Credit Management issue April 2021

The CICM magazine for consumer and commercial credit professionals

The CICM magazine for consumer and commercial credit professionals


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CM<br />

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



INSIDE<br />

Winners of the<br />

CICM British <strong>Credit</strong><br />

Awards <strong>2021</strong><br />

SEE PAGES: 34-40<br />

Sunny<br />

Delight<br />

The gloom of<br />

winter is over<br />

Individual Voluntary<br />

Arrangements are broken<br />

but can be repaired. Page 20<br />

A new service is helping<br />

businesses conduct international<br />

trade. Page 28

24<br />


Adam Bernstein<br />

26<br />



xx<br />


Kevin Reed<br />

APRIL <strong>2021</strong><br />

www.cicm.com<br />


11 – BRIDGE OF SIGHS<br />

The relief as we head towards a more<br />

normal world is palpable<br />

12 – BUY NOW PAY LATER<br />

Why tighter regulation in the buy now,<br />

pay later space is a good thing<br />


Neil Jinks looks at the <strong>issue</strong>s over CCJ<br />

enforcement and impact on cashflow<br />

18 – DAWN RIDER<br />

David Andrews gives his View from the<br />

Seafront<br />

20 – SNAP JUDGMENT<br />

Peter Wallwork argues that IVAs may be<br />

broken but can be repaired<br />

24 – SMALL ISLAND (PART 1)<br />

With the uncertainties of Brexit,<br />

Singapore seems a good place to do<br />

business<br />

26 – CLEAN LIVING<br />

COVID-19 is promoting a drive to<br />

electronic validation<br />

18<br />


David Andrews<br />


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

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

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

membership, as well as additional subscribers<br />

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

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

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

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

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

12<br />


Aneesh Varma<br />

President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM<br />

Executive Board: Chair Debbie Nolan FCICM(Grad) – Vice Chair Phil Rice FCICM /Treasurer Glen Bullivant FCICM<br />

Larry Coltman FCICM / Victoria Herd FCICM(Grad) / Philip Holbrough MCICM<br />

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

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

Philip Holbrough MCICM / Neil Jinks FCICM / Nick King FCICM / Charles Mayhew FCICM / Debbie Nolan FCICM(Grad)<br />

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

Chris Sanders FCICM / Stephen Thomson FCICM / Atul Vadher FCICM(Grad)<br />


A new service is helping businesses<br />

conduct international trade<br />

32 – ASK THE EXPERTS<br />

What should I look for in appointing an<br />

external collections agency or lawyer?<br />

Publisher<br />

Chartered Institute of <strong>Credit</strong> <strong>Management</strong><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 />

CMM: www.creditmanagement.org.uk<br />

Managing Editor<br />

Sean Feast FCICM<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 />

Russell Bass<br />

Telephone: 020 3603 7937<br />

Email: russell@centuryone.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>April</strong> <strong>2021</strong> / PAGE 3


