckon

that the under 24’s account for around 24.5

percent of the population, those aged 25-

54 make up 46 percent, while those 55 and

older represent around 29.25 percent of the

population. It’s notable that as of 2018, the

unemployment rate had risen after a long

period of falling rates. Back in the summer

of 2013 it stood at around 7.5 percent

and had fallen to a low of 3.7 percent in

January 2020. But as of September 2020,

it’s reckoned to be around 5.2 percent.

Ethnically, Romania is around 90

percent Romanian, six percent Hungarian,

and three percent Roma (but this last

number is thought to be understated; the

Roma could actually make up 10 percent of

the population). Romanian is the official

language and is spoken by 90 percent of

the population but English and French are

taught in schools.

IMPROVING GDP

Once a former communist-run country

with an outmoded industrial base that

produced goods that weren’t what the

country needed, the Romania of 2020 is

radically different. Now considered by

the World Bank in July 2020 to be a highincome

economy with a GDP per capita

of $28,189 it’s now running at 69 percent

of the EU average. Growth has been

spectacular and in 2004 was recorded as

being 10.4 percent. But the financial crash

of 2008 dented it somewhat with a negative

5.51 percent in 2009; the IMF had to step in

with a $20bn bailout. But 2019 saw growth

of 4.08 percent and of course, in common

with every other coronavirus afflicted

country 2020 will not be a good year.

In terms of land use, it’s estimated that

around 61 percent is used for agriculture

of which 39 percent is arable and 20

percent is permanent pasture, and the

rest is for permanent crops. As of 2017,

agriculture generated 4.2 percent of GDP,

manufacturing 33.2 percent and services

62.6 percent. In numbers, Romanian GDP

in US$ bubbled around the $40bn mark

until 2001 when it took off exponentially

to reach $214bn in 2008 and $250bn

in 2019. The UK, in comparison had a

GDP of $1.64tn in 2001 which rose to

$2.82tn in 2019.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 24


COUNTRY FOCUS

AUTHOR – Adam Bernstein

The Transfăgărășean or

DN7C is a paved mountain

road crossing the southern

section of the Carpathian

Mountains of Romania. It has

national-road ranking and

is the second-highest paved

road in the country after the

Transalpina.

Imports into and exports from Romania

are growing. In 2019 Trading Economics

data shows that Romania’s biggest

trading partners were, in value, Germany

(22 percent), Italy (11.2 percent), France

(6.9 percent), Hungary (4.8 percent) and

the UK (3.73 percent). But these figures

don’t offer up the full facts as import data

seems to indicate that the UK doesn’t

even count in the top ten – Germany

comes first at 20 percent by value while

Austria is seventh with 3.1 percent.

With regard to what Romania actually

imported in 2019, again in value order,

it was parts and accessories for motor

vehicles; petroleum oils and allied

products; medical products; cars and

other vehicles; wire and fibre optic

cables; cameras, video products and

transmission equipment; electronic

circuits and micro assemblies; electrical

equipment; and plastics.

In total, goods and services imports

stood at $96.6bn in 2019. That figure was

estimated to be just $68bn in 2016.

KEY SECTORS

There are a number of key sectors to

note in Romania of which automotive is

one with Dacia (part of Renault group)

and Ford and more than 400 car parts

manufacturers operating. According

to a study published in the Business

Review Magazine in July 2019, the global

automotive industry is stagnating while

booming in Romania...car production

could reach at least 650,000 units after

2020, according Dacia. That may have

changed a little in light of coronavirus

but nevertheless, the groundwork for a

revival has been laid.

Another sector to note is textiles

and clothing which, in 2018, was worth

$3.1bn of which women and girls

apparel accounted for $1.23bn. Data for

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 25

continues on page 26 >


COUNTRY FOCUS

AUTHOR – Adam Bernstein

2017 showed that the sector employed

around 200,000. Businessmedia.ro

predicted that the annual growth rate

for this sector will be around 5.3 percent

between 2018 and 2021.

Pharmaceuticals is of interest as

Romanians’ appetite for pills and

treatments has grown following

advertising campaigns and the crisis in

the local healthcare system. According to

the Guardian, the system is failing since

thousands of doctors and nurses have

emigrated to better paid economies. The

April 2019 report believes that some 3.4m

Romanians have left the country in the 10

years since Romania joined the EU. But

for those firms involved in the sector, it’s

of interest that in the 12 months to March

2018, the market for pharmaceuticals in

Romania reached 14.7bn RON (£2.7bn) of

which 9.78bn RON related to prescription

drugs, 3.19bn RON for OTC, while drug

sales to hospitals accounted for 1.71bn

RON.

As the country has prospered so retail

has grown in importance. A number of

retail parks – as opposed to shopping

malls – have opened and 59 percent

are now located in cities with less than

100,000 inhabitants. The country, is now,

according to Stratulat Albulescu Attorneys

at Law, ranked fifth at a European level

for delivery of retail spaces in retail parks

in 2018, being overtaken only by France,

Spain, the UK and Italy.

The hotel sector, until the pandemic

struck, had seen tourism rise by 6.7

percent in 2018 compared to 2017 with

capacity growing 1.6 percent to catch

up. Crosspoint Real Estate thinks that

turnover for the sector is around €1.2bn.

It’s believed that between 2019 and 2020

the number of Romanian hotels will

increase from 1633 to around 1800. This

comes alongside a programme by some

owners to update and refurb the estate

that they hold.

Brașov is a city in the

Transylvania region of Romania,

ringed by the Carpathian

Mountains. It's known for its

medieval Saxon walls and bastions,

the towering Gothic-style Black

Church and lively cafes. Piaţa

Sfatului (Council Square) in the

cobbled old town is surrounded by

colourful baroque buildings and

is home to the Casa Sfatului, a

former town hall turned local

history museum.

INFRASTRUCTURE INVESTMENT

Romanian infrastructure is in need of

investment and is being bolstered with

significant funding to the tune of €9.5bn

from the EU. A number of motorways

are being built including the Sibiu-Pitesti

and the Bucharest Belt. The country is

also launching tenders for four parts of

the Craiova-Pitesti Expressway. Rail too

needs updating; a US government report

from July 2019 thought that the average

freight rail speed in country was 13 km/

hour – one of the slowest in Europe.

According to National Railway Company

CFR S.A., there are a number of projects

which are under preparation or ready to

be launched.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 26


COUNTRY FOCUS

AUTHOR – Adam Bernstein

A masterpiece awaits in the

remote village of Voronet, in the

northern Romanian region of

Moldavia. A biblical mural depicts

angels and devils on opposite

sides of a scale, scrutinizing a

man’s life, good deeds weighed

against sins. Around them,

corpses rise from graves, joining

scores of others awaiting the Last

Judgment. It’s a graphic, gripping

scene and it’s no wonder the

500-year-old painting has earned

the Voronet Monastery the title of

"Sistine Chapel of the East."

And then there are the ports. In particular,

the Constanta Port sitting on the Danube-

Black Sea Canal has several major projects

running - an artificial island, new operational

berths and transport infrastructure, and the

modernisation of its piers. Collectively they’re

worth nearly $1bn.

Its importance was noted earlier, but

agriculture is important to Romania. The total

grain harvest in 2018 – about 30m tons – ranks

Romania in the third place in the EU after

France and Germany. In essence, Romania

produces 28 percent of the EU’s maize, some

19m tons and in terms of wheat, it produces

nearly 11m tons. There’s also a strong wine

culture with vineyards producing 1.1m tons of

grape wine.

Lastly, there’s technology where, according

to PwC’s Central and Eastern Europe Private

Business Survey 2019 Report, Romanian

companies top the list when it comes to use of

six from eight essential digital technologies,

a highly skilled and diversified workforce,

competitive prices, and a stimulating business

environment with a sector worth up to €40bn.

SETTING UP BUSINESS

For a foreign investor, the most frequently used

types of companies in Romania are the limited

liability company (SRL) and the joint stock

company (SA).

The joint stock company is the most complex

type of entity in Romania. The main advantages

are that shareholders are responsible only

for their capital, it can be listed on the stock

market and so can attract large amounts of

capital, and shares can be transferred without

the approval of the others. However, they take

time and involve expense to set up, need at least

five founding members, attract bureaucracy

and need around €25,000 minimum capital to

be formed. In comparison, a limited liability

company see subscribers only held responsible

Romanian is the

official language

and is spoken

by 90 percent of

the population

but English and

French are taught

in schools.

for their share capital and no more. Further,

the company can be set up in around one week

with just 200 RON capital. It also requires just

one director but can host a maximum of 50.

There are few disadvantages, compared with

benefits, and so it’s the entity of choice for

foreign investors.

TAXATION RATES

The standard corporate income tax rate in

Romania is 16 percent, 16 percent on personal

income, and the standard VAT rate is 19

percent. Gambling and nightclubs are subject

to a 5 percent rate from the revenues or 16

percent of the taxable profit, depending on

which is higher.

It should be noted that there are reduced

VAT rates of nine percent for water, food,

beverages (except alcoholic drinks), medical

treatments, prosthesis and the like, and five

percent for restaurant and catering services,

hotel accommodation, social housing under

certain conditions, and on schoolbooks,

newspapers, magazines, admission fees to

castles, museums, sport events, etc.

The VAT registration procedure is complex,

and several types of documents are required;

a VAT number must be in place before the

commencement of business.

DO’S AND DON’TS.

And lastly, it’s important to observe social

norms. So, those looking to work in Romania

would do well to remember that Romanians

like to be direct, sensitive and will focus on

business unless otherwise prompted. It’s

considered rude to be late for meetings – those

running late should call ahead and apologise if

it is unavoidable. Boasting about achievements

or exaggerated claims are frowned upon.

Importantly, it would be an own goal to talk

or make jokes about the communist regime or

Roma people.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 27


SAVE THE DATE

FOR OUR VIRTUAL

CELEBRATION

- 25 MARCH AT 8PM!

Thursday 25 March - Virtual Event

MEET THE 2021 AWARDS JUDGES:

Gail Armstrong MCICM

Head of Invoice 2 Cash GB&IE

Siemens

Michelle Atkinson

Head of Income, Customer Services

United Utilities

Liz Bingham

CEO

R3

Sue Chapple FCICM

CEO

CICM

Leanne Chesterman

Sales & Debtors Service Manager

BAE Systems

Brendan Clarkson FCICM

Director

Begbies Traynor

Steven Coppard

Deputy Director Government

Debt Management Function

Cabinet Office

Sean Feast FCICM

Director

Gravity London

Nigel Fields FCICM

Senior Director,

Global Process Owner OTC

NBC Universal International

Philip King FCICM

Small Business Commissioner

Dept for Business, Energy

& Industrial Strategy

Philip Roberts FCICM

Partner

Clarke Willmott

Natalie Ross

Head of Strategic Sales - Working Capital,

Commercial Payments & SBS UK

American Express

Paula Swain

Partner

Shoosmiths

Karen Young

UK&I Director

Hays

To find out more information about the awards, please visit

www.cicmbritishcreditawards.com

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 28


HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION

A WATCHING BRIEF

A flexible and sympathetic approach to enforcement

is more important than ever.

AUTHOR – Andrew Wilson FCICM

LIKE all SME businesses which have

seen a dramatic fall in activity, High

Court Enforcement businesses have

been looking very hard at their

business models, making as few

redundancies as possible and getting

to grips with the furlough schemes, to see how

best to keep the core staff they will need in the

future.

Not all enforcement activity has stopped,

particularly in B2B cases, but great care has been

taken to stick carefully to Government’s very

specific guidelines.

TRAINING, TRAINING, TRAINING

We have been training all our Enforcement Agents

in the use of protective equipment, hygiene

supplies and social distancing, ensuring they

protect themselves and others they encounter.

A priority has been training in supporting the

vulnerable and recognising mental health issues

and understanding the Association’s COVID-19

Plan so that all can be aware of what constitutes

permitted activity.

We have encouraged all businesses to

carefully collect and record details of customer

vulnerabilities, making sure that all data

protection requirements are observed and to

develop support plans for those affected.

Notices of Enforcement continue to be sent out

on receipt of a Writ and greater effort is made to get

the debtor to engage by any appropriate means to

avoid an automatic visit and, where appropriate,

to set up reasonable instalment arrangements.

On visits, all businesses are encouraged to

make sure that protective equipment is used, and

hygiene supplies provided so that those meeting

Enforcement Agents can be reassured that they

are properly protected. Many debtors have

responded well to this approach and engagement

with the court process has increased.

RESIDENTIAL PROPERTIES

At the Lord Chancellor’s request, we continue

to instruct our Enforcement Agents not to enter

residential premises until we receive further

guidance. We encourage those badly affected

by the pandemic to seek help from debt advice

agencies and generally to try to ease the financial

burden by using instalment arrangements

and Controlled Goods Agreements to keep

enforcement fees to a minimum.

With commercial premises, there are no entry

restrictions, but Enforcement Agents are on the

look-out for financial hardship and take each

case on its merits, as not all businesses have been

adversely affected.

Residential evictions have been restricted by

Statutory Instrument, with only a few exceptions,

but squatter evictions have continued, though

there is an enormous backlog of possession

orders on residential properties. The new Notice

of Eviction provisions bringing High Court &

County Court into line and giving a minimum of

14 days before eviction should give occupiers that

extra breathing space to make arrangements to

move with recourse to the Courts in hard cases.

INCREASED VULNERABILITY

So has the High Court approach changed forever?

Perhaps not, but it is constantly being adjusted.

