CM magazine March 2021
The CICM magazine for consumer and commercial credit professionals
The CICM magazine for consumer and commercial credit professionals
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CREDIT MANAGEMENT<br />
THE CI<strong>CM</strong> MAGAZINE FOR CONSUMER AND<br />
COMMERCIAL CREDIT PROFESSIONALS<br />
MARCH <strong>2021</strong> £12.50<br />
Game, set<br />
and match<br />
Is it game over for<br />
the leisure sector?<br />
Sean Feast FCI<strong>CM</strong> speaks to<br />
the Interim Small Business<br />
Commissioner. Page 10<br />
A flexible approach to<br />
enforcement is more important<br />
than ever. Page 29
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10<br />
INTERVIEW<br />
Philip King FCI<strong>CM</strong><br />
36<br />
LEGAL MATTERS<br />
Peter Walker<br />
20<br />
LEAD ARTICLE<br />
Tim Vine<br />
44<br />
SALARY TRENDS<br />
Karen Young<br />
MARCH <strong>2021</strong><br />
www.cicm.com<br />
CONTENTS<br />
9 – SHIFTING SANDS<br />
Adapting to a new world of insolvency.<br />
10 – THE KING’S SPEECH<br />
Sean Feast FCI<strong>CM</strong> speaks to former<br />
CI<strong>CM</strong> CEO about life as the Small Business<br />
Commissioner.<br />
14 – VIRTUALLY SPEAKING<br />
Is the new ruling a green light for virtual<br />
enforcement?<br />
16 – CROSS WORDS<br />
The impact of Brexit on cross-border<br />
enforcement.<br />
20 – A SPORTING CHANCE<br />
D&B looks at the challenges facing the<br />
sport and leisure sector.<br />
24 – OUT OF THE RED<br />
Romania has long-since broken from its<br />
communist past.<br />
32 – PANEL BASHERS<br />
What is the best way to identify and<br />
analyse the root cause of disputes<br />
affecting my collections performance?<br />
36 – FISHY BUSINESS<br />
A business profiting from fish created an<br />
unexpected problem when the receiver<br />
was called in.<br />
44 – THROUGH THE LOOKING GLASS<br />
What can we learn from the latest salary<br />
and recruitment trends?<br />
Publisher<br />
Chartered Institute of Credit Management<br />
The Water Mill, Station Road, South Luffenham<br />
OAKHAM, LE15 8NB<br />
Telephone: 01780 722900<br />
Email: editorial@cicm.com<br />
Website: www.cicm.com<br />
<strong>CM</strong>M: www.creditmanagement.org.uk<br />
CI<strong>CM</strong> GOVERNANCE<br />
President Stephen Baister FCI<strong>CM</strong> / Chief Executive Sue Chapple FCI<strong>CM</strong><br />
Executive Board: Chair Debbie Nolan FCI<strong>CM</strong>(Grad) – Vice Chair Phil Rice FCI<strong>CM</strong><br />
Treasurer Glen Bullivant FCI<strong>CM</strong> / Larry Coltman FCI<strong>CM</strong> / Victoria Herd FCI<strong>CM</strong>(Grad) / Philip Holbrough MCI<strong>CM</strong><br />
Advisory Council: Sarah Aldridge FCI<strong>CM</strong> / Laurie Beagle FCI<strong>CM</strong> / Glen Bullivant FCI<strong>CM</strong> / Alan Church FCI<strong>CM</strong>(Grad)<br />
Brendan Clarkson FCI<strong>CM</strong> / Larry Coltman FCI<strong>CM</strong> / Niall Cooter FCI<strong>CM</strong> / Peter Gent FCI<strong>CM</strong>(Grad) / Victoria Herd FCI<strong>CM</strong>(Grad)<br />
Philip Holbrough MCI<strong>CM</strong> / Neil Jinks FCI<strong>CM</strong> / Charles Mayhew FCI<strong>CM</strong> / Debbie Nolan FCI<strong>CM</strong>(Grad)<br />
Bryony Pettifor FCI<strong>CM</strong>(Grad) / Allan Poole MCI<strong>CM</strong> / Alice Purdy MCI<strong>CM</strong>(Grad) / Matthew Roberts MCI<strong>CM</strong> / Phil Rice FCI<strong>CM</strong><br />
Chris Sanders FCI<strong>CM</strong> / Stephen Thomson FCI<strong>CM</strong> / Atul Vadher FCI<strong>CM</strong>(Grad)<br />
View our digital version online at www.cicm.com. Log on to the Members’<br />
area, and click on the tab labelled ‘Credit Management <strong>magazine</strong>’<br />
Credit Management is distributed to the entire UK and international CI<strong>CM</strong><br />
membership, as well as additional subscribers<br />
Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this <strong>magazine</strong> do<br />
not, unless stated, reflect those of the Chartered Institute of Credit Management. The Editor reserves the right to<br />
abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘Credit Management’ is a registered<br />
trade mark of the Chartered Institute of Credit Management.<br />
Any articles published relating to English law will differ from laws in Scotland and Wales.<br />
Managing Editor<br />
Sean Feast FCI<strong>CM</strong><br />
Deputy Editor<br />
Iona Yadallee<br />
Art Editor<br />
Andrew Morris<br />
Telephone: 01780 722910<br />
Email: andrew.morris@cicm.com<br />
Editorial Team<br />
Laura Biondi, Imogen Hart, Rob Howard<br />
and Max Tyson<br />
Advertising<br />
Grace Ghattas<br />
Telephone: 020 3603 7946<br />
Email: grace@cabbell.co.uk<br />
Printers<br />
Stephens & George Print Group<br />
<strong>2021</strong> subscriptions<br />
UK: £112 per annum<br />
International: £145 per annum<br />
Single copies: £12.50<br />
ISSN 0265-2099<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 3
EDITOR’S COLUMN<br />
Come shopping in Carlisle.<br />
Or don’t.<br />
Sean Feast FCI<strong>CM</strong><br />
Managing Editor<br />
WHEN I was a little boy growing up in the<br />
Isle of Man in the 1970s, I remember<br />
watching the television advertisements<br />
enticing me to Carlisle (I kid you not, that<br />
was intended as a Manx shopping destination!)<br />
and a particular furniture shop that<br />
proclaimed a ‘buy now pay nothing till April 1’ offer.<br />
I recall thinking at the time that it was never really much of a<br />
deal, because you still had to pay for it in the end, and in those<br />
days, there was that thing called ‘interest’ that they slapped on<br />
that made a £100 sofa actually cost you half as much again. I<br />
was seven and not especially bright, but I knew even then this<br />
was not a great deal. And I never liked their sofas much anyway.<br />
So you can imagine how I did a double take recently when I<br />
read in the press release from the Financial Conduct Authority<br />
(FCA) that ‘many consumers do not view buy-now-pay-later as<br />
a form of credit’ and as such ‘do not apply the same level of<br />
scrutiny’ as they might, perhaps, to other forms of ‘tick’ such as<br />
a credit card.<br />
Normally, I’m one who advocates less regulation not more,<br />
and abhors the idea of a nanny state, but for once I am in<br />
complete agreement with Government, the Regulator, and the<br />
Debt Advice charities who have lined up to welcome the report<br />
from Chris Woolard CBE that looked at the unsecured credit<br />
market and buy-now-pay-later agreements in particular.<br />
If consumers are being taken advantage of and don’t seem<br />
to realise they are taking on something that actually they can’t<br />
afford, then they definitely need protecting. (Either that, or<br />
they do what my parents did, and many thousands like them,<br />
and simply never bought anything unless it was essential, and<br />
they could afford it.)<br />
It is easy, however, to see why the Regulator is concerned.<br />
Buy-now-pay-later products are rapidly increasing in popularity,<br />
with the volume of transactions tripling in 2020 as the pandemic<br />
drove online shopping, and there is now a significant risk that<br />
these agreements could cause harm to consumers.<br />
By announcing plans to legislate to bring interest-free<br />
buy-now-pay-later into regulation, the Government claims<br />
it is acting ‘swiftly’ to ensure people can continue to benefit<br />
from these products with the right protections. Happily they<br />
acknowledge that such products have their place, but they say<br />
it is relatively easy to accrue around £1,000 of debt that credit<br />
reference agencies and mainstream lenders cannot see. They<br />
also say that with several buy-now-pay-later providers planning<br />
to expand to higher-value retailers, or offer their products<br />
in-store, the risk that consumers could take on ‘unaffordable<br />
levels of debt’ is increasing.<br />
Let’s see what happens. John Glen (am I alone in shouting<br />
‘Godspeed’ at this point?), Economic Secretary to the Treasury,<br />
says that by stepping in, he’s making sure people are treated<br />
fairly and only offered agreements they can afford.<br />
Perhaps the only part that’s missing is the bit that says: ‘and if<br />
you can’t afford it, don’t buy it’.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 4
FCI<strong>CM</strong><br />
<strong>CM</strong>NEWS<br />
A round-up of news stories from the<br />
world of consumer and commercial credit.<br />
Written by – Sean Feast FCI<strong>CM</strong><br />
All Quiet on the<br />
Brexit Front<br />
THE impact of Brexit and<br />
COVID-19 is yet to be felt<br />
as Government support<br />
and plans put in place<br />
prior to the transition may<br />
be masking a problem that<br />
will later emerge.<br />
This was one of the key discussion<br />
points among the CI<strong>CM</strong>’s Technical<br />
Committee which met in February<br />
comprising experts from within the<br />
worlds of commercial and consumer<br />
credit.<br />
With warehouses full of stock<br />
ordered well in advance, issues<br />
over ongoing deliveries had not yet<br />
materialised, neither were any serious<br />
delays in payments being experienced.<br />
One member reported being ‘surprised’<br />
at how well things were going, given<br />
the circumstances, while another said<br />
they had been ‘busier than ever’ and<br />
had even taken on new staff to meet<br />
increased demand. His company sells<br />
plant machinery all over the world, and<br />
there had been no discernible impact<br />
from Brexit. He also anticipated that<br />
Government infrastructure projects<br />
will add further turnover and so the<br />
future ‘was looking good’. Some cracks,<br />
however, were beginning to show.<br />
Another committee member reported<br />
delays in two major projects as a result<br />
of ‘commercial practicalities’, though<br />
the overall position was still ‘better<br />
than expected’.<br />
This concept of a ‘quiet before the<br />
storm’ was also reported in the world<br />
of risk. While some necessary changes<br />
have had to be made to the wording<br />
of new credit insurance policies, the<br />
impact of Brexit had been ‘minimal’<br />
despite all the scare stories to the<br />
contrary. The Government’s decision<br />
to extend the credit insurance support<br />
scheme was also clearly playing its<br />
part in a surprisingly low number<br />
of business failures, with insurance<br />
claims also being described as being<br />
at ‘a record low’. It was expected the<br />
landscape for insolvencies may change<br />
in the summer, once Government<br />
support came to an end.<br />
In terms of consumer debt, the<br />
Government’s consultation paper on<br />
debt relief orders was discussed, and<br />
in particular the proposal to increase<br />
the debt threshold from £20,000 to<br />
£30,000 or less and have no more than<br />
£100 in surplus income each month (up<br />
from £50). By making these changes<br />
the Government intends to give more<br />
people with low levels of assets and<br />
low income who are in problem debt<br />
access to a suitable and proportionate<br />
option for debt relief. As with any<br />
debt relief solution, however, the<br />
Government stresses it is important to<br />
balance the interest of both creditors<br />
and debtors.<br />
At a ‘people’ level, some committee<br />
members reported a marked difference<br />
between this lockdown and the first,<br />
and the difficulties this was presenting<br />
in motivating staff. An even greater<br />
focus was now required on employee<br />
wellbeing.<br />
As with any debt relief<br />
solution, however, the<br />
Government stresses it<br />
is important to balance<br />
the interest of both<br />
creditors and debtors.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 5
NEWS ROUNDUP<br />
Woolard Review sets out a<br />
vision for consumer credit<br />
THE Financial Conduct Authority (FCA)<br />
has published a report on change and<br />
innovation in the unsecured consumer<br />
credit market following a Review by its<br />
former Interim Chief Executive, Christopher<br />
Woolard CBE.<br />
The Woolard Review, commissioned by the FCA Board,<br />
is described as setting out how regulation can better<br />
support a healthy market for unsecured lending, taking<br />
into account the impact of the coronavirus (COVID-19)<br />
pandemic, changing business models and new<br />
developments in unregulated buy-now pay-later (BNPL)<br />
unsecured lending.<br />
Mr Woolard said that it is vital we have a market that<br />
works for everyone: “New ways of borrowing and the<br />
impact of the pandemic are changing the market, with<br />
billions of pounds now in unregulated transactions<br />
and millions of consumers at greater risk of financial<br />
difficulty,” he explains.<br />
“Changes are urgently needed: to bring BNPL into<br />
regulation to protect consumers; to ensure that there is<br />
secure provision of debt advice to help all those who may<br />
need it; and to maintain a sustained regulatory response<br />
to the pandemic. Alongside these urgent issues the<br />
Review sets out a series of recommendations for how the<br />
FCA, working with partners, can build a better market in<br />
future.’<br />
The report suggests that UK households have nearly<br />
£250bn of outstanding consumer credit debt and more<br />
than 42.5m people used consumer credit in 2019. The<br />
Review sets out 26 recommendations to the FCA,<br />
sometimes working with Government and other bodies,<br />
to make the unsecured credit market fit for the future.<br />
The key ones are:<br />
• The regulation of unregulated buy-now pay-later:<br />
BNPL products which are currently exempt from<br />
regulation should be brought within the regulatory<br />
perimeter as a matter of urgency. The use of BNPL<br />
products nearly quadrupled in 2020 and is now at<br />
£2.7bn, with five million people using these products<br />
since the beginning of the coronavirus pandemic. The<br />
emergence and expansion of unregulated BNPL products<br />
gives consumers a significant alternative to more<br />
expensive credit, but the report says this also comes with<br />
significant potential for consumer harm. For example,<br />
more than one in 10 customers of a major bank using<br />
BNPL were already in arrears. Regulation would protect<br />
people who use BNPL products and make the market<br />
sustainable.<br />
• Debt advice: Free debt advice services need secure,<br />
long-term funding as demand increases to as many as<br />
1.5 million additional cases, following the pandemic.<br />
Funding needs to be in place to help the poorest pay fees<br />
when applying for debt relief orders.<br />
• Forbearance: Among other considerations, the FCA<br />
needs to look at whether it should revise its rules and<br />
guidance to drive greater consistency in the type of<br />
support firms offer consumers struggling to pay.<br />
“New ways of borrowing and the<br />
impact of the pandemic are changing<br />
the market, with billions of pounds<br />
now in unregulated transactions and<br />
millions of consumers at greater risk<br />
of financial difficulty”<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 6
NEWS ROUNDUP<br />
The Woolard Review - A review<br />
of change and innovation in the<br />
unsecured credit market.<br />
Christopher Woolard CBE.<br />
‘‘We very much look forward to<br />
working with the FCA to act on these<br />
recommendations, and especially to<br />
improve the practical steps that can be<br />
taken to reduce debt problems in the UK.”<br />
• Alternatives to high-cost credit: A sustainable credit<br />
market needs more alternatives to high-cost credit.<br />
The FCA should work with the Government and Bank<br />
of England to reform the regulation of credit unions<br />
and Community Development Finance Institutions.<br />
More should be done to encourage mainstream<br />
lenders into this space.<br />
• Outcomes focused: Regulation should be driven<br />
by the outcome being sought and how consumers<br />
use products in the real world. Regulation should<br />
deliver similar protections where consumers face<br />
similar harms. In addition to making sure products<br />
are affordable, there should be an increased focus<br />
on lenders meeting consumers needs’ for as long as<br />
they hold the product. The FCA should review repeat<br />
lending.<br />
Perhaps not surprisingly, the FCA welcomed the<br />
recommendations, agreeing in particular that there<br />
is a strong and pressing case to bring buy-now paylater<br />
business into regulation. Credit Management<br />
understands that Charles Randell, Chair at the<br />
FCA, has written to the Economic Secretary to the<br />
Treasury setting out the Board’s view and proposing<br />
that the FCA works with the Government to design<br />
the appropriate regulation. “Unaffordable credit can<br />
damage the lives of people who are already struggling<br />
to manage everyday expenses,” Mr Randall says. “All<br />
the authorities which cover debt and debt advice<br />
must act together systematically to prevent problem<br />
debt and to help people get out of a spiral of debt<br />
through properly funded debt advice. Regulation<br />
should be consistent and the Review shows how<br />
we can ensure high standards in consumer credit<br />
regardless of the form of credit.”<br />
Mr Randall says that as the market innovates<br />
and changes, regulators and legislators need to<br />
respond quickly and decisively: “We need to protect<br />
consumers by facilitating credit where it is beneficial<br />
and clamping down on it when it does harm.”<br />
The Board has asked the FCA executive to build<br />
the Review’s recommendations into its business<br />
planning. The FCA will publish its <strong>2021</strong>/22 Business<br />
Plan in April and will give further details of the<br />
response to the Review.<br />
The report was similarly welcomed by the debt<br />
advice sector. StepChange Director of External<br />
Affairs Richard Lane says that if the pandemic has<br />
shown us anything, it’s that it’s not only our health<br />
that is vulnerable to sudden shocks – our finances<br />
are too: “Chris Woolard’s recommendations on how<br />
the FCA should reflect the lessons learned from<br />
this period and apply them to future consumer<br />
protections show insight and clarity. We very much<br />
look forward to working with the FCA to act on<br />
these recommendations, and especially to improve<br />
the practical steps that can be taken to reduce debt<br />
problems in the UK.”<br />
>NEWS<br />
IN BRIEF<br />
Legal Line<br />
AZZURRO Law, a specialist<br />
commercial debt collection and legal<br />
recoveries firm, has revised and<br />
relaunched its website with enhanced<br />
user experience and increased<br />
functionality to support its thirdparty<br />
clients and their customers.<br />
The design and layout of the website<br />
has been given a stylish refresh, and<br />
now features enhanced navigation,<br />
with easy-to use-tabs and drop-down<br />
menus for its full suite of services,<br />
including UK debt collection and<br />
Litigation Funding. The website is also<br />
now equipped with a designated client<br />
‘hub’, providing clients with total<br />
visibility of their account and current<br />
status of collections activities.<br />
Gold Standard<br />
CREDIT management firm Intrum<br />
UK has achieved gold rating in an<br />
independent customer experience<br />
assessment for the seventh<br />
consecutive year. Investor in<br />
Customers (IIC) has again given the<br />
business its highest gold standard<br />
for delivering ‘exceptional’ customer<br />
service. This is said to make Intrum<br />
the only business ever to achieve gold<br />
on first IIC assessment and maintain<br />
that top rating for seven consecutive<br />
years. IIC’s ratings are based on<br />
a survey of Intrum’s customers,<br />
employees and management -<br />
assessing how well the business<br />
understands its customer needs and<br />
delivers services to meet them.<br />
Vaccine Con<br />
CIFAS, the UK’s leading fraud<br />
prevention service, is reminding<br />
consumers to look out for scams<br />
relating to COVID-19 vaccination<br />
bookings which are being targeted<br />
by criminals to steal personal<br />
information. The NHS will never ask<br />
for payment – the vaccine is free;<br />
never ask you for your bank details;<br />
never arrive unannounced at your<br />
home to administer the vaccine; and<br />
never ask you to prove your identity by<br />
sending copies of personal documents,<br />
such as your passport. If you believe<br />
you have been scammed, then report it<br />
to Action Fraud or to Police Scotland if<br />
you are a Scottish resident. If you have<br />
provided bank details, contact your<br />
bank immediately.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 7
NEWS ROUNDUP<br />
Just launches new<br />
virtual service in wake<br />
of court ruling<br />
FOLLOWING the ruling in the<br />
High Court around ‘virtual’<br />
enforcement, Just, has<br />
confirmed that it is now<br />
offering virtual visits at<br />
no additional cost to local<br />
authorities, Government, utility firms and<br />
the legal sector.<br />
Nick Georgiades, Managing Director<br />
of Just, says the decision was taken in<br />
the light of considerable interest from<br />
prospective customers: “It has proved<br />
a game changer for creditors seeking<br />
secured extended repayment plans in<br />
current lockdown restrictions,” he told<br />
Credit Management.<br />
As a result of the court decision, Just,<br />
CIVEA and HCEOA have together called<br />
for the Ministry of Justice to review the<br />
judgement, and, if appropriate, provide<br />
statutory guidance on the processes to be<br />
followed if re-entry is required and any<br />
fees which might be applied.<br />
“Whilst we recognise that members<br />
of the associations and Just will be<br />
well placed to conduct non-entry CGA's<br />
with appropriate caution, we would like<br />
to safeguard the process from others<br />
who may not be so diligent. The two<br />
associations and Just have offered to<br />
assist the MoJ in completing this work,<br />
should it be appropriate,” Nick concludes.<br />
In a joint statement reported at the<br />
time, Just, HCEOA and CIVEA described<br />
the results of the hearing as ‘good news<br />
for creditors, debtors, and members<br />
of both associations’ and said it was<br />
‘important to bring much needed clarity<br />
in this area of enforcement.’<br />
Debt collectors who can now operate<br />
remotely for the first time while those in<br />
debt will also be able to secure repayment<br />
plans against their assets without the<br />
need for a costly physical visit – saving<br />
approximately £200 compared to a<br />
payment plan agreed on the doorstep.<br />
Creditors can also benefit from this<br />
new approach as the agreement of a nonentry<br />
Controlled Goods Agreement has<br />
the advantage of establishing priority of<br />
writs in circumstances where multiple<br />
creditors are chasing the same person for<br />
repayment.<br />
Brokers fear severe capacity<br />
issue in future lending<br />
THE volume of Government loans granted<br />
to help SMEs through the COVID-19 crisis<br />
will be having a potentially devastating<br />
impact on the availability of ‘traditional’<br />
lending causing alarm in the broker<br />
community.<br />
New research from Allica Bank among<br />
commercial mortgage brokers suggests that<br />
SMEs could be starved of funding to fuel<br />
future growth because lending capacity has<br />
all been tied up in coronavirus business<br />
interruption and bounce back loans (CBILS/<br />
BBILS).<br />
The Bank – which empowers SMEs to<br />
succeed – found that more than eight out<br />
of ten (82 percent) brokers said they have<br />
seen a reduction in the supply of finance<br />
from business lenders, with more than half<br />
(56 percent) describing the reduction as<br />
‘significant’.<br />
Most of the brokers surveyed think it is<br />
unlikely that banks and non-bank lenders<br />
will be able to meet the future needs<br />
of SMEs for a range of crucial financial<br />
products in <strong>2021</strong>, especially commercial<br />
mortgages (93 percent fear lack of<br />
availability), unsecured loans (86 percent),<br />
and secured loans (81 percent).<br />
The net result, according to Nick Baker,<br />
Head of Intermediaries, Allica Bank, is that<br />
small businesses’ efforts to recover from<br />
the pandemic will be severely hamstrung:<br />
“The Government lending initiatives have<br />
been a lifesaver, but they have also tied up<br />
the capacity of many lenders,” he explains.<br />
“This means they are unable to service<br />
the more ‘traditional’ funding needs of<br />
businesses not seeking COVID relief, such<br />
as those looking to grow. Businesses like<br />
this will be central to the UK’s economic<br />
recovery, and we need to make sure they<br />
have access to adequate funding now to<br />
spur long-term growth.”<br />
Allica’s research found that brokers are<br />
also concerned about the ability of SMEs to<br />
access asset finance this year. Almost three<br />
quarters (70 percent) of the brokers polled<br />
said they thought it’s likely that SMEs will<br />
be under-served by banks and non-bank<br />
lenders for this form of funding.<br />
>NEWS<br />
IN BRIEF<br />
Cash generation<br />
HOIST Finance has reported continued<br />
strong cash generation in the fourth<br />
quarter of 2020. Klaus-Anders<br />
Nysteen, Hoist Finance CEO, says that<br />
the firm’s digital offering has been<br />
especially effective and now accounts<br />
for 20 percent of all collections<br />
activities. “Looking forward, thanks to<br />
our solid capital and funding position,<br />
we are ready for growth in the<br />
increasingly positive market outlook<br />
for NPLs,” he says in his report. We are<br />
looking forward to a <strong>2021</strong> in which we<br />
will see positive effects from many<br />
of our improvement initiatives where<br />
implementation has started, and with<br />
benefits to come.”<br />
Regional Rep<br />
THE CI<strong>CM</strong> is actively seeking a new<br />
Regional Representative for the South<br />
West region to support and promote<br />
the views of members in the area. For<br />
more information on the role, and how<br />
to apply, visit https://www.cicm.com/<br />
about-cicm/vacancies-at-cicm/<br />
Party Line<br />
THE countdown has begun for The<br />
British Credit Awards <strong>2021</strong>, a virtual<br />
event to be held on the night of <strong>March</strong><br />
25. So whether you choose to dress<br />
to the nines and sip champagne,<br />
or simply chill in your PJs on your<br />
sofa, join us as we celebrate your<br />
achievements and recognise all the<br />
hard work you have achieved in this<br />
challenging and sometimes crazy year.<br />
cicmbritishcreditawards.com<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 8
INSOLVENCY SPECIAL<br />
Shifting Sands<br />
Adapting to a new world of insolvency with<br />
training and support<br />
AUTHOR – Michelle Thorp<br />
Michelle Thorp<br />
THE pandemic continues to<br />
change the way we work<br />
in all quarters. Many have<br />
had to adapt not just to<br />
working from home, but<br />
also to market developments<br />
brought on by the events of the last year and<br />
this year, such as dramatic shifts in demand<br />
and changes to how services are offered.<br />
In a recent study by McKinsey on UK<br />
consumer sentiment during COVID-19,<br />
with respondents selected and weighted to<br />
match the UK’s demographics, it was found<br />
that up to 65 percent intend to decrease<br />