Four legs good,<br />

two legs bad<br />

Sean Feast FCICM<br />

Managing Editor<br />

SO the secret is finally out.<br />

Liz Barclay, the former BBC<br />

Broadcaster, has succeeded our<br />

own Philip King FCICM as the<br />

Small Business Commissioner.<br />

Whereas Philip was appointed<br />

on an interim basis following the surprise<br />

departure of Paul Uppal, Liz Barclay will be<br />

taking on the role permanently from July.<br />

And good luck to her. She has a tough job<br />

on her hands.<br />

The SBC is not one person but rather<br />

an independent public body set up by<br />

Government under the Enterprise Act 2016<br />

to tackle late payment and unfavourable<br />

payment practices in the private sector.<br />

Liz has no doubt been chosen because<br />

of her credentials as an experienced<br />

campaigner on behalf of consumers<br />

and small companies, as a volunteer for<br />

Citizens Advice, and as a former nonexecutive<br />

director of the Financial Services<br />

Compensation Scheme.<br />

Her ‘previous’ as a BBC Broadcaster and<br />

long-time presenter of Radio 4’s ‘You and<br />

Yours’ was also, no doubt, a consideration.<br />

The scale of the challenge, I expect, is<br />

not lost on her. According to Government<br />

figures, about £23.4 billion is owed in<br />

outstanding invoices to British businesses,<br />

with some businesses waiting several<br />

months before paying their suppliers,<br />

putting strain on cashflow. The Federation<br />

of Small Businesses estimates that about<br />

50,000 businesses close every year due<br />

to late payments, and the pandemic will<br />

doubtless lead to many thousands more.<br />

Already Liz is saying the right things.<br />

Interviewed for The Times on her<br />

appointment, she talked about needing<br />

a real culture change around business<br />

payments: “People who have already<br />

delivered goods and services have to be<br />

able to turn their attention to their next<br />

client and next order rather than chasing<br />

up late payments and worrying about their<br />

cashflow,” she says.<br />

Of course, she is right. It’s something her<br />

predecessor said during his tenure, and<br />

during the 14 years that he was CEO at the<br />

CICM. It’s what our own Chief Executive<br />

has also been saying, and indeed the<br />

importance of ‘managing cashflow’ has<br />

been the mantra of the Institute for as long<br />

as I can remember.<br />

But these same small businesses need<br />

to help themselves. ‘Cultural’ change is<br />

not just about saying ‘here’s a big stick let’s<br />

go beat up some big boys.’ It’s also about<br />

changing the mind-set of small businesses<br />

that there is plenty they could be doing at<br />

their end to ensure they get paid on time.<br />

Like invoicing promptly, for example, and<br />

to the right company, with a PO if required,<br />

and following up to make sure everything<br />

is in order and there is no reason for an<br />

invoice not to be paid, rather than just<br />

sitting there and hoping for the best.<br />

I hope Liz engages with organisations<br />

like our own at the first opportunity, and<br />

that we have an opportunity of sharing best<br />

practice, as we have done with countless<br />

Government ministers and departments<br />

before her. I hope too that she doesn’t<br />

get too distracted by the more vocal of<br />

our campaigning groups who chant ‘Big<br />

company bad, small company good’ in<br />

similar fashion to the sheep’s constant<br />

bleating in Animal Farm of ‘Four legs good,<br />

two legs bad’.<br />

Because we all know what happened on<br />

the farm in the end.<br />

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

CMNEWS<br />

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

world of consumer and commercial credit.<br />

CIVEA supports CICM training<br />

of new enforcement agents<br />

CIVEA – the civil enforcement<br />

association – has agreed<br />

to promote the CICM Level<br />

2 Taking Control of Goods<br />

qualification to its 38 member<br />

firms representing about 2,000<br />

enforcement agents.<br />

The CICM is one of three organisations<br />

(the other two being IES Training and High<br />

Court Enforcement Group) that CIVEA will<br />

promote who offer regulated professional<br />

enforcement qualifications.<br />

From 1 March, CICM has waived the CICM<br />

initial registration fee for enforcement<br />

agents who work for CIVEA companies<br />

and HCEOA members. The Institute will<br />

include fees for the CICM online Level<br />

2 Taking Control of Goods and Level 3<br />

Advanced Enforcement courses in the CICM<br />

membership package.<br />

Russell Hamblin-Boone, CIVEA Chief<br />

Executive, says the initiative comes at<br />

an important time for the industry: “We<br />

anticipate the total number of enforcement<br />

agents to rise because of high demand from<br />

Written by – Sean Feast FCICM<br />

Sue Chapple FCICM CEO<br />

“Through our<br />

long-term<br />

relationship with<br />

the HCEOA we<br />

have always been<br />

closely associated<br />

with driving up<br />

professional<br />

standards in<br />

enforcement.”<br />

the courts and local authorities to clear the<br />

backlog of cases held up by the lockdowns,”<br />

he explains. “Some larger firms are already<br />

recruiting new field agents, and ensuring<br />

they have the appropriate training and<br />

support for responsible enforcement is<br />

essential. Hence why we see our relationship<br />

with the CICM as so important.”<br />

Sue Chapple FCICM CEO says she is<br />

delighted to be working more closely<br />

with CIVEA: “Through our long-term<br />

relationship with the HCEOA we have always<br />

been closely associated with driving up<br />

professional standards in enforcement,” she<br />

says. “Having this endorsement from CIVEA,<br />

and all that it is trying to achieve, is a signal<br />

of the importance of enforcement as part of<br />

the credit lifecycle, and the support we can<br />

provide to individuals as CICM members to<br />

keep their knowledge and skills up-to-date.”<br />

Included with the CICM package is<br />

ongoing CPD and mentoring support, giving<br />

enforcement officers access to very highquality<br />

training materials and coaching<br />

where required.<br />

SmartSearch makes FT list of fast-growing<br />

European firms<br />

“It is very much a<br />

reflection of our<br />

business performance<br />

last year as 2020<br />

was a record year for<br />

SmartSearch’’<br />

LEADING anti-money-laundering (AML)<br />

firm SmartSearch has made the latest<br />

Financial Times’ annual list of the fastestgrowing<br />

European companies for the third<br />

year running.<br />

The FT 1000 lists the European companies<br />

that have achieved the highest compound<br />

annual growth in revenue rate from 2016<br />

to 2019. SmartSearch is ranked at 700, off<br />

the back of an absolute growth rate of more<br />

than 200 percent across the period.<br />

According to the FT, Europe’s high-growth<br />

companies are facing another year of slower<br />

progress as the pandemic continues to limit<br />

business activity in <strong>2021</strong>. This is reflected<br />

in the qualifying compound annual growth<br />

rate for the list, which was 35.5 percent<br />

this year, slightly lower than last year’s<br />

38.4 percent. However, SmartSearch’s<br />

achievement as a fintech firm is mirrored in<br />

the wider list as technology firms dominate<br />

the rankings with a total of 290.<br />

James Dobson, Marketing Director<br />

at SmartSearch says this is a fantastic<br />

achievement for SmartSearch and its staff:<br />

“It is very much a reflection of our business<br />

performance last year as 2020 was a record<br />

year for SmartSearch, driven in part by<br />

the demand for our solution in light of the<br />

Coronavirus outbreak, which of course<br />

dominated everything.<br />

“But in our sector particularly, the need<br />

for protection against criminals taking<br />

advantage of the gaps that opened up<br />

in customer onboarding security and ID<br />

verification, was acute.”<br />

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

FOLLOWING on from his previous<br />

article, French Exchange (page 43<br />

of CM Jan/Feb <strong>2021</strong> edition), Pierre<br />

Haincourt MCICM has advised of a<br />

further important development.<br />

On 11 February <strong>2021</strong>, the French<br />

Justice Minister (Le Garde des Sceaux<br />

as Pierre likes to call him. Ed), indicated,<br />

before the Laws Committee of the National<br />

Assembly, that France would oppose the<br />

UK's entry into the Lugano Convention. (A<br />

transcript of the Minister’s speech will be<br />

published on the <strong>Credit</strong> Limits International<br />

website.)<br />

Essentially, the French Justice Minister<br />

openly stated that his position was aimed at<br />

protecting the jurisdiction of the International<br />

Chamber of the Commercial Court of Paris<br />

– and this will certainly help it achieve<br />

its objective of becoming the European<br />

jurisdiction of choice for cross-border<br />

litigation.<br />

“So, after 1,000 years of annoying the<br />

French (that’s the title of a book by Stephen<br />


French start a ‘war’<br />

over jurisdictions<br />

“So, after 1000<br />

years of annoying<br />

the French (that’s<br />

the title of a<br />

book by Stephen<br />

Clarke), it looks<br />

like the English<br />

will finally be<br />

punished for their<br />

arrogance of these<br />

past centuries as<br />

France has just<br />

started a war over<br />

jurisdictions.”<br />

Clarke), it looks like the English will finally<br />

be punished for their arrogance of these past<br />

centuries as France has just started a war<br />

over jurisdictions,” Pierre says.<br />

“Whilst this new Court is already praising<br />

itself for its extreme efficiency and low<br />

cost, you have to wonder whether such<br />

protectionist measures are really necessary,<br />

or if the French may have something else to<br />

hide.”<br />

Pierre thinks, however, that maybe this is<br />

nothing more than a bit of post-Brexit Latin<br />

posturing: “As you may have noticed before,<br />

my compatriots are well-known for changing<br />

their minds every time the wind changes<br />

direction, so hopefully, posturing is all that<br />

this is.<br />

“Accession to the Lugano Convention<br />

requires unanimous consent from all its<br />

signatories and if France was to veto the<br />

UK application, this status quo would have<br />

disastrous consequences for all EU and<br />

British exporters. Time for the EU to have a<br />

rethink?”<br />

WhatsApp? Plenty!<br />

THE Money Advice Service (MAS) has<br />

<strong>issue</strong>d a warning about scam WhatsApp<br />

messages purporting to be sent from<br />

them. In these messages, it is claimed<br />

that following a recent conversation<br />

with a debt adviser, it is likely the<br />

recipient’s application to have some of<br />

their debt written off will be approved. In<br />

order to process this, they ask for recent<br />

bank statements, payslips, ID and any<br />

letters from creditors.<br />

The Money Advice Service request<br />

that any scam messages using their<br />

logo are reported to them via scams@<br />

maps.org.uk.<br />

Fraud Injection<br />

BRITONS continue to be targeted by<br />

criminals seeking to exploit the Covid-19<br />

vaccine by creating phishing websites<br />

designed to appear as legitimate NHS<br />

websites. Recipients are sent a message<br />

asking them to accept an invitation to<br />

receive their vaccination, which directs<br />

them to a phishing website asking for<br />

details such as name, address, mobile<br />

number, mother’s maiden name and<br />

bank details. The Covid-19 vaccination<br />

is free of charge and the NHS has<br />

confirmed they will never ask for bank or<br />

card details to take payment or validate<br />

a customer’s identity.<br />

Dining out<br />