There is an increase in vulnerability cases and a

reduction in the average amount on each Writ and

use of the High Court by utility companies with

high volume, low value debts.

Despite the recent debate about virtual visits

and entering into non-entry Controlled Goods

Agreements, the key in all civil enforcement is

engagement with the debtor. Most creditors have

tried this before issuing a claim and, where there

is no realistic engagement, they want the debtor

to be visited by an Enforcement Agent with the

authority of Writ. That should help to determine

whether the debtor is a Can’t Pay, Won’t Pay or

Can’t Cope.

Only 10 to 15 percent of defendants refuse to

obey a court order in any event (not quite the

80/20 rule) and not all of them are Won’t Pays,

where the full power of enforcement is needed.

Can’t Copes are often vulnerable cases and can

also be Can’t Pays, but sometimes just need the

reminder that they really must sort the problem

out and just need time to do so. Can’t Pays should

be encouraged to take proper advice to consider

the various insolvency options.

The new Breathing Space procedure (along

with its bureaucracy) comes into force in May,

but the reality is most creditors and HCEOs are

already perfectly prepared to allow extra time to a

debtor who has consulted a debt adviser. They can

expect a proper assessment of means and either a

realistic instalment offer, or confirmation that the

case is heading for insolvency.

So the USP of High Court enforcement still

remains—a visit by an EA in appropriate cases

to obtain payment immediately after the expiry

of the Notice of Enforcement. But now we are

much more aware of potential vulnerability cases,

particularly in these exceptional times and the

greater need for instalment arrangements where

there is financial hardship.

Andrew Wilson FCICM is Chairman of the High

Court Enforcement Officers Association (HCEOA).

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 29


INTERNATIONAL

TRADE

Monthly round-up of the latest stories

in global trade by Andrea Kirkby.

But one thing is

certain, the French,

Germans and Italians

want a share of

the cake and are

uncomfortable with

debt being held

outside of the EU’s

purview.

Financial services trade deal

SO, the UK and the EU finally reached

a trade deal just before the transitional

period expired. But ask the man on the

Clapham omnibus if they think that

Brexit is truly done and dusted and they’d

no doubt reply in the affirmative. And

they’d be wrong – the deal didn’t fully

cover financial services which represents

some seven percent of the UK economy.

Understandably, the Government

will be pressed by the UK’s banks,

insurers and asset managers to make

concessions to guarantee access to

the European market. But MoneyWeek

reckons that the Government should

stand its ground as ‘no deal is better than

a bad deal’.

At issue is the UK’s position as a

dominant financial centre for the whole

of Europe. To maintain that requires the

UK to find a way to maintain ‘equivalence’

rules which permit financial services to

be sold on the continent. The problem is,

as the Telegraph reported, that the EC has

no plans to grant equivalence despite the

UK giving the same to EU firms.

EU officials have said that Brussels

would not grant equivalence to UK firms

unless the Government explained how

far it planned to diverge from EU rules in

the future.

Only time will tell what the outcome

will be. But one thing is certain, the

French, Germans and Italians want a

share of the cake and are uncomfortable

with debt being held outside of the EU’s

purview.

The City should look to grow elsewhere.

And with Europe making up just 16

percent of the global economy, it’s time to

look to the growth regions that are Asia

and Africa.

SAUDI'S CUT BACKS

THE Saudi’s are having to cut back on spending to

reduce a huge post-Covid-19 budget deficit. As the

Wall Street Journal notes, the country wants to lower

its annual overspend from 12 percent of economic

output to 4.9 percent in 2021.

The Saudi Government’s budget is a ‘closely

watched measure of spending’ for not just Saudi

Arabia, but also the wider Gulf region and is thought

of as an outlook for oil prices. Further, the country

is trying to wean itself off oil as a bulwark to the

economy and is making cuts while at the same time

seeking to create jobs for a young population. To do

this, it’s planning to inject around $40bn into the

domestic economy in 2021 and 2022 from its $300bn

sovereign wealth fund, which is excluded from the

budget.

EU SIGNS INVESTMENT

DEAL WITH CHINA

THE recently concluded EU-China Comprehensive

Agreement on Investment (CAI) has, says Bloomberg,

given the Chinese ‘a massive diplomatic victory’.

From reports, it appears that after seven years of

‘desultory talks’, China offered concessions to ensure

that the agreement was finalised before Joe Biden

took over the US presidency, despite his request to

not complete the deal.

From Biden’s perspective, the CAI undermines

US efforts to define a single approach to China,

especially in light of its activity in Hong Kong, on its

Indian border, its threats to Taiwan and Australia.

Gideon Rachman, in the Financial Times, suggests

that the EU is ‘naïve’ to believe that China will

respect the deal. However, from the EU’s standpoint,

it wants to stand well away from US/Sino differences

and wants European manufacturers to sell cars into

what is a huge market, and Germany’s largest.

BRITAIN IS FIFTH-LARGEST ECONOMY IN WORLD – AGAIN

BRITAIN is in fifth place in the rankings

of the world’s biggest economies,

despite suffering one of the deepest

recessions in the pandemic. According

to the annual league table produced by

The Centre for Economic and Business

Research (CEBR), the UK overtook India

and will move away from France in the

decade after Brexit.

The CEBR also predicts that China will

overtake America as the world’s biggest

economy in 2028, five years earlier than

expected. It’s interesting that the CEBR

suggests that ‘western economies need

to keep much more closely in touch with

what is happening in Asia to keep up

with international developments’. India

shouldn’t be ignored – the CEBR thinks

it will overtake the UK again in 2024 and

will overtake Germany to be the world’s

fourth-largest economy, behind the US,

China and Japan, by 2027.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 30


CHINA IS ‘BOOMING’ AGAIN

CORONAVIRUS may have ‘started’ in

China, but the country is no longer on

the backfoot and is thriving. Investors,

according to the Financial Times,

are racing back and in 2020 bought

nearly £113.5bn of local assets, poured

£102bn into Chinese bonds (to the end

of November) and bought stocks to the

tune of £19bn from overseas buyers – the

CSI 300 stock market was up more than

19 percent by the year’s end. China’s

GDP is likely to have grown by around

two percent in 2020 despite it being the

epicentre of the outbreak, says Pantheon

Macroeconomics.

It appears that the world’s overnight

need for masks and gel and demand from

locked-down workers for IT equipment

DESPITE the world being in turmoil and the

populations of many countries in lockdown,

why is the price of oil rising?

Despite the world being in turmoil

and the populations of many countries in

lockdown, why is the price of oil rising?

Having fallen from $67 a barrel in January

2020 to just $18 in late April, the cost per

barrel has shot up since then, reaching

$55.50 on 22 January 2021.

There are a number of reasons for

this rise, key of which is a gathering of

the Opec+ oil cartel – the Gulf states and

Russia – and their restricting of supply by

bolstered China’s manufacturing –

medical equipment exports rose 42.5

percent during the first 11 months while

electronics exports rose 25 percent last

month on the year.

It’s true that once the vaccine has

taken a grip that these figures will decline

somewhat, but that will be offset by

rising domestic demand. As the South

China Morning Post reported, the Chinese

economy saw retail sales rise five percent

on the year in November, while industrial

production gained seven percent.

China is expected to be the only G20

nation to grow in 2020 and by the end of

2021 the economy could be the same size

as it would have been if the pandemic had

never happened.

OIL PRICES ARE RISING

more than markets had expected. Russia

still plans to raise production, but the

Saudi’s have helpfully cut to compensate.

A gentle rise in price is one thing,

albeit unwanted. But oil price spikes are

not helpful for the global economy as

they find their way into most things and

are damaging and inflationary. While oil,

or rather fossil fuels for vehicles, is being

phased out, it’s nevertheless a key driver

of economies (pun intended) and so firms

need to be aware of the recent move

when they forward price their goods and

services.

QUEEN’S AWARD FOR

EXPORTS AGENCY

A Yorkshire-based innovation marketing

agency, ThinkOTB, has received the

Queen’s Award for Enterprise for

International Trade for sales growth in

overseas markets.

The agency has grown quickly. It saw

export sales rise by 560 percent – from

22 to 52 percent of its overall business

in just three years. Established in 1988,

ThinkOTB focuses on innovation and

supports blue chip clients and SMEs

across the globe. The agency’s main

overseas markets are in Ireland, Central

and Eastern Europe, the Middle East and

Africa, the Asian Pacific and the USA.

TURKEY TROUBLE

TURKEY is in trouble. Inflation there

has hit 14 percent, a 15-month high,

while its currency, the lira, has fallen

to record lows. Central to the issue is

President Erdogan who has pushed the

country’s central bank to keep interest

rates low, which in turn has led to a

credit boom and devalued Turkish

assets. Further, an aggressive and costly

foreign-policy strategy in Azerbaijan,

Libya, Syria and in the Mediterranean

isn’t helping. The BBC reported that the

Trump administration levied sanctions

against Turkey over the purchase of a

Russian-made missile-defence system.

Worryingly, nearly 80 percent of Turks

think that the country’s economy is

failing, a position no doubt made worse

by Coronavirus.

TOMORROW’S WORLD

IT’S perfectly true that ‘people buy people’.

But it’s just as true that ‘people buy

products’ and those that assume markets

rarely change are heading for a fall.

Look at South Korea. Its population

decreased for the first time in 2020, by

20,838 from 51.8m in 2019. Asia’s fourthlargest

economy has had a low birth-rate

since 2016, with South Korean women,

on average, having one child, the lowest

fertility rate in the world (according to

2018 World Bank figures). Part of the

reason is down to coronavirus where jobs

have been harder to find and couples have

delayed marriages – most births occur in

wedlock.

Notably, Japan is not a million miles

away from the same problem and again, a

rapidly ageing population combined with

a low fertility rate is posing a problem for

the government which is struggling to

run the country on a shrinking workforce.

Japan, however, is seeking to improve

matters by using artificial intelligence

(AI) to ‘help match lonely hearts’, says the

MailOnline. While it’s not overly romantic,

it shows just what governments think AI

can do – in this case, help match suitors

more appropriately.

What does all of this mean? South

Korea is expected to have the world’s

largest proportion of over-65’s by 2045,

overtaking Japan, which is in a similarly

parlous state. Those exporting into South

Korea and Japan may need to refocus

from baby-care to elderly-care products.

CURRENCY UK

EXCHANGE RATES VISIT CURRENCYUK.CO.UK

OR CALL 020 7738 0777

Currency UK is authorised and regulated

by the Financial Conduct Authority (FCA).

HIGH LOW TREND

GBP/EUR 1.14904 1.12075 Up

GBP/USD 1.39498 1.35271 Up

GBP/CHF 1.24161 1.20625 Up

GBP/AUD 1.80202 1.75940

GBP/CAD 1.76603 1.72523

Up

Up

GBP/JPY 147.535 140.944 Up

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

month previous to/leading up to 16th February 2021.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 31


PANEL BASHERS

ROOT PLANNER

John O’Sullivan FCICM and Nigel Fields FCICM

answer this month’s challenge.

What is the best

way to identify

and analyse the

root cause of

disputes affecting

my collections

performance?

Panellist

John O’Sullivan FCICM

DISPUTES are a fact of life

when providing goods

and services on credit;

they are costly but, as we

all know, they happen,

so we need to prepare

for them; but how? Part of the answer is

in the question: Identify, analyse and find

the cause of debtor disputes. This is where

the fun starts. But first, three observations

on disputes from personal experience:

They are usually badly handled; they

have a bigger impact on credit costs than

is often realised; and they are not always

monitored or analysed.

First examine the disputes. You should

begin to see a pattern: many disputes are

home-grown. They are a result of internal

failures – usually a combination of one or

three of the following: clerical; warranty;

and inaction (often the most frequent).

During my time in credit I was amazed

at how fast debtor queries, if not properly

handled, could develop into disputes. Many

years ago I did some work for a company.

They were a new manufacturing company

with good sales, poor cash flow, and a high

reliance on their bank overdraft. We did a

textbook analysis on their debtors. Nearly

a third was tied up in disputes. They had

good products but a very poor warranty

system. It was taking three months to

administer their manufacturing warranty

during which time their debtors withheld

a portion of their payments, disputes

escalated and sales began to suffer. An

analysis of the disputes showed that initial

communication with the customer was

poor. As the outlook was dire we quickly

changed their warranty procedures

and debtor communications and set a

warranty deadline of two weeks maximum

with most cases settled within 48 hours.

This, combined with numerous debtor

visits, turned the situation around in four

months. The business is still going strong.

It is interesting to observe the genesis

of a dispute: it starts as an unanswered

query, develops into a dispute, is sat on

and becomes serious, grows legs and

ends up in litigation. During this time

it impacts on the quality of the debtors,

affects cash-flow, can lose you customers,

and adds substantially to costs. A badly

handled query from a debtor is an own

goal. A well-handled query is often times

an opportunity to develop bonds with your

debtor. Remember: hit the dispute early.

As a consumer there is nothing more

annoying than trying to sort out a query

prior to paying a bill but being constantly

side-lined. (Utility companies please note).

There are plenty of small reasons why

debtors do not pay; I am always amazed

at the number of times we are the cause

of them not wanting to pay. One of my pet

hates is inaccurate invoices – no order

numbers, incorrect discounts, idiotic

messages and, the worst crime, incorrect

company name. If a creditor can’t/won’t

decide who they are dealing with then

they deserve to be kept waiting.