discretionary spend and 61 percent<br />
have changed how they shop. Perhaps<br />
unsurprising, these figures do serve well<br />
to validate what many in insolvency, the<br />
creditor community and other industries<br />
have suspected as mass change in consumer<br />
behaviour. Just how long these changes will<br />
last is one of the big questions of today. An<br />
answer will perhaps come to the fore when,<br />
hopefully sooner rather than later, the focus<br />
switches from the emergency response<br />
conditions that we are – quite rightly – in<br />
at the moment and on to rebuilding the<br />
economy and the longer-term recovery.<br />
What is interesting is the shift to online<br />
spending. The same McKinsey study<br />
pointed to an increase of up to 40 percent<br />
in terms of consumers’ intention to spend<br />
online rather than in other ways, even after<br />
the pandemic. Keeping in mind the sadly<br />
long string of high street names that have<br />
recently undergone insolvency procedures,<br />
it seems that the present period of flux for<br />
business is showing signs of its long-term<br />
influence and what that will look like. It<br />
appears that shifts we have seen so far will<br />
continue to be felt for a considerable (if not<br />
permanent) amount of time, with online<br />
spending coming to the fore. We have seen<br />
several UK firms shrink the number of<br />
stores that they have through insolvency<br />
procedures, in order to secure a rescue.<br />
This is not to mention the takeover of<br />
Arcadia brands Topshop, Topman, and Miss<br />
Selfridge, arguably among the kingpins<br />
of the high street not too long ago, by the<br />
online-only ASOS. Additionally, UK heritage<br />
brand Debenhams is now under the control<br />
of Boohoo, a relative newcomer and another<br />
online-only brand, established in 2006.<br />
Over the last year, we at the IPA have<br />
been responding to the changes that<br />
the insolvency profession has seen, for<br />
example the new legislation brought in,<br />
and we have also made changes to how we<br />
regulate during this time. Recently, we have<br />
considered our membership criteria, and<br />
if it might usefully be changed in order to<br />
better support incoming practitioners into<br />
the profession and those who are involved<br />
in it, keeping in mind the rise in corporate<br />
insolvencies and the expected rise in<br />
personal insolvencies.<br />
Membership changes mean that anyone<br />
can join the IPA in order to study towards<br />
our exams as a student member, provided<br />
they have a sponsor, for example their<br />
employer. Our suite of examinations are<br />
the Certificate of Proficiency in Insolvency<br />
(CPI), Certificate of Proficiency in Personal<br />
Insolvency (CPPI) and Certificate of<br />
Proficiency in Corporate Insolvency (CPCI).<br />
These exams are designed to provide a<br />
comprehensive offering to those wishing<br />
to study insolvency, whether generally or<br />
focused on either personal or corporate<br />
work. People on their way to qualifying as<br />
an Insolvency Practitioner (IP) via the Joint<br />
Insolvency Examination (JIE) take these<br />
exams as a well-established stepping stone.<br />
In themselves, the exams can give our<br />
student members potential enhancements<br />
to their careers. Many in related fields<br />
to insolvency find that they benefit from<br />
taking these exams with us.<br />
Looking at our other, higher levels of<br />
membership and the criteria to join, we have<br />
made our requirements more streamlined<br />
so that prospective members can more<br />
readily access the IPA, our services and<br />
benefits. Similarly, and keeping in mind<br />
both the spotlight that insolvency finds itself<br />
in and its expected growth in prominence,<br />
we plan to very carefully change our criteria<br />
for insolvency licences, to make becoming<br />
an IP as accessible as possible – provided<br />
of course that prospective IPs have the<br />
requisite skills and experience.<br />
It is hoped that the measures we are<br />
taking will widen access to insolvency<br />
knowledge at this critical time, as well as<br />
help more of our members to practise as IPs<br />
and meet any increase in demand. You can<br />
read more about our membership criteria<br />
on our website – insolvency-practitioners.<br />
org.uk/membership/.<br />
Michelle Thorp is CEO, Insolvency<br />
Practitioners Association.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 9
INTERVIEW<br />
THE<br />
KING’S SPEECH<br />
Sean Feast FCI<strong>CM</strong> speaks to Philip King FCI<strong>CM</strong> about<br />
the importance of learning, helping small businesses,<br />
and the brake pads of a Reliant Robin.<br />
IT would not be too impolite to say that<br />
Philip King FCI<strong>CM</strong> was a slow starter.<br />
As a schoolboy growing up in North<br />
London, Philip was academically<br />
ordinary, doing very little to impress<br />
either his peers or his parents. Neither<br />
did he particularly excel at sport, a fact he puts<br />
down (perhaps with his tongue placed firmly<br />
in cheek) to wearing football boots that had<br />
adorned at least three previous owners.<br />
Originally from Kent, the failure of his father’s<br />
stationery and fancy goods business forced a<br />
move to Balham in South London where they<br />
lived above the Church Hall.<br />
Mr King senior eked out a<br />
living as the hall caretaker,<br />
before gaining enough<br />
money to move to slightly<br />
better accommodation in<br />
Barnet when Philip was five.<br />
Philip acquaints some of<br />
his subsequent passion for<br />
protecting small businesses<br />
on the experiences his<br />
father had to endure: “There<br />
was a real stigma then,”<br />
he explains, “and the consequences of going<br />
bankrupt were dire. My father became a pariah<br />
in some circles and was even shunned by some<br />
of his friends. His experience was horrendous.<br />
“Perhaps it has swung too much in the other<br />
direction now,” he continues, “where you can<br />
declare yourself bankrupt online in the middle<br />
of the night. It is good that the stigma is less, but<br />
we’re not at the US level where to show you’re<br />
a real success you have to have a number of<br />
failures behind you.”<br />
Leaving school with a singularly<br />
unspectacular two ‘O’ Levels and a solitary<br />
CSE (across Music, English and Mathematics),<br />
Philip admits to neither enjoying school nor<br />
particularly working hard, preferring to hang<br />
out with a group who never applied themselves<br />
academically. Careers’ advice was non-existent<br />
beyond the prospect that ‘any job will do.’<br />
EXAM SUCCESS<br />
Through his father who was now at least<br />
partly rehabilitated and working in the Civil<br />
Service, Philip applied to join the Department<br />
Can we expect to<br />
see Philip putting<br />
his feet up and<br />
watching more of<br />
his beloved Spurs?<br />
The prospect makes<br />
Philip laugh.<br />
of Education and Science as a Clerical Assistant<br />
and surprised himself by finishing fifth out<br />
of 600 in the entrance exams. As such he was<br />
appointed to the loftier role of Clerical Officer.<br />
Four and a half years passed with the young<br />
Philip learning very little, other than if you left<br />
the Service before five years was up, you could<br />
get a refund of pension contributions. This<br />
simple fact, and the lure of a new car, resulted<br />
in Philip’s departure a few months short of his<br />
fifth anniversary.<br />
“I loved driving and cars,” he says. “That’s not<br />
to say I was a petrol head, but I learned basic<br />
maintenance and could<br />
change the brake pads and<br />
that sort of thing.”<br />
The car that so appealed<br />
to our intrepid Stirling Moss<br />
had neither four wheels nor<br />
two. It was, in fact, a threewheeler<br />
Reliant Robin van,<br />
though Philip is very quick<br />
to point out that there was<br />
no signwriting on the side,<br />
neither was it yellow. It was<br />
purple.<br />
Finding a job as a delivery driver for a laundry<br />
company, Philip spent a happy 18 months<br />
making deliveries all over North London before<br />
buying himself a rather battered Ford Cortina<br />
and putting in a shift or two as a minicab driver.<br />
He remembers one fare especially well: “I had<br />
to take two old ladies to a funeral, and the<br />
car broke down between the Church and the<br />
Cemetery. I did manage to get it going in the<br />
end, but it was rather touch and go.”<br />
By now married but still with little direction<br />
or ambition, a friend within his local<br />
church told Philip of a job that was going in<br />
the credit department of an electrical<br />
wholesalers. Philip applied with little<br />
enthusiasm and was not disappointed when<br />
he didn’t get the job. Two weeks later, however,<br />
the business called him and said the job was<br />
still there if he wanted it as no-one else<br />
had applied!<br />
INSTITUTE FOLKLORE<br />
Philip had unwittingly fallen on his feet. The<br />
company was ITT Distributors (later STC) and<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 10
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 11 continues on page 12 >
INTERVIEW<br />
AUTHOR – Sean Feast FCI<strong>CM</strong><br />
his boss and mentor John Brown, a name that<br />
has entered folklore in CI<strong>CM</strong> history. Philip<br />
studied first for a Dun & Bradstreet (D&B)<br />
Diploma in Credit and Financial Analysis,<br />
passing with ease, before being encouraged<br />
to study for a CI<strong>CM</strong> (or I<strong>CM</strong> as it was then)<br />
qualification.<br />
His interest in credit management soon<br />
became a passion. Starting at the bottom of<br />
the ladder he rose to become number two in<br />
a team of more than 60: “I loved everything<br />
about the role,” he says, “and was exposed<br />
to every part of credit management. Being a<br />
distributor, ITT had a high volume of credit<br />
requests, and it was fascinating to look at<br />
the whole credit lifecycle, from the initial<br />
risk analysis and granting of credit through<br />
to collections and, where appropriate,<br />
recoveries.”<br />
After 10 happy years, and partly at the<br />
suggestion of his mentor to gain new<br />
experiences, Philip joined Olivetti. By now<br />
living in Newport Pagnell, Philip was happy<br />
to learn that Olivetti was moving its credit<br />
function to a greenfield site in Milton Keynes,<br />
and Philip was given the task of building<br />
the processes, policies and procedures to go<br />
with it.<br />
This was an interesting time to be in the<br />
computer and office equipment space, and<br />
the company was characterised by a number<br />
of colourful and eccentric individuals: “Many<br />
Olivetti salesmen who had done well out of<br />
the business believed they could do equally<br />
well by setting up their own dealerships, but<br />
changing market conditions, and their own<br />
inexperience at running a business, meant it<br />
was very high risk and many failed.”<br />
By the early 1990s Olivetti, which had once<br />
held a dominant position selling desktop<br />
computers, was being outstripped by smaller,<br />
cheaper providers, and in 1995, Philip was<br />
enticed away to join Vodafone. Originally<br />
working within the Vodac business, Philip’s<br />
remit soon expanded and at various times he<br />
ran the company’s fraud teams and corporate<br />
collections team, managing multiple<br />
teams across multiple sites as the company<br />
expanded and added other well-known<br />
brands including Phones4U and Cable &<br />
Wireless.<br />
DIRECTOR GENERAL<br />
Throughout all this time Philip had stayed<br />
close to the CI<strong>CM</strong>, and for several years had<br />
been one of its trainers. Among the alumni at<br />
Watford College were Debbie Nolan FCI<strong>CM</strong><br />
and Nick King FCI<strong>CM</strong>. He’d also kept half<br />
an eye on the senior leadership position,<br />
and with the retirement of Peter Rowe in<br />
2005, Philip applied for and was successful<br />
in becoming the Institute’s new Director<br />
General.<br />
Philip’s many achievements as DG (and<br />
as Chief Executive as his position was<br />
later retitled) have been written about in<br />
these pages before. Forging closer ties with<br />
Government undoubtedly helped in raising<br />
the Institute’s profile, as did writing the<br />
Managing Cashflow Guides and creating<br />
the Prompt Payment Code which Peter<br />
Mandelson asked Philip and the CI<strong>CM</strong> to<br />
devise and run on behalf of the (then) BERR:<br />
“I think he may have asked others before<br />
me and been turned down,” Philip jokes,<br />
“but there is no doubt it was good for our<br />
profile as was being aligned to helping small<br />
businesses.”<br />
“I had to take two<br />
old ladies to a funeral,<br />
and the car broke down<br />
between the Church<br />
and the Cemetery. I did<br />
manage to get it going<br />
in the end, but it was<br />
rather touch and go.”<br />
Without question his proudest achievement<br />
was in helping the CI<strong>CM</strong> to secure Chartered<br />
status: “Everyone said it couldn’t be done but<br />
we did it and gained Chartered status at the<br />
first attempt, which is a tremendous credit to<br />
the team involved.”<br />
The transition from the I<strong>CM</strong> to the CI<strong>CM</strong><br />
certainly served as a signal that the Institute<br />
had changed, and changed for the better, and<br />
become the de facto ‘standard’ for anyone<br />
aspiring to best practice excellence in credit<br />
management. Philip even jokes that one of<br />
his better decisions was bringing in external<br />
support where it was needed, including a new<br />
editor for the Credit Management <strong>magazine</strong>!<br />
Since passing on the baton to Sue Chapple<br />
FCI<strong>CM</strong> as Chief Executive, Philip has enjoyed<br />
a full and interesting term as Interim Small<br />
Business Commissioner (SBC), a role which<br />
(at the time of going to press) will be shortly<br />
coming to an end. It has been 12-months like<br />
no other: “I expected when I took on the role<br />
that I would be on the road meeting people<br />
four days out of five,” he says. “As it is, I have<br />
just completed my 100th virtual webinar!<br />
Perhaps that’s not a bad thing; had I been<br />
on the road I may have spoken to hundreds<br />
of businesses, but virtually I have now met<br />
thousands.<br />
“What I am most pleased about,” he<br />
continues, “is the increased level of<br />
collaboration that the SBC’s office now<br />
enjoys. We have forged much closer ties<br />
with local and national groups like the IoD,<br />
The car that so appealed to<br />
our intrepid Stirling Moss had<br />
neither four wheels nor two.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 12
INTERVIEW<br />
AUTHOR – Sean Feast FCI<strong>CM</strong><br />
necessary: “What you will find, and something<br />
I’ve always said, is that larger companies are<br />
also often struggling with their own cashflow –<br />
the difference is they have a greater number of<br />
zeros on their balance sheet.<br />
“We worked with one large business recently<br />
that has been struggling and helped them to<br />
identify key small suppliers into their business<br />
who were particularly vulnerable. They then<br />
prioritised payments to these suppliers of<br />
£200,000 which was essential to keep them<br />
in business. I am happy to say that the larger<br />
company has since recovered, and all of the<br />
suppliers are still in place.”<br />
The transition from the I<strong>CM</strong> to<br />
the CI<strong>CM</strong> certainly served as<br />
a signal that the Institute had<br />
changed, and changed for the<br />
better, and become the de facto<br />
‘standard’ for anyone aspiring<br />
to best practice excellence in<br />
credit management.<br />
the CBI, the ICAEW etc. as well as Fintechs and<br />
other organisations like GoCardless and Tide.<br />
There is still a great deal to be done but I feel we<br />
have been much more successful in getting our<br />
name out there and helping small businesses.”<br />
SUPPORT AND ADVICE<br />
What Philip especially hopes he has<br />
achieved from his tenure as Interim SBC is<br />
a shift in mindset from people who view the<br />
Commissioner’s office as a complaints’ handling<br />
tool, to one that provides ongoing support and<br />
advice. That’s not to say he hasn’t been pleased<br />
to intercede on a small company’s behalf when<br />
Everyone said it couldn’t be<br />
done but we did it and gained<br />
Chartered status at the first<br />
attempt.<br />
Philip senses that most larger businesses are<br />
aware that they need to support their smaller<br />
suppliers: “What I have been working on in my<br />
conversations with CEOs and CFOs of many<br />
High Street names is to move them beyond just<br />
thinking ‘transactionally’ and more ‘emotionally’<br />
What they see as a number on a balance sheet<br />
is in fact cereal on the table for their small<br />
supplier. We’ve also tried to highlight that<br />
they need to think of those businesses beyond<br />
the ‘traditional’ supply chain – the freelance<br />
writers or web designers who are often ‘missed’<br />
because they are not seen as operationally<br />
important.”<br />
Recent changes announced to the Prompt<br />
Payment Code have been welcomed, and Philip<br />
similarly welcomes proposed changes to the<br />
role of the SBC: “It is perhaps not my place to<br />
say,” he explains, “because the changes will<br />
affect my successor, but it is fair to say that if<br />
you give the SBC more power, then he/she can<br />
do more with it.”<br />
So what of the future? Does retirement<br />
beckon? Will Philip be spending more time with<br />
his six grandsons? Can we expect to see Philip<br />
putting his feet up and watching more of his<br />
beloved Spurs? The prospect makes Philip laugh:<br />
“I’ve been passionate about credit management<br />
for 42 years and I’d like to think I will still be<br />
involved in helping businesses somehow,” he<br />
adds.<br />
And if he could meet his younger self today<br />
and offer some advice, what would it be? “Have<br />
a bit of a plan and don’t waste your school years,”<br />
he smiles.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 13
OPINION<br />
VIRTUALLY SPEAKING<br />
New ruling is not the green light for<br />
‘virtual’ collections.<br />
THE Court has issued<br />
clarification on taking<br />
control of goods by way of a<br />
video call and some people<br />
think this means that process<br />
can now be used. But does<br />
the Court decision really give the green<br />
light to virtual collections?<br />
The recent judgment made by<br />
Master McCloud in the Queen’s Bench<br />
Division of the High Court on 8 January<br />
confirmed there was nothing in the<br />
current regulations to prevent the taking<br />
control of goods by way of a video call.<br />
In her judgment, Master McCloud stated:<br />
‘An enforcement agent may enter into a<br />
controlled goods agreement within the<br />
meaning of Schedule 12 to the Tribunals,<br />
Courts and Enforcement Act 2007 with a<br />
debtor whether or not the enforcement<br />
agent has physically entered the premises<br />
on which the goods are located.’<br />
High Court Enforcement Officers<br />
(HCEOs) already engage with debtors<br />
remotely at the compliance stage without<br />
having to take control of their goods or<br />
apply any additional fees other than the<br />
compliance fee of £75 plus VAT.<br />
CURRENT REGULATIONS<br />
The current regulations (The Taking<br />
Control of Goods Regulations 2013, which,<br />
came into force in 2014) require a visit to<br />
be made before an enforcement agent can<br />
take control of goods, but do not specify<br />
whether it must be a physical attendance.<br />
A physical visit was no doubt intended as<br />
the technology was not available when the<br />
regulations were made.<br />
The Court has asked the Ministry of<br />
Justice (MoJ) to review the regulations<br />
and consider whether any changes need<br />
to be made. As this option is currently<br />
unregulated it would not be a compliant<br />
approach to use it currently.<br />
Taking control of goods by way of a video<br />
call under the current regulations does<br />
not give an enforcement agent the power<br />
to take further enforcement action where<br />
required, such as, for example, the power<br />
to force entry so will not have the desired<br />
effect and would be unenforceable. It is<br />
also not clear what fees should be applied<br />
and when.<br />
Guidance from the MoJ on this point<br />
is awaited. This could take some time as<br />
there would be a need to consult with all<br />
stakeholders concerned. In the meantime,<br />
most enforcement agents acting under<br />
AUTHOR – Neil Jinks FCI<strong>CM</strong> IRRV<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 14
OPINION<br />
AUTHOR – Neil Jinks FCI<strong>CM</strong> IRRV<br />
the authority of an HCEO will continue<br />
to make physical attendances where<br />
required until the position has been<br />
clarified or regulations have been<br />
updated. Obviously, this is subject to any<br />
prohibition on such activity due to any<br />
lockdown during the pandemic.<br />
TAKING CONTROL<br />
Where the debtor fails to make payment<br />
when the enforcement agent attends,<br />
the debtor is required to enter into a<br />
controlled goods agreement (CGA). The<br />
debtor’s goods are then under the control<br />
of the enforcement agent and cannot be<br />
sold or removed without their permission.<br />
It only becomes necessary to take control<br />
of goods in a very small percentage of<br />
cases. If the debtor fails to make payment,<br />
the enforcement agent can then return to<br />
remove the goods and sell them.<br />
Enforcement only<br />
follows where there is<br />
no engagement. A call<br />
of any kind cannot take<br />
place if the debtor does<br />
not engage with the<br />
enforcement agency.<br />
The High Court Enforcement Officers<br />
Association (HCEOA) has recently issued<br />
updated Best Practice in light of this<br />
latest judgment. It confirms that during<br />
the compliance stage an instalment<br />
arrangement can be entered into where<br />
the judgment creditor has given specific<br />
written instructions to the HCEO to accept<br />
an arrangement during an extended<br />
compliance period (See paragraph<br />
13 of the Best Practice on the HCEOA<br />
website). Therefore, no visit of any type is<br />
required to secure a long-term payment<br />
arrangement.<br />
The compliance period is the first step<br />
in the process following the issue of the<br />
writ when a notice of enforcement is sent<br />
to the debtor and the first opportunity for<br />
engagement. Where the debtor engages<br />
with the enforcement agency, they will<br />
often secure full payment, a payment<br />
arrangement or identify any issues such<br />
as vulnerability.<br />
Enforcement only follows where there<br />
is no engagement. A call of any kind<br />
cannot take place if the debtor does not<br />
engage with the enforcement agency.<br />
If they do engage at this initial stage,<br />
there is no need to take control of their<br />
goods, especially when in default it is not<br />
enforceable.<br />
At the compliance stage, the requesting<br />
of a CGA is not required or necessary<br />
under the regulations, so this is a more<br />
intrusive step than is required at this<br />
stage.<br />
Creditors continue issuing their writs<br />
to their HCEOs during these difficult<br />
times to enable them to engage with<br />
debtors in the usual manner without the<br />
need for a video call to take control of<br />
their goods.<br />
This leads to very early-stage<br />
resolution and means creditors are paid<br />
sooner rather than later with costs and<br />
the burden of debt kept to a minimum.<br />
It is the same outcome but without the<br />
need for a controlled goods agreement<br />
so a much more amicable solution for all<br />
concerned.<br />
OPEN TO ABUSE<br />
Having been involved in High Court<br />
enforcement for more than 30 years, I<br />
believe it is only practicable to take control<br />
of goods physically. To do so remotely, is<br />
open to abuse, which is more likely to be<br />
avoided if the process is undertaken in<br />
person. Examples include people using<br />
fake ID, showing you around the wrong<br />
premises, avoiding showing you into<br />
rooms where there are valuable goods to<br />
be seized, or parking vehicles away from<br />
the property, so they are not included in<br />
the seizure.<br />
In any event, paragraph 153 of the<br />
Court judgment reads as follows: ‘The<br />
Act, in my judgment, permits regulations<br />
to be made which deal with the above, but<br />
in the absence of such regulations having<br />
been made, a ‘non-entry’ CGA would offer<br />
limited enforcement options if breached<br />
unless (a) a warrant for forcible entry<br />
could be obtained or (b) peaceable entry<br />
was obtained legitimately under para<br />
14 of sch. 12 after entry into the CGA,<br />
meaning that subsequent steps are ‘reentry’.<br />
The Act, in short, does not forbid a<br />
non-entry CGA entry, but the Regulations<br />
do not fully enable it to be given effect as<br />
they presently stand.’<br />
As the regulations do not fully allow<br />
it, I cannot see the point in it, as it is<br />
restrictive when further enforcement<br />
action becomes necessary. The<br />
compliance stage allows for engagement<br />
and payment arrangements without the<br />
need for any further enforcement action<br />
or additional fees.<br />
Neil Jinks is Head of Client Development<br />
& Communications at Court Enforcement<br />
Services Ltd, a member of CI<strong>CM</strong>’s<br />
Advisory Council and President of the<br />
IRRV West Midlands Association.<br />
Where the debtor<br />
engages with<br />
the enforcement<br />
agency, they will<br />
often secure full<br />
payment, a payment<br />
arrangement<br />
or identify any<br />
issues such as<br />
vulnerability.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 15
ENFORCEMENT<br />
CROSS WORDS<br />
The impact of Brexit on cross-border<br />
enforcement. Part 1<br />
AUTHOR – Dmytro Tupchiienko<br />
FOLLOWING Brexit, the question about<br />
the recognition and execution of the<br />
judgments between the UK and the EU<br />
is governed by the so-called Withdrawal<br />
Agreement, which was signed on<br />
17 October 2019 and came into force on the<br />
1 February 2020.<br />
Essentially, the withdrawal agreement provides that<br />
EU law with the international jurisdiction of crossborder<br />
civil disputes will continue to apply to judicial<br />
proceedings established before the end of the transition<br />
period. It also provides that the relevant recognition<br />
law and the execution of the judgments will continue<br />
to apply with regard to the judgments.<br />
The Hague Choice Of Court Convention 2005 aims to<br />
facilitate cross-border recognition and the application<br />
of judgments. However, the Convention applies to<br />
commercial and civil judgments and expressly excludes<br />
judgments regarding criminal, administrative, revenue,<br />
or customs issues. On 2 July 2019, Uruguay became the<br />
first state signatory.<br />
Importantly, this is to determine the international<br />
jurisdiction of the courts, to facilitate the recognition,<br />
and to ensure a fast process for a successful application<br />
of the judgments, enforcement instruments, and rule<br />