THE consumer champion organisation<br />

Which? has received reports of emails<br />

claiming to be from Just Eat, the online<br />

delivery service, offering a £50 gift card<br />

for their service. The email address used<br />

to send this scam has spoofed the justeat.com<br />

domain in an attempt to appear<br />

legitimate. Which? is warning that those<br />

who attempt to claim the voucher will<br />

certainly be directed to a phishing website<br />

which will attempt to steal information.<br />

Just Eat has also confirmed they will<br />

never send an email asking a customer<br />

to follow a link and fill in their personal<br />

details in order to receive a voucher.<br />

Former CSA Chief Honoured with Fellowship<br />

PETER Wallwork FCICM, former Chief<br />

Executive of the <strong>Credit</strong> Services<br />

Association (CSA), has been appointed<br />

an Honorary Fellow of the Chartered<br />

Institute of <strong>Credit</strong> <strong>Management</strong><br />

(FCICM).<br />

Sue Chapple FCICM, CICM CEO,<br />

says that Peter’s contribution to<br />

the credit industry deserved wider<br />

recognition: “Honorary Fellowships<br />

are awarded to those who have made<br />

a significant contribution to our<br />

industry and are in the gift of the CICM<br />

Executive Board. We are delighted to<br />

recognise Peter<br />

as a true thought leader who has shown<br />

the highest standards of excellence in<br />

advancing our profession.”<br />

Peter told <strong>Credit</strong> <strong>Management</strong> that<br />

he was delighted to have been<br />

elevated to FCICM: “One of the<br />

tasks I had on my list of things<br />

to do when I left the CSA<br />

was to apply to the Institute<br />

to become a Fellow. It was<br />

something I had started to do<br />

on more than one occasion<br />

over the last few years,<br />

but never quite managed to get the<br />

time to complete. Imagine then my<br />

surprise and delight when I received<br />

a letter from Sue Chapple, offering<br />

me an Honorary Fellowship, pretty<br />

much exactly 20 years after I joined<br />

the Institute in the first place. I wrote<br />

back immediately to say, I'd be<br />

delighted, yes please, and what an<br />

honour.”<br />

The editorial team at <strong>Credit</strong><br />

<strong>Management</strong> would also like to<br />

extened their congratulations on a<br />

most deserved award.<br />

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


Appetite for homeworking has<br />

increased since pandemic<br />

HOMEWORKING will be<br />

one of the major and<br />

lasting outcomes of the<br />

COVID-19 pandemic,<br />

a Cardiff University<br />

academic predicts.<br />

Professor Alan Felstead was<br />

commissioned by the Senedd’s Economy,<br />

Infrastructure and Skills Committee to<br />

compile a report for their inquiry into<br />

remote working.<br />

His findings have fed into their<br />

concluding report, which has come up<br />

with a series of recommendations for<br />

the Welsh Government as it develops its<br />

remote working policy. Last year, it set a<br />

long-term target that 30 percent of Welsh<br />

workers would be working from home or<br />

near to home in the future.<br />

Professor Felstead’s most recent<br />

analysis of data from the UK-wide<br />

Understanding Society COVID-19 Study<br />

shows the appetite for working at home<br />

has increased over time. Nine out of ten<br />

(88 percent) employees who worked at<br />

home in June 2020 reported that they<br />

would like to continue working at home in<br />

some capacity. The same question asked<br />

in September 2020 showed a rise to 93<br />

percent.<br />

Two-fifths (41 percent) of homeworkers<br />

reported in June 2020 that they were able<br />

to get as much work done as they had six<br />

months earlier and more than quarter<br />

(29 percent) said they got more done.<br />

The September 2020 data suggests that<br />

85 percent of employees who continued<br />

to work at home were just as productive,<br />

if not more, than they were before the<br />

pandemic. The equivalent figure in June<br />

2020 was 70 percent.<br />

CSA ratifies appointment of two<br />

non-executive directors at AGM<br />

THE <strong>Credit</strong> Services Association, the trade<br />

association for the debt collection industry,<br />

has confirmed the appointment of two new<br />

non-executive directors to its Board: James<br />

Appleby from Arrow Global and Kathryn<br />

Morgan of Lowell Financial.<br />

Both new directors have extensive<br />

experience in the financial services sector:<br />

James is currently Managing Director<br />

Northern Europe of Arrow Global Group and<br />

has held senior positions within Barclays<br />

Bank, Chetwood Bank, and Vanquis<br />

Bank; Kathryn has held similar senior<br />

executive roles with the NatWest Group and<br />

Virgin Money and is presently Customer<br />

Operations Director for Lowell Financial.<br />

But the report also shows homeworkers<br />

found it more difficult to reconcile home<br />

and work life, were working longer<br />

hours than they used to, and were more<br />

frequently feeling drained and isolated.<br />

Professor Alan Felstead, based at Cardiff<br />

University's School of Social Sciences,<br />

says Coronavirus will have a long-lasting<br />

effect on the way we work: “Even when<br />

social restrictions are fully lifted, it is<br />

unlikely there will be a full return to<br />

the traditional office setting. Instead,<br />

the last twelve months has revealed a<br />

strong appetite for homeworking among<br />

employees and has proved to employers<br />

that flexible working can bring business<br />

benefits.<br />

“However, these changes are not going<br />

to be straightforward. We will need to<br />

rethink and reimage our notions of home<br />

and work, the nature of our towns and<br />

cities, and assess whether our transport<br />

and telecommunications infrastructure is<br />

fit for purpose.”<br />

Tom Chandos, CSA Chair of the Board,<br />

welcomed the new members and thanked<br />

the former CSA Board directors for their<br />

service: “In welcoming Kathryn and James<br />

as new non-executive directors to the CSA,<br />

I want to pay tribute to David Sheridan, Dr<br />

David Hutchinson and Stewart Hamilton<br />

for their time and service as they leave the<br />

Association Board. As the trade body for<br />

the collections and debt purchase sector<br />

we are fortunate to have such a breadth<br />

of representation to ensure that we can<br />

promote excellence in standards and<br />

culture across the industry, share best<br />

practice and make our voice heard across<br />

stakeholders and policy-makers.”<br />

>NEWS<br />

IN BRIEF<br />

Saving Grace<br />

THE Bank of England’s Money and<br />

<strong>Credit</strong> report showed that £18.5bn was<br />

put into savings accounts in January,<br />

almost four times the average monthly<br />

deposit figure before the pandemic.<br />

Savings rates have remained at<br />

historical lows. Some of this cash may<br />

have been from £3.5bn of withdrawals<br />

from National Savings and Investment<br />

(NS&I) accounts in January, after NS&I<br />

cut rates across its range of savings<br />

accounts. NS&I deposits are not<br />

counted as ‘household deposits’ in the<br />

Money and <strong>Credit</strong> report but can be<br />

an alternative home for consumers’<br />

savings. As well as contributing to<br />

savings, people also paid down debts<br />

in January, with individuals making<br />

net repayments of £2.4bn. Most of<br />

this was repaid on credit cards, with<br />

the balance repaid on other forms of<br />

consumer credit.<br />

Climbing the ladder<br />

THE CICM Wessex Branch is looking<br />

forward to welcoming delegates to<br />

a late afternoon online event with<br />

Debbie Nolan FCICM, the Chair of<br />

the Executive Board of the CICM, in<br />

association with Creative Huddle.<br />

Brenda Linger FCICM, CICM Vice<br />

President Branch Chair, says there<br />

is very little Debbie has not seen<br />

spanning thousands of customers and<br />

situations: “Debbie has seen much<br />

change over her 35-year career, so<br />

please do join us, benefit from her<br />

experience, and glean her predictions<br />

for the future changes and challenges<br />

credit professionals are likely to<br />

encounter.”<br />

The event is taking place at 4:30pm on<br />

Wednesday 12 May. For details go to https://<br />

www.cicm.com/event/climbing-creditcareer-ladder-insights-debbie-nolan/<br />

Allica performance<br />

ALLICA Bank has published figures to<br />

show it has supported SMEs across<br />

the UK with £71m of completed loans<br />

and a further c.£120m of committed<br />

lending offers currently in the<br />

process of completion. The majority<br />

(85 percent) of this lending is to<br />

businesses outside of London. The<br />

bank says it is on track to complete<br />

as much lending in the first quarter<br />

of <strong>2021</strong>, as in the whole of 2020, and<br />

anticipates it will make over £500m in<br />

committed lending offers in <strong>2021</strong>.<br />

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


Comic Relief?<br />

The impact the forthcoming Debt Relief Scheme<br />

will have on creditors is no laughing matter.<br />

AUTHORS – Philip Roberts FCICM<br />

THE new Government scheme<br />

which aims to help people<br />

experiencing difficulties with<br />

debt is coming into force on<br />

4 May <strong>2021</strong>. These are very<br />

important changes and are<br />

another positive step towards encouraging<br />

individuals who are experiencing difficulty<br />

with debt to seek help from the debt advice<br />

sector. The changes are comprehensive<br />

and will require creditors affected by the<br />

scheme (and their agents) to implement<br />

robust controls to ensure compliance.<br />

The scheme gives individuals<br />

who are experiencing<br />

difficulties with debt, access to<br />

a 60-day standard breathing<br />

space from creditor action to<br />

recover debts incurred.<br />


Save for some limited exceptions, the Debt<br />

Respite Scheme (Breathing Space) will<br />

apply to debts owed by individuals, unless<br />

they have been incurred in connection with<br />

a VAT registered business or a partnership.<br />

The scheme gives individuals who are<br />

experiencing difficulties with debt, and who<br />

actively seek advice from an authorised<br />

debt advisor, access to a 60-day standard<br />

breathing space from creditor action to<br />

recover debts incurred. The scheme also<br />

provides protection to individuals who are<br />

receiving mental health crisis treatment.<br />

The protection will last for as long as that<br />

crisis treatment lasts plus a further 30 days<br />

thereafter.<br />

Throughout the breathing space, creditors<br />

will be prevented from applying fees,<br />

penalties, charges and interest on eligible<br />

debts subject to the breathing space.<br />

<strong>Credit</strong>ors will not be able to contact a<br />

debtor about the collection or enforcement<br />

of a breathing space debt (unless required<br />

to do so under the Consumer <strong>Credit</strong> Act<br />

1974 or by the FCA Handbook) and must<br />

suspend enforcement action during the<br />

breathing space. Enforcement action<br />

is comprehensively defined within the<br />

regulations but includes starting any action<br />

or legal proceedings (including bankruptcy<br />

petitions), obtaining a writ or warrant,<br />

serving certain notices for possession,<br />

enforcing security on a breathing space<br />

debt or making an application for default<br />

Judgement.<br />

Once an individual’s breathing space has<br />

ended, they cannot be granted a further<br />

standard breathing space for a period of<br />

12 months. They can still enter a mental<br />

health crisis breathing space.<br />

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



Under the scheme, breathing space<br />