One of the unfortunate potential

side-effects of disputes is the risk of

compensation payments i.e. because the

debtor with the dispute won’t pay we try

to compensate this shortfall by squeezing

our old reliable good payers. This only

works in the short term. I recommend

a monthly report on debtor disputes

including an aged analysis and a dispute

ownership section. Hopefully, the above

will assist in identifying, analysing and

resolving debtor disputes.

JOHN O’SULLIVAN

John O’Sullivan has 40 years’ experience in credit .He worked for many years

in the heavy commercials motor industry (DAF Trucks). He was a Fellow and

former President of the Irish Institute of Credit Management (87/88), part of the

Irish delegation on the inauguration of FECMA (Windsor 86) and organiser of

FECMA Seminar ‘Credit in the 90s’ in Dublin 1988. He lectured in The Dublin

Institute of Technology for the degree BSc Management of Credit and was

External Examiner for the Certificate and Diploma in Credit. He has written

and given many presentations on credit and risk. Since retiring he has become a

credit union director and a Judge in the Irish Credit Management Training Credit

of the Year Awards. He is involved in credit consultancy on marketing and credit,

and dispute reconciliation. He is a member of Credit Management Institute

Ireland (CMII). During lockdown his hobby is writing and being optimistic.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 32


PANEL BASHERS

There are plenty of small reasons why

debtors do not pay; I am always amazed

at the number of times we are the cause

of them not wanting to pay. One of my

pet hates is inaccurate invoices – no

order numbers, incorrect discounts,

idiotic messages and, the worst crime,

incorrect company name.

Explain the reason for any suggested or

necessary process changes. Try to show

what ineffective processes is currently

costing and what can be gained by

making some changes and improving.

Panellist

Nigel Fields FCICM

NIGEL FIELDS

A career in credit management spanning more than 30

years, Nigel Fields FCICM is now ‘Senior Director, Global

Process Owner OTC at NBC Universal International.

Nigel spent 20 years working for Twentieth Century Fox

International Film Corp. starting out in its UK business as

Credit Manager and rising to Executive Director for Credit,

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

international business portfolio. Prior to Fox, he worked

as the Credit Manager at Hornby Hobbies and a Credit

Controller for GEC. Nigel says: “I attribute much of my

career success to the CICM community where I am always

able to draw upon knowledge and skills from the extensive

array of members and partners.”

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

if you have a question to ask, contact the

editor at sfeast@gravityglobal.com

A/R teams are often responsible for managing large

volumes of payment disputes and deductions that

arise when a customer might dispute invoices,

take discounts, or levy penalties etc. Most systems

have limited functionality to deal with them and so

A/R Teams will often dedicate a disproportionate

amount of time and energy to manually managing disputes and

lose their focus on the more value-added tasks.

Disputes are both time-consuming and labour intensive and

will almost certainly impact on the cash flow. Some disputes are

maybe not valid, and many will simply end up as revenue write

offs. It is therefore incredibly important to understand why

disputes happen and, if possible, avoid them completely. For the

‘unavoidable’ disputes, you will benefit hugely by having good

and consistent processes in place to help identify and then work

efficiently and effectively through to closure. A good clear process

will also reduce unnecessary complexities and eliminate zero

value work.

A really good way to improve this area and achieve better

practices is to capture your O2C transactional information

from invoices and payments and identify reasons and types of

disputes. There are some fantastic A/R platforms available today

that will automatically capture the detail from huge volumes of

transactions (this is often referred to as ‘BI’). The A/R BI is critical

for providing information back for your analysis. These systems

will often also provide excellent dashboards and reports that help

to summarise and visualise data into simple insights and statistics.

This also saves time and helps your business understand the

issues quickly and easily and is the first step to improve and avoid

issues that create these disputes. It’s also valuable information

to share with your management team and customers for highlighting

various issues and potential weaknesses.

Good communication is also essential for success so be sure

to communicate the findings and any remediations plans to

all involved. Explain the reason for any suggested or necessary

process changes. Try to show what ineffective processes are

currently costing and what can be gained by making some

changes and improving. Set clear goals and timelines, provide

any necessary training and documentation that both explains the

processes and ownership of the various tasks.

You will need to continuously monitor the data and performance

and potentially modify the processes to make additional on-going

improvements where necessary. Also continue to review and

share the results and how the improvements are delivering value

to meet the changing needs and demands of your customers and

your business.

In summary, root cause analysis provides data-driven insight

and helps you to better understand the scope and causes of

problems and issues. It’s giving you a logical view to identify the

various source of the root causes. The business can then tackle the

various types and causes of the issues and try to prevent avoidable

problems from recurring and to set up efficient processes to deal

with things like discounts, returns, shortages etc. that are simply

part of normal trading.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 33


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Advancing the credit profession / www.cicm.com / March 2021 / PAGE 34


LOVETTS Solicitors has recently

launched Guildways, a UK and

International pre-legal debt

collection service. As a nocollection,

no fee service for

use before legal proceedings

are initiated, it complements Lovetts’ fixed

fee legal services, and gives flexibility to

credit managers both in collection methods

and pricing.

It comes at a time where companies

are suffering huge pressure on staff, on

supplies, on sales fulfilment, and on cash

and margins. There is also the looming

spectre of COVID-19 Government support

ceasing shortly, just when the business

world is trying to get back onto its feet.

Chairman Charles Wilson FCICM says:

“Growth and economic recovery may, in

contrast to the past year, be rapid from

2021 onwards, so the old adage ‘cash is king’

will never be more true. Growth is bound

to mean pressure on customers’ cash, just

at a time when there is inevitable stress on

ADVERTORIAL

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for Lovetts

each company‘s own finances and cashflow

during the pandemic economy.”

As part of Lovetts Ltd, Guildways shares

the same ethos and professionalism that

Lovetts Solicitors has shown over the

past 25 years. It is able to use Lovetts’

highly developed online CaseManager

web services, its proven and secure

online technology with Cyber Essentials

Plus accreditation, giving every credit

professional visibility of case data in real

time.

Guildways (like Lovetts) is also regulated

by the Solicitors Regulation Authority

(SRA) under special statutory exemptions

of Financial Services and Markets Act 2000.

This gives the security of having back-up

from a highly experienced and reputable

law firm, dedicated to debt collection

alone.

If you would like to know more about

Guildways, do visit www.guildways.com –

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“Growth and economic

recovery may, in

contrast to the past

year, be rapid from 2021

onwards, so the old

adage ‘cash is king’ will

never be more true."

Charles Wilson FCICM

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 35


LEGAL MATTERS

FISHY BUSINESS

A business profiting from fish created

unexpected problems when the

receivers were called in.

AUTHOR – Peter Walker

THERE were no red herrings for

the Court of Appeal judges in a

recent law case, but there were

carp and other freshwater fish

awaiting their judgment. They

resided in lakes in Borwick,

Lancashire, where the claimant’s ownership

of the surrounding land had been subject to a

mortgage until the mortgagee’s receivers took

charge. They sold that land to the defendant, but

the claimant wanted £1.1m as compensation for

the fish he had lost.

The judges in Borwick Development

Solutions Ltd v Clear Water Fisheries Ltd (2020)

3 WLR 755 had to decide who owned the fish.

One possible answer to the question is that the

receivership of the land resulted in its transfer

to the defendant, and that the transfer included

the fish just like some solar panels on the

property.

The site was near Manchester, where nine

lakes were created in pits resulting from

gravel extraction for the construction of the

M6 motorway. The development was subject

to a section 106 agreement, i.e. section 106

of the Town and Country Act 1990. Some

property developments would be unacceptable

to the planners, but they may enter into such

agreements to allow them to go ahead subject

to certain conditions. The developer will have

to agree, for example, to build some affordable

housing, or to use some land in a specified way.

FAMOUS FISH

This time the result was a fishery, where the lakes

were stocked with carp and other fish. Some of

the fish became famous among anglers, who

gave them names, such as Moonscale, a carp

weighing more than 17kg. The fishery owners

hired sessions at the lakes, but any successful

anglers sportingly agreed to return their catches

to the water. Some of the fish may have been

caught many times.

Angling and other facilities, such as a

restaurant, provided an income, but the

construction of the restaurant required finance

resulting in the mortgage. When the receivers

took over, and transferred the property to

the defendants, there was no mention of the

fish in the documents. The claimant, which

had stocked the lakes with fish, claimed it

had retained proprietary rights in the creatures,

and it wanted £1.1m in damages.

The reason for the claim arose from earlier

events, when the claimant, the mortgagor, had

once tried to sell the land including the fisheries

for £700,000 to the defendants. The negotiations

failed but the receivers later settled for £625,000.

The receivers had given no warranties relating

to the fish, because they took the view that the

charge did not extend to the creatures. The

claimant could remove the fish, but it would be

expensive and would take many months to do

so. It wanted compensation of £1.1m.

CLASSIFICATION OF ANIMALS

There perhaps should be some precedents,

because there have been various kinds of fish

farms for many centuries, so Sir Timothy Lloyd

in the Court of Appeal turned to legal definitions

in old law books. In law there were domestic

animals (domitae naturae), and wild animals

(ferae naturae). The claimant suggested that the

creatures in the fishery should be classified as

domestic, because they were kept in enclosed

lakes, from which they could not escape.

Sir Timothy Lloyd consulted the judgment

in Buckle v Holmes (1925) 134 LT 284. The

defendant’s cat had killed some homing pigeons

and bantams belonging to the plaintiff. There is

a whimsical poem on the case published in the

Canadian Bar Review Vol 5 No 2 (1927), and an

extract reads.

‘The lawyer consulting his leather-bound tome,

Concluded he had a good case against Holmes;

For dinners obtained in this unlicensed way

He claimed the defendant must properly pay.’

Despite this poetry, or doggerel, cats were not

wild animals in relation to tempting birds. They

were domestic, and the plaintiff would have

to prove the defendant’s knowledge if the cat

particularly had vicious propensities as against

birds generally. In the Borwick Developments

dispute Sir Timothy Lloyd thought that such

cases meant there was no change in the

traditional legal classification of fish. They are

wild.

PROPRIETARY RIGHTS

He then had to consider the effect of this

classification in the light of the proprietary

rights and its effect on what happens to the fish.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 36


LEGAL MATTERS

AUTHOR – Peter Walker

Sir Timothy Lloyd noted that animals are not

goods or chattels, but there may be a qualified

property in them. An animal may defeat such a

classification, if it resumes its natural habitat in

the wild.

There were no reported cases on this point

to help him, and only one of these disputes

involved the transfer of property. This was

Greyes Case (1593) Owen 20. ‘A man’ purchased

‘divers’ fish and put them in a pond. After the

man’s death the court had to decide who should

have the fish. Popham J said that the heir ‘shall

have the deer in the park, and by the same

reason, the fish.’ Fenner J ruled, ‘he which hath

the water shall have the fish.’ Sir Timothy Lloyd

in the Borwick Developments case concluded

that the report of the case was too brief that

it would be ‘rash’ to put much reliance on any

particular phrase.

A freeholder on the other hand holds rights

ratione soli, i.e. exclusive rights to hunt, etc.,

wild animals, on his or her land. The principle

was extended further by the Law Lords in Blades

v Higgs (1865) 11 HL Cas 621, who considered

the ownership of two bags of 90 rabbits sold

to a licensed dealer in game. A trespasser had

killed the rabbits on the land belonging to the

Marquis of Exeter. Lord Chelmsford said that

the dead rabbits, whether ‘for an instant or for

hours upon the land, they equally belonged to

the owner of the land.’

ANIMAL OWNERSHIP

A landowner has another qualified right

of animal ownership, i.e. per industriam.

That right exists for as long as he or she is in

possession of the creature. The judges in Young

v Hitchen (1844) 6 QB 66 illustrated the principle

in a dispute about a catch of sea fish off the coast

The Borwick

Developments case

is a reminder that

a mortgagee must

be diligent about

the property which

is its security. He

or she will not want

an ancient Roman

lawyer to pop up

and to spoil things.

of Cornwall. The plaintiff ‘had drawn his net

partially around the catch… which he was about

to close…’ The defendant ‘rowed his boat up to

the opening’ and took the fish. The defendant

was not liable for the lost catch, because the

plaintiff had not taken possession of the fish.

These principles have influenced the law for

a long time. Henry de Bracton in the early 13th

century wrote De Legibus et Consuetudinibus

Angliae (On the Laws of Customs of England),

and, unusually, because cases rather than

the writings of academics are appropriate

precedent, was mentioned by Sir Timothy Lloyd

in the Borwick Developments case. Bracton

expressed a similar principle about bees, which

when they fly away from the hive, they belong

to the beekeeper for as long as he or she has the

power to pursue them.

Bracton was influenced by the law of ancient

Rome, where in the second century Gaius

wrote in his Second Commentary about living

creatures. He regarded bees as a special case,

but fish and other wild animals remained the

property of their captor unless they recovered

their liberty.

In the Borwick Developments case Jackson LJ

further observed that there were other examples

of the Common Law searching the Civil Law for

guidance. In this context he mentioned Hugo

Grotius and Chapter VIII, Book II, On the Law of

War and Peace published in 1625. He wrote that

‘we have right of ownership over wild beasts in

private forests, and fish in private lakes, just as

we have possession of them.’

Although it is very unusual for judges in this

country to refer to the opinions of academic

lawyers, the judges of the Court of Appeal did

not neglect case law. There was a case where

bees left the plaintiff’s beehive and swarmed

onto the defendant’s land. The defendant

refused to allow the plaintiff access to that land,

and by the time he changed his mind, the bees

had gone. In Keary v Patterson 1939 1KB 471 the

judges of the Court of Appeal would not award

damages.