of law in general.<br />
RECOGNITION AND APPLICATION OF A<br />
FOREIGN JUDGMENT<br />
1. Recast Brussels I<br />
Recast Brussels I continues the de Plano<br />
acknowledgment of foreign judgment and, moreover,<br />
no longer requires exequatur.<br />
The Recast Brussels I does not ensure an effective<br />
or instance execution, but it is governed by the<br />
law of the Member State from which the judgment<br />
execution is expected. Since an exequatur should no<br />
longer be obtained, the creditor can directly instruct<br />
the competent local authority (for example, a bailiff)<br />
responsible for the execution procedure as such. The<br />
applicant must provide the following documents;<br />
(i) A certificate from the source Court. In other<br />
words, the Court where the judgment was originally<br />
returned.<br />
(ii) A copy of the judgment sought<br />
2. Brussels I and the Lugano Convention<br />
In accordance with Brussels I and the Lugano<br />
Convention, the seeking Party shall carry out a foreign<br />
judgment must request an exequatur with the court<br />
or the competent authority of the Member State of<br />
execution listed in Annexes II of Brussels I and the<br />
Lugano Convention. The request for an example must<br />
produce:<br />
(i) A statement containing the judgment of the<br />
Brussels I and Lugano Convention<br />
(ii) A certificate issued by the original court that<br />
confirms the enforceable measures. If it is considered<br />
necessary, a certified translation of the above<br />
documents should also be. The actual procedure to be<br />
applied to an exequatur is governed by the law of the<br />
Member State in which implementation is taking place.<br />
3. Hague Convention 2005<br />
The process for the recognition and implementation<br />
of the law is governed by the Act of the State of<br />
Implementation unless governed by the Hague<br />
Convention 2005. The documents to be produced under<br />
these procedures are more elaborate than the required<br />
documents in the EU. More specifically, the person<br />
looking for recognition or application must provide:<br />
(i) Copy of Assessment<br />
(ii) Certificates issued by the Origin Court (eg<br />
Court where the assessment is initially given) confirming<br />
the steps that can be enforced (Article 53 (2) Brussels I and<br />
Lugano Convention). If deemed necessary, the above<br />
documents’ certified translation must also be produced<br />
(Article 55 (2) Brussels I and Lugano Convention). The<br />
actual procedure to apply to exequatur is governed<br />
by member countries' laws where implementation is<br />
requested.<br />
Finally, in the context of the Hague Convention 2005,<br />
the procedure of recognition and law enforcement<br />
is regulated by the law of the implementing state<br />
unless the Hague Convention provides the opposite.<br />
The documents produced in this procedure are more<br />
complicated than the documents needed in the<br />
EU regulation. More specifically, people who seek<br />
recognition or application must provide:<br />
(i) Copy of certified and complete judgement<br />
(ii) The exclusive choice of justice agreements,<br />
certified copies, or other evidence of their existence;<br />
(iii) All documents needed to determine that<br />
the assessment has an effect or, if necessary, can be<br />
enforced in the original state;<br />
(iv) If the assessment has been given by default,<br />
a copy of the original or certified certification of<br />
the document that sets the equivalent document or<br />
document has been notified in the failed part;<br />
(v) In the case of trial settlement: state certificate<br />
from the country of origin that justice regulation,<br />
or part of it, can be applied in the same way as an<br />
assessment in the country of origin;<br />
(vi) Applications for execution or rewards can be<br />
accompanied by documents published by the court<br />
(including court leaders) from the country of origin, in<br />
the form of registered and published by the Conference<br />
of the Hague about very large personal law;<br />
(vii) Other documents that are deemed necessary<br />
if certain conditions are not fulfilled and if necessary,<br />
the translation of the certified document listed above.<br />
To be continued….<br />
Dmytro Tupchiienko is a CI<strong>CM</strong><br />
studying member.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 16
ENFORCEMENT<br />
AUTHOR – Dmytro Tupchiienko<br />
Essentially, the withdrawal<br />
agreement provides that EU<br />
law with the international<br />
jurisdiction of cross-border<br />
civil disputes will continue to<br />
apply to judicial proceedings<br />
established before the end of<br />
the transition period.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 17
MARKETING & EDUCATION<br />
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Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 18
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Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 19
OPINION<br />
A SPORTING CHANCE<br />
How is the sports and recreation<br />
industry surviving the pandemic?<br />
AUTHOR – Tim Vine, Head of Credit Intelligence at Dun & Bradstreet<br />
LAST year was a tough time<br />
for many businesses. Dun &<br />
Bradstreet’s COVID-19 Impact<br />
Index has been tracking the<br />
impact of the pandemic across<br />
industries and regions in the<br />
UK to support companies as they manage<br />
disruption and uncertainty. The index covers<br />
the latest industry, financial strength and<br />
location disruption analysis and shows that<br />
the sports and recreation sector continues<br />
to be significantly affected by the pandemic<br />
(see table to right).<br />
Euro 2020 and the Tokyo Olympics – major<br />
events that represented everything we love<br />
about sport – were both postponed and the<br />
Wimbledon Championships were cancelled<br />
for the first time since the Second World War.<br />
Gyms, leisure centres and sports clubs<br />
across the country have been forced to close<br />
during the national lockdowns. Data shows<br />
that a high proportion of sport and fitness<br />
related companies (79 percent) are micro<br />
businesses who are unlikely to have the same<br />
back-up funds and contingency plans as larger<br />
businesses. Although the support schemes<br />
provided by the Government have provided<br />
some assistance, 2020 was a tough year for<br />
many businesses in the sector and <strong>2021</strong> is<br />
likely to be another challenging year.<br />
However, while it continues to be an<br />
uncertain time, some fitness-related<br />
businesses and certain sports have managed<br />
to weather the storm better than others.<br />
SOCIALLY DISTANCED<br />
Tennis is one of the UK’s favourite sports. But<br />
although Wimbledon was cancelled, until the<br />
most recent lockdown, grass roots tennis could<br />
still be played and was one of the sports the<br />
Government had allowed to continue, subject<br />
to social distancing guidelines. It was also one<br />
of several sports to receive a cash injection<br />
through the Sport Winter Survival Programme.<br />
The future of golf looked pretty bleak at the<br />
start of 2020, with the virus arriving after years<br />
of falling attendance, and national lockdown<br />
came after 40 percent of clubs had sent out<br />
their annual renewal subscription forms to<br />
members. However in the early summer, golf<br />
clubs in England were given the green light to<br />
open and there was a surge in demand to play.<br />
Sadly, at the time of going to press, golf clubs<br />
have once again been obliged to close.<br />
UK Industries (Specific Divisions)<br />
Food and beverage service activities 10<br />
Accommodation 16<br />
Construction of buildings 30<br />
Air transport 34<br />
Land transport and transport via pipelines 34<br />
Creative, arts and entertainment activities 37<br />
Sports activities and amusement and recreation activities 38<br />
Manufacture of food products 49<br />
Employment activities 49<br />
Manufacture of textiles 50<br />
Travel agency, tour operator and other reservation service<br />
and related activities 51<br />
Telecommunications 58<br />
Manufacture of beverages 59<br />
Rental and leasing activities 61<br />
Public administration and defence; compulsory social security 65<br />
Real estate activities 73<br />
Source: Dun & Bradstreet<br />
COVID-19 Impact Index, as at<br />
Friday 1 January. Industries<br />
rated 1 to 100, with 1 being the<br />
most impacted.<br />
Tennis is one of the UK’s<br />
favourite sports. But<br />
although Wimbledon<br />
was cancelled, until the<br />
most recent lockdown,<br />
grass roots tennis could<br />
still be played and was<br />
one of the sports the<br />
Government had allowed<br />
to continue, subject<br />
to social distancing<br />
guidelines.<br />
Overall Business Impact<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 20
OPINION<br />
AUTHOR – Tim Vine, Head of Credit Intelligence at Dun & Bradstreet<br />
Sports Industry Business Liquidations YoY<br />
95<br />
0.24%<br />
Volume<br />
90<br />
85<br />
80<br />
0.24%<br />
0.24%<br />
0.23%<br />
0.23%<br />
75<br />
October 2018<br />
October 2019 October 2020<br />
0.23%<br />
Unfavourable OOB<br />
Unfavourable OOB Rate<br />
And there is further depressing news. Although the<br />
number of businesses in the sporting industry are increasing<br />
(36,000 compared to 23,000 in 2017), Dun & Bradstreet data<br />
shows that business liquidations have increased between<br />
October 2018 and October 2020, which does not bode well.<br />
WHAT IS NEXT?<br />
Although some sports have been able to continue in a<br />
limited capacity, a third and stricter national lockdown<br />
has forced many venues and clubs to close their doors<br />
once again. Some business have adapted by providing<br />
online classes and tuition but with gyms, stadiums and<br />
arenas empty once again, the future of many sport-related<br />
businesses will be uncertain.<br />
Despite this uncertainty, the hope is that this year will<br />
bring with it some degree of normality that will see us<br />
enjoying sport and exercise once again. Credit and financial<br />
data and analytics will continue to help businesses navigate<br />
the unpredictable times by helping to identify opportunities<br />
for growth and support risk management during the<br />
pandemic and beyond.<br />
Tim Vine is Head of Credit Intelligence<br />
at Dun & Bradstreet.<br />
Tim Vine<br />
However in the early<br />
summer, golf clubs in<br />
England were given<br />
the green light to<br />
open and there was<br />
a surge in demand<br />
to play. Sadly, at<br />
the time of going<br />
to press, golf clubs<br />
have once again been<br />
obliged to close.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 21
“VIRTUAL ENGAGEMENT –<br />
MAXIMISING COLLECTIONS<br />
IN COMPLIANCE.”<br />
From the desk of our<br />
Chairman, Daren Simcox.<br />
EXPERTLY<br />
VIRTUAL ENGAGEMENT<br />
MAXIMISING<br />
COLLECTIONS IN<br />
COMPLIANCE.<br />
Court Enforcement<br />
Services is a leading<br />
provider of High Court<br />
Enforcement to businesses<br />
and individuals, and,<br />
since forming in 2014, has<br />
become an established<br />
name in the UK’s High<br />
Court enforcement<br />
industry by offering a<br />
combination that is<br />
intentionally difficult for<br />
our competitors to match<br />
– vast legal experience and<br />
knowledge, a dedication<br />
to the very best client<br />
service levels and most<br />
importantly, the highest<br />
collection performance<br />
levels in our sector.<br />
With over £187 million<br />
judgment debt fairly<br />
collected for our clients,<br />
and minimal complaints<br />
in executing over 100,000<br />
High Court Writs, we are<br />
justifiably proud of the<br />
speed with which we have<br />
achieved this record for<br />
our clients and customer<br />
debtors, which promotes<br />
early-stage resolution and<br />
achieves an above industry<br />
average engagement<br />
rate of 39% during the<br />
compliance stage.<br />
These clear credentials<br />
are why, as one of the<br />
fastest growing and largest<br />
High Court Enforcement<br />
businesses in the UK,<br />
we feel it is our duty<br />
to provide guidance<br />
to creditors in light of<br />
recent communications<br />
about ‘virtual’ (video call)<br />
enforcement.<br />
VIRTUAL<br />
ENFORCEMENT?<br />
WE PREFER VIRTUAL<br />
ENGAGEMENT.<br />
Virtual engagement<br />
between debtors and<br />
enforcement agents<br />
is nothing new. It has<br />
been heavily in use since<br />
telephony started and<br />
further developed with the<br />
internet over the past two<br />
decades. Used properly<br />
as part of a multi-channel<br />
mix of engagement<br />
approaches, we are able<br />
to tailor our engagements<br />
to suit individuals and the<br />
available contact details.<br />
As new channels develop<br />
or society changes<br />
its social norms, our<br />
communications and<br />
collections teams adjust<br />
their approach to<br />
optimise engagement<br />
– video as a channel<br />
is no different. Today,<br />
in almost every case,<br />
we use a multichannel<br />
approach<br />
to provide fair and<br />
early engagement,<br />
discuss payment<br />
arrangements and<br />
avoid doorstep visits.<br />
At Court Enforcement<br />
Services and our sister<br />
company, CDER Group,<br />
we refer to this as ‘virtual<br />
engagement’, we aim to<br />
agree a resolution with<br />
our customers without<br />
the need for any form<br />
of visit and without the<br />
need for a controlled<br />
goods agreement, so<br />
minimising the level of<br />
fees payable and the<br />
impact on the customer.<br />
We have been using this<br />
approach for over 6 years<br />
and are pleased to be<br />
able to advise our clients<br />
that more than 20% of<br />
our customers settle in<br />
compliance and more<br />
than 20% of our customers<br />
settle using a payment<br />
arrangement. We focus<br />
on delivering resolutions<br />
that match our client’s<br />
needs and their debtor’s<br />
circumstances,<br />
all Expertly<br />
Resolved.<br />
LEADING BY EXPERTLY<br />
DELIVERING BEST<br />
PRACTICE.<br />
We deliver best practice<br />
by minimising the impact<br />
on the debtor, only<br />
putting a controlled goods<br />
agreement (CGA) in place<br />
when absolutely necessary<br />
and ensuring that all<br />
debts are settled subject<br />
to appropriate affordability<br />
tests.<br />
There is no requirement for<br />
us to take control of goods<br />
in the compliance phase<br />
as we have agreements<br />
in place with our clients.<br />
Our approach results in a<br />
lighter touch and delivers a<br />
fair resolution for both our<br />
clients and our debtors.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 22
RESOLVED.<br />
BRANDS NEED<br />
PROTECTION, NOT<br />
RESULTS AT ANY COST.<br />
As a market leader we<br />
innovate and adhere<br />
strictly to the regulations:<br />
the regulations already<br />
provide the ability to<br />
enter into a payment<br />
arrangement in the<br />
compliance stage,<br />
without the need for a<br />
visit or a CGA. We cannot<br />
therefore see the benefit<br />
of requesting that a debtor<br />
go through the intrusive<br />
process of allowing a<br />
video call to walk an<br />
Enforcement Agent<br />
around their house when<br />
they have already engaged<br />
to agree settlement and<br />
a creditor has accepted a<br />
payment arrangement<br />
during an extended<br />
compliance period.<br />
FAIRNESS IN OPERATION.<br />
We will always act in<br />
accordance with the<br />
words and spirit set out<br />
in our charter which<br />
expresses our belief that<br />
– we believe everyone has<br />
the right to be treated<br />
fairly.<br />
At Court Enforcement<br />
Services Ltd, we would<br />
like to reassure our clients<br />
and all other creditors that<br />
we will always proceed<br />
in the spirit the law and<br />
regulations intended.<br />
We fully appreciate the<br />
importance of protecting<br />
our client’s brand and<br />
reputation and our<br />
duty of care in all our<br />
engagements.<br />
We currently have<br />
no plans to<br />
implement<br />
‘video<br />
visits’<br />
unless there is client<br />
demand for us to do so. We<br />
believe it is highly unlikely<br />
that our clients would want<br />
us to use video calls to take<br />
control of goods as the<br />
feedback and opposition<br />
received from CCUA<br />
members suggests that<br />
they do not wish to do so.<br />
For more information on<br />
our approach to Fairness<br />
in Operation, vulnerability<br />
and brand protection,<br />
please follow these links:<br />
FAIRNESS IN OPERATION:<br />
www.courtenforcementservices.co.uk/<br />
us/fairness-in-operation/<br />
BRAND PROTECTION:<br />
www.courtenforcementservices.co.uk/<br />
us/brand-protection/<br />
DEBTOR SUPPORT:<br />
www.courtenforcementservices.co.uk/<br />
debtor-support/<br />
VULNERABILITY:<br />
www.courtenforcementservices.co.uk/<br />
vulnerable-debtors/<br />
SIGNPOSTING:<br />
www.courtenforcementservices.co.uk/<br />
independent-advice/<br />
SOLICITORS BROCHURE:<br />
www.courtenforcementservices.co.uk/<br />
solicitors-brochure<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 23<br />
01993 220557<br />
BD@courtenforcementservices.co.uk<br />
www.courtenforcementservices.co.uk
COUNTRY FOCUS<br />
Romania has<br />
long-since broken<br />
from its communist<br />
past.<br />
OUT OF THE RED<br />
AUTHOR – Adam Bernstein<br />
TO many, Romania is the<br />
country where Ceausescu’s<br />
communist regime fell more<br />
than 30 years ago and where<br />
Bran Castle, often referred<br />
to as the home of the title<br />
character in Bram Stoker's Dracula, is<br />
located.<br />
Those things are true, but it’s also<br />
home to the Transfagarasan highway – the<br />
‘world’s best driving road’ according to<br />
Jeremy Clarkson; it has one of the world’s<br />
prettiest bookshops – the Cărturești<br />
Carusel – that’s set in a restored 19th<br />
century building and which contains more<br />
than 10,000 books; and it has a 4G mobile<br />
network that is rated the fourth best in<br />
the world which offers users an average<br />
35.61mbp download speed. UK users, in<br />
comparison, get just 21.16mps.<br />
UNION OF PRINCES<br />
Located in central Europe by the Black<br />
Sea, it’s bounded by Bulgaria, Ukraine,<br />
Hungary, Serbia and Moldova. Romania<br />
isn’t an old nation per se, having been<br />
formed from the union of the principalities<br />
of Moldavia and Wallachia in 1859 which<br />
gained independence from the Ottomans<br />
in 1877. Neutral at first, it fought with<br />
the Allies from 1916 and through a<br />
combination of geography and pressure,<br />
was forced to cede territory during World<br />
War Two to several belligerents before<br />
entering the war on the Axis side in 1941.<br />
It switched to the Allies in 1944 and postwar,<br />
until 1989, Romania was socialist and<br />
a member of the Warsaw Pact.<br />
With an international pedigree<br />
currently, it is a member of some 67<br />
international organisations including<br />
NATO and, since 2007, the EU. It isn’t a<br />
member of the Schengen Area meaning<br />
that its borders aren’t open, and it doesn’t<br />
yet use the euro, but it is obliged to adopt<br />
in once entry criteria are met. Romania<br />
presently uses the leu (RON) which, mid-<br />
December 2020, was worth around 19p (or<br />
5.38 RON to a pound sterling).<br />
POPULATION AND SIZE<br />
Romania is large with 238,391 sq km<br />
making it similar in size to the UK’s<br />
242,495 sq km. It has a number of<br />
natural resources including oil, timber,<br />
natural gas, coal, iron ore and salt along<br />
with plentiful arable land and scope for<br />
hydropower.<br />
As for the population, it’s unlike many<br />
countries in the west in that they’re not<br />
very urbanised and are fairly evenly<br />
distributed. Bucharest is by far the largest<br />
urban area with (in 2011) 1.8m inhabitants.<br />
The Bran Castle and Bran city,<br />
Transylvania, Romania<br />
There are eight cities with more than<br />
200,000 people, 11 with 100,000 to 200,000<br />
residents, 21 with 50,000 to 100,000 people<br />
and 145 with a population between 10,000<br />
and 50,000. In other words, apart from<br />
Bucharest, Romanian cities and towns can<br />
be banded together with minimal effort.<br />
Its population was, according to<br />
the 2011 census, 20.1m and is now an<br />
estimated 21.1m according to a July 2020<br />
estimate published in the CIA World<br />
Factbook. However, in time it’s expected<br />
that the population will decline through<br />
migration and a falling birth-rate. Indeed,<br />
the birth-rate once stood at 5.82 children<br />
per woman in 1912 and was thought to<br />
be closer to 1.36 in 2018 – well below the<br />
replacement rate of 2.1. Combine this with<br />
an aging population and the Factbook<br />
considers Romania to have one of the<br />
oldest populations in the world. And it’s<br />
easy to see why – 2020 estimates reckon<br />
that the under 24’s account for around 24.5<br />
percent of the population, those aged 25-<br />
54 make up 46 percent, while those 55 and<br />
older represent around 29.25 percent of the<br />
population. It’s notable that as of 2018, the<br />
unemployment rate had risen after a long<br />
period of falling rates. Back in the summer<br />
of 2013 it stood at around 7.5 percent<br />
and had fallen to a low of 3.7 percent in<br />
January 2020. But as of September 2020,<br />
it’s reckoned to be around 5.2 percent.<br />
Ethnically, Romania is around 90<br />
percent Romanian, six percent Hungarian,<br />
and three percent Roma (but this last<br />
number is thought to be understated; the<br />
Roma could actually make up 10 percent of<br />
the population). Romanian is the official<br />
language and is spoken by 90 percent of<br />
the population but English and French are<br />
taught in schools.<br />
IMPROVING GDP<br />
Once a former communist-run country<br />
with an outmoded industrial base that<br />
produced goods that weren’t what the<br />
country needed, the Romania of 2020 is<br />
radically different. Now considered by<br />
the World Bank in July 2020 to be a highincome<br />
economy with a GDP per capita<br />
of $28,189 it’s now running at 69 percent<br />
of the EU average. Growth has been<br />
spectacular and in 2004 was recorded as<br />
being 10.4 percent. But the financial crash<br />
of 2008 dented it somewhat with a negative<br />
5.51 percent in 2009; the IMF had to step in<br />
with a $20bn bailout. But 2019 saw growth<br />
of 4.08 percent and of course, in common<br />
with every other coronavirus afflicted<br />
country 2020 will not be a good year.<br />
In terms of land use, it’s estimated that<br />
around 61 percent is used for agriculture<br />
of which 39 percent is arable and 20<br />
percent is permanent pasture, and the<br />
rest is for permanent crops. As of 2017,<br />
agriculture generated 4.2 percent of GDP,<br />
manufacturing 33.2 percent and services<br />
62.6 percent. In numbers, Romanian GDP<br />
in US$ bubbled around the $40bn mark<br />
until 2001 when it took off exponentially<br />
to reach $214bn in 2008 and $250bn<br />
in 2019. The UK, in comparison had a<br />
GDP of $1.64tn in 2001 which rose to<br />
$2.82tn in 2019.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 24
COUNTRY FOCUS<br />
AUTHOR – Adam Bernstein<br />
The Transfăgărășean or<br />
DN7C is a paved mountain<br />
road crossing the southern<br />
section of the Carpathian<br />
Mountains of Romania. It has<br />
national-road ranking and<br />
is the second-highest paved<br />
road in the country after the<br />
Transalpina.<br />
Imports into and exports from Romania<br />
are growing. In 2019 Trading Economics<br />
data shows that Romania’s biggest<br />
trading partners were, in value, Germany<br />
(22 percent), Italy (11.2 percent), France<br />
(6.9 percent), Hungary (4.8 percent) and<br />
the UK (3.73 percent). But these figures<br />
don’t offer up the full facts as import data<br />
seems to indicate that the UK doesn’t<br />
even count in the top ten – Germany<br />
comes first at 20 percent by value while<br />
Austria is seventh with 3.1 percent.<br />
With regard to what Romania actually<br />
imported in 2019, again in value order,<br />
it was parts and accessories for motor<br />
vehicles; petroleum oils and allied<br />
products; medical products; cars and<br />
other vehicles; wire and fibre optic<br />
cables; cameras, video products and<br />
transmission equipment; electronic<br />
circuits and micro assemblies; electrical<br />
equipment; and plastics.<br />
In total, goods and services imports<br />
stood at $96.6bn in 2019. That figure was<br />
estimated to be just $68bn in 2016.<br />
KEY SECTORS<br />
There are a number of key sectors to<br />
note in Romania of which automotive is<br />
one with Dacia (part of Renault group)<br />
and Ford and more than 400 car parts<br />
manufacturers operating. According<br />
to a study published in the Business<br />
Review Magazine in July 2019, the global<br />
automotive industry is stagnating while<br />
booming in Romania...car production<br />
could reach at least 650,000 units after<br />
2020, according Dacia. That may have<br />
changed a little in light of coronavirus<br />
but nevertheless, the groundwork for a<br />
revival has been laid.<br />
Another sector to note is textiles<br />
and clothing which, in 2018, was worth<br />
$3.1bn of which women and girls<br />
apparel accounted for $1.23bn. Data for<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 25<br />
continues on page 26 >
COUNTRY FOCUS<br />
AUTHOR – Adam Bernstein<br />
2017 showed that the sector employed<br />
around 200,000. Businessmedia.ro<br />
predicted that the annual growth rate<br />
for this sector will be around 5.3 percent<br />
between 2018 and <strong>2021</strong>.<br />
Pharmaceuticals is of interest as<br />
Romanians’ appetite for pills and<br />
treatments has grown following<br />
advertising campaigns and the crisis in<br />
the local healthcare system. According to<br />
the Guardian, the system is failing since<br />
thousands of doctors and nurses have<br />
emigrated to better paid economies. The<br />
April 2019 report believes that some 3.4m<br />
Romanians have left the country in the 10<br />
years since Romania joined the EU. But<br />
for those firms involved in the sector, it’s<br />
of interest that in the 12 months to <strong>March</strong><br />
2018, the market for pharmaceuticals in<br />
Romania reached 14.7bn RON (£2.7bn) of<br />
which 9.78bn RON related to prescription<br />
drugs, 3.19bn RON for OTC, while drug<br />
sales to hospitals accounted for 1.71bn<br />
RON.<br />
As the country has prospered so retail<br />
has grown in importance. A number of<br />
retail parks – as opposed to shopping<br />
malls – have opened and 59 percent<br />
are now located in cities with less than<br />
100,000 inhabitants. The country, is now,<br />
according to Stratulat Albulescu Attorneys<br />
at Law, ranked fifth at a European level<br />
for delivery of retail spaces in retail parks<br />
in 2018, being overtaken only by France,<br />
Spain, the UK and Italy.<br />
The hotel sector, until the pandemic<br />
struck, had seen tourism rise by 6.7<br />
percent in 2018 compared to 2017 with<br />
capacity growing 1.6 percent to catch<br />
up. Crosspoint Real Estate thinks that<br />
turnover for the sector is around €1.2bn.<br />
It’s believed that between 2019 and 2020<br />
the number of Romanian hotels will<br />
increase from 1633 to around 1800. This<br />
comes alongside a programme by some<br />