can only be started by an authorised<br />

debt advice provider. Authorised<br />

debt advisors will administer the<br />

breathing space and will be the point<br />

of contact for the debtors, creditors and<br />

the creditors’ appointed agents. The<br />

Insolvency Service will maintain the<br />

electronic service that will be used to<br />

keep a register of the breathing space<br />

and will send notifications to creditors.<br />

The register is not open to the public<br />

(unlike the bankruptcy and insolvency<br />

register).<br />

The moratorium on taking action and<br />

applying fees, penalties and interest<br />

on breathing space debts can come<br />

at any stage of a recovery action.<br />

Once authorised by the debt advisor,<br />

the breathing space will start the day<br />

after the details are recorded on the<br />

register. At this time creditors (and/or<br />

their agents) will be notified either by<br />

electronic communication or post.<br />

The onus is then on the creditor<br />

or their agent to ensure that the<br />

protections are observed throughout<br />

the breathing space. If at this time<br />

additional debts are located other than<br />

those subject to the breathing space, the<br />

creditor must notify the Debt Advisor.<br />

Where a court or tribunal is already<br />

involved, this will include sending them<br />

written notification so that appropriate<br />

measures can be implemented. A court<br />

or tribunal that receives notification of<br />

the breathing space after a bankruptcy<br />

petition has been started must stay<br />

those proceedings until the end of the<br />

breathing space. Other proceedings<br />

about the debt (other than the<br />

enforcement of court judgments or<br />

orders) can continue until the court or<br />

tribunal makes an order or judgment.<br />

There are certain debts including<br />

mortgages, rent, taxes and utilities<br />

that are classed as ongoing liabilities.<br />

The guidance says that the debtor is<br />

required to pay these where they can,<br />

except for any arrears that are captured<br />

within the breathing space. If these<br />

ongoing debts are not paid, and where<br />

the debt advisor thinks it is fair and<br />

reasonable, there is a possibility that<br />

the breathing space will be cancelled.<br />

However, this does not appear to include<br />

a mental health crisis breathing space.<br />

During a standard breathing space<br />

(i.e. not including a mental health crisis<br />

breathing space) the debt advisor must<br />

carry out a midway review to make<br />

sure the debtor is complying with their<br />

obligations no later than 35 days into<br />

the breathing space.<br />

It is worth noting that, in appropriate<br />

circumstances, which include a creditor<br />

being unfairly prejudiced by the<br />

moratorium, the creditor can request<br />

a review from the debt advisor or, if<br />

necessary, from the court. The initial<br />

request for a review must be made<br />

within 20 days and should be supported<br />

by evidence. The creditor can also apply<br />

for permission from the court to take<br />

enforcement action where prevented<br />

from doing so by the moratorium.<br />


There is much to think about for<br />

creditors affected by the regulations.<br />

The regulations are comprehensive, and<br />

it is important that affected creditors<br />

understand them. There is great deal<br />

to prepare so that robust measures are<br />

implemented to ensure compliance.<br />

This is going to include<br />

understanding which debts are eligible<br />

and recording details of the breathing<br />

space so that appropriate controls are in<br />

place and debts are not inappropriately<br />

pursued. <strong>Credit</strong>ors should set up<br />

processes to ensure all incoming<br />

breathing space notifications (whether<br />

electronic or by post) are recorded<br />

without delay.<br />

Effective communication between<br />

creditors, agents and the court will be<br />

crucial to ensure that unnecessary and<br />

unrecoverable costs are not incurred. If<br />

creditors fail to apply breathing space<br />

protections, any action taken will<br />

be void and they may become liable<br />

for the debtor’s costs. The impact on<br />

creditors will depend on the nature of<br />

their business and their ability to absorb<br />

delays in receiving payment.<br />

Although there will no doubt be<br />

some challenges with implementation,<br />

this further encouragement for<br />

individuals struggling with debt to seek<br />

help from the money advice sector is a<br />

positive step.<br />

We are working with creditors to<br />

put in place procedures to effectively<br />

comply with the regulations and to<br />

maximise prospects of making fair and<br />

ethical recoveries.<br />

Clarke Willmott is a national law<br />

firm with offices in Birmingham,<br />

Bristol, Cardiff, London, Manchester,<br />

Southampton and Taunton. It has an<br />

industry leading team of debt recovery<br />

lawyers. Operating for over 25 years, the<br />

team acts for organisations of all sizes.<br />

www.clarkewillmott.com<br />

Philip Roberts FCICM, Partner at Clarke<br />

Willmott LLP is a member of the CICM<br />

Think Tank.<br />

>NEWS<br />

IN BRIEF<br />

Meritorious Service<br />

THE Executive Board of Trustees<br />

unanimously agreed at its recent<br />

meeting, to award the <strong>2021</strong> Meritorious<br />

Service Award to Jane Abramson<br />

MCICM and Kim Delaney-Bowen<br />

MCICM. Congratulations to Jane and<br />

Kim, true unsung heroes for their<br />

service to the Institute and the wider<br />

credit community. The formal award<br />

presentations will take place later<br />

this year, and will be covered in CM<br />

magazine.<br />

Turner Lecture<br />

THE famous Turner Lecture, organised<br />

by the Kent Branch, will go ahead later<br />

in the year, despite the challenges of<br />

COVID. Strongly supported by CICM<br />

CEO Sue Chapple, and sponsorship<br />

from the HCEO Association, Global<br />

Recoveries, Henderson Chambers<br />

and T G Baynes, the event will<br />

include speakers from the world<br />

of debt collection, insolvency, and<br />

enforcement. It is hoped that Professor<br />

Turner, former CICM President, will<br />

be there in person, assuming it is safe<br />

to do so. A date has been pencilled in<br />

for 3 December, but early booking is<br />

encouraged. For more details, contact<br />

Becki.Sharpe@cicm.com<br />

Open Borders Direct<br />

CICM has agreed a three-month<br />

Helpline access for any member who<br />

is struggling to make heads or tails<br />

of the paperwork or processes in<br />

importing or exporting. It is hosted on<br />

www.openborders.direct and under<br />

the ‘SuperSearch’ where members will<br />

be guided by an AI Robot. Further help<br />

is available through an ‘Ask an Expert’<br />

feature – free of charge – providing<br />

direct access to a team of Open<br />

Borders Direct experts.<br />

Lesley Batchelor, the brains behind<br />

the new platform, says the intention is<br />

to solve any international trade related<br />

problem: “When you ‘Ask an Expert’<br />

we’ll ask you some pre-set questions<br />

about the Harmonised Tariff Code and<br />

any forms that are part of the problem<br />

to help OBD to provide a speedy<br />

response. The team at Open Borders<br />

Direct are committed to finding an<br />

answer for you; all you have to do is<br />

sign up using the Trade Association<br />

dropdown to take advantage of your 3<br />

months free subscription – no credit<br />

card details are needed to access this<br />

offer.”<br />

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

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


Bridge of Sighs<br />

The relief as we cross to a more<br />

‘normal world' is palpable.<br />

AUTHOR – Sue Chapple FCICM<br />

Sue Chapple FCICM<br />

AS news of the easing of<br />

lockdown is announced and<br />

children are heading back<br />

into schools, a collective sigh<br />

of relief can be heard across<br />

businesses throughout the<br />

UK. There is a sense of ‘normal service’ being<br />

resumed after a lengthy and most unwelcome<br />

intermission.<br />

In the last 12 months the Institute has<br />

necessarily had to put some of its longer-term<br />

plans in abeyance while it focuses on the<br />

here and now and supporting its members<br />

and the wider business community through<br />

the pandemic. But that does not mean that<br />

the strategy we have been developing has<br />

been shelved; it simply means that tactical<br />

expediency has been the order of the day.<br />

Now, however, I get the sense that we are<br />

on a new trajectory, an opportunity to return<br />

with vigour to a roadmap of our own and a<br />

five-year plan to transform the CICM into the<br />

organisation it needs to be to meet the demands<br />

of future generations of credit professionals.<br />

As such you will begin to see a number<br />

of changes in our HQ team, including the<br />

appointment of a Transformational Operations<br />

Lead to oversee our operational process and<br />

efficiency, and a senior credit manager to be<br />

directly responsible for managing our various<br />

partner relationships – our Corporate Partners<br />

and CICMQ accredited businesses, for example<br />

– and ensuring they are better informed of the<br />

huge range of training and support services we<br />

can provide through our highly-experienced<br />

Learning & Development team. We will also be<br />

concluding the sale of The Water Mill, giving<br />

us the opportunity to start afresh in new<br />

offices with more open space better suited to<br />

our needs going forward.<br />

The last 12 months have been busy for our<br />

members too. One of the few positives to come<br />

from the pandemic has been how it has once<br />

again made businesses focus on the cash,<br />

and therefore the importance of professional<br />

cashflow management. It has accelerated the<br />

introduction of new technology and processes<br />

to support the credit management teams that<br />

might previously have taken many years to<br />

introduce.<br />

At the moment, according to the<br />

recruitment specialists, credit teams have not<br />

been too badly impacted by way of job losses<br />

or redundancies though we are not through the<br />

woods yet. It is not clear whether the ‘Tsunami’<br />

of business failures that have been predicted<br />

for the future will actually come about in the<br />

volumes anticipated, but there are bound to<br />

be some upsets along the way, and we must be<br />

ready for them.<br />

We must also be ready for other challenges<br />

heading rapidly in our direction, including the<br />

change in rules regarding Breathing Space and<br />

the much anticipated and largely unwelcome<br />

re-introduction of Crown Preference. Every<br />

business that fails inevitably owes money<br />

to HMRC, and if Her Majesty’s Revenue and<br />

Customs office is to take priority over all other<br />

creditors, I worry how that will impact lending<br />

and the future availability of credit. Lending<br />

decisions are based on risk, and there needs<br />

to be a reasonable expectation that a loan<br />

that defaults can be recovered. Some lenders<br />

might understandably reduce the credit they<br />

are prepared to extend, just at the point that<br />

the country is crying out for liquidity. I worry<br />

also about how it will impact the insolvency<br />

profession, and the vital role that Insolvency<br />

Practitioners play in the business and credit<br />

lifecycle.<br />

These are <strong>issue</strong>s, perhaps, for another day,<br />

although that day is fast approaching. Getting<br />

through the next few weeks is my immediate<br />

priority, when I will reveal more specific plans<br />

for your Institute and the support we will be<br />

providing to ensure we remain ‘fit for purpose’<br />

for the foreseeable future and beyond.<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 11