In the Borwick Developments case the

judges took this case into account but ruled

that fish were wild creatures, and not owned

like domestic animals, such as my guinea pigs

which I adopted. The purchaser of the fishery

possessed the fish, which were confined in the

lakes into which they had been introduced by

the claimant. After the sale of the property the

claimant lost any rights to the fish just as it lost

its rights to the solar panels also on the land.

This is good news for credit managers of

mortgagees, where wild animals are a part of a

business operated on a mortgaged property. The

Borwick Developments case is a reminder that a

mortgagee must be diligent about the property

which is its security. He or she will not want an

ancient Roman lawyer to pop up and to spoil

things.

Peter Walker is a freelance journalist.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 37


PAYMENT TRENDS

In the red zone

Late Payment statistics show the

problems are mounting.

AUTHOR – Iona Yadallee

LATE payment is a perennial issue, but the

coronavirus pandemic is exacerbating the

situation and companies up and down the

country are now feeling the pinch. The latest

data for the number of days beyond term

that business are having to wait paints a

worrying picture.

REGIONAL BREAKDOWN

It is perhaps the regional figures that throw the harshest

spotlight on the situation with (almost) every regional

suffering longer payment delays. The only exception is

Northern Ireland, but the improvement is marginal – a 0.3

drop from 17.4 Days Beyond Terms (BDT) in December to

17.1 days in January. Interestingly, this is a significant slip

from the 7.2 day improvement that it saw from November to

December last year (as reported in CM January/February).

Could the positive affect of the rebound experienced over

the second half of 2020 in some of Northern Ireland’s key

sectors, such construction, be winding back?

Another region seeing a reversal of fortunes is Scotland.

In December it was the only other improver, alongside

Northern Ireland, but according to the January DBT

figures it has experienced the sharpest hike in late

payment – with businesses waiting an additional 6.4

days, putting the average DBT at 19.3. This, however, is

still some way from East Anglia whose businesses are

waiting the longest for payments – 25.4 DBT in January

and rising at a rate of 5.3 additional days a month.

The Hospitality sector with its

closed signs up for example

is the hardest hit – it had the

highest DBT in January of all

sectors at 35.7.

SECTOR BREAKDOWN

Unsurprisingly, the late payments statistics by sector

also show a worsening situation. According to the

January data there are now only five improving sectors

that experienced a reduction in the number of days

beyond terms. Last month there were 14 sectors that

were improving. The shift is staggering.

There are of course some predictable sectors that

are suffering the prolonged misery of the Coronavirus

restrictions. The Hospitality sector with its closed signs

up for example is the hardest hit – it had the highest DBT

in January of all sectors at 35.7. This is an additional 15.2

days compared to the previous month. Another two sectors

worsening at a quicker pace are the Construction sector,

the reliable economic bellwether for our economy, which

saw a 14.4 day rise to its DBT (taking it to 26.6 for January),

and also the Business from Home sector with a similar rise

of 14.3 which took late payment to an average of 34.8 DBT.

Dismal economic climates are credited with prompting

a resurgence in entrepreneurship and self-employment,

and the Coronavirus pandemic will undoubtedly be

prompting unemployed workers to stealthily move

into starting a business from their home. Let’s hope

there is a reversal in the late payment trend so they

can make a success of it, and yet again prove that

entrepreneurship and the Business from Home

sector can drive local economic recovery.

By Iona Yadallee is Deputy Editor

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 38


STATISTICS

Data supplied by the Creditsafe Group

Top Five Prompter Payers

Region Jan 21 Change from Dec 20

Northern Ireland 17.1 -0.3

London 18.4 0.7

Scotland 19.3 6.4

Yorkshire and Humberside 20.1 6.1

South East 20.5 4.1

Bottom Five Poorest Payers

Region DEC 20 Change from Dec 20

East Anglia 25.4 5.3

East Midlands 24.7 3.1

Wales 21.9 3.8

South West 21.8 2.4

North West 20.8 5.6

Top Five Prompter Payers

Sector DEC 20 Change from Dec 20

Health & Social 12 -2.5

Education 13.1 -0.1

Public Administration 13.4 1.8

Wholesale and retail traded 13.8 -3.8

International Bodies 14.8 -11.4

Bottom Five Poorest Payers

Sector DEC 20 Change from Dec 20

Hospitality 35.7 15.2

Business from Home 34.8 14.3

Real Estate 28.2 11.8

Financial and Insurance 27.1 11.3

Agriculture, Forestry and Fishing 26.9 10.4

Getting Better

International Bodies -11.4

Other Service -9.9

Wholesale and retail trade -3.8

Health & Social -2.5

Education -0.1

Getting Worse

Hospitality 15.2

Construction 14.4

Business from Home 14.3

Real Estate 11.8

Financial and Insurance 11.3

Agriculture, Forestry and Fishing 10.4

Professional and Scientific 9.0

Mining and Quarrying 7.2

Dormant 6.4

Energy Supply 6.2

Manufacturing 5.1

Business Admin and Support 4.9

Transportation and Storage 3.8

Water and Waste 2.6

SCOTLAND

6.4 DBT

Public Administration 1.8

Entertainment 0.9

NORTHERN

IRELAND

-0.3 DBT

SOUTH

WEST

2.4 DBT

WALES

3.8 DBT

NORTH

WEST

5.6 DBT

WEST

MIDLANDS

5.3 DBT

YORKSHIRE &

HUMBERSIDE

6.1 DBT

EAST

MIDLANDS

3.1 DBT

LONDON

0.7 DBT

SOUTH

EAST

4.1 DBT

EAST

ANGLIA

5.3 DBT

IT and Comms 0.6

Region

Getting Better – Getting Worse

-0.3

6.4

6.1

5.6

5.3

5.3

4.1

3.8

3.1

2.4

0.7

Northern Ireland

Scotland

Yorkshire and Humberside

North West

East Anglia

West Midlands

South East

Wales

East Midlands

South West

London

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 39


INTRODUCING OUR

CORPORATE PARTNERS

For further information and to discuss the opportunities of entering into a

Corporate Partnership with the CICM, please contact corporatepartners@cicm.com

The Company Watch platform provides risk analysis

and data modelling tools to organisations around

the world that rely on our ability to accurately predict

their exposure to financial risk. Our H-Score®

predicted 92 percent of quoted company insolvencies

and our TextScore® accuracy rate was 93

percent. Our scores are trusted by credit professionals

within banks, corporates, investment houses

and public sector bodies because, unlike other credit

reference agencies, we are transparent and flexible

in our approach.

T: +44 (0)20 7043 3300

E: info@companywatch.net

W: www.companywatch.net

Satago helps business owners and their

accountants avoid credit risks, manage debtors

and access finance when they need it – all in

one platform. Satago integrates with 300+ cloud

accounting apps with just a few clicks, helping

businesses:

Understand their customers - with RISK INSIGHTS

Get paid on time - with automated CREDIT CONTROL

Access funding - with flexible SINGLE INVOICE FINANCE

Visit satago.com and start your free trial today.

T: 020 8050 3015

E: hello@satago.com

W: www.satago.com

Onguard is a specialist in credit management

software and a market leader in innovative solutions

for Order to Cash. Our integrated platform ensures

an optimal connection of all processes in the Order

to Cash chain and allows sharing of critical data. Our

intelligent tools can seamlessly interconnect and

offer overview and control of the payment process,

as well as contribute to a sustainable customer relationship.

The Onguard platform is successfully used

for successful credit management in more than 50

countries.

T: 020 3868 0947

E: lisa.bruno@onguard.com

W: www.onguard.com

Chris Sanders Consulting – we are a different

sort of consulting firm, made up of a network of

independent experienced operational credit and

collections management and invoicing professionals,

with specialisms in cross industry best practice

advisory, assessment, interim management,

leadership, workshops and training to help your

team and organisation reach their full potential in

credit and collections management. We are proud to

be Corporate Partners of the Chartered Institute of

Credit Management and to manage the CICM Best

Practice Accreditation Programme on their behalf.

T: +44(0)7747 761641

E: enquiries@chrissandersconsulting.com

W: www.chrissandersconsulting.com

Dun & Bradstreet Finance Solutions enable modern

finance leaders and credit professionals to improve

business performance through more effective risk

management, identification of growth opportunities,

and better integration of data and insights

across the business. Powered by our Data Cloud,

our solutions provide access to the world’s most

comprehensive commercial data and insights

supplying a continually updated view of business

relationships that help finance and credit teams

stay ahead of market shifts and customer changes.

T: (0800) 001-234

W: www.dnb.co.uk

Bottomline Technologies (NASDAQ: EPAY) helps

businesses pay and get paid. Businesses and banks

rely on Bottomline for domestic and international

payments, effective cash management tools, automated

workflows for payment processing and bill review

and state of the art fraud detection, behavioural

analytics and regulatory compliance. Every day, we

help our customers by making complex business

payments simple, secure and seamless.

T: 0870 081 8250

E: emea-info@bottomline.com

W: www.bottomline.com/uk

Operating across seven UK offices, Menzies LLP is

an accountancy firm delivering traditional services

combined with strategic commercial thinking. Our

services include: advisory, audit, corporate and

personal tax, corporate finance, forensic accounting,

outsourcing, wealth management and business

recovery – the latter of which includes our specialist

offering developed specifically for creditors. For

more information on this, or to see how the Menzies

Creditor Services team can assist you, please

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

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

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

W: menzies.co.uk/creditor-services

Tinubu Square is a trusted source of trade credit

intelligence for credit insurers and for corporate

customers. The company’s B2B Credit Risk

Intelligence solutions include the Tinubu Risk

Management Center, a cloud-based SaaS platform;

the Tinubu Credit Intelligence service and the

Tinubu Risk Analyst advisory service. Over 250

companies rely on Tinubu Square to protect their

greatest assets: customer receivables.

T: +44 (0)207 469 2577 /

E: uksales@tinubu.com

W: www.tinubu.com.

With 130+ years of experience, Graydon is a leading

provider of business information, analytics, insights

and solutions. Graydon helps its customers to make

fast, accurate decisions, enabling them to minimise

risk and identify fraud as well as optimise opportunities

with their commercial relationships. Graydon

uses 130+ international databases and the information

of 90+ million companies. Graydon has offices in

London, Cardiff, Amsterdam and Antwerp. Since 2016,

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

largest credit insurance companies.

T: +44 (0)208 515 1400

E: customerservices@graydon.co.uk

W: www.graydon.co.uk

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 40


Each of our Corporate Partners is carefully selected for

their commitment to the profession, best practice in the

Credit Industry and the quality of services they provide.

We are delighted to showcase them here.

THEY'RE WAITING TO TALK TO YOU...

Hays Credit Management is a national specialist

division dedicated exclusively to the recruitment of

credit management and receivables professionals,

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

the CICM’s only Premium Corporate Partner, we

are best placed to help all clients’ and candidates’

recruitment needs as well providing guidance on

CV writing, career advice, salary bench-marking,

marketing of vacancies, advertising and campaign

led recruitment, competency-based interviewing,

career and recruitment trends.

T: 07834 260029

E: karen.young@hays.com

W: www.hays.co.uk/creditcontrol

The Atradius Collections business model is to support

businesses and their recoveries. We are seeing a

deterioration and increase in unpaid invoices placing

pressures on cashflow for those businesses. Brexit is

causing uncertainty and we are seeing a significant

impact on the UK economy with an increase in

insolvencies, now also impacting the continent and

spreading. Our geographical presence is expanding

and with a single IT platform across the globe we can

provide greater efficiencies and effectiveness to our

clients to recover their unpaid invoices.

T: +44 (0)2920 824700

W: www.atradiuscollections.com/uk/

Shoosmiths’ highly experienced team will work

closely with credit teams to recover commercial

debts as quickly and cost effectively as possible.

We have an in depth knowledge of all areas of debt

recovery, including:

• Pre-litigation services to effect early recovery and

keep costs down • Litigation service • Insolvency

• Post-litigation services including enforcement

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

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

most effective way of achieving them.

T: 03700 86 3000

E: paula.swain@shoosmiths.co.uk

W: www.shoosmiths.co.uk

Forums International has been running Credit and

Industry Forums since 1991 covering a range of

industry sectors and international trading. Attendance

is for credit professionals of all levels. Our forums

are not just meetings but communities which

aim to prepare our members for the challenges

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

gauge the benefits and meet the members and we

only have pre-approved Partners, so you will never

intentionally be sold to.

T: +44 (0)1246 555055

E: info@forumsinternational.co.uk

W: www.forumsinternational.co.uk

Data Interconnect provides ERP-agnostic AR

software. The Corrivo platform transmits invoices

in multiple formats using tax compliant templates

custom-designed for your business. Corrivo expedites

collections, reconciliation and dispute processes with

flexible workflow tools for creating and assigning tasks,

limits, chase paths or stops and a self-service portal

where customers can query, comment, dispute or pay.

Corrivo manages data securely and efficiently so that

you can manage your customers and cashflow better.

T: +44 (0)1367 245777

E: sales@datainterconnect.co.uk

W: www.datainterconnect.com

Serrala optimizes the Universe of Payments for

organisations seeking efficient cash visibility

and secure financial processes. As an SAP

Partner, Serrala supports over 3,500 companies

worldwide. With more than 30 years of experience

and thousands of successful customer projects,

including solutions for the entire order-to-cash

process, Serrala provides credit managers and

receivables professionals with the solutions they

need to successfully protect their business against

credit risk exposure and bad debt loss.