owners to update and refurb the estate<br />
that they hold.<br />
Brașov is a city in the<br />
Transylvania region of Romania,<br />
ringed by the Carpathian<br />
Mountains. It's known for its<br />
medieval Saxon walls and bastions,<br />
the towering Gothic-style Black<br />
Church and lively cafes. Piaţa<br />
Sfatului (Council Square) in the<br />
cobbled old town is surrounded by<br />
colourful baroque buildings and<br />
is home to the Casa Sfatului, a<br />
former town hall turned local<br />
history museum.<br />
INFRASTRUCTURE INVESTMENT<br />
Romanian infrastructure is in need of<br />
investment and is being bolstered with<br />
significant funding to the tune of €9.5bn<br />
from the EU. A number of motorways<br />
are being built including the Sibiu-Pitesti<br />
and the Bucharest Belt. The country is<br />
also launching tenders for four parts of<br />
the Craiova-Pitesti Expressway. Rail too<br />
needs updating; a US government report<br />
from July 2019 thought that the average<br />
freight rail speed in country was 13 km/<br />
hour – one of the slowest in Europe.<br />
According to National Railway Company<br />
CFR S.A., there are a number of projects<br />
which are under preparation or ready to<br />
be launched.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 26
COUNTRY FOCUS<br />
AUTHOR – Adam Bernstein<br />
A masterpiece awaits in the<br />
remote village of Voronet, in the<br />
northern Romanian region of<br />
Moldavia. A biblical mural depicts<br />
angels and devils on opposite<br />
sides of a scale, scrutinizing a<br />
man’s life, good deeds weighed<br />
against sins. Around them,<br />
corpses rise from graves, joining<br />
scores of others awaiting the Last<br />
Judgment. It’s a graphic, gripping<br />
scene and it’s no wonder the<br />
500-year-old painting has earned<br />
the Voronet Monastery the title of<br />
"Sistine Chapel of the East."<br />
And then there are the ports. In particular,<br />
the Constanta Port sitting on the Danube-<br />
Black Sea Canal has several major projects<br />
running - an artificial island, new operational<br />
berths and transport infrastructure, and the<br />
modernisation of its piers. Collectively they’re<br />
worth nearly $1bn.<br />
Its importance was noted earlier, but<br />
agriculture is important to Romania. The total<br />
grain harvest in 2018 – about 30m tons – ranks<br />
Romania in the third place in the EU after<br />
France and Germany. In essence, Romania<br />
produces 28 percent of the EU’s maize, some<br />
19m tons and in terms of wheat, it produces<br />
nearly 11m tons. There’s also a strong wine<br />
culture with vineyards producing 1.1m tons of<br />
grape wine.<br />
Lastly, there’s technology where, according<br />
to PwC’s Central and Eastern Europe Private<br />
Business Survey 2019 Report, Romanian<br />
companies top the list when it comes to use of<br />
six from eight essential digital technologies,<br />
a highly skilled and diversified workforce,<br />
competitive prices, and a stimulating business<br />
environment with a sector worth up to €40bn.<br />
SETTING UP BUSINESS<br />
For a foreign investor, the most frequently used<br />
types of companies in Romania are the limited<br />
liability company (SRL) and the joint stock<br />
company (SA).<br />
The joint stock company is the most complex<br />
type of entity in Romania. The main advantages<br />
are that shareholders are responsible only<br />
for their capital, it can be listed on the stock<br />
market and so can attract large amounts of<br />
capital, and shares can be transferred without<br />
the approval of the others. However, they take<br />
time and involve expense to set up, need at least<br />
five founding members, attract bureaucracy<br />
and need around €25,000 minimum capital to<br />
be formed. In comparison, a limited liability<br />
company see subscribers only held responsible<br />
Romanian is the<br />
official language<br />
and is spoken<br />
by 90 percent of<br />
the population<br />
but English and<br />
French are taught<br />
in schools.<br />
for their share capital and no more. Further,<br />
the company can be set up in around one week<br />
with just 200 RON capital. It also requires just<br />
one director but can host a maximum of 50.<br />
There are few disadvantages, compared with<br />
benefits, and so it’s the entity of choice for<br />
foreign investors.<br />
TAXATION RATES<br />
The standard corporate income tax rate in<br />
Romania is 16 percent, 16 percent on personal<br />
income, and the standard VAT rate is 19<br />
percent. Gambling and nightclubs are subject<br />
to a 5 percent rate from the revenues or 16<br />
percent of the taxable profit, depending on<br />
which is higher.<br />
It should be noted that there are reduced<br />
VAT rates of nine percent for water, food,<br />
beverages (except alcoholic drinks), medical<br />
treatments, prosthesis and the like, and five<br />
percent for restaurant and catering services,<br />
hotel accommodation, social housing under<br />
certain conditions, and on schoolbooks,<br />
newspapers, <strong>magazine</strong>s, admission fees to<br />
castles, museums, sport events, etc.<br />
The VAT registration procedure is complex,<br />
and several types of documents are required;<br />
a VAT number must be in place before the<br />
commencement of business.<br />
DO’S AND DON’TS.<br />
And lastly, it’s important to observe social<br />
norms. So, those looking to work in Romania<br />
would do well to remember that Romanians<br />
like to be direct, sensitive and will focus on<br />
business unless otherwise prompted. It’s<br />
considered rude to be late for meetings – those<br />
running late should call ahead and apologise if<br />
it is unavoidable. Boasting about achievements<br />
or exaggerated claims are frowned upon.<br />
Importantly, it would be an own goal to talk<br />
or make jokes about the communist regime or<br />
Roma people.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 27
SAVE THE DATE<br />
FOR OUR VIRTUAL<br />
CELEBRATION<br />
- 25 MARCH AT 8PM!<br />
Thursday 25 <strong>March</strong> - Virtual Event<br />
MEET THE <strong>2021</strong> AWARDS JUDGES:<br />
Gail Armstrong MCI<strong>CM</strong><br />
Head of Invoice 2 Cash GB&IE<br />
Siemens<br />
Michelle Atkinson<br />
Head of Income, Customer Services<br />
United Utilities<br />
Liz Bingham<br />
CEO<br />
R3<br />
Sue Chapple FCI<strong>CM</strong><br />
CEO<br />
CI<strong>CM</strong><br />
Leanne Chesterman<br />
Sales & Debtors Service Manager<br />
BAE Systems<br />
Brendan Clarkson FCI<strong>CM</strong><br />
Director<br />
Begbies Traynor<br />
Steven Coppard<br />
Deputy Director Government<br />
Debt Management Function<br />
Cabinet Office<br />
Sean Feast FCI<strong>CM</strong><br />
Director<br />
Gravity London<br />
Nigel Fields FCI<strong>CM</strong><br />
Senior Director,<br />
Global Process Owner OTC<br />
NBC Universal International<br />
Philip King FCI<strong>CM</strong><br />
Small Business Commissioner<br />
Dept for Business, Energy<br />
& Industrial Strategy<br />
Philip Roberts FCI<strong>CM</strong><br />
Partner<br />
Clarke Willmott<br />
Natalie Ross<br />
Head of Strategic Sales - Working Capital,<br />
Commercial Payments & SBS UK<br />
American Express<br />
Paula Swain<br />
Partner<br />
Shoosmiths<br />
Karen Young<br />
UK&I Director<br />
Hays<br />
To find out more information about the awards, please visit<br />
www.cicmbritishcreditawards.com<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 28
HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION<br />
A WATCHING BRIEF<br />
A flexible and sympathetic approach to enforcement<br />
is more important than ever.<br />
AUTHOR – Andrew Wilson FCI<strong>CM</strong><br />
LIKE all SME businesses which have<br />
seen a dramatic fall in activity, High<br />
Court Enforcement businesses have<br />
been looking very hard at their<br />
business models, making as few<br />
redundancies as possible and getting<br />
to grips with the furlough schemes, to see how<br />
best to keep the core staff they will need in the<br />
future.<br />
Not all enforcement activity has stopped,<br />
particularly in B2B cases, but great care has been<br />
taken to stick carefully to Government’s very<br />
specific guidelines.<br />
TRAINING, TRAINING, TRAINING<br />
We have been training all our Enforcement Agents<br />
in the use of protective equipment, hygiene<br />
supplies and social distancing, ensuring they<br />
protect themselves and others they encounter.<br />
A priority has been training in supporting the<br />
vulnerable and recognising mental health issues<br />
and understanding the Association’s COVID-19<br />
Plan so that all can be aware of what constitutes<br />
permitted activity.<br />
We have encouraged all businesses to<br />
carefully collect and record details of customer<br />
vulnerabilities, making sure that all data<br />
protection requirements are observed and to<br />
develop support plans for those affected.<br />
Notices of Enforcement continue to be sent out<br />
on receipt of a Writ and greater effort is made to get<br />
the debtor to engage by any appropriate means to<br />
avoid an automatic visit and, where appropriate,<br />
to set up reasonable instalment arrangements.<br />
On visits, all businesses are encouraged to<br />
make sure that protective equipment is used, and<br />
hygiene supplies provided so that those meeting<br />
Enforcement Agents can be reassured that they<br />
are properly protected. Many debtors have<br />
responded well to this approach and engagement<br />
with the court process has increased.<br />
RESIDENTIAL PROPERTIES<br />
At the Lord Chancellor’s request, we continue<br />
to instruct our Enforcement Agents not to enter<br />
residential premises until we receive further<br />
guidance. We encourage those badly affected<br />
by the pandemic to seek help from debt advice<br />
agencies and generally to try to ease the financial<br />
burden by using instalment arrangements<br />
and Controlled Goods Agreements to keep<br />
enforcement fees to a minimum.<br />
With commercial premises, there are no entry<br />
restrictions, but Enforcement Agents are on the<br />
look-out for financial hardship and take each<br />
case on its merits, as not all businesses have been<br />
adversely affected.<br />
Residential evictions have been restricted by<br />
Statutory Instrument, with only a few exceptions,<br />
but squatter evictions have continued, though<br />
there is an enormous backlog of possession<br />
orders on residential properties. The new Notice<br />
of Eviction provisions bringing High Court &<br />
County Court into line and giving a minimum of<br />
14 days before eviction should give occupiers that<br />
extra breathing space to make arrangements to<br />
move with recourse to the Courts in hard cases.<br />
INCREASED VULNERABILITY<br />
So has the High Court approach changed forever?<br />
Perhaps not, but it is constantly being adjusted.<br />
There is an increase in vulnerability cases and a<br />
reduction in the average amount on each Writ and<br />
use of the High Court by utility companies with<br />
high volume, low value debts.<br />
Despite the recent debate about virtual visits<br />
and entering into non-entry Controlled Goods<br />
Agreements, the key in all civil enforcement is<br />
engagement with the debtor. Most creditors have<br />
tried this before issuing a claim and, where there<br />
is no realistic engagement, they want the debtor<br />
to be visited by an Enforcement Agent with the<br />
authority of Writ. That should help to determine<br />
whether the debtor is a Can’t Pay, Won’t Pay or<br />
Can’t Cope.<br />
Only 10 to 15 percent of defendants refuse to<br />
obey a court order in any event (not quite the<br />
80/20 rule) and not all of them are Won’t Pays,<br />
where the full power of enforcement is needed.<br />
Can’t Copes are often vulnerable cases and can<br />
also be Can’t Pays, but sometimes just need the<br />
reminder that they really must sort the problem<br />
out and just need time to do so. Can’t Pays should<br />
be encouraged to take proper advice to consider<br />
the various insolvency options.<br />
The new Breathing Space procedure (along<br />
with its bureaucracy) comes into force in May,<br />
but the reality is most creditors and HCEOs are<br />
already perfectly prepared to allow extra time to a<br />
debtor who has consulted a debt adviser. They can<br />
expect a proper assessment of means and either a<br />
realistic instalment offer, or confirmation that the<br />
case is heading for insolvency.<br />
So the USP of High Court enforcement still<br />
remains—a visit by an EA in appropriate cases<br />
to obtain payment immediately after the expiry<br />
of the Notice of Enforcement. But now we are<br />
much more aware of potential vulnerability cases,<br />
particularly in these exceptional times and the<br />
greater need for instalment arrangements where<br />
there is financial hardship.<br />
Andrew Wilson FCI<strong>CM</strong> is Chairman of the High<br />
Court Enforcement Officers Association (HCEOA).<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 29
INTERNATIONAL<br />
TRADE<br />
Monthly round-up of the latest stories<br />
in global trade by Andrea Kirkby.<br />
But one thing is<br />
certain, the French,<br />
Germans and Italians<br />
want a share of<br />
the cake and are<br />
uncomfortable with<br />
debt being held<br />
outside of the EU’s<br />
purview.<br />
Financial services trade deal<br />
SO, the UK and the EU finally reached<br />
a trade deal just before the transitional<br />
period expired. But ask the man on the<br />
Clapham omnibus if they think that<br />
Brexit is truly done and dusted and they’d<br />
no doubt reply in the affirmative. And<br />
they’d be wrong – the deal didn’t fully<br />
cover financial services which represents<br />
some seven percent of the UK economy.<br />
Understandably, the Government<br />
will be pressed by the UK’s banks,<br />
insurers and asset managers to make<br />
concessions to guarantee access to<br />
the European market. But MoneyWeek<br />
reckons that the Government should<br />
stand its ground as ‘no deal is better than<br />
a bad deal’.<br />
At issue is the UK’s position as a<br />
dominant financial centre for the whole<br />
of Europe. To maintain that requires the<br />
UK to find a way to maintain ‘equivalence’<br />
rules which permit financial services to<br />
be sold on the continent. The problem is,<br />
as the Telegraph reported, that the EC has<br />
no plans to grant equivalence despite the<br />
UK giving the same to EU firms.<br />
EU officials have said that Brussels<br />
would not grant equivalence to UK firms<br />
unless the Government explained how<br />
far it planned to diverge from EU rules in<br />
the future.<br />
Only time will tell what the outcome<br />
will be. But one thing is certain, the<br />
French, Germans and Italians want a<br />
share of the cake and are uncomfortable<br />
with debt being held outside of the EU’s<br />
purview.<br />
The City should look to grow elsewhere.<br />
And with Europe making up just 16<br />
percent of the global economy, it’s time to<br />
look to the growth regions that are Asia<br />
and Africa.<br />
SAUDI'S CUT BACKS<br />
THE Saudi’s are having to cut back on spending to<br />
reduce a huge post-Covid-19 budget deficit. As the<br />
Wall Street Journal notes, the country wants to lower<br />
its annual overspend from 12 percent of economic<br />
output to 4.9 percent in <strong>2021</strong>.<br />
The Saudi Government’s budget is a ‘closely<br />
watched measure of spending’ for not just Saudi<br />
Arabia, but also the wider Gulf region and is thought<br />
of as an outlook for oil prices. Further, the country<br />
is trying to wean itself off oil as a bulwark to the<br />
economy and is making cuts while at the same time<br />
seeking to create jobs for a young population. To do<br />
this, it’s planning to inject around $40bn into the<br />
domestic economy in <strong>2021</strong> and 2022 from its $300bn<br />
sovereign wealth fund, which is excluded from the<br />
budget.<br />
EU SIGNS INVESTMENT<br />
DEAL WITH CHINA<br />
THE recently concluded EU-China Comprehensive<br />
Agreement on Investment (CAI) has, says Bloomberg,<br />
given the Chinese ‘a massive diplomatic victory’.<br />
From reports, it appears that after seven years of<br />
‘desultory talks’, China offered concessions to ensure<br />
that the agreement was finalised before Joe Biden<br />
took over the US presidency, despite his request to<br />
not complete the deal.<br />
From Biden’s perspective, the CAI undermines<br />
US efforts to define a single approach to China,<br />
especially in light of its activity in Hong Kong, on its<br />
Indian border, its threats to Taiwan and Australia.<br />
Gideon Rachman, in the Financial Times, suggests<br />
that the EU is ‘naïve’ to believe that China will<br />
respect the deal. However, from the EU’s standpoint,<br />
it wants to stand well away from US/Sino differences<br />
and wants European manufacturers to sell cars into<br />
what is a huge market, and Germany’s largest.<br />
BRITAIN IS FIFTH-LARGEST ECONOMY IN WORLD – AGAIN<br />
BRITAIN is in fifth place in the rankings<br />
of the world’s biggest economies,<br />
despite suffering one of the deepest<br />
recessions in the pandemic. According<br />
to the annual league table produced by<br />
The Centre for Economic and Business<br />
Research (CEBR), the UK overtook India<br />
and will move away from France in the<br />
decade after Brexit.<br />
The CEBR also predicts that China will<br />
overtake America as the world’s biggest<br />
economy in 2028, five years earlier than<br />
expected. It’s interesting that the CEBR<br />
suggests that ‘western economies need<br />
to keep much more closely in touch with<br />
what is happening in Asia to keep up<br />
with international developments’. India<br />
shouldn’t be ignored – the CEBR thinks<br />
it will overtake the UK again in 2024 and<br />
will overtake Germany to be the world’s<br />
fourth-largest economy, behind the US,<br />
China and Japan, by 2027.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 30
CHINA IS ‘BOOMING’ AGAIN<br />
CORONAVIRUS may have ‘started’ in<br />
China, but the country is no longer on<br />
the backfoot and is thriving. Investors,<br />
according to the Financial Times,<br />
are racing back and in 2020 bought<br />
nearly £113.5bn of local assets, poured<br />
£102bn into Chinese bonds (to the end<br />
of November) and bought stocks to the<br />
tune of £19bn from overseas buyers – the<br />
CSI 300 stock market was up more than<br />
19 percent by the year’s end. China’s<br />
GDP is likely to have grown by around<br />
two percent in 2020 despite it being the<br />
epicentre of the outbreak, says Pantheon<br />
Macroeconomics.<br />
It appears that the world’s overnight<br />
need for masks and gel and demand from<br />
locked-down workers for IT equipment<br />
DESPITE the world being in turmoil and the<br />
populations of many countries in lockdown,<br />
why is the price of oil rising?<br />
Despite the world being in turmoil<br />
and the populations of many countries in<br />
lockdown, why is the price of oil rising?<br />
Having fallen from $67 a barrel in January<br />
2020 to just $18 in late April, the cost per<br />
barrel has shot up since then, reaching<br />
$55.50 on 22 January <strong>2021</strong>.<br />
There are a number of reasons for<br />
this rise, key of which is a gathering of<br />
the Opec+ oil cartel – the Gulf states and<br />
Russia – and their restricting of supply by<br />
bolstered China’s manufacturing –<br />
medical equipment exports rose 42.5<br />
percent during the first 11 months while<br />
electronics exports rose 25 percent last<br />
month on the year.<br />
It’s true that once the vaccine has<br />
taken a grip that these figures will decline<br />
somewhat, but that will be offset by<br />
rising domestic demand. As the South<br />
China Morning Post reported, the Chinese<br />
economy saw retail sales rise five percent<br />
on the year in November, while industrial<br />
production gained seven percent.<br />
China is expected to be the only G20<br />
nation to grow in 2020 and by the end of<br />
<strong>2021</strong> the economy could be the same size<br />
as it would have been if the pandemic had<br />
never happened.<br />
OIL PRICES ARE RISING<br />
more than markets had expected. Russia<br />
still plans to raise production, but the<br />
Saudi’s have helpfully cut to compensate.<br />
A gentle rise in price is one thing,<br />
albeit unwanted. But oil price spikes are<br />
not helpful for the global economy as<br />
they find their way into most things and<br />
are damaging and inflationary. While oil,<br />
or rather fossil fuels for vehicles, is being<br />
phased out, it’s nevertheless a key driver<br />
of economies (pun intended) and so firms<br />
need to be aware of the recent move<br />
when they forward price their goods and<br />
services.<br />
QUEEN’S AWARD FOR<br />
EXPORTS AGENCY<br />
A Yorkshire-based innovation marketing<br />
agency, ThinkOTB, has received the<br />
Queen’s Award for Enterprise for<br />
International Trade for sales growth in<br />
overseas markets.<br />
The agency has grown quickly. It saw<br />
export sales rise by 560 percent – from<br />
22 to 52 percent of its overall business<br />
in just three years. Established in 1988,<br />
ThinkOTB focuses on innovation and<br />
supports blue chip clients and SMEs<br />
across the globe. The agency’s main<br />
overseas markets are in Ireland, Central<br />
and Eastern Europe, the Middle East and<br />
Africa, the Asian Pacific and the USA.<br />
TURKEY TROUBLE<br />
TURKEY is in trouble. Inflation there<br />
has hit 14 percent, a 15-month high,<br />
while its currency, the lira, has fallen<br />
to record lows. Central to the issue is<br />
President Erdogan who has pushed the<br />
country’s central bank to keep interest<br />
rates low, which in turn has led to a<br />
credit boom and devalued Turkish<br />
assets. Further, an aggressive and costly<br />
foreign-policy strategy in Azerbaijan,<br />
Libya, Syria and in the Mediterranean<br />
isn’t helping. The BBC reported that the<br />
Trump administration levied sanctions<br />
against Turkey over the purchase of a<br />
Russian-made missile-defence system.<br />
Worryingly, nearly 80 percent of Turks<br />
think that the country’s economy is<br />
failing, a position no doubt made worse<br />
by Coronavirus.<br />
TOMORROW’S WORLD<br />
IT’S perfectly true that ‘people buy people’.<br />
But it’s just as true that ‘people buy<br />
products’ and those that assume markets<br />
rarely change are heading for a fall.<br />
Look at South Korea. Its population<br />
decreased for the first time in 2020, by<br />
20,838 from 51.8m in 2019. Asia’s fourthlargest<br />
economy has had a low birth-rate<br />
since 2016, with South Korean women,<br />
on average, having one child, the lowest<br />
fertility rate in the world (according to<br />
2018 World Bank figures). Part of the<br />
reason is down to coronavirus where jobs<br />
have been harder to find and couples have<br />
delayed marriages – most births occur in<br />
wedlock.<br />
Notably, Japan is not a million miles<br />
away from the same problem and again, a<br />
rapidly ageing population combined with<br />
a low fertility rate is posing a problem for<br />
the government which is struggling to<br />
run the country on a shrinking workforce.<br />
Japan, however, is seeking to improve<br />
matters by using artificial intelligence<br />
(AI) to ‘help match lonely hearts’, says the<br />
MailOnline. While it’s not overly romantic,<br />
it shows just what governments think AI<br />
can do – in this case, help match suitors<br />
more appropriately.<br />
What does all of this mean? South<br />
Korea is expected to have the world’s<br />
largest proportion of over-65’s by 2045,<br />
overtaking Japan, which is in a similarly<br />
parlous state. Those exporting into South<br />
Korea and Japan may need to refocus<br />
from baby-care to elderly-care products.<br />
CURRENCY UK<br />
EXCHANGE RATES VISIT CURRENCYUK.CO.UK<br />
OR CALL 020 7738 0777<br />
Currency UK is authorised and regulated<br />
by the Financial Conduct Authority (FCA).<br />
HIGH LOW TREND<br />
GBP/EUR 1.14904 1.12075 Up<br />
GBP/USD 1.39498 1.35271 Up<br />
GBP/CHF 1.24161 1.20625 Up<br />
GBP/AUD 1.80202 1.75940<br />
GBP/CAD 1.76603 1.72523<br />
Up<br />
Up<br />
GBP/JPY 147.535 140.944 Up<br />
This data was taken on 17th February and refers to the<br />
month previous to/leading up to 16th February <strong>2021</strong>.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 31
PANEL BASHERS<br />
ROOT PLANNER<br />
John O’Sullivan FCI<strong>CM</strong> and Nigel Fields FCI<strong>CM</strong><br />
answer this month’s challenge.<br />
What is the best<br />
way to identify<br />
and analyse the<br />
root cause of<br />
disputes affecting<br />
my collections<br />
performance?<br />
Panellist<br />
John O’Sullivan FCI<strong>CM</strong><br />
DISPUTES are a fact of life<br />
when providing goods<br />
and services on credit;<br />
they are costly but, as we<br />
all know, they happen,<br />
so we need to prepare<br />
for them; but how? Part of the answer is<br />
in the question: Identify, analyse and find<br />
the cause of debtor disputes. This is where<br />
the fun starts. But first, three observations<br />
on disputes from personal experience:<br />
They are usually badly handled; they<br />
have a bigger impact on credit costs than<br />
is often realised; and they are not always<br />
monitored or analysed.<br />
First examine the disputes. You should<br />
begin to see a pattern: many disputes are<br />
home-grown. They are a result of internal<br />
failures – usually a combination of one or<br />
three of the following: clerical; warranty;<br />
and inaction (often the most frequent).<br />
During my time in credit I was amazed<br />
at how fast debtor queries, if not properly<br />
handled, could develop into disputes. Many<br />
years ago I did some work for a company.<br />
They were a new manufacturing company<br />
with good sales, poor cash flow, and a high<br />
reliance on their bank overdraft. We did a<br />
textbook analysis on their debtors. Nearly<br />
a third was tied up in disputes. They had<br />
good products but a very poor warranty<br />
system. It was taking three months to<br />
administer their manufacturing warranty<br />
during which time their debtors withheld<br />
a portion of their payments, disputes<br />
escalated and sales began to suffer. An<br />
analysis of the disputes showed that initial<br />
communication with the customer was<br />
poor. As the outlook was dire we quickly<br />
changed their warranty procedures<br />
and debtor communications and set a<br />
warranty deadline of two weeks maximum<br />
with most cases settled within 48 hours.<br />
This, combined with numerous debtor<br />
visits, turned the situation around in four<br />
months. The business is still going strong.<br />
It is interesting to observe the genesis<br />
of a dispute: it starts as an unanswered<br />
query, develops into a dispute, is sat on<br />
and becomes serious, grows legs and<br />
ends up in litigation. During this time<br />
it impacts on the quality of the debtors,<br />
affects cash-flow, can lose you customers,<br />
and adds substantially to costs. A badly<br />
handled query from a debtor is an own<br />
goal. A well-handled query is often times<br />
an opportunity to develop bonds with your<br />
debtor. Remember: hit the dispute early.<br />
As a consumer there is nothing more<br />
annoying than trying to sort out a query<br />
prior to paying a bill but being constantly<br />
side-lined. (Utility companies please note).<br />