Buy Now Pay Later regulation offers lenders<br />

a chance to re-assess their customers.<br />

AUTHOR – Aneesh Varma<br />

IF you’re involved in credit, you’ll have now had a<br />

chance to digest The Woolard Review. A clear win for<br />

the consumer, BNPL lenders must now prepare for<br />

FCA regulation by proving their ability to accurately<br />

assess a customer’s affordability.<br />

Anticipated by many, the timing of the report is<br />

right. While the wider conversation may now have shifted<br />

towards recovery and renewal, the economic impact of<br />

COVID-19 will continue to bite for many for a while longer.<br />

Against this backdrop, a fairer, more robust assessment of<br />

an individual’s true affordability as they take out new credit<br />

is correct.<br />

For the credit industry, we must not forget that our work<br />

is judged not by the freedom we offer to consumers through<br />

access to credit, but crucially in making sure it comes back.<br />

This new regulation is a welcome reminder to us of the need,<br />

at every level of credit, to understand the real-time situation<br />

of the consumer. However short-term or low value that loan,<br />

however it’s advertised and whoever it targets, fundamentally<br />

that promise remains the same.<br />

With five million of us spending £2.7bn using the service<br />

since the pandemic began, few payment methods have<br />

experienced such exponential growth as BNPL. In a year that<br />

has kept us at home, the convenience and flexibility it offers<br />

consumers has more than trebled demand. And this growth<br />

isn’t just confined to the UK: across the world, the popularity<br />

for BNPL continues to trend upwards.<br />


BNPL customers are younger than those typically taking on<br />

credit (a quarter are under 24 years old) and three quarters<br />

are female. The average transaction value is £70, with fashion<br />

and footwear the most popular purchase categories. But<br />

some are making more substantial purchases, using BNPL<br />

to book holidays or for more expensive items for the home –<br />

spreading the cost over time to create manageable payments<br />

(either monthly or split into parts) in place of the upfront<br />

cost.<br />

Yet alongside such ease and flexibility, comes compromise.<br />

And we’ve heard instances this year of some of that pain.<br />

Two fifths of Christmas shoppers revealed their concern<br />

at the start of the year in their ability to repay. Stories have<br />

emerged of consumers accidentally using BNPL at checkout,<br />

of not receiving notifications when they’ve missed a payment<br />

and even of being incentivised to use it in exchange for a<br />

charity donation. Quite rightly, instances that began to raise<br />

red flags with the regulator.<br />

As a sector, the response to The Woolard Review has been<br />

unanimously positive. Many lenders provided submissions<br />

in an attempt to frame the narrative that would follow. In<br />

its levelling out of the industry, traditional lenders who<br />

offer store cards to their customers but have been subject<br />

to stricter regulation have also breathed a sigh of relief at<br />

the report’s publication. With all lenders now being asked<br />

to adhere to the same principles, the playing field has begun<br />

to level.<br />

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


AUTHOR – Aneesh Varma<br />

The impact of these changes is being seen<br />

internationally, most recently in Australia,<br />

where the AFIA have confirmed their<br />

intention to launch a BNPL ‘Code of Conduct’<br />

to better regulate the sector by ensuring<br />

a minimum standard is met across the<br />

industry. Once again, where UK regulation<br />

leads, others follow.<br />


Yet amid the noise of the lending community,<br />

it’s important we remember the intended<br />

beneficiary here: the consumer. Few<br />

BNPL customers today will be aware of the<br />

planned changes to how this new service<br />

that has shifted their shopping habits<br />

so much in recent years is set to evolve.<br />

Regulatory intention or sector enthusiasm<br />

doesn’t protect consumers. It doesn’t stop<br />

people from taking on unaffordable debt and<br />

spiralling into financial difficulty. So what<br />

now?<br />

BNPL customers are<br />

younger than those typically<br />

taking on credit (a quarter<br />

are under 24 years old) and<br />

three quarters are female.<br />

The average transaction<br />

value is £70, with fashion and<br />

footwear the most popular<br />

purchase categories.<br />

For BNPL lenders, attention now turns<br />

to implementation. With the FCA making<br />

it clear that they won’t be providing a<br />

prescriptive approach, the responsibility will<br />

come down to each lender to interpret the<br />

rules appropriately.<br />

The implementation of affordability<br />

checks for any lender requires a difficult<br />

dance between friction, accuracy and cost<br />

– the achievement of one likely to be at the<br />

cost of either of the others. But for BNPL<br />

lenders, the compromise is likely to be even<br />

more pronounced. With exceptional user<br />

experience key to the growth of these brands<br />

to date, affordability checks will need to be<br />

as smooth as these companies’ advertising.<br />

BNPL providers are unlikely to be anything<br />

but exacting.<br />

We refer to this balance in credit as<br />

‘thoughtful friction’. To meet the needs of<br />

today's consumer, affordability assessments<br />

must be seamless and intuitive. Information<br />

must be gathered dynamically from the<br />

consumer and in real-time. Anything less isn’t<br />

good enough. We must allow the consumer<br />

to represent themselves fairly in the process<br />

and to be heard. That is the responsible thing<br />

to do. Yet more fundamental than consumer<br />

experience, at the heart of the <strong>issue</strong> sits the<br />

data. Stressed in the detail of The Woolard<br />

Review is the importance, for both lenders<br />

and for the public, of timely access to high<br />

quality credit information. Confidence in the<br />

‘big three’ in providing this is in doubt. BNPL<br />

lenders have stated already that the rate of<br />

change will be driven by the speed at which<br />

the traditional credit bureau can help, with<br />

legacy infrastructure cited as a significant<br />

blocker. Slow pace and legacy systems will,<br />

Klarna has made clear, hamper their ability<br />

to reform. The timeline for implementation,<br />

says Klarna, rests with the bureau.<br />


But BNPL lenders must act. And with it,<br />

the opportunity for lenders in assessing<br />

alternative, more nimble options to better<br />

stand up to the regulation sharpens. Once<br />

again, the importance of the individual in<br />

improving their own credit story builds. If<br />

the traditional credit bureau can’t help fast<br />

enough, it’s time for lenders to consider the<br />

fintechs that can.<br />

This new regulation also provides lenders<br />

with the opportunity to rethink their<br />

engagement and relationships with their<br />

customers. Post-pandemic recovery will take<br />

time. Lenders must rebuild their confidence,<br />

in accordance with this new regulation. How<br />

can they do this? With real-time affordability<br />

solutions that return the consumer to the<br />

heart of their own credit story.<br />

Once again, the regulator has caught up with<br />

the innovation. It’s now up to all of us to make<br />

sure that the true winners of this outcome<br />

remain the consumer. And if lenders can take<br />

time to understand who their customers are<br />

now, we all stand to benefit from fairer, more<br />

personalised, more affordable credit in the<br />

future.<br />

Aneesh Varma is Founder and<br />

CEO of credit fintech, Aire.<br />

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


NEVER<br />


Judgments can often become<br />

worthless pieces of paper if they<br />

cannot be enforced effectively.<br />

AUTHOR – Neil Jinks FCICM IRRV<br />

THE latest figures from the Registry<br />

Trust in relation to County Court<br />

Judgments in 2020 suggest that<br />

numbers registered against both<br />

businesses and consumers are<br />

falling.<br />

The average values, however, are rising,<br />

quite significantly, and the numbers are<br />

far from uniform. The very low proportions<br />

of judgments marked as ‘satisfied’ also<br />

suggest a major problem is just around the<br />

corner.<br />


The number of CCJ’s registered against<br />

businesses in England and Wales fell 39 percent<br />

from 126,731 in 2019 to 77,139 in 2020.<br />

The total value of CCJ debt owed by<br />

businesses fell by nearly 20 percent, from just<br />

under £401m to £322m. The average value of<br />

business debt rose to £4,178 in 2020, 32 percent<br />

higher than the £3,162 seen in 2019. The median<br />

value rose by 43 percent from £1,038 to £1,485<br />

over the period.<br />

The number of judgments against larger<br />

incorporated businesses fell by 41 percent, from<br />

94,389 in 2019 to 55,537 in 2020. The total value<br />

of judgments fell by much less, 16 percent, from<br />

£305m to £255m. As a result, the average value<br />

rose by 42 percent from £3,226 to £4,588, with<br />

the median value up 73 percent from £925 to<br />

£1,602.<br />

The number of CCJs against smaller<br />

unincorporated businesses fell by 33 percent,<br />

from 32,342 to 21,602, with the total value<br />

dropping from £96m to over £67m, down 30<br />

percent. The average value rose from £2,973<br />

to £3,123, up just over five percent, while the<br />

median value rose by just under three percent<br />

from £1,245 to £1,280.<br />

The number of business judgments<br />

marked as ‘satisfied’ in 2020 was 11,940,<br />

a fall of 13 percent from the 13,723 in<br />

2019. As the number of judgments registered<br />

in 2020 was lower than in 2019, the<br />

proportion of judgments marked as satisfied<br />

has risen, though it remains low at 10.8<br />

percent.<br />


The number of CCJ’s <strong>issue</strong>d against consumers<br />

in England and Wales in 2020 fell by 45 percent<br />

compared to 2019, from 1,146,475 to 626,775.<br />

The total value of CCJs registered in 2020<br />

fell by 34 percent to £1.1bn, down from £1.7bn<br />

in 2019. The average value of judgments rose<br />

significantly by over 20 percent from £1,508 to<br />

£1,813. The median value also rose from £673<br />

to £787, an increase of nearly 17 percent. So,<br />

over the year, there were fewer but larger value<br />

judgments <strong>issue</strong>d.<br />

It is worth noting that the number of CCJ’s<br />

taken out against consumers in the last quarter<br />

of 2020 was 73 percent higher than in the third<br />

quarter of 2020, suggesting numbers are rising<br />

sharply again. I believe we will see numbers<br />

continue to increase over the coming months.<br />

The number of judgments marked as<br />

‘satisfied’ in 2020 was 186,223, a fall of over six<br />

percent from the 198,958 in 2019. As the number<br />

of judgments registered in 2020 was lower than<br />

in 2019, the proportion of judgments marked<br />

as satisfied has risen but it remains very low at<br />

21.7 percent.<br />

Registry Trust Chair, Mick McAteer, said<br />

of the figures: “Government and regulator<br />

interventions, and forbearance by creditors,<br />

in response to the COVID-19 crisis clearly<br />

protected households during most of 2020.<br />

“But, as we feared, the numbers of CCJ’s rose<br />

sharply in the last quarter of 2020 as the damage<br />

to household finances by the economic crisis<br />

worked through the system. The fact that the<br />

number of judgments marked as satisfied fell<br />

is a real cause for concern as it could adversely<br />

affect households’ future access to affordable<br />

credit.”<br />


Judgments can often become worthless pieces<br />

of paper if they cannot be enforced effectively.<br />

Practitioners report that the performance of the<br />

County Court Bailiff Service is often very poor,<br />

and the situation has deteriorated further with<br />

the introduction of the Warrants of Control<br />

Support Centres – a service that has diluted<br />

service even further and some would suggest is<br />

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


AUTHOR – Neil Jinks FCICM IRRV<br />

almost tantamount to an admission of defeat.<br />

It is essential that more enforcement is opened<br />

up to the private sector to provide all creditors<br />

with access to justice, subject to the appropriate<br />

safeguards of course to deal with any legitimate<br />

concerns that there may be. Effective<br />

enforcement of judgments is an essential part of<br />

any justice system yet currently the only option<br />

for many creditors are county court bailiffs.<br />

Other commentators suggest an overhaul of<br />

the process to manage the transferring of a CCJ<br />

up to the High Court for enforcement to make<br />

that a digital process rather than being paper<br />