T: +44 118 207 0450

E: contact@serrala.com

W: www.serrala.com

American Express® is a globally recognised

provider of business payment solutions, providing

flexible capabilities to help companies drive

growth. These solutions support buyers and

suppliers across the supply chain with working

capital and cashflow.

By creating an additional lever to help support

supplier/client relationships American Express is

proud to be an innovator in the business payments

space.

T: +44 (0)1273 696933

W: www.americanexpress.com

C2FO turns receivables into cashflow and payables

into income, uniquely connecting buyers and

suppliers to allow discounts in exchange for

early payment of approved invoices. Suppliers

access additional liquidity sources by accelerating

payments from buyers when required in just two

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

corporates with global supply chains, benefit from

the C2FO solution by improving gross margin while

strengthening the financial health of supply chains

through ethical business practices.

T: 07799 692193

E: anna.donadelli@c2fo.com

W: www.c2fo.com

Esker’s Accounts Receivable (AR) solution removes

the all-too-common obstacles preventing today’s

businesses from collecting receivables in a

timely manner. From credit management to cash

allocation, Esker automates each step of the orderto-cash

cycle. Esker’s automated AR system helps

companies modernise without replacing their

core billing and collections processes. By simply

automating what should be automated, customers

get the post-sale experience they deserve and your

team gets the tools they need.

T: +44 (0)1332 548176

E: sam.townsend@esker.co.uk

W: www.esker.co.uk

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 41


INTRODUCING OUR

CORPORATE

PARTNERS

For further information and to discuss the

opportunities of entering into a Corporate

Partnership with the CICM, please contact

corporatepartners@cicm.com

HighRadius is a Fintech enterprise Software-as-a-

Service (SaaS) company. Its Integrated Receivables

platform reduces cycle times in the Order to Cash process

through automation of receivables and payments

across credit, e-invoicing and payment processing,

cash allocation, dispute resolution and collections.

Powered by the RivanaTM Artificial Intelligence

Engine and Freeda Digital Assistant for Order to Cash

teams, HighRadius enables more than 450 organisations

to leverage machine learning to predict future

outcomes and automate routine labour intensive tasks.

T: +44 7399 406889

E: gwyn.roberts@highradius.com

W: www.highradius.com

‘‘

CICM offered the

prospect of qualifications,

but as soon as I became

a member, loads of other

opportunities came to

light that I hadn’t initially

realised were available.

Molly Kane

ACICM

C

M

Key IVR provide a suite of products to assist companies

across Europe with credit management. The

service gives the end-user the means to make a

payment when and how they choose. Key IVR also

provides a state-of-the-art outbound platform

delivering automated messages by voice and SMS.

In a credit management environment, these services

are used to cost-effectively contact debtors and

connect them back into a contact centre or

automated payment line.

T: +44 (0) 1302 513 000

E: sales@keyivr.com

W: www.keyivr.com

Building on our mature and hugely successful

product and world class support service, we are

re-imagining our risk awareness module in 2019 to

allow for hugely flexible automated worklists and

advanced visibility of areas of risk. Alongside full

integration with all credit scoring agencies (e.g.

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

for analysis and automation. Impressive results

and ROI are inevitable for our customers that also

have an active input into our product development

and evolution.

The value

of CICM

membership

Molly Kane ACICM

Global Process Architect

Stuart Delivery Ltd

Read more about her story and join your

credit community by visiting:

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

Y

CM

MY

CY

CMY

K

T: 01235 856400

E: info@credica.co.uk

W: www.credica.co.uk

info@cicm.com

www.cicm.com

01780 722900

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 42


B A K E R I N G . G L O B A L

G L O B A L O U T L O O K

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 43


SALARY AND RECRUITING TRENDS

Through the looking glass

What can we learn from the most significant

salary and recruiting trends for 2021.

AUTHOR – Karen Young

LAST year unfolded in a way

that nobody could have

foreseen just a year ago.

There is much to unpack

about the events of the last

12 months and how they

impacted our world of work – and indeed

lots to speculate about what might be in

store for 2021 and beyond.

According to new research from

roughly 400 credit professionals in

the Hays Salary & Recruiting Trends

2021 Guide, here are some of the most

significant trends that we witnessed last

year, as well as a glimpse into what we can

expect going forward.

EMPLOYERS ARE POSITIVE ABOUT

BUSINESS ACTIVITY AND HIRING

Starting on a positive note, more than four

in five (82 percent) employers of credit

professionals, expect their organisation’s

activity levels to increase or stay the same

throughout the year. Clearly the pace of

change doesn’t look to be slowing down

any time soon and the profession will

continue to respond to the development

of the pandemic.

Another encouraging sign from

employers is that exactly half (50 percent)

are planning to recruit new staff in credit

over the year ahead, which is actually

higher than those who said they intended

to do this last year (44 percent).

SOFT SKILLS SHOWING THEIR

VALUE MORE THAN EVER

There are in fact three in five (60 percent)

credit professionals who say they

anticipate moving roles in the year ahead.

What’s important for those in this position

to note is that the hiring landscape has

changed drastically over the last year

– and employers are now looking for

different things in potential candidates.

New skill requirements are emerging,

accelerated by the pandemic, and

credit professionals need to be aware

of what these are to make themselves as

employable as possible. Specific credit

and finance skills unsurprisingly still top

the list of skills in demand, but sales and

IT infrastructure skills are also high in

importance (needed by 32 percent and 23

percent respectively).

Certain non-technical or soft skills are

also coming to the fore. Unsurprisingly,

these skills reflect a changing world of

work where we are interacting in different

ways and up against new challenges. The

soft skills most in demand this year are:

• The ability to adopt change (needed by 58

percent of employers)

• Communication and interpersonal skills

(57 percent)

• Flexibility and adaptability (51 percent)

SALARY RISES LOOK MORE

PROMISING IN YEAR AHEAD

It won’t come as a surprise that salary rises

weren’t as generous as might be expected.

Our research found that on average,

salaries for credit professionals rose half

of one percent in the last 12 months.

This is slightly under the accountancy

and finance sector as a whole (just less

than one percent) and the UK average for

all professions this year (a little over one

percent).

Despite this, professionals remain

just as satisfied with their salaries – 59

percent say they are satisfied, on a par

with 60 percent last year. For those who

are seeking a pay rise this year, the good

news is that about half (49 percent) of

employers expect to increase salaries over

the next 12 months.

PANDEMIC HAS CAUSED

UNCERTAINTY AND CONCERN

AMONG PROFESSIONALS

Our research certainly uncovered some

positive findings, but it also revealed the

extent to which COVID-19 has negatively

impacted the careers of many people.

Currently, four in five (82 percent)

say they are concerned about the wider

economic climate and their employment

opportunities over the next few years.

What’s more, less than a third (30 percent)

feel positive about their career prospects

compared to 54 percent who felt this

way last year. Over half (51 percent)

feel uncertain and 81 percent say their

employer hasn’t taken steps to reduce this

uncertainty.

HYBRID WORKING PATTERNS ARE

THE WAY FORWARD

Finally, let’s take a look at working

patterns and preferences. Over the last

year, we’ve completely changed the way

we work, with the vast majority of credit

professionals (84 percent) saying they

have been working remotely since the

first national lockdown in March 2020.

Although 68 percent of professionals

feel this has been positive for their

organisation, it doesn’t look to be the

favoured option going forward. For just

under a third (30 percent), their ideal way

of working in 12 months’ time is half in

the office and half remotely, followed by

28 percent who want a majority remote

arrangement but still with some time

in the office. Less than one in five (17

percent) want to be working fully remotely

in 12 months’ time.

TIPS AND ACTIONS FOR THE

YEAR AHEAD

Based on the findings above, here are

three actions I recommend employers and

professionals take in the year ahead.

1. Feelings of uncertainty and concern

among professionals cannot be ignored.

Employers need to address these by being

transparent about their organisation’s

approach to tacking the pandemic and

emphasising progression opportunities

through internal communications.

These messages also need to be clear in

recruitment materials to attract new staff.

2. In light of the requirement for new

skills, training and development need

to be taken seriously. For employers,

investing in engaging and flexible remote

training ought to be a priority – and

professionals should make the most of

opportunities in and out of work.

3. A single working pattern for all

employees is a thing of the past.

Embracing a variety of diverse working

patterns and preferences will help

employers and professionals thrive in

a world of work which will continue to

evolve and adapt

Despite entering 2021 under lockdown

restrictions and against a backdrop of

a damaged economy, there is cause for

optimism. Being armed with the latest

insights about the profession and the

wider world of work will help those in

credit put their best foot forward as we

tackle the year ahead.

Karen Young is Director

at Hays Credit Management.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 44


SALARY AND RECRUITING TRENDS

AUTHOR – Karen Young

CREDIT MANAGER

REGIONAL SALARIES 2021

Northern Ireland

£47,000

Scotland

£40,000

North East

£39,000

North West

£45,000

Yorkshire & Humber

£40,000

East Midlands

£40,000

West Midlands

£48,000

Wales

£37,000

East of England

£47,000

South West England

£40,000

South East England

£45,000

London

£55,000

CREDIT SALARIES UK 2021

Credit

Controller

Senior

Credit Controller

Credit Risk

Analyst

Credit Control

Supervisor

Credit

Manager

Group Credit Manager

/ Head of Credit

Credit

Director

Region 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

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

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

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

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

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

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

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

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

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

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

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

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

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

2020-2021 % increase 1.2% -1.2% 0% 2.4% 2.5% 0.3% -0.5%

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 45


$

Advancing

Careers

Advancing

Best Practice

Advancing

Connections

Advancing

Skills

Advancing

Thinking

Advancing

Business

ADVANCING THE

CREDIT PROFESSION

01780 722900 | www.cicm.com

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 46


MARKETING & EDUCATION

Virtual Classes

for 2021

Get CICM qualified by attending

Virtual Classes: The best of both worlds.

Home study does not mean you have to study alone. Our ‘gold standard’

distance learning offer, our Virtual Classes have the greatest success

rate of all our packages. Your study will be supported and led by one of

our experienced CICM Tutors via a series of virtual classes and activities,

which are interactive, challenging and fun.

LEVEL

2

Commercial

LEVEL

3

LEVEL

5

Telephone

Consumer Collections

Consumer Telephone Collections

*Coming soon for 2021 – Advanced Business Comms and Personal Skills*

*Coming soon for 2021 – Credit Risk Management*

Accounting Principles

Advanced Telephone Collections

Advanced Business Communications

Business Environment

Business Law

Credit Management (trade, export and consumer)

Debt Recovery

Advanced Credit Risk Management

Compliance with legal, regulatory, ethical and social requirements

Process Improvement

Strategic Planning

Legal Proceedings and Insolvency

Strategic Communications and Leadership

Book your place today, visit www.cicm.com

or contact a member of our team on 01780 722900

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 47


EDUCATION & MARKETING

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

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

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

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

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

practical skills, improved results and greater confidence.

These are pre-recorded training

sessions that you can access

anywhere and at anytime. Short,

sharp and to the point – these suit

you if you are short on time, or need

a quick introduction or update on a

subject.

These are live, interactive sessions,

delivered virtually by a qualified trainer,

experienced in the subject. Through

a series of tasks and discussions, you

will access a hands-on training session

that offers the best practice approach to

essential credit and debt skills.

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

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

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

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

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 48


CICM East of England Branch held

a webinar in February with Andy

Moylan, FCICM, Executive Board

member of ICBA (International

Broker Alliance), who has 30

years’ experience in the trade

credit industry working with multinational

credit departments.

Andy outlined the current ‘Perfect Storm’:

the worst recession in living memory and the

tsunami of insolvencies which is expected once

the current restrictions on recoveries are lifted.

Those companies currently in survival mode

face many challenges but with these come

opportunities for those prepared to take risks in

order to obtain growth.

Most UK companies hold just three months

of working capital and in the short term many

will struggle to obtain more, so more risk is

inevitable over the next six months in order

to increase sales. This is where the Credit

Manager who understands risk and not just cash

collection will prove vital.

Relying simply on past payment performance

will not be sufficient. Risk will need to be

assessed using not only financial data but other

BRANCH NEWS

How do you assess

risk post pandemic?

Andy outlined the

current ‘Perfect

Storm’: the worst

recession in living

memory and

the tsunami of

insolvencies which

is expected once the

current restrictions

on recoveries are

lifted.

information like knowing not just your customer

but their customers too. Credit insurance might

help but it will not suffice on its own so there is

a need to look at what fresh tools are available.

Taking more risk, and being brave, requires

understanding the margins.

Fraud always rises after a recession and it has

already more than doubled in the food, meat,

fruit and vegetable and IT sectors.

Andy gave practical advice such as drawing up

a new, well thought out, risk strategy, plan and

toolbox, grading every customer by risk level,

taking the external credit rating and mapping

that to their own margins and collection

methods. Higher risk customers should possibly

have shorter payment terms and be charged a

higher margin.

We hope that everyone found Andy’s webinar

useful, informative and enjoyable. The session

was recorded so if you would like details

about how to watch it, or for a copy of the

slides, or Andy’s Fraud checklist, please email

eastofenglandbranch@cicm.com

Author: Will Plom CICM Affliliate

Manager, Hays

MANAGING THE NEW

CREDIT FUTURE

Prepare and act now, for the

Credit world of tomorrow.

As the world continues to react to constant change, our

credit profession needs to prepare for the new credit future.