There are plenty of small reasons why<br />
debtors do not pay; I am always amazed<br />
at the number of times we are the cause<br />
of them not wanting to pay. One of my pet<br />
hates is inaccurate invoices – no order<br />
numbers, incorrect discounts, idiotic<br />
messages and, the worst crime, incorrect<br />
company name. If a creditor can’t/won’t<br />
decide who they are dealing with then<br />
they deserve to be kept waiting.<br />
One of the unfortunate potential<br />
side-effects of disputes is the risk of<br />
compensation payments i.e. because the<br />
debtor with the dispute won’t pay we try<br />
to compensate this shortfall by squeezing<br />
our old reliable good payers. This only<br />
works in the short term. I recommend<br />
a monthly report on debtor disputes<br />
including an aged analysis and a dispute<br />
ownership section. Hopefully, the above<br />
will assist in identifying, analysing and<br />
resolving debtor disputes.<br />
JOHN O’SULLIVAN<br />
John O’Sullivan has 40 years’ experience in credit .He worked for many years<br />
in the heavy commercials motor industry (DAF Trucks). He was a Fellow and<br />
former President of the Irish Institute of Credit Management (87/88), part of the<br />
Irish delegation on the inauguration of FE<strong>CM</strong>A (Windsor 86) and organiser of<br />
FE<strong>CM</strong>A Seminar ‘Credit in the 90s’ in Dublin 1988. He lectured in The Dublin<br />
Institute of Technology for the degree BSc Management of Credit and was<br />
External Examiner for the Certificate and Diploma in Credit. He has written<br />
and given many presentations on credit and risk. Since retiring he has become a<br />
credit union director and a Judge in the Irish Credit Management Training Credit<br />
of the Year Awards. He is involved in credit consultancy on marketing and credit,<br />
and dispute reconciliation. He is a member of Credit Management Institute<br />
Ireland (<strong>CM</strong>II). During lockdown his hobby is writing and being optimistic.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 32
PANEL BASHERS<br />
There are plenty of small reasons why<br />
debtors do not pay; I am always amazed<br />
at the number of times we are the cause<br />
of them not wanting to pay. One of my<br />
pet hates is inaccurate invoices – no<br />
order numbers, incorrect discounts,<br />
idiotic messages and, the worst crime,<br />
incorrect company name.<br />
Explain the reason for any suggested or<br />
necessary process changes. Try to show<br />
what ineffective processes is currently<br />
costing and what can be gained by<br />
making some changes and improving.<br />
Panellist<br />
Nigel Fields FCI<strong>CM</strong><br />
NIGEL FIELDS<br />
A career in credit management spanning more than 30<br />
years, Nigel Fields FCI<strong>CM</strong> is now ‘Senior Director, Global<br />
Process Owner OTC at NBC Universal International.<br />
Nigel spent 20 years working for Twentieth Century Fox<br />
International Film Corp. starting out in its UK business as<br />
Credit Manager and rising to Executive Director for Credit,<br />
responsible for Order to Cash (O2C) across Fox’s entire<br />
international business portfolio. Prior to Fox, he worked<br />
as the Credit Manager at Hornby Hobbies and a Credit<br />
Controller for GEC. Nigel says: “I attribute much of my<br />
career success to the CI<strong>CM</strong> community where I am always<br />
able to draw upon knowledge and skills from the extensive<br />
array of members and partners.”<br />
If you’d like to join our panel of experts, or<br />
if you have a question to ask, contact the<br />
editor at sfeast@gravityglobal.com<br />
A/R teams are often responsible for managing large<br />
volumes of payment disputes and deductions that<br />
arise when a customer might dispute invoices,<br />
take discounts, or levy penalties etc. Most systems<br />
have limited functionality to deal with them and so<br />
A/R Teams will often dedicate a disproportionate<br />
amount of time and energy to manually managing disputes and<br />
lose their focus on the more value-added tasks.<br />
Disputes are both time-consuming and labour intensive and<br />
will almost certainly impact on the cash flow. Some disputes are<br />
maybe not valid, and many will simply end up as revenue write<br />
offs. It is therefore incredibly important to understand why<br />
disputes happen and, if possible, avoid them completely. For the<br />
‘unavoidable’ disputes, you will benefit hugely by having good<br />
and consistent processes in place to help identify and then work<br />
efficiently and effectively through to closure. A good clear process<br />
will also reduce unnecessary complexities and eliminate zero<br />
value work.<br />
A really good way to improve this area and achieve better<br />
practices is to capture your O2C transactional information<br />
from invoices and payments and identify reasons and types of<br />
disputes. There are some fantastic A/R platforms available today<br />
that will automatically capture the detail from huge volumes of<br />
transactions (this is often referred to as ‘BI’). The A/R BI is critical<br />
for providing information back for your analysis. These systems<br />
will often also provide excellent dashboards and reports that help<br />
to summarise and visualise data into simple insights and statistics.<br />
This also saves time and helps your business understand the<br />
issues quickly and easily and is the first step to improve and avoid<br />
issues that create these disputes. It’s also valuable information<br />
to share with your management team and customers for highlighting<br />
various issues and potential weaknesses.<br />
Good communication is also essential for success so be sure<br />
to communicate the findings and any remediations plans to<br />
all involved. Explain the reason for any suggested or necessary<br />
process changes. Try to show what ineffective processes are<br />
currently costing and what can be gained by making some<br />
changes and improving. Set clear goals and timelines, provide<br />
any necessary training and documentation that both explains the<br />
processes and ownership of the various tasks.<br />
You will need to continuously monitor the data and performance<br />
and potentially modify the processes to make additional on-going<br />
improvements where necessary. Also continue to review and<br />
share the results and how the improvements are delivering value<br />
to meet the changing needs and demands of your customers and<br />
your business.<br />
In summary, root cause analysis provides data-driven insight<br />
and helps you to better understand the scope and causes of<br />
problems and issues. It’s giving you a logical view to identify the<br />
various source of the root causes. The business can then tackle the<br />
various types and causes of the issues and try to prevent avoidable<br />
problems from recurring and to set up efficient processes to deal<br />
with things like discounts, returns, shortages etc. that are simply<br />
part of normal trading.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 33
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Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 34
LOVETTS Solicitors has recently<br />
launched Guildways, a UK and<br />
International pre-legal debt<br />
collection service. As a nocollection,<br />
no fee service for<br />
use before legal proceedings<br />
are initiated, it complements Lovetts’ fixed<br />
fee legal services, and gives flexibility to<br />
credit managers both in collection methods<br />
and pricing.<br />
It comes at a time where companies<br />
are suffering huge pressure on staff, on<br />
supplies, on sales fulfilment, and on cash<br />
and margins. There is also the looming<br />
spectre of COVID-19 Government support<br />
ceasing shortly, just when the business<br />
world is trying to get back onto its feet.<br />
Chairman Charles Wilson FCI<strong>CM</strong> says:<br />
“Growth and economic recovery may, in<br />
contrast to the past year, be rapid from<br />
<strong>2021</strong> onwards, so the old adage ‘cash is king’<br />
will never be more true. Growth is bound<br />
to mean pressure on customers’ cash, just<br />
at a time when there is inevitable stress on<br />
ADVERTORIAL<br />
Guildways – a new brand<br />
for Lovetts<br />
each company‘s own finances and cashflow<br />
during the pandemic economy.”<br />
As part of Lovetts Ltd, Guildways shares<br />
the same ethos and professionalism that<br />
Lovetts Solicitors has shown over the<br />
past 25 years. It is able to use Lovetts’<br />
highly developed online CaseManager<br />
web services, its proven and secure<br />
online technology with Cyber Essentials<br />
Plus accreditation, giving every credit<br />
professional visibility of case data in real<br />
time.<br />
Guildways (like Lovetts) is also regulated<br />
by the Solicitors Regulation Authority<br />
(SRA) under special statutory exemptions<br />
of Financial Services and Markets Act 2000.<br />
This gives the security of having back-up<br />
from a highly experienced and reputable<br />
law firm, dedicated to debt collection<br />
alone.<br />
If you would like to know more about<br />
Guildways, do visit www.guildways.com –<br />
or contact info@guildways.com or phone<br />
+44 3333 409000.<br />
“Growth and economic<br />
recovery may, in<br />
contrast to the past<br />
year, be rapid from <strong>2021</strong><br />
onwards, so the old<br />
adage ‘cash is king’ will<br />
never be more true."<br />
Charles Wilson FCI<strong>CM</strong><br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 35
LEGAL MATTERS<br />
FISHY BUSINESS<br />
A business profiting from fish created<br />
unexpected problems when the<br />
receivers were called in.<br />
AUTHOR – Peter Walker<br />
THERE were no red herrings for<br />
the Court of Appeal judges in a<br />
recent law case, but there were<br />
carp and other freshwater fish<br />
awaiting their judgment. They<br />
resided in lakes in Borwick,<br />
Lancashire, where the claimant’s ownership<br />
of the surrounding land had been subject to a<br />
mortgage until the mortgagee’s receivers took<br />
charge. They sold that land to the defendant, but<br />
the claimant wanted £1.1m as compensation for<br />
the fish he had lost.<br />
The judges in Borwick Development<br />
Solutions Ltd v Clear Water Fisheries Ltd (2020)<br />
3 WLR 755 had to decide who owned the fish.<br />
One possible answer to the question is that the<br />
receivership of the land resulted in its transfer<br />
to the defendant, and that the transfer included<br />
the fish just like some solar panels on the<br />
property.<br />
The site was near Manchester, where nine<br />
lakes were created in pits resulting from<br />
gravel extraction for the construction of the<br />
M6 motorway. The development was subject<br />
to a section 106 agreement, i.e. section 106<br />
of the Town and Country Act 1990. Some<br />
property developments would be unacceptable<br />
to the planners, but they may enter into such<br />
agreements to allow them to go ahead subject<br />
to certain conditions. The developer will have<br />
to agree, for example, to build some affordable<br />
housing, or to use some land in a specified way.<br />
FAMOUS FISH<br />
This time the result was a fishery, where the lakes<br />
were stocked with carp and other fish. Some of<br />
the fish became famous among anglers, who<br />
gave them names, such as Moonscale, a carp<br />
weighing more than 17kg. The fishery owners<br />
hired sessions at the lakes, but any successful<br />
anglers sportingly agreed to return their catches<br />
to the water. Some of the fish may have been<br />
caught many times.<br />
Angling and other facilities, such as a<br />
restaurant, provided an income, but the<br />
construction of the restaurant required finance<br />
resulting in the mortgage. When the receivers<br />
took over, and transferred the property to<br />
the defendants, there was no mention of the<br />
fish in the documents. The claimant, which<br />
had stocked the lakes with fish, claimed it<br />
had retained proprietary rights in the creatures,<br />
and it wanted £1.1m in damages.<br />
The reason for the claim arose from earlier<br />
events, when the claimant, the mortgagor, had<br />
once tried to sell the land including the fisheries<br />
for £700,000 to the defendants. The negotiations<br />
failed but the receivers later settled for £625,000.<br />
The receivers had given no warranties relating<br />
to the fish, because they took the view that the<br />
charge did not extend to the creatures. The<br />
claimant could remove the fish, but it would be<br />
expensive and would take many months to do<br />
so. It wanted compensation of £1.1m.<br />
CLASSIFICATION OF ANIMALS<br />
There perhaps should be some precedents,<br />
because there have been various kinds of fish<br />
farms for many centuries, so Sir Timothy Lloyd<br />
in the Court of Appeal turned to legal definitions<br />
in old law books. In law there were domestic<br />
animals (domitae naturae), and wild animals<br />
(ferae naturae). The claimant suggested that the<br />
creatures in the fishery should be classified as<br />
domestic, because they were kept in enclosed<br />
lakes, from which they could not escape.<br />
Sir Timothy Lloyd consulted the judgment<br />
in Buckle v Holmes (1925) 134 LT 284. The<br />
defendant’s cat had killed some homing pigeons<br />
and bantams belonging to the plaintiff. There is<br />
a whimsical poem on the case published in the<br />
Canadian Bar Review Vol 5 No 2 (1927), and an<br />
extract reads.<br />
‘The lawyer consulting his leather-bound tome,<br />
Concluded he had a good case against Holmes;<br />
For dinners obtained in this unlicensed way<br />
He claimed the defendant must properly pay.’<br />
Despite this poetry, or doggerel, cats were not<br />
wild animals in relation to tempting birds. They<br />
were domestic, and the plaintiff would have<br />
to prove the defendant’s knowledge if the cat<br />
particularly had vicious propensities as against<br />
birds generally. In the Borwick Developments<br />
dispute Sir Timothy Lloyd thought that such<br />
cases meant there was no change in the<br />
traditional legal classification of fish. They are<br />
wild.<br />
PROPRIETARY RIGHTS<br />
He then had to consider the effect of this<br />
classification in the light of the proprietary<br />
rights and its effect on what happens to the fish.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 36
LEGAL MATTERS<br />
AUTHOR – Peter Walker<br />
Sir Timothy Lloyd noted that animals are not<br />
goods or chattels, but there may be a qualified<br />
property in them. An animal may defeat such a<br />
classification, if it resumes its natural habitat in<br />
the wild.<br />
There were no reported cases on this point<br />
to help him, and only one of these disputes<br />
involved the transfer of property. This was<br />
Greyes Case (1593) Owen 20. ‘A man’ purchased<br />
‘divers’ fish and put them in a pond. After the<br />
man’s death the court had to decide who should<br />
have the fish. Popham J said that the heir ‘shall<br />
have the deer in the park, and by the same<br />
reason, the fish.’ Fenner J ruled, ‘he which hath<br />
the water shall have the fish.’ Sir Timothy Lloyd<br />
in the Borwick Developments case concluded<br />
that the report of the case was too brief that<br />
it would be ‘rash’ to put much reliance on any<br />
particular phrase.<br />
A freeholder on the other hand holds rights<br />
ratione soli, i.e. exclusive rights to hunt, etc.,<br />
wild animals, on his or her land. The principle<br />
was extended further by the Law Lords in Blades<br />
v Higgs (1865) 11 HL Cas 621, who considered<br />
the ownership of two bags of 90 rabbits sold<br />
to a licensed dealer in game. A trespasser had<br />
killed the rabbits on the land belonging to the<br />
Marquis of Exeter. Lord Chelmsford said that<br />
the dead rabbits, whether ‘for an instant or for<br />
hours upon the land, they equally belonged to<br />
the owner of the land.’<br />
ANIMAL OWNERSHIP<br />
A landowner has another qualified right<br />
of animal ownership, i.e. per industriam.<br />
That right exists for as long as he or she is in<br />
possession of the creature. The judges in Young<br />
v Hitchen (1844) 6 QB 66 illustrated the principle<br />
in a dispute about a catch of sea fish off the coast<br />
The Borwick<br />
Developments case<br />
is a reminder that<br />
a mortgagee must<br />
be diligent about<br />
the property which<br />
is its security. He<br />
or she will not want<br />
an ancient Roman<br />
lawyer to pop up<br />
and to spoil things.<br />
of Cornwall. The plaintiff ‘had drawn his net<br />
partially around the catch… which he was about<br />
to close…’ The defendant ‘rowed his boat up to<br />
the opening’ and took the fish. The defendant<br />
was not liable for the lost catch, because the<br />
plaintiff had not taken possession of the fish.<br />
These principles have influenced the law for<br />
a long time. Henry de Bracton in the early 13th<br />
century wrote De Legibus et Consuetudinibus<br />
Angliae (On the Laws of Customs of England),<br />
and, unusually, because cases rather than<br />
the writings of academics are appropriate<br />
precedent, was mentioned by Sir Timothy Lloyd<br />
in the Borwick Developments case. Bracton<br />
expressed a similar principle about bees, which<br />
when they fly away from the hive, they belong<br />
to the beekeeper for as long as he or she has the<br />
power to pursue them.<br />
Bracton was influenced by the law of ancient<br />
Rome, where in the second century Gaius<br />
wrote in his Second Commentary about living<br />
creatures. He regarded bees as a special case,<br />
but fish and other wild animals remained the<br />
property of their captor unless they recovered<br />
their liberty.<br />
In the Borwick Developments case Jackson LJ<br />
further observed that there were other examples<br />
of the Common Law searching the Civil Law for<br />
guidance. In this context he mentioned Hugo<br />
Grotius and Chapter VIII, Book II, On the Law of<br />
War and Peace published in 1625. He wrote that<br />
‘we have right of ownership over wild beasts in<br />
private forests, and fish in private lakes, just as<br />
we have possession of them.’<br />
Although it is very unusual for judges in this<br />
country to refer to the opinions of academic<br />
lawyers, the judges of the Court of Appeal did<br />
not neglect case law. There was a case where<br />
bees left the plaintiff’s beehive and swarmed<br />
onto the defendant’s land. The defendant<br />
refused to allow the plaintiff access to that land,<br />
and by the time he changed his mind, the bees<br />
had gone. In Keary v Patterson 1939 1KB 471 the<br />
judges of the Court of Appeal would not award<br />
damages.<br />
In the Borwick Developments case the<br />
judges took this case into account but ruled<br />
that fish were wild creatures, and not owned<br />
like domestic animals, such as my guinea pigs<br />
which I adopted. The purchaser of the fishery<br />
possessed the fish, which were confined in the<br />
lakes into which they had been introduced by<br />
the claimant. After the sale of the property the<br />
claimant lost any rights to the fish just as it lost<br />
its rights to the solar panels also on the land.<br />
This is good news for credit managers of<br />
mortgagees, where wild animals are a part of a<br />
business operated on a mortgaged property. The<br />
Borwick Developments case is a reminder that a<br />
mortgagee must be diligent about the property<br />
which is its security. He or she will not want an<br />
ancient Roman lawyer to pop up and to spoil<br />
things.<br />
Peter Walker is a freelance journalist.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 37
PAYMENT TRENDS<br />
In the red zone<br />
Late Payment statistics show the<br />
problems are mounting.<br />
AUTHOR – Iona Yadallee<br />
LATE payment is a perennial issue, but the<br />
coronavirus pandemic is exacerbating the<br />
situation and companies up and down the<br />
country are now feeling the pinch. The latest<br />
data for the number of days beyond term<br />
that business are having to wait paints a<br />
worrying picture.<br />
REGIONAL BREAKDOWN<br />
It is perhaps the regional figures that throw the harshest<br />
spotlight on the situation with (almost) every regional<br />
suffering longer payment delays. The only exception is<br />
Northern Ireland, but the improvement is marginal – a 0.3<br />
drop from 17.4 Days Beyond Terms (BDT) in December to<br />
17.1 days in January. Interestingly, this is a significant slip<br />
from the 7.2 day improvement that it saw from November to<br />
December last year (as reported in <strong>CM</strong> January/February).<br />
Could the positive affect of the rebound experienced over<br />
the second half of 2020 in some of Northern Ireland’s key<br />
sectors, such construction, be winding back?<br />
Another region seeing a reversal of fortunes is Scotland.<br />
In December it was the only other improver, alongside<br />
Northern Ireland, but according to the January DBT<br />
figures it has experienced the sharpest hike in late<br />
payment – with businesses waiting an additional 6.4<br />
days, putting the average DBT at 19.3. This, however, is<br />
still some way from East Anglia whose businesses are<br />
waiting the longest for payments – 25.4 DBT in January<br />
and rising at a rate of 5.3 additional days a month.<br />
The Hospitality sector with its<br />
closed signs up for example<br />
is the hardest hit – it had the<br />
highest DBT in January of all<br />
sectors at 35.7.<br />
SECTOR BREAKDOWN<br />
Unsurprisingly, the late payments statistics by sector<br />
also show a worsening situation. According to the<br />
January data there are now only five improving sectors<br />
that experienced a reduction in the number of days<br />
beyond terms. Last month there were 14 sectors that<br />
were improving. The shift is staggering.<br />
There are of course some predictable sectors that<br />
are suffering the prolonged misery of the Coronavirus<br />
restrictions. The Hospitality sector with its closed signs<br />
up for example is the hardest hit – it had the highest DBT<br />
in January of all sectors at 35.7. This is an additional 15.2<br />
days compared to the previous month. Another two sectors<br />
worsening at a quicker pace are the Construction sector,<br />
the reliable economic bellwether for our economy, which<br />
saw a 14.4 day rise to its DBT (taking it to 26.6 for January),<br />
and also the Business from Home sector with a similar rise<br />
of 14.3 which took late payment to an average of 34.8 DBT.<br />
Dismal economic climates are credited with prompting<br />
a resurgence in entrepreneurship and self-employment,<br />
and the Coronavirus pandemic will undoubtedly be<br />
prompting unemployed workers to stealthily move<br />
into starting a business from their home. Let’s hope<br />
there is a reversal in the late payment trend so they<br />
can make a success of it, and yet again prove that<br />
entrepreneurship and the Business from Home<br />
sector can drive local economic recovery.<br />
By Iona Yadallee is Deputy Editor<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 38
STATISTICS<br />
Data supplied by the Creditsafe Group<br />
Top Five Prompter Payers<br />
Region Jan 21 Change from Dec 20<br />
Northern Ireland 17.1 -0.3<br />
London 18.4 0.7<br />
Scotland 19.3 6.4<br />
Yorkshire and Humberside 20.1 6.1<br />
South East 20.5 4.1<br />
Bottom Five Poorest Payers<br />
Region DEC 20 Change from Dec 20<br />
East Anglia 25.4 5.3<br />
East Midlands 24.7 3.1<br />
Wales 21.9 3.8<br />
South West 21.8 2.4<br />
North West 20.8 5.6<br />
Top Five Prompter Payers<br />
Sector DEC 20 Change from Dec 20<br />
Health & Social 12 -2.5<br />
Education 13.1 -0.1<br />
Public Administration 13.4 1.8<br />
Wholesale and retail traded 13.8 -3.8<br />
International Bodies 14.8 -11.4<br />
Bottom Five Poorest Payers<br />
Sector DEC 20 Change from Dec 20<br />
Hospitality 35.7 15.2<br />
Business from Home 34.8 14.3<br />
Real Estate 28.2 11.8<br />
Financial and Insurance 27.1 11.3<br />
Agriculture, Forestry and Fishing 26.9 10.4<br />
Getting Better<br />
International Bodies -11.4<br />
Other Service -9.9<br />
Wholesale and retail trade -3.8<br />
Health & Social -2.5<br />
Education -0.1<br />
Getting Worse<br />
Hospitality 15.2<br />
Construction 14.4<br />
Business from Home 14.3<br />
Real Estate 11.8<br />
Financial and Insurance 11.3<br />
Agriculture, Forestry and Fishing 10.4<br />
Professional and Scientific 9.0<br />
Mining and Quarrying 7.2<br />
Dormant 6.4<br />
Energy Supply 6.2<br />
Manufacturing 5.1<br />
Business Admin and Support 4.9<br />
Transportation and Storage 3.8<br />
Water and Waste 2.6<br />
SCOTLAND<br />
6.4 DBT<br />
Public Administration 1.8<br />
Entertainment 0.9<br />
NORTHERN<br />
IRELAND<br />
-0.3 DBT<br />
SOUTH<br />
WEST<br />
2.4 DBT<br />
WALES<br />
3.8 DBT<br />
NORTH<br />
WEST<br />
5.6 DBT<br />
WEST<br />
MIDLANDS<br />
5.3 DBT<br />
YORKSHIRE &<br />
HUMBERSIDE<br />
6.1 DBT<br />
EAST<br />
MIDLANDS<br />
3.1 DBT<br />
LONDON<br />
0.7 DBT<br />
SOUTH<br />
EAST<br />
4.1 DBT<br />
EAST<br />
ANGLIA<br />
5.3 DBT<br />
IT and Comms 0.6<br />
Region<br />
Getting Better – Getting Worse<br />
-0.3<br />
6.4<br />
6.1<br />
5.6<br />
5.3<br />
5.3<br />
4.1<br />
3.8<br />
3.1<br />
2.4<br />
0.7<br />
Northern Ireland<br />
Scotland<br />
Yorkshire and Humberside<br />
North West<br />
East Anglia<br />
West Midlands<br />
South East<br />
Wales<br />
East Midlands<br />
South West<br />
London<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 39
INTRODUCING OUR<br />
CORPORATE PARTNERS<br />
For further information and to discuss the opportunities of entering into a<br />
Corporate Partnership with the CI<strong>CM</strong>, please contact corporatepartners@cicm.com<br />
The Company Watch platform provides risk analysis<br />
and data modelling tools to organisations around<br />
the world that rely on our ability to accurately predict<br />
their exposure to financial risk. Our H-Score®<br />
predicted 92 percent of quoted company insolvencies<br />
and our TextScore® accuracy rate was 93<br />
percent. Our scores are trusted by credit professionals<br />
within banks, corporates, investment houses<br />
and public sector bodies because, unlike other credit<br />
reference agencies, we are transparent and flexible<br />
in our approach.<br />
T: +44 (0)20 7043 3300<br />
E: info@companywatch.net<br />
W: www.companywatch.net<br />
Satago helps business owners and their<br />
accountants avoid credit risks, manage debtors<br />
and access finance when they need it – all in<br />
one platform. Satago integrates with 300+ cloud<br />
accounting apps with just a few clicks, helping<br />
businesses:<br />
Understand their customers - with RISK INSIGHTS<br />
Get paid on time - with automated CREDIT CONTROL<br />
Access funding - with flexible SINGLE INVOICE FINANCE<br />
Visit satago.com and start your free trial today.<br />
T: 020 8050 3015<br />
E: hello@satago.com<br />
W: www.satago.com<br />
Onguard is a specialist in credit management<br />
software and a market leader in innovative solutions<br />
for Order to Cash. Our integrated platform ensures<br />
an optimal connection of all processes in the Order<br />
to Cash chain and allows sharing of critical data. Our<br />
intelligent tools can seamlessly interconnect and<br />
offer overview and control of the payment process,<br />
as well as contribute to a sustainable customer relationship.<br />
The Onguard platform is successfully used<br />
for successful credit management in more than 50<br />
countries.<br />
T: 020 3868 0947<br />
E: lisa.bruno@onguard.com<br />