driven.<br />


The Pandemic is bound to result in a significant<br />

backlog of CCJ’s that need to be enforced against<br />

the debtor’s goods. It is a shame that despite the<br />

CCUA lobbying for many years, the situation<br />

remains unchanged and those creditors with<br />

debts under £600 or regulated consumer credit<br />

debts are still limited to instructing county court<br />

bailiffs.<br />

If all creditors had access to justice with<br />

the ability to enforce through the High Court,<br />

there is no doubt that we would most likely see<br />

a significant increase in recoveries, which, is<br />

much needed by creditors during such difficult<br />

times.<br />

Effective enforcement can make the<br />

difference between solvency and insolvency for<br />

businesses and can determine whether they can<br />

continue to trade. On several occasions during<br />

my career, I have seen one debt make or break<br />

a company.<br />


So what does best practice look like? Put simply,<br />

do your homework:<br />

• It is crucial to ‘Know your debtor’ and<br />

information that you might capture at the<br />

front end of a relationship with a customer, for<br />

example, via a credit application form could<br />

prove to be useful intelligence at the back end<br />

when it becomes necessary to enforce against<br />

them.<br />

• In the current climate it also pays to be<br />

mindful of vulnerability and how the debtor<br />

might have been affected by the pandemic.<br />

These considerations should extend to both<br />

consumer and commercial debtors at this time.<br />

If it is a commercial debtor, has the business<br />

been affected by COVID-19 and is it still trading?<br />

• Have you invoiced, sued, and obtained<br />

judgment against the correct name? We are often<br />

instructed to pursue the wrong legal entity if, for<br />

example, the defendant is shown as a firm when<br />

in fact it is a limited company, which, could<br />

leave the judgment as defective and potentially<br />

unenforceable without amendment.<br />

Neil Jinks FCICM IRRV<br />

“But, as we<br />

feared, the<br />

numbers of CCJ’s<br />

rose sharply<br />

in the last<br />

quarter of 2020<br />

as the damage<br />

to household<br />

finances by the<br />

economic crisis<br />

worked through<br />

the system’’<br />

• If it is a limited company, have you checked<br />

that is still live, not insolvent or has it been<br />

dissolved or struck off the record? We have<br />

been directed to company premises which were<br />

demolished many years ago.<br />

• Is the debtor likely to have any assets or do you<br />

know of any? For example, vehicle details or the<br />

location of stock?<br />

• Do you have the right and current address?<br />

Bear in mind registered office address as well as<br />

any trading addresses. I recommend supplying<br />

your HCEO with all addresses that you know of.<br />

• Pass on any additional information you have<br />

about the debtor, for example, a photograph for<br />

identification purposes, the best time to attend<br />

if their business only opens between certain<br />

hours. Bear in mind the type of business as<br />

certain businesses such as pubs and restaurants<br />

may not be opening at all.<br />

• If the debtor contacts you directly once you<br />

have <strong>issue</strong>d a writ and seeks to make payment<br />

or an arrangement with you directly, you must<br />

refer them on to the HCEO to ensure that any<br />

fees due are included. Otherwise, you could<br />

become liable for the fees yourself.<br />

• As we expect an increase in activity, I would<br />

recommend issuing your writs sooner rather<br />

than later. Act quickly as we face uncertain<br />

times ahead so do not regret leaving it too late!<br />

You are much more likely to collect your debts<br />

if you pursue them expeditiously. Remember:<br />

cash is king, but information is too!<br />

Neil Jinks is Head of Client Development<br />

& Communications at Court Enforcement<br />

Services Ltd, a member of CICM’s Advisory<br />

Council and President of the IRRV West<br />

Midlands Association.<br />

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

AFTER Brexit, the enforcement<br />

of British judgments<br />

throughout the EU is much<br />

less complicated than<br />

the Brussels Recast Regulation.<br />

However, several<br />

factors may alleviate many anticipated<br />

difficulties in enforcement.<br />

First of all, any judgments made in cases<br />

belonging to the 2005 Hague Convention<br />

must be recognised and enforced in other<br />

contracting states, with limited exceptions.<br />

Secondly, bilateral treaties on<br />

enforcement of judgments between the UK<br />

and France, UK and Germany, UK and Italy,<br />

UK and the Netherlands, UK and Austria<br />

and UK and Belgium, and other major EU<br />

jurisdictions existed before Britain joined<br />

the EU, but they are expected to play their<br />

full role again after Brexit (provided they<br />

were not annihilated by the UK being in the<br />

EU and are still following the maxim pacta<br />

sunt servanda, i.e. are still in force).<br />

Third, given The City of London’s<br />

(former) position as an important financial<br />

centre (which should not be taken for<br />

granted anymore, given the withdrawal of<br />

EU passporting rights, and several other EU<br />

restrictions on financial services as regard<br />

third countries) some of the EU-registered<br />



The impact of Brexit on<br />

cross-border enforcement – Part 2<br />

AUTHOR – Dmytro Tupchiienko<br />

Enforcing<br />

English<br />

judgment<br />

During<br />

transition<br />

period<br />

EU27<br />

RBR<br />

applied<br />

EFTA<br />

Lugano<br />

applies<br />

HAGUE<br />

Hague<br />

applied (if<br />

applicable)<br />

RoW 1<br />

Domestic<br />

law applies<br />

The English courts<br />

have more powerful<br />

and aggressive tools<br />

than any other EU<br />

Member state.<br />

* RoW 1 - Rest of the World<br />

It was possible to<br />

serve an English<br />

court claim form in the<br />

EU without the English<br />

courts’ permission<br />

under the provisions in<br />

the CPR 6.33.<br />

Grandfather<br />

provisions<br />

apply<br />

After<br />

transition<br />

period<br />

RBR<br />

applied<br />

Hague applied<br />

(if applicable),<br />

if not domestic<br />

law<br />

Lugano<br />

applies<br />

Domestic<br />

law<br />

Hague<br />

applied (if<br />

applicable)<br />

Hague<br />

applied (if<br />

applicable)<br />

Domestic<br />

law applies<br />

Domestic<br />

law applies<br />

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


AUTHOR – Dmytro Tupchiienko<br />

Even if it is more difficult to enforce in other<br />

EU member states, the British court's judgment<br />

will still be of great value.<br />

Financial Parties<br />

defendants with significant assets in<br />

the UK, including those with assets in<br />

international banks with branches in<br />

London, may find that these assets can<br />

be used to repay the English judgment<br />

debt. Even if it is more difficult to enforce<br />

in other EU member states, the British<br />

court's judgment will still be of great<br />

value.<br />

Finally, the English courts have more<br />

powerful and aggressive tools than any<br />

other EU Member state (for example,<br />

through mandatory public orders to<br />

obtain or extract useful information about<br />

the location of assets) to help enforce<br />

judgments.<br />


For the judgement which was given in<br />

the process that began before the end<br />

of the transition period (irrespective of<br />

whether the issuing court was in the UK<br />

or otherwise in the EU), the pre-Brexit<br />

regime continued to apply. During that<br />

period:<br />

It was possible to serve an English court<br />

claim form in the EU without the English<br />

courts’ permission under the provisions<br />

in the CPR 6.33.<br />

Obligors<br />

The mechanics of service of English<br />

courts proceedings in the EU were<br />

governed by the Service Regulation.<br />

In other words, the judgement of<br />

the English court (and other UK courts<br />

e.g Scottish or Northern Irish) will be<br />

enforced in the EU under the Recast<br />

Brussels regulations and court judgements<br />

in the EU member state will be able to be<br />

enforced in the UK under that regime.<br />


For the process beginning after the end<br />

of the transition period, the enforcement<br />

of the EU judgement in English courts<br />

(and vice versa) will be regulated<br />

by the relevant national rules of EU<br />

Member States regarding enforcement<br />

judgements made in third countries. One<br />

consequence of new settings is that the<br />

type of judgement that can be enforced<br />

will become narrower in scope, especially<br />

where Hague 2005 does not apply. Of<br />

course, as far as the EU’s judgment<br />

enforcement in the UK is concerned, the<br />

procedure will be different too, and will<br />

take longer, again, especially where Hague<br />

2005 does not apply. That said, in non-<br />

Hague situations, the process should be<br />

no different from what happens when the<br />

steps are taken to enforce the judgement<br />

given by, for example, the New York court,<br />

in accordance with the specified rules<br />

that apply there.<br />

Exclusive<br />

Asymmetric<br />

Financial Parties<br />

Any other court<br />

Financial Parties<br />

English courts<br />

English courts<br />

Obligors<br />

Obligors<br />


Brexit has unravelled certain clauses<br />

which seem to be hidden or previously not<br />

in existence. Such clauses are important<br />

in dispute between parties and especially<br />

when there are elements of cross-border<br />

transaction. Jurisdiction clauses appear<br />

in three different forms:<br />

1. Exclusive: in this case, disputes are<br />

subjected to courts of one jurisdiction.<br />

2. Asymmetric: includes courts of one<br />

jurisdiction and any other court<br />

3. Non-exclusive: nominate the state<br />

of the country to have jurisdiction but<br />

without reducing the right parties to start<br />

the process in other court jurisdictions, if<br />

necessary.<br />

Non-exclusive<br />

Any other court<br />

Any other court<br />

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


Is it time to get out there and into<br />

the sunshine once again?<br />

AUTHOR – David Andrews<br />

But this is not the makeover<br />

any of us anticipated. Now,<br />

as we stumble gradually<br />

from the fading waves of<br />

end-game lockdown pulses,<br />

the rebuilding will, we hope,<br />

begin.<br />

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


AUTHOR – David Andrews<br />

the country needs is<br />

annihilation of the enemy,’<br />

observed Lord Nelson in<br />

the run up to the Battle of<br />

‘WHAT<br />

Trafalgar.<br />

The great warrior<br />

was of course referring principally to the French,<br />

and I daresay many of us may have felt that some of<br />

President Macron’s digs at our post-Brexit nation’s<br />

fierce fightback against the pandemic were deserving<br />

of a full canon broadside.<br />

Pro tem, our outstanding vaccine rollout I would<br />

imagine to be more than enough for senior politicians<br />

on the European mainland to keep their less generous<br />

views to themselves. When all is said and done, none<br />

of us have had it easy. It is just that we have quietly<br />

got on with rebuilding a devastated landscape and hey,<br />

what a difference a few weeks can make.<br />

When I cycled into the centre of Brighton in early<br />

February, a harsh wintry westerly nipping at my<br />

ankles, the effects of the past, horrendous 12 months<br />

were clear. The doorway of travel firm Trailfinders had<br />

become a temporary campsite for several homeless<br />

people, who along with a couple of large dogs looked<br />

to be – on balance at least – reasonably content with<br />

their new pitch.<br />

As the specialist shop is located on one of the city’s<br />

busiest streets, and urban campsites are an unusual<br />

site even in the depths of a pandemic, the brightly<br />

coloured tent and scattered detritus seemed to me yet<br />

another ironic metaphor for our ravaged economy. An<br />

erstwhile thriving holiday company, grounded like all<br />

of us for the best part of a year, now hosting a nomadic<br />

troupe, also going nowhere, but calling it home for the<br />

time being at least.<br />


Brighton, a city, looking ‘perennially as if it is helping<br />

the police with their enquiries’ as the late Keith<br />

Waterhouse memorably put it, had rarely looked<br />

so bleak, even in the 40 or so years I have lived<br />

here. Resembling more an out-take from the movie<br />

adaptation of Cormac McCarthy’s The Road, the postapocalyptic<br />

effect of rows of shuttered and long since<br />

closed-down shops fronts has effectively nuked the<br />

inner city.<br />

We all know ‘the UK High Street’, as it were, was in<br />