Debt management

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

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

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

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

Employees

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

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

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

Cash resilience

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

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

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

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

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

Future proof strategies

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

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

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

• Secure debt and ledger management software to automate manual tasks

Communication

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

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

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

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

01780 722900 | info@cicm.com

Access help from CICM

Follow the CICM Managing the New Credit

Future Forum on LinkedIn.

Access our Member Advice Service

for support, answers and advice.

Visit our Managing the New Credit Future

webpage for more resources

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

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

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

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 49


CICM MEMBER

EXCLUSIVE

Your CICM lapel badge

demonstrates your commitment to

professionalism and best practice

TAKE PRIDE IN

WEARING YOUR BADGE

If you haven’t received your badge

contact: cicmmembership@cicm.com

CICM has launched

critical AR Factsheets

for EMEA countries

Powered by

Powered by Baker Ing, country specific factsheets have been

provided for up-to-date information on payment performance,

legislation, and the effects of COVID-19 and Brexit. The

factsheets are designed for credit professionals, and they

cover legal business forms, credit risk data, collections

protocols, enforcement and much more.

Credit professionals need granular knowledge of the situation

in their clients’ territories. Whether you need an off-the-peg

checklist for dealing with a new country, or you need on-thespot

information to help review risk strategies and Credit

Policies, these insightful documents will help.

Powered by

EU Factsheet

COVID-19 RESPONSE

Powered by

Germany has introduced a raft of measures and programmes to help combat the

economic impact of COVID-19 containment measures. Here we present what we

consider to be the most significant and interesting. This section is not exhaustive.

Loans and grants – employees:

Three main tranches of wage subsidy have been introduced.

The most wide-reaching is “Kurzarbeit”. This programme existed before COVID-19.

It is a social security programme whereby the government will subsidy employees’

wages up to 60% (more for those with children) in order to allow their employers to

reduce their hours (and their expenditure on wages) instead of laying them off.

Under COVID provisions, the subsidy has been increased. From the fourth month,

the rate is increased to 70% of flat-net renumeration for those households without

children and 77% for those households with children. From the seventh month, it is

increased to 80% for those households without children and 87% for those

households with children. In September, there was a decree to make this benefit

more flexible (e.g., reducing the minimum number of employees effected by

working hours reduction to 10% for the business the qualify) and to extend the

period for receiving this benefit from 12 to 24 months until 31 st December 2021.

Pre-Litigation

Extended ROT; Assigned to the supplier in advance. In accordance with §354a

of the Commercial Code, an advance assignment is effective despite a nonassignment

agreement between the purchaser and any third parties.

Letter before action. Do you have to send a demand letter to a debtor before

going to court?

Freelance artists in Germany can access funds if they work for cultural institutions

funded by the Federal Government. They will be compensated for up to 60% o fees

from cancelled events up to €1,000 and 40% up to €2,500.

Students can access interest-free loans of up to €650 per month for jobs lost due to

the pandemic.

Loans and grants – businesses:

EU Factsheet

GERMANY

As well as the enhanced terms of “Kurzarbeit”, there are a variety of direct loans

and grants available which businesses of different sizes can access.

A grant of up to €150,000 / 80% of fixed costs in the subsidy period is available for

businesses showing decreased sales volumes compared to the same month of the

previous year. This Federal Government grant has been supplemented by some

Federal States’ own grant programmes.

Powered by

Before going to court, and even before filing the claim to the enforcement

authority, a warning notice to the debtor's registered address is

mandatory.

The warning notice should contain;

o The name of the creditor and the basis of the claim

o The total amount of the claim, including any penalty interests

o Prescription on how to transfer the payment, i.e. bank account etc.

o A warning that the claim will be enforced through the enforcement

authority in case the claim is not settled within from the date of the

notice

o Information on how the object to the claim if not acknowledged be

the debtor.

If this measure has been taken and the payment still has not been made after

the two-week notice period (according to the law), the creditor may file for

enforcement.

It is worth noting that, in Germany, you may be ordered to all pay court fees if

you did not send a warning letter to the debtor prior to issuing

proceedings.

Visit cicm.com to view country specific factsheets from,

Germany, Italy, Czech Republic, Spain, France, UK.

CHARTERED

BAKERING.GLOBAL CHARTERED INSTITUTE OF CREDIT MANAGEMENT

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 50


How can CRAs support

an economic recovery?

Page 10

Exclusive interview

with the CSA’s Chris

Leslie. Page 12

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

Sean Feast speaks to the CICM Chair,

Debbie Nolan FCICM(Grad). Page 12

The days of the free movement

of goods are over. Page 24

THE CICM MAGAZINE FOR

CONSUMER AND COMMERCIAL

CREDIT PROFESSIONALS

CALENDAR

John Ricketts FCICM

reflects on three years as

CSA President. Page 22

Open-mindedness is a

professional’s greatest

asset. Page 39

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

CM July August 2020.indd 1 19/06/2020 09:46

Winners of the

CICM British

Credit Awards

2020

Are customers engaging

with new digital

communications? Page 12

Sean Feast speaks to

Jo Kettner of Company

Watch. Page 17

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

CM March 2020.indd 1 21/02/2020 12:21

CREDIT MANAGEMENT

MARCH 2021 £12.50

Sean Feast FCICM speaks to

the Interim Small Business

Commissioner. Page 10

A flexible approach to

enforcement is more important

than ever. Page 29

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

HBH v5 CMYK.pdf 1 12/02/2021 10:54

HOSTED BY HENRY

www.hostedbyhenry.global

Henry James Barrowclough, CRO, Baker Ing

C

M

Y

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

d o w n w h a t t h e e c o n o m i s t s a r e

s a y i n g a n d w h a t i t m e a n s f o r

c r e d i t m a n a g e m e n t

CM

MY

S i g n - u p a t h o s t e d b y h e n r y . g l o b a l

CY

CMY

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L A U N C H I N G 1 8 t h M A R C H 2 0 2 1

D I S C U S S I N G E A S T E U R O P E & C N T L A S I A

Baker Ing

CM

CREDIT MANAGEMENT

MAGAZINE

CREDIT MANAGEMENT

CM

NOVEMBER 2020 £12.50

Transmission Ends

Can the broadcast media

industry survive?

S p e a k e r s i n c l u d e

A d r i a n H y d e - B e g b i e s T r a y n o r

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

I a n L e s l i e - A o n

CREDIT MANAGEMENT

CM

JAN/FEB 2021 £12.50

House Party

Are Companies House

reforms a reason to celebrate?

INSIDE

2021 DESKTOP

CREDIT MANAGEMENT

CM

JULY & AUGUST 2020 £12.50

Commercial

Brake

Will COVID-19 bring

collections to a stop?

CREDIT MANAGEMENT

CM

MARCH 2020 £12.50

INSIDE

Treading softly

Ways to reduce your

carbon footprint

Game, set

and match

Is it game over for

the leisure sector?

THE CICM'S HIGHLY ACCLAIMED MAGAZINE

SPECIAL

FEATURES

IN DEPTH

INTERVIEWS

ASK THE

EXPERTS

GLOBAL

NEWS

LEGAL

MATTERS

INTERNATIONAL

TRADE

CURRENCY

EXCHANGE

HR

MATTERS

MOBILE DIGITAL

EDITION

EDUCATIONAL

STUDIES

THE LEADING JOURNAL FOR CONSUMER AND COMMERCIAL CREDIT PROFESSIONALS

TO SUBSCRIBE CONTACT: T: 01780 722903 E: ANGELA.COOPER@CICM.COM

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 51


NEW AND UPGRADED MEMBERS

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

you considered applying to upgrade your membership? See our website

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

Studying Member

Beatriz Abrisqueta Llamosas

Muhammad Ali

Kristie Lynne Allen

Juergen Anselmann

Primrose Arthurs-Wood

Alvine Biewald

Ricardo Da Silva

Khadijah Dakri

Janet Dickson

Jonathan Evetts

Jonathan Michael Ferguson

Carolina Garcia

Danica Hall

Aaron Hurst

Anna Indrak

Lavinia Iriciuc

Mariam Jamila

Elena Kochetkova

Chi Hung Luk

Elizabeth Madigan

Susmita Menon

Sharvana Naidoo

Md Nowshad

Femi Ogunyemi

Adele Payne

Bhavya Ravikumar

Katie Reed

Michele Scarlino

Clive Silvester

Niklas Stamm Andersson

Josephine Strain

Barbora Venecsek

Affiliate

Chris Curd

Jennifer Currie

Emma Fitzgerald

Karel Svanda

Helena Thwaites

Congratulations to our current members who have upgraded their membership

Upgraded member

Mrs Elisabetta Giglio-Charlton MCICM

AWARDING BODY

Congratulations to the following, who successfully achieved Diplomas

Level 3 Diploma in Credit Management (ACICM)

NAME

Kumar Arvind

Charlotte Ashford

Giacomo Cosentino

Ian Hauka

Kyle Hynes

Kelly Nichols

Louise Padmore

Emily Talbot

Liutsiia Zaikina

Level 3 Diploma in Credit & Collections (ACICM)

NAME

Kevin Dowdall William Runacre Jonathan Callow Lynda Bradbury

Level 4 Diploma in High Court Enforcement

NAME

Richard Hooper

Level 5 Diploma in Credit & Collections Management MCICM(Grad)

NAME

Hayley Garrett

Terri-Louise Taylor

WE WANT YOUR BRANCH NEWS!

Get in touch with the CICM by emailing branches@cicm.com with your branch news and event reports.

Please only send up to 400 words and any images need to be high resolution to be printable, so 1MB plus.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 52


HR MATTERS

FULL DISCLOSURE

The risk of protected disclosures

in an employment tribunal.

AUTHOR – Gareth Edwards

Exactly what can constitute a

protected disclosure for the

purposes of whistleblowing? A

recent case in the Court of Appeal,

Simpson v Cantor Fitzgerald

Europe, answered the question,

finding that an employment tribunal was entitled

to reject a whistleblowing claim which was based

on 37 separate alleged communications.

Workers are afforded protection from detriment

and dismissal under the Whistleblowing

Framework where they have made a ‘protected

disclosure’. This involves making what is known

as a ‘qualifying disclosure’ of information that,

in the reasonable belief of the worker that any

of the following has occurred, is occurring, or

is likely to occur – a criminal offence, breach

of any legal obligation, miscarriage of justice,

danger to health and safety of any individual,

damage to the environment, or concealment of

any of the above.

For disclosures made on or after 25 June 2013,

the worker must also reasonably believe that the

disclosure is in the public interest.

A qualifying disclosure will become a protected

disclosure where it has been made to one of the

categories of people listed in the legislation (the

first of these being the worker’s employer).

Employees are regarded as having been

automatically unfairly dismissed if the reason

or principal reason for the dismissal is that they

have made a protected disclosure.

In the case, Simpson made a number of

allegations during his employment, including

that his colleague had been undertaking an

illegal trading practice known as ‘front running’.

However, Simpson was criticised by his employer

for constantly complaining, failing to generate

business and concerns over his timekeeping. He

was suspended and eventually dismissed due to

these concerns.

Simpson brought a claim in the Employment

Tribunal that he had suffered detriments and

had been automatically unfairly dismissed

for making protected disclosures under the

Employment Rights Act 1996. The tribunal

found that none of the 37 alleged disclosures

amounted to protected disclosures and that it

was ‘‘utterly fanciful’’ to suggest that the reason

or principal reason for his dismissal was due to

the disclosures he had made.

Simpson appealed to the Employment Appeal

Tribunal and Court of Appeal. One of the grounds

of appeal was that the tribunal had failed to

read the 37 communications together when

determining whether he had made a protected

disclosure. The Court of Appeal acknowledged

that previous case law had established that two

or more communications can, taken together,

amount to a protected disclosure. This will be

a question of fact. In this particular case, the

court found that none of the 37 communications

amounted to a protected disclosure whether read

in isolation, or grouped together, and therefore

the question of whether or not they should be

read together was irrelevant.

Whether or not more than one communication

from an employee can amount to a protected

disclosure will depend on the particular facts

of the case. However, employers should be

mindful of this risk when following a process in

relation to a worker or employee and ensure that

decisions are taken based on objective reasoning

and not by reason of any disclosures made.

CHANGES TO DBS FILTERING RULES

Changes to the Disclosure and Barring Service

(DBS) filtering rules came into effect on 28

November 2020 which removed the ‘multiple

conviction rule’ and prevent the disclosure of

youth cautions.

The purpose of the filtering rules is to exclude

from DBS certificates certain information relating

to minor criminal offences that meet particular

criteria. Information that is excluded is known

as a 'protected caution' or a 'protected conviction'.

A caution or conviction that is 'protected' does

not have to be disclosed by a job applicant and

employers are not permitted to require their

disclosure. Under the previous filtering rules a

caution or conviction could not be ‘protected’

where an individual had committed more than

one offence (the ‘multiple conviction rule’). The

other key change is that youth cautions are now

always ‘protected’.

Updated guidance on the filtering rules has

also been published on the Government website.

‘Specified offences’ are usually of a serious

violent or sexual nature or are relevant for

safeguarding children and vulnerable adults.

Employers who are entitled to ask about

spent criminal records can still do so. However,

employers must not ask applicants to disclose

‘protected’ criminal records information as it

is unlawful to take into account a conviction

or caution that has been filtered. If a protected

conviction or caution is inadvertently disclosed

during the recruitment process it must be

disregarded when making a recruitment

decision.