W: www.onguard.com<br />
Chris Sanders Consulting – we are a different<br />
sort of consulting firm, made up of a network of<br />
independent experienced operational credit and<br />
collections management and invoicing professionals,<br />
with specialisms in cross industry best practice<br />
advisory, assessment, interim management,<br />
leadership, workshops and training to help your<br />
team and organisation reach their full potential in<br />
credit and collections management. We are proud to<br />
be Corporate Partners of the Chartered Institute of<br />
Credit Management and to manage the CI<strong>CM</strong> Best<br />
Practice Accreditation Programme on their behalf.<br />
T: +44(0)7747 761641<br />
E: enquiries@chrissandersconsulting.com<br />
W: www.chrissandersconsulting.com<br />
Dun & Bradstreet Finance Solutions enable modern<br />
finance leaders and credit professionals to improve<br />
business performance through more effective risk<br />
management, identification of growth opportunities,<br />
and better integration of data and insights<br />
across the business. Powered by our Data Cloud,<br />
our solutions provide access to the world’s most<br />
comprehensive commercial data and insights<br />
supplying a continually updated view of business<br />
relationships that help finance and credit teams<br />
stay ahead of market shifts and customer changes.<br />
T: (0800) 001-234<br />
W: www.dnb.co.uk<br />
Bottomline Technologies (NASDAQ: EPAY) helps<br />
businesses pay and get paid. Businesses and banks<br />
rely on Bottomline for domestic and international<br />
payments, effective cash management tools, automated<br />
workflows for payment processing and bill review<br />
and state of the art fraud detection, behavioural<br />
analytics and regulatory compliance. Every day, we<br />
help our customers by making complex business<br />
payments simple, secure and seamless.<br />
T: 0870 081 8250<br />
E: emea-info@bottomline.com<br />
W: www.bottomline.com/uk<br />
Operating across seven UK offices, Menzies LLP is<br />
an accountancy firm delivering traditional services<br />
combined with strategic commercial thinking. Our<br />
services include: advisory, audit, corporate and<br />
personal tax, corporate finance, forensic accounting,<br />
outsourcing, wealth management and business<br />
recovery – the latter of which includes our specialist<br />
offering developed specifically for creditors. For<br />
more information on this, or to see how the Menzies<br />
Creditor Services team can assist you, please<br />
visit: www.menzies.co.uk/creditor-services.<br />
T: +44 (0)2073 875 868 - London<br />
T: +44 (0)2920 495 444 - Cardiff<br />
W: menzies.co.uk/creditor-services<br />
Tinubu Square is a trusted source of trade credit<br />
intelligence for credit insurers and for corporate<br />
customers. The company’s B2B Credit Risk<br />
Intelligence solutions include the Tinubu Risk<br />
Management Center, a cloud-based SaaS platform;<br />
the Tinubu Credit Intelligence service and the<br />
Tinubu Risk Analyst advisory service. Over 250<br />
companies rely on Tinubu Square to protect their<br />
greatest assets: customer receivables.<br />
T: +44 (0)207 469 2577 /<br />
E: uksales@tinubu.com<br />
W: www.tinubu.com.<br />
With 130+ years of experience, Graydon is a leading<br />
provider of business information, analytics, insights<br />
and solutions. Graydon helps its customers to make<br />
fast, accurate decisions, enabling them to minimise<br />
risk and identify fraud as well as optimise opportunities<br />
with their commercial relationships. Graydon<br />
uses 130+ international databases and the information<br />
of 90+ million companies. Graydon has offices in<br />
London, Cardiff, Amsterdam and Antwerp. Since 2016,<br />
Graydon has been part of Atradius, one of the world’s<br />
largest credit insurance companies.<br />
T: +44 (0)208 515 1400<br />
E: customerservices@graydon.co.uk<br />
W: www.graydon.co.uk<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 40
Each of our Corporate Partners is carefully selected for<br />
their commitment to the profession, best practice in the<br />
Credit Industry and the quality of services they provide.<br />
We are delighted to showcase them here.<br />
THEY'RE WAITING TO TALK TO YOU...<br />
Hays Credit Management is a national specialist<br />
division dedicated exclusively to the recruitment of<br />
credit management and receivables professionals,<br />
at all levels, in the public and private sectors. As<br />
the CI<strong>CM</strong>’s only Premium Corporate Partner, we<br />
are best placed to help all clients’ and candidates’<br />
recruitment needs as well providing guidance on<br />
CV writing, career advice, salary bench-marking,<br />
marketing of vacancies, advertising and campaign<br />
led recruitment, competency-based interviewing,<br />
career and recruitment trends.<br />
T: 07834 260029<br />
E: karen.young@hays.com<br />
W: www.hays.co.uk/creditcontrol<br />
The Atradius Collections business model is to support<br />
businesses and their recoveries. We are seeing a<br />
deterioration and increase in unpaid invoices placing<br />
pressures on cashflow for those businesses. Brexit is<br />
causing uncertainty and we are seeing a significant<br />
impact on the UK economy with an increase in<br />
insolvencies, now also impacting the continent and<br />
spreading. Our geographical presence is expanding<br />
and with a single IT platform across the globe we can<br />
provide greater efficiencies and effectiveness to our<br />
clients to recover their unpaid invoices.<br />
T: +44 (0)2920 824700<br />
W: www.atradiuscollections.com/uk/<br />
Shoosmiths’ highly experienced team will work<br />
closely with credit teams to recover commercial<br />
debts as quickly and cost effectively as possible.<br />
We have an in depth knowledge of all areas of debt<br />
recovery, including:<br />
• Pre-litigation services to effect early recovery and<br />
keep costs down • Litigation service • Insolvency<br />
• Post-litigation services including enforcement<br />
As a client of Shoosmiths, you will find us quick to<br />
relate to your goals, and adept at advising you on the<br />
most effective way of achieving them.<br />
T: 03700 86 3000<br />
E: paula.swain@shoosmiths.co.uk<br />
W: www.shoosmiths.co.uk<br />
Forums International has been running Credit and<br />
Industry Forums since 1991 covering a range of<br />
industry sectors and international trading. Attendance<br />
is for credit professionals of all levels. Our forums<br />
are not just meetings but communities which<br />
aim to prepare our members for the challenges<br />
ahead. Attending for the first time is free for you to<br />
gauge the benefits and meet the members and we<br />
only have pre-approved Partners, so you will never<br />
intentionally be sold to.<br />
T: +44 (0)1246 555055<br />
E: info@forumsinternational.co.uk<br />
W: www.forumsinternational.co.uk<br />
Data Interconnect provides ERP-agnostic AR<br />
software. The Corrivo platform transmits invoices<br />
in multiple formats using tax compliant templates<br />
custom-designed for your business. Corrivo expedites<br />
collections, reconciliation and dispute processes with<br />
flexible workflow tools for creating and assigning tasks,<br />
limits, chase paths or stops and a self-service portal<br />
where customers can query, comment, dispute or pay.<br />
Corrivo manages data securely and efficiently so that<br />
you can manage your customers and cashflow better.<br />
T: +44 (0)1367 245777<br />
E: sales@datainterconnect.co.uk<br />
W: www.datainterconnect.com<br />
Serrala optimizes the Universe of Payments for<br />
organisations seeking efficient cash visibility<br />
and secure financial processes. As an SAP<br />
Partner, Serrala supports over 3,500 companies<br />
worldwide. With more than 30 years of experience<br />
and thousands of successful customer projects,<br />
including solutions for the entire order-to-cash<br />
process, Serrala provides credit managers and<br />
receivables professionals with the solutions they<br />
need to successfully protect their business against<br />
credit risk exposure and bad debt loss.<br />
T: +44 118 207 0450<br />
E: contact@serrala.com<br />
W: www.serrala.com<br />
American Express® is a globally recognised<br />
provider of business payment solutions, providing<br />
flexible capabilities to help companies drive<br />
growth. These solutions support buyers and<br />
suppliers across the supply chain with working<br />
capital and cashflow.<br />
By creating an additional lever to help support<br />
supplier/client relationships American Express is<br />
proud to be an innovator in the business payments<br />
space.<br />
T: +44 (0)1273 696933<br />
W: www.americanexpress.com<br />
C2FO turns receivables into cashflow and payables<br />
into income, uniquely connecting buyers and<br />
suppliers to allow discounts in exchange for<br />
early payment of approved invoices. Suppliers<br />
access additional liquidity sources by accelerating<br />
payments from buyers when required in just two<br />
clicks, at a rate that works for them. Buyers, often<br />
corporates with global supply chains, benefit from<br />
the C2FO solution by improving gross margin while<br />
strengthening the financial health of supply chains<br />
through ethical business practices.<br />
T: 07799 692193<br />
E: anna.donadelli@c2fo.com<br />
W: www.c2fo.com<br />
Esker’s Accounts Receivable (AR) solution removes<br />
the all-too-common obstacles preventing today’s<br />
businesses from collecting receivables in a<br />
timely manner. From credit management to cash<br />
allocation, Esker automates each step of the orderto-cash<br />
cycle. Esker’s automated AR system helps<br />
companies modernise without replacing their<br />
core billing and collections processes. By simply<br />
automating what should be automated, customers<br />
get the post-sale experience they deserve and your<br />
team gets the tools they need.<br />
T: +44 (0)1332 548176<br />
E: sam.townsend@esker.co.uk<br />
W: www.esker.co.uk<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 41
INTRODUCING OUR<br />
CORPORATE<br />
PARTNERS<br />
For further information and to discuss the<br />
opportunities of entering into a Corporate<br />
Partnership with the CI<strong>CM</strong>, please contact<br />
corporatepartners@cicm.com<br />
HighRadius is a Fintech enterprise Software-as-a-<br />
Service (SaaS) company. Its Integrated Receivables<br />
platform reduces cycle times in the Order to Cash process<br />
through automation of receivables and payments<br />
across credit, e-invoicing and payment processing,<br />
cash allocation, dispute resolution and collections.<br />
Powered by the RivanaTM Artificial Intelligence<br />
Engine and Freeda Digital Assistant for Order to Cash<br />
teams, HighRadius enables more than 450 organisations<br />
to leverage machine learning to predict future<br />
outcomes and automate routine labour intensive tasks.<br />
T: +44 7399 406889<br />
E: gwyn.roberts@highradius.com<br />
W: www.highradius.com<br />
‘‘<br />
CI<strong>CM</strong> offered the<br />
prospect of qualifications,<br />
but as soon as I became<br />
a member, loads of other<br />
opportunities came to<br />
light that I hadn’t initially<br />
realised were available.<br />
Molly Kane<br />
ACI<strong>CM</strong><br />
C<br />
M<br />
Key IVR provide a suite of products to assist companies<br />
across Europe with credit management. The<br />
service gives the end-user the means to make a<br />
payment when and how they choose. Key IVR also<br />
provides a state-of-the-art outbound platform<br />
delivering automated messages by voice and SMS.<br />
In a credit management environment, these services<br />
are used to cost-effectively contact debtors and<br />
connect them back into a contact centre or<br />
automated payment line.<br />
T: +44 (0) 1302 513 000<br />
E: sales@keyivr.com<br />
W: www.keyivr.com<br />
Building on our mature and hugely successful<br />
product and world class support service, we are<br />
re-imagining our risk awareness module in 2019 to<br />
allow for hugely flexible automated worklists and<br />
advanced visibility of areas of risk. Alongside full<br />
integration with all credit scoring agencies (e.g.<br />
Creditsafe), this makes Credica a single port-of-call<br />
for analysis and automation. Impressive results<br />
and ROI are inevitable for our customers that also<br />
have an active input into our product development<br />
and evolution.<br />
The value<br />
of CI<strong>CM</strong><br />
membership<br />
Molly Kane ACI<strong>CM</strong><br />
Global Process Architect<br />
Stuart Delivery Ltd<br />
Read more about her story and join your<br />
credit community by visiting:<br />
www.cicm.com/value-of-cicm-membership/<br />
Y<br />
<strong>CM</strong><br />
MY<br />
CY<br />
<strong>CM</strong>Y<br />
K<br />
T: 01235 856400<br />
E: info@credica.co.uk<br />
W: www.credica.co.uk<br />
info@cicm.com<br />
www.cicm.com<br />
01780 722900<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 42
B A K E R I N G . G L O B A L<br />
G L O B A L O U T L O O K<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 43
SALARY AND RECRUITING TRENDS<br />
Through the looking glass<br />
What can we learn from the most significant<br />
salary and recruiting trends for <strong>2021</strong>.<br />
AUTHOR – Karen Young<br />
LAST year unfolded in a way<br />
that nobody could have<br />
foreseen just a year ago.<br />
There is much to unpack<br />
about the events of the last<br />
12 months and how they<br />
impacted our world of work – and indeed<br />
lots to speculate about what might be in<br />
store for <strong>2021</strong> and beyond.<br />
According to new research from<br />
roughly 400 credit professionals in<br />
the Hays Salary & Recruiting Trends<br />
<strong>2021</strong> Guide, here are some of the most<br />
significant trends that we witnessed last<br />
year, as well as a glimpse into what we can<br />
expect going forward.<br />
EMPLOYERS ARE POSITIVE ABOUT<br />
BUSINESS ACTIVITY AND HIRING<br />
Starting on a positive note, more than four<br />
in five (82 percent) employers of credit<br />
professionals, expect their organisation’s<br />
activity levels to increase or stay the same<br />
throughout the year. Clearly the pace of<br />
change doesn’t look to be slowing down<br />
any time soon and the profession will<br />
continue to respond to the development<br />
of the pandemic.<br />
Another encouraging sign from<br />
employers is that exactly half (50 percent)<br />
are planning to recruit new staff in credit<br />
over the year ahead, which is actually<br />
higher than those who said they intended<br />
to do this last year (44 percent).<br />
SOFT SKILLS SHOWING THEIR<br />
VALUE MORE THAN EVER<br />
There are in fact three in five (60 percent)<br />
credit professionals who say they<br />
anticipate moving roles in the year ahead.<br />
What’s important for those in this position<br />
to note is that the hiring landscape has<br />
changed drastically over the last year<br />
– and employers are now looking for<br />
different things in potential candidates.<br />
New skill requirements are emerging,<br />
accelerated by the pandemic, and<br />
credit professionals need to be aware<br />
of what these are to make themselves as<br />
employable as possible. Specific credit<br />
and finance skills unsurprisingly still top<br />
the list of skills in demand, but sales and<br />
IT infrastructure skills are also high in<br />
importance (needed by 32 percent and 23<br />
percent respectively).<br />
Certain non-technical or soft skills are<br />
also coming to the fore. Unsurprisingly,<br />
these skills reflect a changing world of<br />
work where we are interacting in different<br />
ways and up against new challenges. The<br />
soft skills most in demand this year are:<br />
• The ability to adopt change (needed by 58<br />
percent of employers)<br />
• Communication and interpersonal skills<br />
(57 percent)<br />
• Flexibility and adaptability (51 percent)<br />
SALARY RISES LOOK MORE<br />
PROMISING IN YEAR AHEAD<br />
It won’t come as a surprise that salary rises<br />
weren’t as generous as might be expected.<br />
Our research found that on average,<br />
salaries for credit professionals rose half<br />
of one percent in the last 12 months.<br />
This is slightly under the accountancy<br />
and finance sector as a whole (just less<br />
than one percent) and the UK average for<br />
all professions this year (a little over one<br />
percent).<br />
Despite this, professionals remain<br />
just as satisfied with their salaries – 59<br />
percent say they are satisfied, on a par<br />
with 60 percent last year. For those who<br />
are seeking a pay rise this year, the good<br />
news is that about half (49 percent) of<br />
employers expect to increase salaries over<br />
the next 12 months.<br />
PANDEMIC HAS CAUSED<br />
UNCERTAINTY AND CONCERN<br />
AMONG PROFESSIONALS<br />
Our research certainly uncovered some<br />
positive findings, but it also revealed the<br />
extent to which COVID-19 has negatively<br />
impacted the careers of many people.<br />
Currently, four in five (82 percent)<br />
say they are concerned about the wider<br />
economic climate and their employment<br />
opportunities over the next few years.<br />
What’s more, less than a third (30 percent)<br />
feel positive about their career prospects<br />
compared to 54 percent who felt this<br />
way last year. Over half (51 percent)<br />
feel uncertain and 81 percent say their<br />
employer hasn’t taken steps to reduce this<br />
uncertainty.<br />
HYBRID WORKING PATTERNS ARE<br />
THE WAY FORWARD<br />
Finally, let’s take a look at working<br />
patterns and preferences. Over the last<br />
year, we’ve completely changed the way<br />
we work, with the vast majority of credit<br />
professionals (84 percent) saying they<br />
have been working remotely since the<br />
first national lockdown in <strong>March</strong> 2020.<br />
Although 68 percent of professionals<br />
feel this has been positive for their<br />
organisation, it doesn’t look to be the<br />
favoured option going forward. For just<br />
under a third (30 percent), their ideal way<br />
of working in 12 months’ time is half in<br />
the office and half remotely, followed by<br />
28 percent who want a majority remote<br />
arrangement but still with some time<br />
in the office. Less than one in five (17<br />
percent) want to be working fully remotely<br />
in 12 months’ time.<br />
TIPS AND ACTIONS FOR THE<br />
YEAR AHEAD<br />
Based on the findings above, here are<br />
three actions I recommend employers and<br />
professionals take in the year ahead.<br />
1. Feelings of uncertainty and concern<br />
among professionals cannot be ignored.<br />
Employers need to address these by being<br />
transparent about their organisation’s<br />
approach to tacking the pandemic and<br />
emphasising progression opportunities<br />
through internal communications.<br />
These messages also need to be clear in<br />
recruitment materials to attract new staff.<br />
2. In light of the requirement for new<br />
skills, training and development need<br />
to be taken seriously. For employers,<br />
investing in engaging and flexible remote<br />
training ought to be a priority – and<br />
professionals should make the most of<br />
opportunities in and out of work.<br />
3. A single working pattern for all<br />
employees is a thing of the past.<br />
Embracing a variety of diverse working<br />
patterns and preferences will help<br />
employers and professionals thrive in<br />
a world of work which will continue to<br />
evolve and adapt<br />
Despite entering <strong>2021</strong> under lockdown<br />
restrictions and against a backdrop of<br />
a damaged economy, there is cause for<br />
optimism. Being armed with the latest<br />
insights about the profession and the<br />
wider world of work will help those in<br />
credit put their best foot forward as we<br />
tackle the year ahead.<br />
Karen Young is Director<br />
at Hays Credit Management.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 44
SALARY AND RECRUITING TRENDS<br />
AUTHOR – Karen Young<br />
CREDIT MANAGER<br />
REGIONAL SALARIES <strong>2021</strong><br />
Northern Ireland<br />
£47,000<br />
Scotland<br />
£40,000<br />
North East<br />
£39,000<br />
North West<br />
£45,000<br />
Yorkshire & Humber<br />
£40,000<br />
East Midlands<br />
£40,000<br />
West Midlands<br />
£48,000<br />
Wales<br />
£37,000<br />
East of England<br />
£47,000<br />
South West England<br />
£40,000<br />
South East England<br />
£45,000<br />
London<br />
£55,000<br />
CREDIT SALARIES UK <strong>2021</strong><br />
Credit<br />
Controller<br />
Senior<br />
Credit Controller<br />
Credit Risk<br />
Analyst<br />
Credit Control<br />
Supervisor<br />
Credit<br />
Manager<br />
Group Credit Manager<br />
/ Head of Credit<br />
Credit<br />
Director<br />
Region 2020 <strong>2021</strong> 2020 <strong>2021</strong> 2020 <strong>2021</strong> 2020 <strong>2021</strong> 2020 <strong>2021</strong> 2020 <strong>2021</strong> 2020 <strong>2021</strong><br />
East Midlands £23,000 £23,000 £25,000 £26,000 £40,000 £40,000 £30,000 £29,000 £40,000 £40,000 £60,000 £60,000 £80,000 £80,000<br />
East of England £24,500 £25,000 £28,000 £29,000 £40,000 £40,000 £32,000 £38,000 £38,000 £47,000 £55,000 £60,000 £70,000 £70,000<br />
London £27,000 £27,000 £32,000 £32,000 £50,000 £50,000 £36,000 £36,000 £55,000 £55,000 £72,000 £72,000 £95,000 £95,000<br />
North East £21,000 £21,000 £25,000 £25,000 £32,000 £32,000 £26,000 £27,000 £38,000 £39,000 £60,000 £60,000 £75,000 £75,000<br />
North West £23,500 £24,500 £26,000 £27,000 £40,000 £40,000 £30,000 £30,000 £45,000 £45,000 £60,000 £60,000 £80,000 £80,000<br />
Northern Ireland £23,000 £24,000 £28,000 £29,000 £33,000 £33,000 £38,000 £38,000 £47,000 £47,000 £55,000 £55,000 £72,000 £72,000<br />
Scotland £23,000 £23,000 £26,000 £26,000 £32,000 £32,000 £30,000 £30,000 £40,000 £40,000 £55,000 £55,000 £65,000 £65,000<br />
South East £26,500 £27,500 £31,000 £21,000 £40,000 £40,000 £34,000 £35,000 £45,000 £45,000 £65,000 £65,000 £85,000 £85,000<br />
South West £25,000 £25,000 £27,000 £27,000 £42,000 £42,000 £28,000 £30,000 £38,000 £40,000 £55,000 £55,000 £70,000 £70,000<br />
Wales £20,000 £20,000 £24,000 £25,000 £30,000 £30,000 £27,000 £27,000 £36,000 £37,000 £52,000 £52,000 £65,000 £65,000<br />
West Midlands £24,000 £24,000 £27,000 £27,000 £40,000 £40,000 £33,000 £33,000 £48,000 £48,000 £70,000 £65,000 £85,000 £80,000<br />
Yorkshire £23,000 £23,000 £24,000 £25,000 £32,000 £32,000 £28,000 £28,000 £40,000 £40,000 £58,000 £60,000 £70,000 £70,000<br />
Average £23,625 £23,917 £26,917 £26,583 £37,583 £37,583 £31,000 £31,750 £42,500 £43,583 £59,750 £59,917 £76,000 £75,583<br />
2020-<strong>2021</strong> % increase 1.2% -1.2% 0% 2.4% 2.5% 0.3% -0.5%<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 45
$<br />
Advancing<br />
Careers<br />
Advancing<br />
Best Practice<br />
Advancing<br />
Connections<br />
Advancing<br />
Skills<br />
Advancing<br />
Thinking<br />
Advancing<br />
Business<br />
ADVANCING THE<br />
CREDIT PROFESSION<br />
01780 722900 | www.cicm.com<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 46
MARKETING & EDUCATION<br />
Virtual Classes<br />
for <strong>2021</strong><br />
Get CI<strong>CM</strong> qualified by attending<br />
Virtual Classes: The best of both worlds.<br />
Home study does not mean you have to study alone. Our ‘gold standard’<br />
distance learning offer, our Virtual Classes have the greatest success<br />
rate of all our packages. Your study will be supported and led by one of<br />
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LEVEL<br />
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*Coming soon for <strong>2021</strong> – Credit Risk Management*<br />
Accounting Principles<br />
Advanced Telephone Collections<br />
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Business Environment<br />
Business Law<br />
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Debt Recovery<br />
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Compliance with legal, regulatory, ethical and social requirements<br />
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Strategic Planning<br />
Legal Proceedings and Insolvency<br />
Strategic Communications and Leadership<br />
Book your place today, visit www.cicm.com<br />
or contact a member of our team on 01780 722900<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 47
EDUCATION & MARKETING<br />
CI<strong>CM</strong> Virtual Training is an ‘access anywhere’ range of interactive, online training<br />
courses, designed to give you the skills and tools you need to thrive in your credit<br />
work. Each training course offers high quality approaches to credit-related topics, and<br />
practical skills that can be used in your workplace. A highly qualified trainer, with an<br />
array of credit management experience, will guide you through the subject to give you<br />
practical skills, improved results and greater confidence.<br />
These are pre-recorded training<br />
sessions that you can access<br />
anywhere and at anytime. Short,<br />
sharp and to the point – these suit<br />
you if you are short on time, or need<br />
a quick introduction or update on a<br />
subject.<br />
These are live, interactive sessions,<br />
delivered virtually by a qualified trainer,<br />
experienced in the subject. Through<br />
a series of tasks and discussions, you<br />
will access a hands-on training session<br />
that offers the best practice approach to<br />
essential credit and debt skills.<br />
MEET YOUR TRAINER: Jules Eames FCI<strong>CM</strong>(Grad); PGCE, is a qualified teacher,<br />
trainer and credit manager with experience in credit and debt specialisms across the<br />
O2C spectrum and ancillary businesses, in consumer, B2B and export markets.<br />
INTRODUCTORY PRICE £90.00+VAT per person. For group training, please contact info@cicm.com<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 48
CI<strong>CM</strong> East of England Branch held<br />
a webinar in February with Andy<br />
Moylan, FCI<strong>CM</strong>, Executive Board<br />
member of ICBA (International<br />
Broker Alliance), who has 30<br />
years’ experience in the trade<br />
credit industry working with multinational<br />
credit departments.<br />
Andy outlined the current ‘Perfect Storm’:<br />
the worst recession in living memory and the<br />
tsunami of insolvencies which is expected once<br />
the current restrictions on recoveries are lifted.<br />
Those companies currently in survival mode<br />
face many challenges but with these come<br />
opportunities for those prepared to take risks in<br />
order to obtain growth.<br />
Most UK companies hold just three months<br />
of working capital and in the short term many<br />
will struggle to obtain more, so more risk is<br />
inevitable over the next six months in order<br />
to increase sales. This is where the Credit<br />
Manager who understands risk and not just cash<br />
collection will prove vital.<br />
Relying simply on past payment performance<br />
will not be sufficient. Risk will need to be<br />
assessed using not only financial data but other<br />
BRANCH NEWS<br />
How do you assess<br />
risk post pandemic?<br />
Andy outlined the<br />
current ‘Perfect<br />
Storm’: the worst<br />
recession in living<br />
memory and<br />
the tsunami of<br />
insolvencies which<br />
is expected once the<br />
current restrictions<br />
on recoveries are<br />
lifted.<br />
information like knowing not just your customer<br />
but their customers too. Credit insurance might<br />
help but it will not suffice on its own so there is<br />
a need to look at what fresh tools are available.<br />
Taking more risk, and being brave, requires<br />
understanding the margins.<br />