trouble long before the pandemic set about banging<br />

the final nails into the coffin, and our erstwhile<br />

homogeneous, frankly unattractive town and city<br />

centres were long overdue a makeover.<br />

Even without the negligence of major retail<br />

conglomerates, which have collectively presided over<br />

shocking periods of decay and under-investment,<br />

the High Street was on a hiding to nothing. A serious<br />

rethink was long overdue.<br />

But this is not the makeover any of us anticipated.<br />

Now, as we stumble gradually from the fading waves<br />

of end-game lockdown pulses, the rebuilding will, we<br />

hope, begin.<br />

I think back to my arrival in the city, in the<br />

autumn of 1979, when the UK was in the grip of an<br />

appalling recession. Small businesses were closing<br />

left, right and centre, new building had ground to a<br />

halt, manufacturing production was in freefall, youth<br />

unemployment was soaring. The chances of finding<br />

a job – any job – were low. And the winter of ‘79/’80,<br />

when we still seemed to have proper seasons, was<br />

freezing. Bleak.<br />

There were no huge handouts to be anticipated<br />

from Government, it was exceedingly difficult to<br />

claim unemployment benefit, and prospects for<br />

any youngsters not training for one of the main<br />

professions were extremely poor. But, as we always<br />

do, we recovered. Bearing in mind that all recessions<br />

are cyclical, the 1980s were powered initially by<br />

what became known as the Lawson Boom, after the<br />

Chancellor of the day, Nigel Lawson.<br />

As anyone who had a mortgage in those days may<br />

recall however, borrowing rates were driven up to<br />

giddying heights – up to 15 percent at the peak in 1989.<br />

Now that was fine if you owned your property outright<br />

and had money in the bank. You were laughing. But<br />

for most homebuyers, it was an economic disaster.<br />

Many, facing impending bankruptcy, hoisted the white<br />

flag and posted the keys to their homes back to their<br />

lenders.<br />


It is all a long, long time ago. But post-war capitalism<br />

has always moved in boom-and-bust cycles. In other<br />

words, as we emerge blinking into the watery Spring<br />

sunshine, we will get back to what we once regarded<br />

as ‘normal’.<br />

As Mohammed Ali said following his brutal,<br />

bruising encounter with Ken Norton, a far lower<br />

ranked journeyman heavyweight: ‘Man that fella hit<br />

me hard – but I will be back. I will be back stronger. I<br />

will be back punching mean. And I will be back even<br />

better looking than I am now.’<br />


As our astonishing vaccine rollout has demonstrated,<br />

we are a brilliantly capable nation, clever and<br />

resourceful. We have shown that we can still lead the<br />

world in our enterprise and industrial and intellectual<br />

might, and while (whisper it) the French and Germans<br />

have been scratching their heads, looking across the<br />

Channel and wondering how they have been left so far<br />

behind, our new dawn is now a reality.<br />

I know that one day – and it will not be too long now<br />

– we will be shuffling along on that interminable line,<br />

waiting to board an airliner, to whisk us off to some<br />

exotic beach or city. I know that the blokes who have<br />

set up camp in the generously proportioned doorway<br />

of Trailfinders will be obliged to take down their tent,<br />

while one of the few viable businesses on our High<br />

Streets once again fires up its systems and looks for<br />

the best deals for a vacation-starved population.<br />

And I know that my local pub will be back, busier<br />

than ever. Those of us who have perhaps been more<br />

fortunate than our peers in the uneven hand dealt by<br />

the pandemic may well feel it incumbent upon them<br />

to spread the love. Spend, and then maybe spend a bit<br />

more. Because the gloom of the winter of 2020/21 is<br />

now behind us.<br />

It is time to get out there and into the sunshine once<br />

again.<br />

David Andrews is a freelance journalist.<br />

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



Individual Voluntary Arrangements are<br />

broken but can be repaired.<br />

AUTHOR – Peter Wallwork FCICM<br />

I<br />

think I can look back with a sense of<br />

satisfaction when I think of the work<br />

we did whilst I was CEO of the trade<br />

association for the debt collection<br />

industry: those that were kind enough to<br />

say, talked of us changing the face and<br />

perception of the debt collection industry, very<br />

much for the better.<br />

When I stood down from the role at the end<br />

of July 2020, mid-way through the pandemic,<br />

jovially rebuking those who wished me a ‘happy<br />

retirement’, I found myself with some time to<br />

reflect and decide what to do next. I certainly<br />

felt that I wanted to continue with a formula of<br />

improving the way the industry works, for both<br />

the businesses that operate in it and crucially, the<br />

consumer in debt.<br />

Enter Louise Yates, a long-time campaigner<br />

for good in the insolvency world, founder of The<br />

Insolvency Panel and co-Founder and CEO of<br />

a new company, Trustfolio, and suddenly I was<br />

interested in what we could do to change the<br />

way Individual Voluntary Arrangements (IVAs)<br />

are run.<br />


Don’t get me wrong, at the <strong>Credit</strong> Services<br />

Association (CSA), IVAs were always on the radar<br />

but not really on the agenda, so I had some<br />

learning to do and I was surprised at what I saw.<br />

Possibly the biggest thing I realised was how<br />

little those away from the coalface (including<br />

me) actually knew about IVAs and how that lack<br />

of understanding, especially when considering<br />

how to correct what is perceived to be wrong, is<br />

potentially quite dangerous.<br />

I’ve heard all kinds of horror stories about<br />

the way in which various parties in the industry<br />

have operated over the years; how the current<br />

regulatory regime has been criticised for finding<br />

it difficult to be effective. I’ve heard the headline<br />

criticism from those that deal with the fall-out<br />

customers in debt experience when IVAs fail.<br />

Chris Woolard in his Review for the FCA,<br />

listened to inputs given by consumer advocates<br />

and creditors who declared that the IVA market<br />

is broken. He recommended that regulators, with<br />

support from Government, should act swiftly to<br />

remedy the <strong>issue</strong>s created by the fee structures<br />

and that they should collaborate more in the<br />

longer term.<br />

However, simply declaring very bluntly that<br />

something is broken, tends to suggest that things<br />

are so bad, they are beyond repair. Whilst I’ve not<br />

suddenly turned into an evangelist for IVAs per se,<br />

I’d like to question that.<br />

Sure, I can see regulatory gaps where it isn’t 100<br />

percent clear who is responsible for a particular<br />

part of the process and which regulator should be<br />

keeping an eye on it. I can see also how each player<br />

in the process is commercially driven to pushing<br />

an IVA through. And I can see the alarmingly<br />

high early failure rate, indicating there are <strong>issue</strong>s<br />

around the appropriateness of recommending an<br />

IVA and the worse place that puts the customer<br />

in debt, from a financial and emotional wellbeing<br />

point of view when things go wrong.<br />


But coming at this problem with a relatively fresh<br />

pair of eyes, it is possible to see some fairly simple<br />

remedies that could restore the humble IVA back<br />

to its place in the advisers’ debt-solution arsenal.<br />

There is, understandably considerable focus<br />

and concern around a couple of key areas – the<br />

fees an Insolvency Practitioner (IP) earns, even<br />

at the largely now agreed fixed rate of £3650 per<br />

case, on the face of it still sounds high; the fees<br />

lead generators earn, reportedly up to £1000 per<br />

case, sound on the face of it, eye watering. Then<br />

there’s the consumer groups’ claims around misselling<br />

and the link between mis-selling and the<br />

fees up for grabs that drives it all and you have on<br />

the face of it, a set of very easy and obvious targets<br />

to aim at and an easy solution in mind.<br />

I’m not arguing in favour, or against these fees.<br />

These are primarily commercial arrangements<br />

between firms, not the consumer. In an IVA,<br />

the creditor is effectively paying for the fees, by<br />

writing off the debt owed, including any IP fees,<br />

over and above what the customer in an IVA, can<br />

afford to pay over 60 or 72 months.<br />

So why would a regulator be concerned with<br />

these fees? Surely market forces can effectively<br />

control all this? After all, they don’t appear so<br />

concerned with how much commission a debt<br />

collection agency earns from a bank or how much<br />

a credit card company sells its debt to a debt buyer.<br />

The answer is simply because when an IVA<br />

fails, the debt forgiveness is withdrawn by the<br />

creditors, the full debts are reinstated, and the<br />

money that the customer in debt has paid up to<br />

the point of failure, has in many cases gone largely<br />

to the IP. Potentially the customer in debt is up to<br />

£3650 worse off than when they started looking for<br />

a debt solution in the first place.<br />


Worryingly, around 20 to 30 percent of IVAs fail in<br />

the first couple of years. It seems to me that if we<br />

can reduce that number, we can tackle the crux of<br />

the <strong>issue</strong> head on.<br />

Then there are the claims around mis-selling,<br />

which are also calling into question the whole<br />

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


AUTHOR – Peter Wallwork FCICM<br />

wrong effect. There needs to be appropriate<br />

and effective regulation of course, but that’s<br />

different. Reduced income could mean they<br />

simply exit the market. What we need is a<br />

reduction in the early failures.<br />

What if successful IVAs do get consumers out<br />

of debt and are generally more successful than<br />

Debt <strong>Management</strong> Plans (DMPs)? People will<br />

feel they already know the answer to this, but<br />

we don’t really know, and we shouldn’t make the<br />

assumption they are not. We need data to tell us<br />

what is happening, and we don’t have that today.<br />

I’m not sure I have enough space here to argue<br />

whether it is better to approach a consumer to<br />

see if they would like help or wait for them to<br />

come and ask for it – Sir Hector Sants wants to<br />

get another two million consumers into debt<br />

advice but is struggling to get them to come<br />

forward, and when they do, there isn’t the<br />

capacity to serve them. It’s a circular problem<br />

that various people including Peter Wyman,<br />

have touched on many times in the past.<br />

benefit of IVAs. The problem here is that there<br />

isn’t enough data out there to understand what<br />

is really going on and there aren’t the tools in the<br />

right places to get to it. There are gaps where it<br />

possibly isn’t clear who is responsible for what<br />

– that’s the regulatory <strong>issue</strong> Chris Woolard is<br />

talking about – and it might be that’s causing<br />

some of the early failures.<br />

Without data, we don’t know the full picture<br />

– we don’t know enough about why the early<br />

failures are really happening and whilst we can<br />

take a guess, that’s not very scientific; we also<br />

don’t know some of the basics, like how IVAs<br />

perform relative to debt management plans and<br />

that might be quite interesting to see.<br />

It could be that simply aiming for the fees<br />

the IPs and lead generators charge and being<br />

seen to be taking some decisive action clamping<br />

down or capping them, is going to have the<br />

I’ve heard all kinds<br />

of horror stories<br />

about the way in<br />

which various<br />

parties in the<br />

industry have<br />

operated over the<br />

years; how the<br />

current regulatory<br />

regime has been<br />

criticised for<br />

finding it difficult<br />

to be effective.<br />


I’ve often said it before, but the right outcome for<br />

customers in debt is inevitably the right outcome<br />

for the businesses serving those customers too.<br />

That’s how the debt collection industry evolved<br />

over recent years and it works. Regulators can<br />

drive these right outcomes of course, but they<br />

too need data to do that effectively.<br />

And what about the creditors that are<br />

effectively paying for much of this through debt<br />

forgiveness? The answer’s the same, you guessed<br />

it - they need data to see they are complying with<br />

regulation and managing IVAs effectively too.<br />

IVAs need to be used and run properly and I<br />

realise there will be other <strong>issue</strong>s commentators<br />