Employers should refer to the filtering rules

in their recruitment documentation so that staff

involved in the recruitment process, as well as job

applicants, are clear on what must be disclosed.

Gareth Edwards is a partner in

the employment team at

VWV.gedwards@vwv.co.uk

Employees are

regarded as having

been automatically

unfairly dismissed

if the reason or

principal reason

for the dismissal

is that they have

made a protected

disclosure.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 53


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ADVANCING THE CREDIT PROFESSION IN CREDIT MANAGEMENT

T: +44 (0)1780 722900 | WWW.CICM.COM

Advancing the credit profession / www.cicm.com / March October 2021 2020 / PAGE / PAGE 5452


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To try two weeks of Satago free

visit Satago.com/cicm

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 55


TAKE CONTROL OF

YOUR CREDIT CAREER

CONTRACT ADMIN & COLLECTIONS MANAGER

Barnwood, Gloucester, £38,000 DOE

John Deere Financial is looking for a contract admin and

collections manager to join its team. This is an exciting opportunity

to join and manage a successful team of eight contract

administrators responsible for the collection of aged debt and

the general customer service of dealers, agents and product users.

The operations team provides a professional contact point and a

high-quality service to all internal and external business contacts.

As well as manage new business, you will provide high quality

customer service and ensure collection process is in line with

business requirements. Ref: 3922304

Contact Edward Kennedy on 07805 014095

or email edward.kennedy@hays.com

SENIOR CREDIT CONTROLLER

South Leeds, up to £26,000 + generous holiday package

An excellent opportunity for a senior credit controller to join a

thriving commercial property business in South Leeds. This role

involves setting up payments plans for tenancies, collections,

and supporting the FC. You will be a commercially minded credit

controller who can demonstrate previous reduction of aged debt

and knowledge of the property industry. A new opportunity for

a career driven credit controller to join a SME that supports its

employees. Ref: 3919604

Contact Jasmine Chambers on 01924 362277

or email jasmine.chambers@hays.com

CREDIT CONTROL & BILLING ANALYST

West London, £27,000-£30,000

An established global media entertainment company

headquartered in West London is looking for an experienced

accounts receivable specialist. In this varied role you will raise

invoices, deal with queries, chase due payments, issue statements,

allocate receipts, reconcile accounts and analyse credit limits.

SAP Business One system experience is highly desirable, and you

will need intermediate Excel skills. A target driven and ambitious

individual will thrive in this role and you will also be given the

opportunity to input ideas on process development.

Ref: 3593774

Contact Julia Foster on 020 3465 0020

or email julia.foster2@hays.com

CREDIT CONTROLLER

Sheffield based (remote working), £22,000-£23,000

A great opportunity has arisen for an experienced credit controller.

Relationship building is key to this role, you will enjoy looking

after your own accounts and developing your debt chasing skills.

In this hugely rewarding position, you will be set clear goals and

objectives and be presented with a challenge. If you are a credit

controller who has a passion for people, a keen eye for detail and

have proficient Excel skills, please apply. Ref: 3924568

Contact Samantha Cooper on 07977 044195

or email samantha.cooper@hays.com

hays.co.uk/creditcontrol

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 56


TRAIN FOR THE

YEAR AHEAD

My Learning – free skills

training from Hays

To find out more visit

hays.co.uk/mylearning

CREDIT CONTROLLER (2 roles available)

Stroud, Gloucestershire, £21,500

Working within Ecotricity’s Group finance operation,

the objective of this position is to maximise cash collections

and minimise bad debt through excellent customer service

and effective debt recovery processes. If successful, you will

undertake the challenging task of balancing the needs of the

customer with the needs of the wider business, all within a

regulatory framework shaped by quality, compliance and

a drive for exceptional customer service.

Ref: 3913252

Contact Edward Kennedy on 07805 014095

or email edward.kennedy@hays.com

CREDIT CONTROLLER

New Malden, £9.64-£14.34 per hour + bonus

Hays plc is a global leader and FTSE 250 recruitment business.

You will be responsible for the collection of debt on behalf of

the UK head office across varied industry specialisms with the

ambition to reduce ageing debt ensuring strict processes are

followed. Experience with cloud-based systems such as Oracle,

Salesforce or SAP are desirable and good Excel skills including

VLOOKUP and pivot tables are essential. Ref: 3811785

Contact Mark Ordoña on 020 8247 4042

or email mark.ordona@hays.com

This is just a small selection of the many opportunities we have

available for credit professionals. To find out more visit us

online or contact Kabir Gulabkhan, Hays Credit Management

UK Lead on 020 3465 0020

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 57


View our digital version online at www.cicm.com

Log on to the Members’ area, and click on the tab labelled

‘Credit Management magazine

Just another great reason to be a member

Credit Management is distributed to the entire UK and international

CICM membership, as well as additional subscribers

Advancing the credit profession

www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 58


CHARTERED INSTITUTE OF CREDIT MANAGEMENT

ONLINE EVENTS

Keep an eye on our events calendar at CICM.COM for all CICM events!

Visit our website and book online at: www.cicm.com/cicm-events

CICM Branch AGM season is upon us, and all

Committees are due to convene virtually by 31 March 2021.

Look out for more information across CICM channels

and by visiting www.cicm.com/branches/

Many of our events are now available online,

along with a new series of live and a series of

recorded webinars for the credit profession.

Visit our website for updates

and instructions on how to register.

Studying at a

distance

with CICM

From interactive virtual classrooms to supporting texts,

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

Contact CICM for more information on any of these services,

or check them out at cicm.com

Giving you the tools to continue

working through this crisis.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 59


Cr£ditWho?

CICM Directory of Services

COLLECTIONS

INTERNATIONAL COLLECTIONS

COLLECTIONS LEGAL

Controlaccount Plc

Address: Compass House, Waterside, Hanbury Road,

Bromsgrove, Worcestershire B60 4FD

T: 01527 549 522

E: sales@controlaccount.com

W: www.controlaccount.com

Controlaccount Plc provides an efficient, effective and ethical

commercial debt recovery service focused on improving business

cash flow whilst preserving customer relationships and established

reputations. Working with leading brand names in the UK and

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

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

Where applicable, we can utilise the Late Payment of Commercial

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

clients also benefit from our in-house international trace and

legal counsel departments and have complete transparency and

up to the minute information on any accounts placed with us for

recovery through our online debt management system, ClientWeb.

Premium Collections Limited

3 Caidan House, Canal Road

Timperley, Cheshire. WA14 1TD

T: +44 (0)161 962 4695

E: paul.daine@premiumcollections.co.uk

W: www.premiumcollections.co.uk

For all your credit management requirements Premium

Collections has the solution to suit you. Operating on a national

and international basis we can tailor a package of products and

services to meet your requirements.

Services include B2B collections, B2C collections, international

collections, absconder tracing, asset repossessions, status

reporting and litigation support.

Managed from our offices in Manchester, Harrogate and Dublin our

network of 55 partners cover the World.

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

paul.daine@premiumcollections.co.uk

www.premiumcollections.co.uk

Keebles

Capitol House, Russell Street, Leeds LS1 5SP

T: 0113 399 3482

E: charise.marsden@keebles.com

W: www.keebles.com

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

at the 2019 CICM British Credit Awards.

According to our clients “Keebles stand head and shoulders

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

business and know exactly how to speedily maximise recovery.

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

seen in many other practices.”

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

peace of mind.

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

• Fixed fees for issuing court proceedings and pursuing claims to

judgment and enforcement.

• Success rate in excess of 80%.

• 24 hour turnaround on instructions.

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

Guildways

T: +44 3333 409000

E: info@guildways.com

W: www.guildways.com

Guildways is a UK & International debt collection specialist with over

25 years experience. Guildways prides itself on operating to the

highest ethical standards and professional service levels. We are

experienced in collecting B2B and B2C debts. Our service includes:

• A complete No collection, No Fee commission based service

• 10% plus VAT commission for UK debts

• Commission from 22% plus VAT for International debts

• 24/7 online access to your cases through our CaseManager portal

• Direct online account-to-account payments, to speed up

collections and minimise costs

If you are unable to locate your customer, we also offer a no trace, no

fee, trace and collect service.

For more information, visit: www.guildways.com

INTERNATIONAL COLLECTIONS

Baker Ing International Limited

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

Contact: Lisa Baker-Reynolds

Email: lisa@bakering.global

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

Tel: 07717 020659

Baker Ing International is a dedicated team of Credit industry

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

The team is wholly comprised of working Credit Manager’s

across the Globe with a minimum threshold of ten years working

experience within Credit Management. The team offers a

comprehensive service to clients - International Debt Recovery,

Credit Control, Legal Services & more

Our mission is to help companies improve the cost and efficiency

of their Credit Management processes in order to limit the risks

associated with extending credit and trading around the globe.

How can we help you - call Lisa Baker Reynolds on

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

Lovetts Solicitors

Lovetts, Bramley House, The Guildway,

Old Portsmouth Road,

Guildford, Surrey, GU3 1LR

T: 01483 347001

E: info@lovetts.co.uk

W: www.lovetts.co.uk

With more than 25yrs experience in UK & international business

debt collection and recovery, Lovetts Solicitors collects £40m+

every year on behalf of our clients. Services include:

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

of cases)

• Advice and dispute resolution

• Legal proceedings and enforcement

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

CaseManager

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

feedback: “All our service expectations have been exceeded.

The online system is particularly useful and extremely easy to

use. Lovetts has a recognisable brand that generates successful

results.”

Atradius Collections Ltd

3 Harbour Drive,

Capital Waterside, Cardiff, CF10 4WZ

Phone: +44 (0)29 20824397

Mobile: +44 (0)7767 865821

E-mail:yvette.gray@atradius.com

Website: atradiuscollections.com

Atradius Collections Ltd is an established specialist in business

to business collections. As the collections division of the Atradius

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

knowledge and reputation.

Annually handling more than 110,000 cases and recovering over

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

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

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

of maintaining customer relationships whilst efficiently and

effectively collecting monies owed.

The individual nature of our clients’ customer relationships is

reflected in the customer focus we provide, structuring our service

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

provide them with a collection strategy that echoes their business

character, trading patterns and budget.

For further information contact Yvette Gray Country Director, UK

and Ireland.

Sterling Debt Recovery

E: info@sterlingdebtrecovery.com

T: 0207 1005978

W: www.sterlingdebtrecovery.com

Sterling specialises in international business debt collection

to get outstanding invoices paid quickly and cost effectively.

Our experienced, enthusiastic collectors achieve results whilst

maintaining a professional image.

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

no hidden costs. Each client is allocated a named collector for

personal service and regular updates. We collect the majority

of debt without litigation, with our on-site lawyer supporting us

where appropriate.

Where local expertise is required our global network are available

to assist.

CONSULTANCY

Chris Sanders Consulting

T: +44(0)7747 761641

E: enquiries@chrissandersconsulting.com

W: www.chrissandersconsulting.com

Chris Sanders Consulting – we are a different sort of consulting

firm, made up of a network of independent experienced

operational credit & collections management and invoicing

professionals, with specialisms in cross industry best practice

advisory, assessment, interim management, leadership,

workshops and training to help your team and organisation reach

their full potential in credit and collections management. We are

proud to be Corporate Partners of the Chartered Institute of Credit

Management and to manage the CICM Best Practice Accreditation

Programme on their behalf. For more information please contact:

enquiries@chrissandersconsulting.com

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 60


FOR ADVERTISING INFORMATION OPTIONS AND PRICING CONTACT

russell@cabbells.uk 0203 603 7937

COURT ENFORCEMENT SERVICES

CREDIT INFORMATION

CREDIT MANAGEMENT SOFTWARE

Court Enforcement Services

Wayne Whitford – Director

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

E : wayne@courtenforcementservices.co.uk

W: www.courtenforcementservices.co.uk

EXPERTLY RESOLVED.

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

enforce CCJs by transferring them up to the High Court. With our

fast, fair and personable approach to service, we work harder to

bring you the sector’s best results without risking client reputation.

• Free Transfer Up process of CCJs to High Court

• Market-leading recovery rates

• Over 100,000 writs, recovering >£187 million since 2014

• Real-time access to cases via our own Award-Winning App

• Our highly trained and certificated agents cover every postcode

in England & Wales.

FAST. FAIR. FOR YOU.

CREDIT INFORMATION

2 0 0 2

CoCredo

Missenden Abbey, Great Missenden, Bucks, HP16 0BD

T: 01494 790600

E: customerservice@cocredo.com

W: www.cocredo.co.uk

CoCredo has 18 years experience in developing credit reports for

businesses and is the current CICM Credit Information Provider

of the Year. Our company data is continually updated throughout

the day and ensures customers have the most current information

available. We aggregate data from a range of leading providers

across over 235 territories and offer a range of services including

the industry first Dual Report, Monitoring, XML Integration and

DNA Portfolio Management.

We pride ourselves in offering award-winning customer service

and support to protect your business.

CEDAR

ROSE


R

2 0 2 0

Cedar Rose

3, Georgiou Katsonotou Street,3036, Limassol, Cyprus

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

W: www.cedar-rose.com

Cedar Rose has been globally recognised as the expert for credit

reports, due diligence and data for the Middle East and North

African countries since 1997. We now cover over 170 countries

with the same high quality, expert analysis and attention to detail

we are well-known and trusted for.

Making best use of artificial intelligence and technology, Cedar

Rose has won several awards including Credit Excellence &

European Business Awards. Our website is a one-stop-shop for

your business intelligence solutions. We are the ultimate source;

with competitive prices and friendly customer service - whether

you need one or one thousand reports.