Fraud always rises after a recession and it has<br />
already more than doubled in the food, meat,<br />
fruit and vegetable and IT sectors.<br />
Andy gave practical advice such as drawing up<br />
a new, well thought out, risk strategy, plan and<br />
toolbox, grading every customer by risk level,<br />
taking the external credit rating and mapping<br />
that to their own margins and collection<br />
methods. Higher risk customers should possibly<br />
have shorter payment terms and be charged a<br />
higher margin.<br />
We hope that everyone found Andy’s webinar<br />
useful, informative and enjoyable. The session<br />
was recorded so if you would like details<br />
about how to watch it, or for a copy of the<br />
slides, or Andy’s Fraud checklist, please email<br />
eastofenglandbranch@cicm.com<br />
Author: Will Plom CI<strong>CM</strong> Affliliate<br />
Manager, Hays<br />
MANAGING THE NEW<br />
CREDIT FUTURE<br />
Prepare and act now, for the<br />
Credit world of tomorrow.<br />
As the world continues to react to constant change, our<br />
credit profession needs to prepare for the new credit future.<br />
Debt management<br />
• Adjust collections and recovery strategies to fit the changing financial environment<br />
• Use KYC ‘know your customer’ to understand the customers in true financial difficulty<br />
• Focus skilled staff on long term management of aging debt with a propensity for resolution<br />
• Remove ‘uneconomical to collect’ debt from ledger via third party action, sale or write off<br />
Employees<br />
• Upskill staff for a new credit future through training and qualification programmes<br />
• Review and bolster support mechanisms that cater for the wellbeing of employees<br />
• Consult and trial agile working arrangements with touch points to check feasibility<br />
Cash resilience<br />
• Firm up honest and realistic cash forecasting projections and review them frequently<br />
• Tighten processes for quick & efficient cash collection, allocation and recovery referral<br />
• Calculate provision for bad and doubtful debt & review validity and value of securities<br />
• Agree new risk assessment protocols for ledger-wide vetting of new and existing customers<br />
• Review and strengthen supply chain, renegotiating contract terms in the new climate.<br />
Future proof strategies<br />
• Fine-tune the exit strategy, showing a roadmap of short, mid and long-term objectives<br />
• Align Credit Policy, processes, KPIs and contingencies to the organisation’s new risk strategy<br />
• Check processes are in place to allow for new and future flexible ways of operating<br />
• Secure debt and ledger management software to automate manual tasks<br />
Communication<br />
• Maintain Senior Management visibility with short, frequent reports linked to overall objectives<br />
• Reaffirm supply chain relationships with bespoke contact that builds plans for future trading<br />
• Hold staff e-meetings briefly and often to focus WFH and office-based staff in a common goal<br />
• Create cross functional work plans with re-emerging departments, to leverage help<br />
01780 722900 | info@cicm.com<br />
Access help from CI<strong>CM</strong><br />
Follow the CI<strong>CM</strong> Managing the New Credit<br />
Future Forum on LinkedIn.<br />
Access our Member Advice Service<br />
for support, answers and advice.<br />
Visit our Managing the New Credit Future<br />
webpage for more resources<br />
We continue to develop resources, advice and tools to help you prepare for<br />
tomorrow’s Credit, today. Stay in touch with us and be part of our community.<br />
CI<strong>CM</strong> is your professional body: use it. We are stronger in numbers.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 49
CI<strong>CM</strong> MEMBER<br />
EXCLUSIVE<br />
Your CI<strong>CM</strong> lapel badge<br />
demonstrates your commitment to<br />
professionalism and best practice<br />
TAKE PRIDE IN<br />
WEARING YOUR BADGE<br />
If you haven’t received your badge<br />
contact: cicmmembership@cicm.com<br />
CI<strong>CM</strong> has launched<br />
critical AR Factsheets<br />
for EMEA countries<br />
Powered by<br />
Powered by Baker Ing, country specific factsheets have been<br />
provided for up-to-date information on payment performance,<br />
legislation, and the effects of COVID-19 and Brexit. The<br />
factsheets are designed for credit professionals, and they<br />
cover legal business forms, credit risk data, collections<br />
protocols, enforcement and much more.<br />
Credit professionals need granular knowledge of the situation<br />
in their clients’ territories. Whether you need an off-the-peg<br />
checklist for dealing with a new country, or you need on-thespot<br />
information to help review risk strategies and Credit<br />
Policies, these insightful documents will help.<br />
Powered by<br />
EU Factsheet<br />
COVID-19 RESPONSE<br />
Powered by<br />
Germany has introduced a raft of measures and programmes to help combat the<br />
economic impact of COVID-19 containment measures. Here we present what we<br />
consider to be the most significant and interesting. This section is not exhaustive.<br />
Loans and grants – employees:<br />
Three main tranches of wage subsidy have been introduced.<br />
The most wide-reaching is “Kurzarbeit”. This programme existed before COVID-19.<br />
It is a social security programme whereby the government will subsidy employees’<br />
wages up to 60% (more for those with children) in order to allow their employers to<br />
reduce their hours (and their expenditure on wages) instead of laying them off.<br />
Under COVID provisions, the subsidy has been increased. From the fourth month,<br />
the rate is increased to 70% of flat-net renumeration for those households without<br />
children and 77% for those households with children. From the seventh month, it is<br />
increased to 80% for those households without children and 87% for those<br />
households with children. In September, there was a decree to make this benefit<br />
more flexible (e.g., reducing the minimum number of employees effected by<br />
working hours reduction to 10% for the business the qualify) and to extend the<br />
period for receiving this benefit from 12 to 24 months until 31 st December <strong>2021</strong>.<br />
Pre-Litigation<br />
Extended ROT; Assigned to the supplier in advance. In accordance with §354a<br />
of the Commercial Code, an advance assignment is effective despite a nonassignment<br />
agreement between the purchaser and any third parties.<br />
Letter before action. Do you have to send a demand letter to a debtor before<br />
going to court?<br />
Freelance artists in Germany can access funds if they work for cultural institutions<br />
funded by the Federal Government. They will be compensated for up to 60% o fees<br />
from cancelled events up to €1,000 and 40% up to €2,500.<br />
Students can access interest-free loans of up to €650 per month for jobs lost due to<br />
the pandemic.<br />
Loans and grants – businesses:<br />
EU Factsheet<br />
GERMANY<br />
As well as the enhanced terms of “Kurzarbeit”, there are a variety of direct loans<br />
and grants available which businesses of different sizes can access.<br />
A grant of up to €150,000 / 80% of fixed costs in the subsidy period is available for<br />
businesses showing decreased sales volumes compared to the same month of the<br />
previous year. This Federal Government grant has been supplemented by some<br />
Federal States’ own grant programmes.<br />
Powered by<br />
Before going to court, and even before filing the claim to the enforcement<br />
authority, a warning notice to the debtor's registered address is<br />
mandatory.<br />
The warning notice should contain;<br />
o The name of the creditor and the basis of the claim<br />
o The total amount of the claim, including any penalty interests<br />
o Prescription on how to transfer the payment, i.e. bank account etc.<br />
o A warning that the claim will be enforced through the enforcement<br />
authority in case the claim is not settled within from the date of the<br />
notice<br />
o Information on how the object to the claim if not acknowledged be<br />
the debtor.<br />
If this measure has been taken and the payment still has not been made after<br />
the two-week notice period (according to the law), the creditor may file for<br />
enforcement.<br />
It is worth noting that, in Germany, you may be ordered to all pay court fees if<br />
you did not send a warning letter to the debtor prior to issuing<br />
proceedings.<br />
Visit cicm.com to view country specific factsheets from,<br />
Germany, Italy, Czech Republic, Spain, France, UK.<br />
CHARTERED<br />
BAKERING.GLOBAL CHARTERED INSTITUTE OF CREDIT MANAGEMENT<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 50
How can CRAs support<br />
an economic recovery?<br />
Page 10<br />
Exclusive interview<br />
with the CSA’s Chris<br />
Leslie. Page 12<br />
THE CI<strong>CM</strong> MAGAZINE FOR CONSUMER AND<br />
COMMERCIAL CREDIT PROFESSIONALS<br />
Sean Feast speaks to the CI<strong>CM</strong> Chair,<br />
Debbie Nolan FCI<strong>CM</strong>(Grad). Page 12<br />
The days of the free movement<br />
of goods are over. Page 24<br />
THE CI<strong>CM</strong> MAGAZINE FOR<br />
CONSUMER AND COMMERCIAL<br />
CREDIT PROFESSIONALS<br />
CALENDAR<br />
John Ricketts FCI<strong>CM</strong><br />
reflects on three years as<br />
CSA President. Page 22<br />
Open-mindedness is a<br />
professional’s greatest<br />
asset. Page 39<br />
THE CI<strong>CM</strong> MAGAZINE FOR CONSUMER AND<br />
COMMERCIAL CREDIT PROFESSIONALS<br />
<strong>CM</strong> July August 2020.indd 1 19/06/2020 09:46<br />
Winners of the<br />
CI<strong>CM</strong> British<br />
Credit Awards<br />
2020<br />
Are customers engaging<br />
with new digital<br />
communications? Page 12<br />
Sean Feast speaks to<br />
Jo Kettner of Company<br />
Watch. Page 17<br />
THE CI<strong>CM</strong> MAGAZINE FOR CONSUMER AND<br />
COMMERCIAL CREDIT PROFESSIONALS<br />
<strong>CM</strong> <strong>March</strong> 2020.indd 1 21/02/2020 12:21<br />
CREDIT MANAGEMENT<br />
MARCH <strong>2021</strong> £12.50<br />
Sean Feast FCI<strong>CM</strong> speaks to<br />
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THE CI<strong>CM</strong> MAGAZINE FOR CONSUMER AND<br />
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NEW AND UPGRADED MEMBERS<br />
Do you know someone who would benefit from CI<strong>CM</strong> membership? Or have<br />
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Studying Member<br />
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AWARDING BODY<br />
Congratulations to the following, who successfully achieved Diplomas<br />
Level 3 Diploma in Credit Management (ACI<strong>CM</strong>)<br />
NAME<br />
Kumar Arvind<br />
Charlotte Ashford<br />
Giacomo Cosentino<br />
Ian Hauka<br />
Kyle Hynes<br />
Kelly Nichols<br />
Louise Padmore<br />
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Level 3 Diploma in Credit & Collections (ACI<strong>CM</strong>)<br />
NAME<br />
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NAME<br />
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Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 52
HR MATTERS<br />
FULL DISCLOSURE<br />
The risk of protected disclosures<br />
in an employment tribunal.<br />
AUTHOR – Gareth Edwards<br />
Exactly what can constitute a<br />
protected disclosure for the<br />
purposes of whistleblowing? A<br />
recent case in the Court of Appeal,<br />
Simpson v Cantor Fitzgerald<br />
Europe, answered the question,<br />
finding that an employment tribunal was entitled<br />
to reject a whistleblowing claim which was based<br />
on 37 separate alleged communications.<br />
Workers are afforded protection from detriment<br />
and dismissal under the Whistleblowing<br />
Framework where they have made a ‘protected<br />
disclosure’. This involves making what is known<br />
as a ‘qualifying disclosure’ of information that,<br />
in the reasonable belief of the worker that any<br />
of the following has occurred, is occurring, or<br />
is likely to occur – a criminal offence, breach<br />
of any legal obligation, miscarriage of justice,<br />
danger to health and safety of any individual,<br />
damage to the environment, or concealment of<br />
any of the above.<br />
For disclosures made on or after 25 June 2013,<br />
the worker must also reasonably believe that the<br />
disclosure is in the public interest.<br />
A qualifying disclosure will become a protected<br />
disclosure where it has been made to one of the<br />
categories of people listed in the legislation (the<br />
first of these being the worker’s employer).<br />
Employees are regarded as having been<br />
automatically unfairly dismissed if the reason<br />
or principal reason for the dismissal is that they<br />
have made a protected disclosure.<br />
In the case, Simpson made a number of<br />
allegations during his employment, including<br />
that his colleague had been undertaking an<br />
illegal trading practice known as ‘front running’.<br />
However, Simpson was criticised by his employer<br />
for constantly complaining, failing to generate<br />
business and concerns over his timekeeping. He<br />
was suspended and eventually dismissed due to<br />
these concerns.<br />
Simpson brought a claim in the Employment<br />
Tribunal that he had suffered detriments and<br />
had been automatically unfairly dismissed<br />
for making protected disclosures under the<br />
Employment Rights Act 1996. The tribunal<br />
found that none of the 37 alleged disclosures<br />
amounted to protected disclosures and that it<br />
was ‘‘utterly fanciful’’ to suggest that the reason<br />
or principal reason for his dismissal was due to<br />
the disclosures he had made.<br />
Simpson appealed to the Employment Appeal<br />
Tribunal and Court of Appeal. One of the grounds<br />
of appeal was that the tribunal had failed to<br />
read the 37 communications together when<br />
determining whether he had made a protected<br />
disclosure. The Court of Appeal acknowledged<br />
that previous case law had established that two<br />
or more communications can, taken together,<br />
amount to a protected disclosure. This will be<br />
a question of fact. In this particular case, the<br />
court found that none of the 37 communications<br />
amounted to a protected disclosure whether read<br />
in isolation, or grouped together, and therefore<br />
the question of whether or not they should be<br />
read together was irrelevant.<br />
Whether or not more than one communication<br />
from an employee can amount to a protected<br />
disclosure will depend on the particular facts<br />
of the case. However, employers should be<br />
mindful of this risk when following a process in<br />
relation to a worker or employee and ensure that<br />
decisions are taken based on objective reasoning<br />
and not by reason of any disclosures made.<br />
CHANGES TO DBS FILTERING RULES<br />
Changes to the Disclosure and Barring Service<br />
(DBS) filtering rules came into effect on 28<br />
November 2020 which removed the ‘multiple<br />
conviction rule’ and prevent the disclosure of<br />
youth cautions.<br />
The purpose of the filtering rules is to exclude<br />
from DBS certificates certain information relating<br />
to minor criminal offences that meet particular<br />
criteria. Information that is excluded is known<br />
as a 'protected caution' or a 'protected conviction'.<br />
A caution or conviction that is 'protected' does<br />
not have to be disclosed by a job applicant and<br />
employers are not permitted to require their<br />
disclosure. Under the previous filtering rules a<br />
caution or conviction could not be ‘protected’<br />
where an individual had committed more than<br />
one offence (the ‘multiple conviction rule’). The<br />
other key change is that youth cautions are now<br />
always ‘protected’.<br />
Updated guidance on the filtering rules has<br />
also been published on the Government website.<br />
‘Specified offences’ are usually of a serious<br />
violent or sexual nature or are relevant for<br />
safeguarding children and vulnerable adults.<br />
Employers who are entitled to ask about<br />
spent criminal records can still do so. However,<br />
employers must not ask applicants to disclose<br />
‘protected’ criminal records information as it<br />
is unlawful to take into account a conviction<br />
or caution that has been filtered. If a protected<br />
conviction or caution is inadvertently disclosed<br />
during the recruitment process it must be<br />
disregarded when making a recruitment<br />
decision.<br />
Employers should refer to the filtering rules<br />
in their recruitment documentation so that staff<br />
involved in the recruitment process, as well as job<br />
applicants, are clear on what must be disclosed.<br />
Gareth Edwards is a partner in<br />
the employment team at<br />
VWV.gedwards@vwv.co.uk<br />
Employees are<br />
regarded as having<br />
been automatically<br />
unfairly dismissed<br />
if the reason or<br />
principal reason<br />
for the dismissal<br />
is that they have<br />
made a protected<br />
disclosure.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 53
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ADVANCING THE CREDIT PROFESSION IN CREDIT MANAGEMENT<br />
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Advancing the credit profession / www.cicm.com / <strong>March</strong> October <strong>2021</strong> 2020 / PAGE / PAGE 5452
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Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 55
TAKE CONTROL OF<br />
YOUR CREDIT CAREER<br />
CONTRACT ADMIN & COLLECTIONS MANAGER<br />
Barnwood, Gloucester, £38,000 DOE<br />
John Deere Financial is looking for a contract admin and<br />
collections manager to join its team. This is an exciting opportunity<br />
to join and manage a successful team of eight contract<br />
administrators responsible for the collection of aged debt and<br />
the general customer service of dealers, agents and product users.<br />
The operations team provides a professional contact point and a<br />
high-quality service to all internal and external business contacts.<br />
As well as manage new business, you will provide high quality<br />
customer service and ensure collection process is in line with<br />
business requirements. Ref: 3922304<br />
Contact Edward Kennedy on 07805 014095<br />
or email edward.kennedy@hays.com<br />
SENIOR CREDIT CONTROLLER<br />
South Leeds, up to £26,000 + generous holiday package<br />
An excellent opportunity for a senior credit controller to join a<br />
thriving commercial property business in South Leeds. This role<br />
involves setting up payments plans for tenancies, collections,<br />
and supporting the FC. You will be a commercially minded credit<br />
controller who can demonstrate previous reduction of aged debt<br />
and knowledge of the property industry. A new opportunity for<br />
a career driven credit controller to join a SME that supports its<br />
employees. Ref: 3919604<br />
Contact Jasmine Chambers on 01924 362277<br />
or email jasmine.chambers@hays.com<br />
CREDIT CONTROL & BILLING ANALYST<br />
West London, £27,000-£30,000<br />
An established global media entertainment company<br />
headquartered in West London is looking for an experienced<br />
accounts receivable specialist. In this varied role you will raise<br />
invoices, deal with queries, chase due payments, issue statements,<br />
allocate receipts, reconcile accounts and analyse credit limits.<br />
SAP Business One system experience is highly desirable, and you<br />
will need intermediate Excel skills. A target driven and ambitious<br />
individual will thrive in this role and you will also be given the<br />
opportunity to input ideas on process development.<br />
Ref: 3593774<br />
Contact Julia Foster on 020 3465 0020<br />
or email julia.foster2@hays.com<br />
CREDIT CONTROLLER<br />
Sheffield based (remote working), £22,000-£23,000<br />
A great opportunity has arisen for an experienced credit controller.<br />
Relationship building is key to this role, you will enjoy looking<br />
after your own accounts and developing your debt chasing skills.<br />
In this hugely rewarding position, you will be set clear goals and<br />
objectives and be presented with a challenge. If you are a credit<br />
controller who has a passion for people, a keen eye for detail and<br />
have proficient Excel skills, please apply. Ref: 3924568<br />
Contact Samantha Cooper on 07977 044195<br />
or email samantha.cooper@hays.com<br />
hays.co.uk/creditcontrol<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 56
TRAIN FOR THE<br />
YEAR AHEAD<br />
My Learning – free skills<br />
training from Hays<br />
To find out more visit<br />
hays.co.uk/mylearning<br />
CREDIT CONTROLLER (2 roles available)<br />
Stroud, Gloucestershire, £21,500<br />
Working within Ecotricity’s Group finance operation,<br />
the objective of this position is to maximise cash collections<br />
and minimise bad debt through excellent customer service<br />
and effective debt recovery processes. If successful, you will<br />
undertake the challenging task of balancing the needs of the<br />
customer with the needs of the wider business, all within a<br />
regulatory framework shaped by quality, compliance and<br />
a drive for exceptional customer service.<br />
Ref: 3913252<br />
Contact Edward Kennedy on 07805 014095<br />
or email edward.kennedy@hays.com<br />
CREDIT CONTROLLER<br />
New Malden, £9.64-£14.34 per hour + bonus<br />
Hays plc is a global leader and FTSE 250 recruitment business.<br />
You will be responsible for the collection of debt on behalf of<br />
the UK head office across varied industry specialisms with the<br />
ambition to reduce ageing debt ensuring strict processes are<br />
followed. Experience with cloud-based systems such as Oracle,<br />
Salesforce or SAP are desirable and good Excel skills including<br />
VLOOKUP and pivot tables are essential. Ref: 3811785<br />
Contact Mark Ordoña on 020 8247 4042<br />
or email mark.ordona@hays.com<br />
This is just a small selection of the many opportunities we have<br />
available for credit professionals. To find out more visit us<br />
online or contact Kabir Gulabkhan, Hays Credit Management<br />
UK Lead on 020 3465 0020<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 57
View our digital version online at www.cicm.com<br />
Log on to the Members’ area, and click on the tab labelled<br />
‘Credit Management <strong>magazine</strong>’<br />
Just another great reason to be a member<br />
Credit Management is distributed to the entire UK and international<br />
CI<strong>CM</strong> membership, as well as additional subscribers<br />
Advancing the credit profession<br />
www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 58
CHARTERED INSTITUTE OF CREDIT MANAGEMENT<br />
ONLINE EVENTS<br />
Keep an eye on our events calendar at CI<strong>CM</strong>.COM for all CI<strong>CM</strong> events!<br />
Visit our website and book online at: www.cicm.com/cicm-events<br />
CI<strong>CM</strong> Branch AGM season is upon us, and all<br />
Committees are due to convene virtually by 31 <strong>March</strong> <strong>2021</strong>.<br />
Look out for more information across CI<strong>CM</strong> channels<br />
and by visiting www.cicm.com/branches/<br />
Many of our events are now available online,<br />
along with a new series of live and a series of<br />
recorded webinars for the credit profession.<br />
Visit our website for updates<br />
and instructions on how to register.<br />
Studying at a<br />
distance<br />
with CI<strong>CM</strong><br />
From interactive virtual classrooms to supporting texts,<br />
from mentor advice to peer support, we’ve got it all.<br />
Contact CI<strong>CM</strong> for more information on any of these services,<br />
or check them out at cicm.com<br />
Giving you the tools to continue<br />
working through this crisis.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 59
Cr£ditWho?<br />
CI<strong>CM</strong> Directory of Services<br />
COLLECTIONS<br />
INTERNATIONAL COLLECTIONS<br />
COLLECTIONS LEGAL<br />
Controlaccount Plc<br />
Address: Compass House, Waterside, Hanbury Road,<br />
Bromsgrove, Worcestershire B60 4FD<br />
T: 01527 549 522<br />
E: sales@controlaccount.com<br />
W: www.controlaccount.com<br />
Controlaccount Plc provides an efficient, effective and ethical<br />
commercial debt recovery service focused on improving business<br />
cash flow whilst preserving customer relationships and established<br />
reputations. Working with leading brand names in the UK and<br />
internationally, we deliver a bespoke service to our clients. We<br />
offer a no collect, no fee service without any contractual ties in.<br />
Where applicable, we can utilise the Late Payment of Commercial<br />
Debts Act (2013) to help you redress the cost of collection. Our<br />
clients also benefit from our in-house international trace and<br />
legal counsel departments and have complete transparency and<br />
up to the minute information on any accounts placed with us for<br />
recovery through our online debt management system, ClientWeb.<br />
Premium Collections Limited<br />
3 Caidan House, Canal Road<br />
Timperley, Cheshire. WA14 1TD<br />
T: +44 (0)161 962 4695<br />
E: paul.daine@premiumcollections.co.uk<br />
W: www.premiumcollections.co.uk<br />
For all your credit management requirements Premium<br />
Collections has the solution to suit you. Operating on a national<br />
and international basis we can tailor a package of products and<br />
services to meet your requirements.<br />
Services include B2B collections, B2C collections, international<br />
collections, absconder tracing, asset repossessions, status<br />
reporting and litigation support.<br />
Managed from our offices in Manchester, Harrogate and Dublin our<br />
network of 55 partners cover the World.<br />
Contact Paul Daine FCI<strong>CM</strong> on +44 (0)161 962 4695 or<br />
paul.daine@premiumcollections.co.uk<br />
www.premiumcollections.co.uk<br />
Keebles<br />
Capitol House, Russell Street, Leeds LS1 5SP<br />
T: 0113 399 3482<br />
E: charise.marsden@keebles.com<br />
W: www.keebles.com<br />
Keebles debt recovery team was named “Legal Team of the Year”<br />
at the 2019 CI<strong>CM</strong> British Credit Awards.<br />
According to our clients “Keebles stand head and shoulders<br />
above others in the industry. A team that understands their client’s<br />
business and know exactly how to speedily maximise recovery.<br />
Professional, can do attitude runs through the team which is not<br />
seen in many other practices.”<br />
We offer a service with no hidden costs, giving you certainty and<br />
peace of mind.<br />
• ‘No recovery, no fee’ for pre-legal work.<br />
• Fixed fees for issuing court proceedings and pursuing claims to<br />
judgment and enforcement.<br />
• Success rate in excess of 80%.<br />
• 24 hour turnaround on instructions.<br />
• Real-time online access to your cases to review progress.<br />
Guildways<br />
T: +44 3333 409000<br />
E: info@guildways.com<br />
W: www.guildways.com<br />
Guildways is a UK & International debt collection specialist with over<br />
25 years experience. Guildways prides itself on operating to the<br />
highest ethical standards and professional service levels. We are<br />
experienced in collecting B2B and B2C debts. Our service includes:<br />
• A complete No collection, No Fee commission based service<br />
• 10% plus VAT commission for UK debts<br />
• Commission from 22% plus VAT for International debts<br />
• 24/7 online access to your cases through our CaseManager portal<br />
• Direct online account-to-account payments, to speed up<br />
collections and minimise costs<br />
If you are unable to locate your customer, we also offer a no trace, no<br />
fee, trace and collect service.<br />
For more information, visit: www.guildways.com<br />