THE ONLY AML RESOURCE YOU NEED

SmartSearch

SmartSearch, Harman House,

Station Road,Guiseley, Leeds, LS20 8BX

T: +44 (0)113 238 7660

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

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

broad coverage, highly automated flexible technology with an

innovative and intuitive customer interface. Key features include

automatic Worldwide Sanction & PEP checking, Daily Monitoring,

Automated Enhanced Due Diligence and pro-active customer

management. Choose SmartSearch as your benchmark.

Graydon UK

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

Middlesex, HA1 1BE

T: +44 (0)208 515 1400

E: customerservices@graydon.co.uk

W: www.graydon.co.uk

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

business information, analytics, insights and solutions. Graydon

helps its customers to make fast, accurate decisions, enabling

them to minimise risk and identify fraud as well as optimise

opportunities with their commercial relationships. Graydon uses

130+ international databases and the information of 90+ million

companies. Graydon has offices in London, Cardiff, Amsterdam

and Antwerp. Since 2016, Graydon has been part of Atradius, one

of the world’s largest credit insurance companies.

Company Watch

Centurion House, 37 Jewry Street,

LONDON. EC3N 2ER

T: +44 (0)20 7043 3300

E: info@companywatch.net

W: www.companywatch.net

Organisations around the world rely on Company Watch’s

industry-leading financial analytics to drive their credit risk

processes. Our financial risk modelling and ability to map medium

to long-term risk as well as short-term credit risk set us apart

from other credit reference agencies.

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

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

to developing analytics on our customers’ in-house data.

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

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

providing actionable intelligence in an uncertain world.

CREDIT MANAGEMENT SOFTWARE

ONGUARD

T: 020 3868 0947

E: lisa.bruno@onguard.com

W: www.onguard.com

Onguard is specialist in credit management software and market

leader in innovative solutions for order to cash. Our integrated

platform ensures an optimal connection of all processes in the

order to cash chain and allows sharing of critical data.

Intelligent tools that can seamlessly be interconnected and

offer overview and control of the payment process, as well as

contribute to a sustainable customer relationship.

In more than 50 countries the Onguard platform is successfully

used for successful credit management.

Tinubu Square UK

Holland House, 4 Bury Street,

London EC3A 5AW

T: +44 (0)207 469 2577 /

E: uksales@tinubu.com

W: www.tinubu.com

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

of the Credit Insurance, Surety and Trade Finance digital

transformation.

Tinubu Square enables organizations across the world to

significantly reduce their exposure to risk and their financial,

operational and technical costs with best-in-class technology

solutions and services. Tinubu Square provides SaaS solutions

and services to different businesses including credit insurers,

receivables financing organizations and multinational corporations.

Tinubu Square has built an ecosystem of customers in over 20

countries worldwide and has a global presence with offices in

Paris, London, New York, Montreal and Singapore.

Credica Ltd

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

T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk

Our highly configurable and extremely cost effective Collections

and Query Management System has been designed with 3 goals

in mind:

•To improve your cashflow • To reduce your cost to collect

• To provide meaningful analysis of your business

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

Credit Professionals across the UK and Europe, our system is

successfully providing significant and measurable benefits for our

diverse portfolio of clients.

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

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

Data Interconnect Ltd

Units 45-50

Shrivenham Hundred Business Park, Majors Road,

Watchfield. Swindon, SN6 8TZ

T: +44 (0)1367 245777

E: sales@datainterconnect.co.uk

W: www.datainterconnect.com

Data Interconnect is dedicated to solving complex Accounts

Receivable problems through reliable, easy-to-use cloud

software. We empower billing managers and collections experts

with the tools and data they need in a user-friendly interface, for

timely, tax-compliant invoicing, collections and reconciliation in

the most cost effective, secure, auditable and trackable manner.

The powerful, flexible, Corrivo platform is the only system your

AR team needs to manage your company’s cashflow better.

HighRadius

T: +44 7399 406889

E: gwyn.roberts@highradius.com

W: www.highradius.com

HighRadius is the leading provider of Integrated Receivables

solutions for automating receivables and payment functions such

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

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

(SaaS). HighRadius also offers SAP-certified Accelerators

for SAP S/4HANA Finance Receivables Management, enabling

large enterprises to maximize the value of their SAP investments.

HighRadius Integrated Receivables solutions have a proven track

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

increasing operation efficiency, enabling companies to achieve an

ROI in less than a year.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 61


Cr£ditWho?

CICM Directory of Services

FOR ADVERTISING INFORMATION

OPTIONS AND PRICING CONTACT

russell@cabbells.uk 0203 603 7937

CREDIT MANAGEMENT SOFTWARE

DATA AND ANALYTICS

FORUMS

ESKER

Sam Townsend Head of Marketing

Northern Europe Esker Ltd.

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

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

Twitter: @EskerNEurope blog.esker.co.uk

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

obstacles preventing today’s businesses from collecting

receivables in a timely manner. From credit management to cash

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

Esker’s automated AR system helps companies modernise

without replacing their core billing and collections processes. By

simply automating what should be automated, customers get the

post-sale experience they deserve and your team gets the tools

they need.

Dun & Bradstreet

Marlow International, Parkway Marlow

Buckinghamshire SL7 1AJ

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

Dun & Bradstreet Finance Solutions enable modern finance

leaders and credit professionals to improve business performance

through more effective risk management, identification of growth

opportunities, and better integration of data and insights across

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

access to the world’s most comprehensive commercial data

and insights - supplying a continually updated view of business

relationships that helps finance and credit teams stay ahead of

market shifts and customer changes. Learn more here:

www.dnb.co.uk/modernfinance

FORUMS INTERNATIONAL

T: +44 (0)1246 555055

E: info@forumsinternational.co.uk

W: www.forumsinternational.co.uk

Forums International Ltd have been running Credit and Industry

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

International trading, attendance is for Credit Professionals of all

levels. Our forums are not just meetings but communities which

aim to prepare our members for the challenges ahead. Attending

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

members and we only have pre-approved Partners, so you will

never intentionally be sold to.

INSOLVENCY

SERRALA

Serrala UK Ltd, 125 Wharfdale Road

Winnersh Triangle, Wokingham

Berkshire RG41 5RB

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

T +44 118 207 0450 M +44 7788 564722

Serrala optimizes the Universe of Payments for organisations

seeking efficient cash visibility and secure financial processes.

As an SAP Partner, Serrala supports over 3,500 companies

worldwide. With more than 30 years of experience and

thousands of successful customer projects, including solutions

for the entire order-to-cash process, Serrala provides credit

managers and receivables professionals with the solutions they

need to successfully protect their business against credit risk

exposure and bad debt loss.

C2FO

C2FO Ltd

105 Victoria Steet

SW1E 6QT

T: 07799 692193

E: anna.donadelli@c2fo.com

W: www.c2fo.com

C2FO turns receivables into cashflow and payables into income,

uniquely connecting buyers and suppliers to allow discounts

in exchange for early payment of approved invoices. Suppliers

access additional liquidity sources by accelerating payments

from buyers when required in just two clicks, at a rate that works

for them. Buyers, often corporates with global supply chains,

benefit from the C2FO solution by improving gross margin while

strengthening the financial health of supply chains through

ethical business practices.

Menzies

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

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

W: menzies.co.uk/creditor-services

Operating across seven UK offices, Menzies LLP is an

accountancy firm delivering traditional services combined

with strategic commercial thinking. Our services include:

advisory, audit, corporate and personal tax, corporate

finance, forensic accounting, outsourcing, wealth

management and business recovery – the latter of which

includes our specialist offering developed specifically for

creditors. For more information on this, or to see how the

Menzies Creditor Services team can assist you, please

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

Partner and Head of Menzies Creditor Services, email:

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

LEGAL

Redwood Collections Ltd

0208 288 3555

enquiry@redwoodcollections.com

Airport House, Purley Way, Croydon, CR0 0XZ

“Redwood Collections offers a complete portfolio of debt

collection services ranging from sensitive client-debtor mediation

through to legal and insolvency action.

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

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

the expertise and resources to deliver a fast, efficient and costeffective

solution.”

Satago

48 Warwick Street, London, W1B 5AW

T: +44(0)020 8050 3015

E: hello@satago.com

W: www.satago.com

Satago helps business owners and their accountants avoid credit

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

in one platform. Satago integrates with 300+ cloud accounting

apps with just a few clicks, helping businesses:

• Understand their customers - with RISK INSIGHTS

• Get paid on time - with automated CREDIT CONTROL

• Access funding - with flexible SINGLE INVOICE FINANCE

Visit satago.com and start your free trial today.

identeco – Business Support Toolkit

Compass House, Waterside, Hanbury Road, Bromsgrove,

Worcestershire B60 4FD

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

Web: www.identeco.co.uk

identeco’s Business Support Toolkit is an online portal connecting

its subscribers to a range of business services that help them

to engage with new prospects, understand their customers and

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

access. Providing company information and financial reports,

director and shareholder structures as well as a unique financial

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

data that might be associated with a company. Other services

also included in the subscription include a business names

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

unlimited, bespoke marketing and telesales listings for any sector.

FINANCIAL PR

Gravity Global

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

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

W: www.gravityglobal.com

Gravity is an award winning full service PR and advertising

business that is regularly benchmarked as being one of the

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

building long-term relationships with some of the industry’s bestknown

brands working on often challenging briefs. As the partner

agency for the Credit Services Association (CSA) for the past 22

years, and the Chartered Institute of Credit Management since

2006, it understands the key issues affecting the credit industry

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

media and beyond.

Shoosmiths

Email: paula.swain@shoosmiths.co.uk

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

Shoosmiths’ highly experienced team will work closely with credit

teams to recover commercial debts as quickly and cost effectively

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

recovery, including:

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

•Litigation service

•Post-litigation services including enforcement

•Insolvency

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

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

them.

PAYMENT SOLUTIONS

Bottomline Technologies

115 Chatham Street, Reading

Berks RG1 7JX | UK

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

W: www.bottomline.com/uk

Bottomline Technologies (NASDAQ: EPAY) helps businesses

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

domestic and international payments, effective cash management

tools, automated workflows for payment processing and bill

review and state of the art fraud detection, behavioural analytics

and regulatory compliance. Businesses around the world depend

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

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

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

by making complex business payments simple, secure and

seamless.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 62


PAYMENT SOLUTIONS

American Express

76 Buckingham Palace Road,

London. SW1W 9TQ

T: +44 (0)1273 696933

W: www.americanexpress.com

American Express is working in partnership with the CICM and is a

globally recognised provider of payment solutions to businesses.

Specialising in providing flexible collection capabilities to drive a

number of company objectives including:

• Accelerate cashflow • Improved DSO • Reduce risk

• Offer extended terms to customers

•Provide an additional line of bank independent credit to drive

growth • Create competitive advantage with your customers

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

American Express is working with credit managers to drive growth

within businesses of all sectors. By creating an additional lever

to help support supplier/client relationships American Express is

proud to be an innovator in the business payments space.

ARE YOU A LEADER

OR FOLLOWER?

Key IVR

T: +44 (0) 1302 513 000

E: sales@keyivr.com

W: www.keyivr.com

Key IVR are proud to have joined the Chartered Institute of

Credit Management’s Corporate partnership scheme. The

CICM is a recognised and trusted professional entity within

credit management and a perfect partner for Key IVR. We are

delighted to be providing our services to the CICM to assist with

their membership collection activities. Key IVR provides a suite

of products to assist companies across the globe with credit

management. Our service is based around giving the end-user

the means to make a payment when and how they choose. Using

automated collection methods, such as a secure telephone

payment line (IVR), web and SMS allows companies to free up

valuable staff time away from typical debt collection.

RECRUITMENT

Hays Credit Management

107 Cheapside, London, EC2V 6DN

T: 07834 260029

E: karen.young@hays.com

W: www.hays.co.uk/creditcontrol

Hays Credit Management is working in partnership with the CICM

and specialise in placing experts into credit control jobs and

credit management jobs. Hays understands the demands of this

challenging environment and the skills required to thrive within

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

contract based opportunities to find your ideal role. Our candidate

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

interviews and a credit control skills test developed exclusively for

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

can provide advice across a wide spectrum of job search and

recruitment issues.

PORTFOLIO

CREDIT CONTROL

Portfolio Credit Control

1 Finsbury Square, London. EC2A 1AE

T: 0207 650 3199

E: recruitment@portfoliocreditcontrol.com

W: www.portfoliocreditcontrol.com

CICMQ accreditation is a proven model

that has consistently delivered dramatic

improvements in cashflow and efficiency

CICMQ is the hallmark of industry

leading organisations

The CICM Best Practice Network is where

CICMQ accredited organisations come

together to develop, share and celebrate

best practice in credit and collections

BE A LEADER – JOIN THE CICM BEST

PRACTICE NETWORK TODAY

To find out more about flexible options

to gain CICMQ accreditation

E: cicmq@cicm.com T: 01780 722900

Portfolio Credit Control, solely specialises in the recruitment of

permanent, temporary and contract Credit Control, Accounts

Receivable and Collections staff. Part of an award winning

recruiter we speak to and meet credit controllers all day everyday

understanding their skills and backgrounds to provide you with

tried and tested credit control professionals. We have achieved

enormous growth because we offer a uniquely specialist approach

to our clients, with a commitment to service delivery that exceeds

your expectations every single time.

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 63


Advancing the credit profession / www.cicm.com / March 2021 / PAGE 64

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