INTERNATIONAL COLLECTIONS<br />
Baker Ing International Limited<br />
Office 7, 35-37 Ludgate Hill, London. EC4M 7JN<br />
Contact: Lisa Baker-Reynolds<br />
Email: lisa@bakering.global<br />
Website: https://www.bakering.global/contact/<br />
Tel: 07717 020659<br />
Baker Ing International is a dedicated team of Credit industry<br />
experience that, combined, covers time served in most industries.<br />
The team is wholly comprised of working Credit Manager’s<br />
across the Globe with a minimum threshold of ten years working<br />
experience within Credit Management. The team offers a<br />
comprehensive service to clients - International Debt Recovery,<br />
Credit Control, Legal Services & more<br />
Our mission is to help companies improve the cost and efficiency<br />
of their Credit Management processes in order to limit the risks<br />
associated with extending credit and trading around the globe.<br />
How can we help you - call Lisa Baker Reynolds on<br />
+44(0)7717 020659 or email lisa@bakering.global<br />
Lovetts Solicitors<br />
Lovetts, Bramley House, The Guildway,<br />
Old Portsmouth Road,<br />
Guildford, Surrey, GU3 1LR<br />
T: 01483 347001<br />
E: info@lovetts.co.uk<br />
W: www.lovetts.co.uk<br />
With more than 25yrs experience in UK & international business<br />
debt collection and recovery, Lovetts Solicitors collects £40m+<br />
every year on behalf of our clients. Services include:<br />
• Letters Before Action (LBA) from £1.50 + VAT (successful in 86%<br />
of cases)<br />
• Advice and dispute resolution<br />
• Legal proceedings and enforcement<br />
• 24/7 access to your cases via our in-house software solution,<br />
CaseManager<br />
Don’t just take our word for it, here’s some recent customer<br />
feedback: “All our service expectations have been exceeded.<br />
The online system is particularly useful and extremely easy to<br />
use. Lovetts has a recognisable brand that generates successful<br />
results.”<br />
Atradius Collections Ltd<br />
3 Harbour Drive,<br />
Capital Waterside, Cardiff, CF10 4WZ<br />
Phone: +44 (0)29 20824397<br />
Mobile: +44 (0)7767 865821<br />
E-mail:yvette.gray@atradius.com<br />
Website: atradiuscollections.com<br />
Atradius Collections Ltd is an established specialist in business<br />
to business collections. As the collections division of the Atradius<br />
Crédito y Caución, we have a strong position sharing history,<br />
knowledge and reputation.<br />
Annually handling more than 110,000 cases and recovering over<br />
a billion EUROs in collections at any one time, we deliver when<br />
it comes to collecting outstanding debts. With over 90 years’<br />
experience, we have an in-depth understanding of the importance<br />
of maintaining customer relationships whilst efficiently and<br />
effectively collecting monies owed.<br />
The individual nature of our clients’ customer relationships is<br />
reflected in the customer focus we provide, structuring our service<br />
to meet your specific needs. We work closely with clients to<br />
provide them with a collection strategy that echoes their business<br />
character, trading patterns and budget.<br />
For further information contact Yvette Gray Country Director, UK<br />
and Ireland.<br />
Sterling Debt Recovery<br />
E: info@sterlingdebtrecovery.com<br />
T: 0207 1005978<br />
W: www.sterlingdebtrecovery.com<br />
Sterling specialises in international business debt collection<br />
to get outstanding invoices paid quickly and cost effectively.<br />
Our experienced, enthusiastic collectors achieve results whilst<br />
maintaining a professional image.<br />
We work on a commission only basis with no up-front fees and<br />
no hidden costs. Each client is allocated a named collector for<br />
personal service and regular updates. We collect the majority<br />
of debt without litigation, with our on-site lawyer supporting us<br />
where appropriate.<br />
Where local expertise is required our global network are available<br />
to assist.<br />
CONSULTANCY<br />
Chris Sanders Consulting<br />
T: +44(0)7747 761641<br />
E: enquiries@chrissandersconsulting.com<br />
W: www.chrissandersconsulting.com<br />
Chris Sanders Consulting – we are a different sort of consulting<br />
firm, made up of a network of independent experienced<br />
operational credit & collections management and invoicing<br />
professionals, with specialisms in cross industry best practice<br />
advisory, assessment, interim management, leadership,<br />
workshops and training to help your team and organisation reach<br />
their full potential in credit and collections management. We are<br />
proud to be Corporate Partners of the Chartered Institute of Credit<br />
Management and to manage the CI<strong>CM</strong> Best Practice Accreditation<br />
Programme on their behalf. For more information please contact:<br />
enquiries@chrissandersconsulting.com<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 60
FOR ADVERTISING INFORMATION OPTIONS AND PRICING CONTACT<br />
russell@cabbells.uk 0203 603 7937<br />
COURT ENFORCEMENT SERVICES<br />
CREDIT INFORMATION<br />
CREDIT MANAGEMENT SOFTWARE<br />
Court Enforcement Services<br />
Wayne Whitford – Director<br />
M: +44 (0)7834 748 183 T : +44 (0)1992 663 399<br />
E : wayne@courtenforcementservices.co.uk<br />
W: www.courtenforcementservices.co.uk<br />
EXPERTLY RESOLVED.<br />
We help law firms, in-house debt recovery and legal teams to<br />
enforce CCJs by transferring them up to the High Court. With our<br />
fast, fair and personable approach to service, we work harder to<br />
bring you the sector’s best results without risking client reputation.<br />
• Free Transfer Up process of CCJs to High Court<br />
• Market-leading recovery rates<br />
• Over 100,000 writs, recovering >£187 million since 2014<br />
• Real-time access to cases via our own Award-Winning App<br />
• Our highly trained and certificated agents cover every postcode<br />
in England & Wales.<br />
FAST. FAIR. FOR YOU.<br />
CREDIT INFORMATION<br />
2 0 0 2<br />
CoCredo<br />
Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />
T: 01494 790600<br />
E: customerservice@cocredo.com<br />
W: www.cocredo.co.uk<br />
CoCredo has 18 years experience in developing credit reports for<br />
businesses and is the current CI<strong>CM</strong> Credit Information Provider<br />
of the Year. Our company data is continually updated throughout<br />
the day and ensures customers have the most current information<br />
available. We aggregate data from a range of leading providers<br />
across over 235 territories and offer a range of services including<br />
the industry first Dual Report, Monitoring, XML Integration and<br />
DNA Portfolio Management.<br />
We pride ourselves in offering award-winning customer service<br />
and support to protect your business.<br />
CEDAR<br />
ROSE<br />
—<br />
R<br />
2 0 2 0<br />
Cedar Rose<br />
3, Georgiou Katsonotou Street,3036, Limassol, Cyprus<br />
E: info@cedar-rose.com T: +357 25346630<br />
W: www.cedar-rose.com<br />
Cedar Rose has been globally recognised as the expert for credit<br />
reports, due diligence and data for the Middle East and North<br />
African countries since 1997. We now cover over 170 countries<br />
with the same high quality, expert analysis and attention to detail<br />
we are well-known and trusted for.<br />
Making best use of artificial intelligence and technology, Cedar<br />
Rose has won several awards including Credit Excellence &<br />
European Business Awards. Our website is a one-stop-shop for<br />
your business intelligence solutions. We are the ultimate source;<br />
with competitive prices and friendly customer service - whether<br />
you need one or one thousand reports.<br />
THE ONLY AML RESOURCE YOU NEED<br />
SmartSearch<br />
SmartSearch, Harman House,<br />
Station Road,Guiseley, Leeds, LS20 8BX<br />
T: +44 (0)113 238 7660<br />
E: info@smartsearchuk.com W: www.smartsearchuk.com<br />
KYC, AML and CDD all rely on a combination of deep data with<br />
broad coverage, highly automated flexible technology with an<br />
innovative and intuitive customer interface. Key features include<br />
automatic Worldwide Sanction & PEP checking, Daily Monitoring,<br />
Automated Enhanced Due Diligence and pro-active customer<br />
management. Choose SmartSearch as your benchmark.<br />
Graydon UK<br />
66 College Road, 2nd Floor, Hygeia Building, Harrow,<br />
Middlesex, HA1 1BE<br />
T: +44 (0)208 515 1400<br />
E: customerservices@graydon.co.uk<br />
W: www.graydon.co.uk<br />
With 130+ years of experience, Graydon is a leading provider of<br />
business information, analytics, insights and solutions. Graydon<br />
helps its customers to make fast, accurate decisions, enabling<br />
them to minimise risk and identify fraud as well as optimise<br />
opportunities with their commercial relationships. Graydon uses<br />
130+ international databases and the information of 90+ million<br />
companies. Graydon has offices in London, Cardiff, Amsterdam<br />
and Antwerp. Since 2016, Graydon has been part of Atradius, one<br />
of the world’s largest credit insurance companies.<br />
Company Watch<br />
Centurion House, 37 Jewry Street,<br />
LONDON. EC3N 2ER<br />
T: +44 (0)20 7043 3300<br />
E: info@companywatch.net<br />
W: www.companywatch.net<br />
Organisations around the world rely on Company Watch’s<br />
industry-leading financial analytics to drive their credit risk<br />
processes. Our financial risk modelling and ability to map medium<br />
to long-term risk as well as short-term credit risk set us apart<br />
from other credit reference agencies.<br />
Quality and rigour run through everything we do, from our unique<br />
method of assessing corporate financial health via our H-Score®,<br />
to developing analytics on our customers’ in-house data.<br />
With the H-Score® predicting almost 90 percent of corporate<br />
insolvencies in advance, it is the risk management tool of choice,<br />
providing actionable intelligence in an uncertain world.<br />
CREDIT MANAGEMENT SOFTWARE<br />
ONGUARD<br />
T: 020 3868 0947<br />
E: lisa.bruno@onguard.com<br />
W: www.onguard.com<br />
Onguard is specialist in credit management software and market<br />
leader in innovative solutions for order to cash. Our integrated<br />
platform ensures an optimal connection of all processes in the<br />
order to cash chain and allows sharing of critical data.<br />
Intelligent tools that can seamlessly be interconnected and<br />
offer overview and control of the payment process, as well as<br />
contribute to a sustainable customer relationship.<br />
In more than 50 countries the Onguard platform is successfully<br />
used for successful credit management.<br />
Tinubu Square UK<br />
Holland House, 4 Bury Street,<br />
London EC3A 5AW<br />
T: +44 (0)207 469 2577 /<br />
E: uksales@tinubu.com<br />
W: www.tinubu.com<br />
Founded in 2000, Tinubu Square is a software vendor, enabler<br />
of the Credit Insurance, Surety and Trade Finance digital<br />
transformation.<br />
Tinubu Square enables organizations across the world to<br />
significantly reduce their exposure to risk and their financial,<br />
operational and technical costs with best-in-class technology<br />
solutions and services. Tinubu Square provides SaaS solutions<br />
and services to different businesses including credit insurers,<br />
receivables financing organizations and multinational corporations.<br />
Tinubu Square has built an ecosystem of customers in over 20<br />
countries worldwide and has a global presence with offices in<br />
Paris, London, New York, Montreal and Singapore.<br />
Credica Ltd<br />
Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT<br />
T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk<br />
Our highly configurable and extremely cost effective Collections<br />
and Query Management System has been designed with 3 goals<br />
in mind:<br />
•To improve your cashflow • To reduce your cost to collect<br />
• To provide meaningful analysis of your business<br />
Evolving over 15 years and driven by the input of 1000s of<br />
Credit Professionals across the UK and Europe, our system is<br />
successfully providing significant and measurable benefits for our<br />
diverse portfolio of clients.<br />
We would love to hear from you if you feel you would benefit from<br />
our ‘no nonsense’ and human approach to computer software.<br />
Data Interconnect Ltd<br />
Units 45-50<br />
Shrivenham Hundred Business Park, Majors Road,<br />
Watchfield. Swindon, SN6 8TZ<br />
T: +44 (0)1367 245777<br />
E: sales@datainterconnect.co.uk<br />
W: www.datainterconnect.com<br />
Data Interconnect is dedicated to solving complex Accounts<br />
Receivable problems through reliable, easy-to-use cloud<br />
software. We empower billing managers and collections experts<br />
with the tools and data they need in a user-friendly interface, for<br />
timely, tax-compliant invoicing, collections and reconciliation in<br />
the most cost effective, secure, auditable and trackable manner.<br />
The powerful, flexible, Corrivo platform is the only system your<br />
AR team needs to manage your company’s cashflow better.<br />
HighRadius<br />
T: +44 7399 406889<br />
E: gwyn.roberts@highradius.com<br />
W: www.highradius.com<br />
HighRadius is the leading provider of Integrated Receivables<br />
solutions for automating receivables and payment functions such<br />
as credit, collections, cash allocation, deductions and eBilling.<br />
The Integrated Receivables suite is delivered as a software-as-aservice<br />
(SaaS). HighRadius also offers SAP-certified Accelerators<br />
for SAP S/4HANA Finance Receivables Management, enabling<br />
large enterprises to maximize the value of their SAP investments.<br />
HighRadius Integrated Receivables solutions have a proven track<br />
record of reducing days sales outstanding (DSO), bad-debt and<br />
increasing operation efficiency, enabling companies to achieve an<br />
ROI in less than a year.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 61
Cr£ditWho?<br />
CI<strong>CM</strong> Directory of Services<br />
FOR ADVERTISING INFORMATION<br />
OPTIONS AND PRICING CONTACT<br />
russell@cabbells.uk 0203 603 7937<br />
CREDIT MANAGEMENT SOFTWARE<br />
DATA AND ANALYTICS<br />
FORUMS<br />
ESKER<br />
Sam Townsend Head of Marketing<br />
Northern Europe Esker Ltd.<br />
T: +44 (0)1332 548176 M: +44 (0)791 2772 302<br />
W: www.esker.co.uk LinkedIn: Esker – Northern Europe<br />
Twitter: @EskerNEurope blog.esker.co.uk<br />
Esker’s Accounts Receivable (AR) solution removes the all-toocommon<br />
obstacles preventing today’s businesses from collecting<br />
receivables in a timely manner. From credit management to cash<br />
allocation, Esker automates each step of the order-to-cash cycle.<br />
Esker’s automated AR system helps companies modernise<br />
without replacing their core billing and collections processes. By<br />
simply automating what should be automated, customers get the<br />
post-sale experience they deserve and your team gets the tools<br />
they need.<br />
Dun & Bradstreet<br />
Marlow International, Parkway Marlow<br />
Buckinghamshire SL7 1AJ<br />
Telephone: (0800) 001-234 Website: www.dnb.co.uk<br />
Dun & Bradstreet Finance Solutions enable modern finance<br />
leaders and credit professionals to improve business performance<br />
through more effective risk management, identification of growth<br />
opportunities, and better integration of data and insights across<br />
the business. Powered by our Data Cloud, our solutions provide<br />
access to the world’s most comprehensive commercial data<br />
and insights - supplying a continually updated view of business<br />
relationships that helps finance and credit teams stay ahead of<br />
market shifts and customer changes. Learn more here:<br />
www.dnb.co.uk/modernfinance<br />
FORUMS INTERNATIONAL<br />
T: +44 (0)1246 555055<br />
E: info@forumsinternational.co.uk<br />
W: www.forumsinternational.co.uk<br />
Forums International Ltd have been running Credit and Industry<br />
Forums since 1991. We cover a range of industry sectors and<br />
International trading, attendance is for Credit Professionals of all<br />
levels. Our forums are not just meetings but communities which<br />
aim to prepare our members for the challenges ahead. Attending<br />
for the first time is free for you to gauge the benefits and meet the<br />
members and we only have pre-approved Partners, so you will<br />
never intentionally be sold to.<br />
INSOLVENCY<br />
SERRALA<br />
Serrala UK Ltd, 125 Wharfdale Road<br />
Winnersh Triangle, Wokingham<br />
Berkshire RG41 5RB<br />
E: r.hammons@serrala.com W: www.serrala.com<br />
T +44 118 207 0450 M +44 7788 564722<br />
Serrala optimizes the Universe of Payments for organisations<br />
seeking efficient cash visibility and secure financial processes.<br />
As an SAP Partner, Serrala supports over 3,500 companies<br />
worldwide. With more than 30 years of experience and<br />
thousands of successful customer projects, including solutions<br />
for the entire order-to-cash process, Serrala provides credit<br />
managers and receivables professionals with the solutions they<br />
need to successfully protect their business against credit risk<br />
exposure and bad debt loss.<br />
C2FO<br />
C2FO Ltd<br />
105 Victoria Steet<br />
SW1E 6QT<br />
T: 07799 692193<br />
E: anna.donadelli@c2fo.com<br />
W: www.c2fo.com<br />
C2FO turns receivables into cashflow and payables into income,<br />
uniquely connecting buyers and suppliers to allow discounts<br />
in exchange for early payment of approved invoices. Suppliers<br />
access additional liquidity sources by accelerating payments<br />
from buyers when required in just two clicks, at a rate that works<br />
for them. Buyers, often corporates with global supply chains,<br />
benefit from the C2FO solution by improving gross margin while<br />
strengthening the financial health of supply chains through<br />
ethical business practices.<br />
Menzies<br />
T: +44 (0)2073 875 868 - London<br />
T: +44 (0)2920 495 444 - Cardiff<br />
W: menzies.co.uk/creditor-services<br />
Operating across seven UK offices, Menzies LLP is an<br />
accountancy firm delivering traditional services combined<br />
with strategic commercial thinking. Our services include:<br />
advisory, audit, corporate and personal tax, corporate<br />
finance, forensic accounting, outsourcing, wealth<br />
management and business recovery – the latter of which<br />
includes our specialist offering developed specifically for<br />
creditors. For more information on this, or to see how the<br />
Menzies Creditor Services team can assist you, please<br />
visit: www.menzies.co.uk/creditor-services. Bethan Evans,<br />
Partner and Head of Menzies Creditor Services, email:<br />
bevans@menzies.co.uk and phone: +44 (0)2920 447512<br />
LEGAL<br />
Redwood Collections Ltd<br />
0208 288 3555<br />
enquiry@redwoodcollections.com<br />
Airport House, Purley Way, Croydon, CR0 0XZ<br />
“Redwood Collections offers a complete portfolio of debt<br />
collection services ranging from sensitive client-debtor mediation<br />
through to legal and insolvency action.<br />
Incorporated in 2009, we are pleased to represent in excess of<br />
11,000 clients. Whatever your debt collection needs, we have<br />
the expertise and resources to deliver a fast, efficient and costeffective<br />
solution.”<br />
Satago<br />
48 Warwick Street, London, W1B 5AW<br />
T: +44(0)020 8050 3015<br />
E: hello@satago.com<br />
W: www.satago.com<br />
Satago helps business owners and their accountants avoid credit<br />
risks, manage debtors and access finance when they need it – all<br />
in one platform. Satago integrates with 300+ cloud accounting<br />
apps with just a few clicks, helping businesses:<br />
• Understand their customers - with RISK INSIGHTS<br />
• Get paid on time - with automated CREDIT CONTROL<br />
• Access funding - with flexible SINGLE INVOICE FINANCE<br />
Visit satago.com and start your free trial today.<br />
identeco – Business Support Toolkit<br />
Compass House, Waterside, Hanbury Road, Bromsgrove,<br />
Worcestershire B60 4FD<br />
Telephone: 01527 549 531 Email: info@identeco.co.uk<br />
Web: www.identeco.co.uk<br />
identeco’s Business Support Toolkit is an online portal connecting<br />
its subscribers to a range of business services that help them<br />
to engage with new prospects, understand their customers and<br />
mitigate risk. Annual subscription is £79.95 per year for unlimited<br />
access. Providing company information and financial reports,<br />
director and shareholder structures as well as a unique financial<br />
health rating, balance sheets, ratio analysis, and any detrimental<br />
data that might be associated with a company. Other services<br />
also included in the subscription include a business names<br />
database, acquisition targets, a data audit service as well as<br />
unlimited, bespoke marketing and telesales listings for any sector.<br />
FINANCIAL PR<br />
Gravity Global<br />
Floor 6/7, Gravity Global, 69 Wilson St, London, EC2A 2BB<br />
T: +44(0)207 330 8888. E: sfeast@gravityglobal.com<br />
W: www.gravityglobal.com<br />
Gravity is an award winning full service PR and advertising<br />
business that is regularly benchmarked as being one of the<br />
best in its field. It has a particular expertise in the credit sector,<br />
building long-term relationships with some of the industry’s bestknown<br />
brands working on often challenging briefs. As the partner<br />
agency for the Credit Services Association (CSA) for the past 22<br />
years, and the Chartered Institute of Credit Management since<br />
2006, it understands the key issues affecting the credit industry<br />
and what works and what doesn’t in supporting its clients in the<br />
media and beyond.<br />
Shoosmiths<br />
Email: paula.swain@shoosmiths.co.uk<br />
Tel: 03700 86 3000 W: www.shoosmiths.co.uk<br />
Shoosmiths’ highly experienced team will work closely with credit<br />
teams to recover commercial debts as quickly and cost effectively<br />
as possible. We have an in depth knowledge of all areas of debt<br />
recovery, including:<br />
•Pre-litigation services to effect early recovery and keep costs down<br />
•Litigation service<br />
•Post-litigation services including enforcement<br />
•Insolvency<br />
As a client of Shoosmiths, you will find us quick to relate to your goals,<br />
and adept at advising you on the most effective way of achieving<br />
them.<br />
PAYMENT SOLUTIONS<br />
Bottomline Technologies<br />
115 Chatham Street, Reading<br />
Berks RG1 7JX | UK<br />
T: 0870 081 8250 E: emea-info@bottomline.com<br />
W: www.bottomline.com/uk<br />
Bottomline Technologies (NASDAQ: EPAY) helps businesses<br />
pay and get paid. Businesses and banks rely on Bottomline for<br />
domestic and international payments, effective cash management<br />
tools, automated workflows for payment processing and bill<br />
review and state of the art fraud detection, behavioural analytics<br />
and regulatory compliance. Businesses around the world depend<br />
on Bottomline solutions to help them pay and get paid, including<br />
some of the world’s largest systemic banks, private and publicly<br />
traded companies and Insurers. Every day, we help our customers<br />
by making complex business payments simple, secure and<br />
seamless.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 62
PAYMENT SOLUTIONS<br />
American Express<br />
76 Buckingham Palace Road,<br />
London. SW1W 9TQ<br />
T: +44 (0)1273 696933<br />
W: www.americanexpress.com<br />
American Express is working in partnership with the CI<strong>CM</strong> and is a<br />
globally recognised provider of payment solutions to businesses.<br />
Specialising in providing flexible collection capabilities to drive a<br />
number of company objectives including:<br />
• Accelerate cashflow • Improved DSO • Reduce risk<br />
• Offer extended terms to customers<br />
•Provide an additional line of bank independent credit to drive<br />
growth • Create competitive advantage with your customers<br />
As experts in the field of payments and with a global reach,<br />
American Express is working with credit managers to drive growth<br />
within businesses of all sectors. By creating an additional lever<br />
to help support supplier/client relationships American Express is<br />
proud to be an innovator in the business payments space.<br />
ARE YOU A LEADER<br />
OR FOLLOWER?<br />
Key IVR<br />
T: +44 (0) 1302 513 000<br />
E: sales@keyivr.com<br />
W: www.keyivr.com<br />
Key IVR are proud to have joined the Chartered Institute of<br />
Credit Management’s Corporate partnership scheme. The<br />
CI<strong>CM</strong> is a recognised and trusted professional entity within<br />
credit management and a perfect partner for Key IVR. We are<br />
delighted to be providing our services to the CI<strong>CM</strong> to assist with<br />
their membership collection activities. Key IVR provides a suite<br />
of products to assist companies across the globe with credit<br />
management. Our service is based around giving the end-user<br />
the means to make a payment when and how they choose. Using<br />
automated collection methods, such as a secure telephone<br />
payment line (IVR), web and SMS allows companies to free up<br />
valuable staff time away from typical debt collection.<br />
RECRUITMENT<br />
Hays Credit Management<br />
107 Cheapside, London, EC2V 6DN<br />
T: 07834 260029<br />
E: karen.young@hays.com<br />
W: www.hays.co.uk/creditcontrol<br />
Hays Credit Management is working in partnership with the CI<strong>CM</strong><br />
and specialise in placing experts into credit control jobs and<br />
credit management jobs. Hays understands the demands of this<br />
challenging environment and the skills required to thrive within<br />
it. Whatever your needs, we have temporary, permanent and<br />
contract based opportunities to find your ideal role. Our candidate<br />
registration process is unrivalled, including face-to-face screening<br />
interviews and a credit control skills test developed exclusively for<br />
Hays by the CI<strong>CM</strong>. We offer CI<strong>CM</strong> members a priority service and<br />
can provide advice across a wide spectrum of job search and<br />
recruitment issues.<br />
PORTFOLIO<br />
CREDIT CONTROL<br />
Portfolio Credit Control<br />
1 Finsbury Square, London. EC2A 1AE<br />
T: 0207 650 3199<br />
E: recruitment@portfoliocreditcontrol.com<br />
W: www.portfoliocreditcontrol.com<br />
CI<strong>CM</strong>Q accreditation is a proven model<br />
that has consistently delivered dramatic<br />
improvements in cashflow and efficiency<br />
CI<strong>CM</strong>Q is the hallmark of industry<br />
leading organisations<br />
The CI<strong>CM</strong> Best Practice Network is where<br />
CI<strong>CM</strong>Q accredited organisations come<br />
together to develop, share and celebrate<br />
best practice in credit and collections<br />
BE A LEADER – JOIN THE CI<strong>CM</strong> BEST<br />
PRACTICE NETWORK TODAY<br />
To find out more about flexible options<br />
to gain CI<strong>CM</strong>Q accreditation<br />
E: cicmq@cicm.com T: 01780 722900<br />
Portfolio Credit Control, solely specialises in the recruitment of<br />
permanent, temporary and contract Credit Control, Accounts<br />
Receivable and Collections staff. Part of an award winning<br />
recruiter we speak to and meet credit controllers all day everyday<br />
understanding their skills and backgrounds to provide you with<br />
tried and tested credit control professionals. We have achieved<br />
enormous growth because we offer a uniquely specialist approach<br />
to our clients, with a commitment to service delivery that exceeds<br />
your expectations every single time.<br />
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 63
Advancing the credit profession / www.cicm.com / <strong>March</strong> <strong>2021</strong> / PAGE 64