will want to talk about. But IVAs are a key part<br />

of the toolbox for those advising customers in<br />

debt, especially with the forecast tsunami of<br />

financial difficulty that will follow once the<br />

government income support schemes start to<br />

be wound down. If we can solve the key <strong>issue</strong>s<br />

and revive IVAs’ reputation, they should once<br />

again become a trusted and respected solution<br />

and that’s a really good a win-win for consumer,<br />

creditor, IP et al.<br />

Peter Wallwork FCICM is a member of the<br />

Trustfolio team (peter.wallwork@trustfolio.<br />

co.uk). He is also a non-Executive Director<br />

of the Money Advice Liaison Group as well<br />

as holding other non-executive and advisory<br />

roles. Trustfolio is a specialist software service<br />

provider, offering an innovative end-to-end<br />

solution to for the better management of<br />

customers in IVA solutions.<br />

The Insolvency Panel is a not-for-profit Social<br />

Enterprise supporting over 200 free-sector debt<br />

advice agencies (1000+ individual debt advisers)<br />

with free digital tools and campaigning for<br />

better IVA provision.<br />

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

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

SEE THE<br />



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

01993 220557<br />

BD@courtenforcementservices.co.uk<br />



Singapore may<br />

be small, but it’s<br />

perfectly placed<br />

(Part 1 ).<br />

Small Island<br />

AUTHOR – Adam Bernstein<br />

SINGAPORE is an island city<br />

state associated with Sir<br />

Stamford Raffles who founded<br />

it as a trading post in 1819,<br />

the Japanese occupation in<br />

1942, and the virtual banning<br />

of chewing gum. The reality, of course, is<br />

much more than that.<br />

With a history that stretches back<br />

across the millennia, Singapore gained<br />

self-governing status in 1959 and joined<br />

the Federation of Malaysia in 1963.<br />

However, following differences with<br />

fellow members it was expelled in 1965<br />

and became fully independent.<br />

One degree of latitude off the equator,<br />

Singapore consists of one main island,<br />

63 smaller islands and islets and one<br />

outlying islet. With an area of just 700<br />

sq km, it packs a mighty punch – well<br />

above what might be thought of it. Data<br />

from the International Monetary Fund<br />

estimates that as of 2020 its people enjoyed<br />

the world’s second largest GDP (PPP) of<br />

$95,603. In comparison Luxembourg sat<br />

in first place with $112,875, the US in<br />

seventh place with $63,051 and the UK<br />

was shockingly found in 25th place with<br />

just $44,288.<br />


Singaporeans are quite diverse. Of its 5.7m<br />

population, 4.03m are residents (citizens<br />

and permanent residents) and around<br />

1.68m are non-residents. The state is very<br />

densely populated, coming in second<br />

after Monaco. Ethnically, Chinese make<br />

up around 76 percent of the population,<br />

Malays 15 percent and ethnic Indians<br />

around seven percent.<br />

But the people are aging. November<br />

2020 data from the CIA World Factbook,<br />

illustrates to what degree. Those aged<br />

under 15 years make up 13 percent of the<br />

population; 15-24 years 15 percent; 25-54<br />

years represent 50 percent; 55-64 years is<br />

11 percent while persons aged 65 years<br />

and over number 11 percent of Singapore’s<br />

inhabitants. Compare those statistics over<br />

the years since 1970 and the age bulge is<br />

moving from young to old.<br />

There are four official languages –<br />

Malay, English, Mandarin and Tamil.<br />

Malay is the official language; English is<br />

used for business. Education is a key part<br />

of Government spending, comprising<br />

around 20 percent of the national budget.<br />

According to data from the Programme<br />

for International Student Assessment,<br />

as run by the OECD, Singapore does<br />

exceedingly well; students score at the<br />

top of all countries examined for reading,<br />

maths and science – well above the<br />

OECD average. As for further education,<br />

Singapore has six ‘local’ universities of<br />

its own but is also home to a number of<br />

overseas and private institutions.<br />

Indeed, success in academia is seen<br />

as a high priority for families who have<br />

effectively made private education a very<br />

lucrative industry; as far back as 2008, the<br />

Straits Times found that some 97 percent<br />

of students went without any form of extra<br />

tuition.<br />


Singapore may be small, but it’s perfectly<br />

placed. It’s thought that around half of<br />

the world’s population can be reached<br />

within six hours by air, and by definition<br />

of its location, it’s a superb location from<br />

which to gain a foothold into the currently<br />

expanding ASEAN economies which<br />

themselves are home to around 630m<br />

people.<br />

On top of that, Singapore is sited at<br />

a point where shipping lanes from the<br />

East and West meet; it’s essentially a wellconnected,<br />

very friendly trading hub<br />

– one of the world’s biggest. The Straits<br />

Times, reckoned in a May 2017 report, that<br />

Singapore ‘has the potential to become the<br />

world's largest commodity trading hub<br />

in the decade ahead as trade flows shift<br />

towards Asia.’ Rising demand for metals<br />

and agricultural products in the region<br />

will enhance its status in the region.<br />

The report also noted that ‘some 80<br />

percent of the world's leading commodity<br />

trading companies have a presence here.’<br />

Names include commodity trading and<br />

mining giant Glencore; energy firms BP,<br />

Shell and PetroChina; the world's top-four<br />

food commodity traders – Bunge, Cargill,<br />

Louis Dreyfus and Archer Daniels Midland;<br />

as well as home-grown companies Olam,<br />

Wilmar, Kairos and Fortrec.<br />

Singapore may be Southeast Asia’s<br />

smallest country, but it’s home to more<br />

than 7,000 multinational corporations and<br />

150 international organisations.<br />

The point is further made in a<br />

September 2020 report on Worldfinance.<br />

com which detailed its predictions<br />

for the five countries most likely to be<br />

the world’s next manufacturing hubs.<br />

Singapore takes up one of the slots on the<br />

list, along with Malaysia, Vietnam, India,<br />

Mexico and not unsurprisingly, China.<br />

Interestingly, the report says that in recent<br />

times, manufacturing in Singapore has<br />

declined to just 19 prcent of GDP, but<br />

that ‘the trade war and the coronavirus<br />

pandemic could change this. As a trade<br />

hub with liberal trade and investment<br />

policies and a history of stable economic<br />

growth, Singapore is well-positioned to<br />

boost its manufacturing capabilities and<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 24

AUTHOR – Adam Bernstein<br />

Unique vertical gardens<br />

resembling towering trees, with<br />

large canopies & colorful lights<br />

at night. These unique trees<br />

can be found all around the<br />

Gardens. Supertrees are tree-like<br />

structures that dominate the<br />

Gardens’ landscape with heights<br />

that range between 25 metres (82<br />

ft) and 50 metres (160 ft).<br />

capitalise on this opportunity.’<br />

And for UK exporters, it’s notable that in<br />

December 2020, Singapore signed a trade<br />

agreement with the UK.<br />


In terms of exports, a 2020 document from HSBC<br />

highlights that top of Singapore’s export list is<br />

machinery and equipment, chemicals, mineral<br />

fuels, manufactured goods, pharmaceuticals,<br />

electronics, non-electric engines and motors,<br />

foodstuffs, and consumer goods.<br />

Conversely, its top imports are machinery<br />

and equipment, mineral fuels, chemicals,<br />

gems and precious metals, foodstuffs, and<br />

consumer goods.<br />

It’s worth pointing out that Singapore<br />

is incredibly important to exporters when<br />

considering its position in the world imports<br />

Pagoda in Chinese Garden – Singapore<br />

Chinatown in Singapore at night.<br />

‘Since it became<br />

an independent<br />

nation, Singapore<br />

has, through land<br />

reclamation,<br />

grown in size by<br />

almost a quarter: to<br />

277 square miles<br />

from 224. By 2030,<br />

the Government<br />

wants Singapore<br />

to measure nearly<br />

300 square miles.’<br />

league. Based on data from the International<br />

Trade Centre, in first place is the US which<br />

imports goods worth $2,568bn, followed by<br />

China at $2,068bn, the UK in fifth place at<br />

$692bn. Singapore is in 15th place with imports<br />

worth $359bn.<br />

Now if we consider Singapore’s position as<br />

an exporter, World Bank Data suggests that<br />

China is in pole position with exports to the<br />

tune of $2,643bn, the US is next with $2,498bn,<br />

the UK is fifth with $891bn while Singapore is<br />

9th on $645bn.<br />

Financial services are important to<br />

Singapore. A Business Times report in<br />

September 2019, quoted a Global Financial<br />

Centres Index survey by London-based think<br />

tank Z/Yen and the China Development<br />

Institute. It found that Singapore was in fourth<br />

place as a financial hub; New York was in first<br />

place, followed closely by London and Hong<br />

Kong. It’s a strong base for insurers and those<br />

in fintech. Incidentally, the survey believes<br />

that Singapore’s financial sector is well placed<br />

to benefit from Brexit in the long-term.<br />

In other areas, and predictably considering<br />

Singapore’s diminutive size, food security is<br />

seen as a key <strong>issue</strong> which makes innovation<br />

in agriculture and diversification of imports<br />

central to planning; the sensitivity is the result<br />

of a combination of rising demand and scarce<br />

resources (there’s not much agriculture going<br />

on… only seven percent is grown locally). And<br />

just as with populations elsewhere around<br />

the world, Singapore’s healthcare system is<br />

having to deal with an ever-ageing population;<br />

this makes the sector a natural target for<br />

commercial exploitation.<br />

Alongside this is scope for infrastructure<br />

development opportunities. Remembering<br />

that Singapore is small, it’s looking to new<br />

solutions to maximise the limited space that<br />

it has including underground transport and<br />

housing innovation. It’s worth noting at this<br />

point that, according to an <strong>April</strong> 2017 feature<br />

run by the New York Times, the Government<br />

owns 90 percent of all of the land, most of<br />

which is less than 50 feet above sea level;<br />

coastal roads are being raised; and there’s an<br />

almost permanent quest to reclaim land.<br />

So much so that the feature commented<br />

that ‘several countries have tired of feeding<br />

Singapore’s endless appetite for sand;<br />

Indonesia, Malaysia and, most recently,<br />

Cambodia have halted exports altogether.’<br />

It follows then that waste material from<br />

projects is recycled – most recently spoil from<br />

underground tunnels.<br />

The New York Times lays bare Singapore’s<br />

efforts in land reclamation: ‘Since it became an<br />

independent nation, Singapore has, through<br />

land reclamation, grown in size by almost a<br />

quarter: to 277 square miles from 224. By 2030,<br />

the Government wants Singapore to measure<br />

nearly 300 square miles.’<br />

Article to be concluded in the May <strong>issue</strong>.<br />

Adam Bernstein is a freelance business writer.<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 25



In the world of AML, COVID-19 and Brexit<br />

may prompt a drive to electronic verification.<br />

AUTHOR – John Dobson<br />

AS the global Coronavirus crisis started<br />

to take hold during the first quarter<br />

of 2020, many of the processes and<br />

procedures involved in a property<br />

purchase suddenly became obsolete.<br />

Nowhere was this more so than in<br />

the key area of ID verification and customer onboarding<br />

to guard against the threat of money laundering and<br />

financial crime – for which the housing market is a<br />

prime target. And one of the biggest <strong>issue</strong>s to come<br />

out of it for the sector was the need to switch from<br />

manual methods of verification to a more secure digital<br />

platform.<br />


The potential for increased criminal activity in light of<br />

the gaps in security that opened up as a result of the<br />

lockdown order to work from home, was clear to those<br />

in the anti-money laundering (AML) sector. Through<br />

a series of recent webinars, the Financial Action<br />

Task Force (FATF), the global money laundering and<br />

terrorist financing watchdog, highlighted that the crisis<br />

introduced new opportunities as a result of the national<br />

lockdowns.<br />

One of the biggest changes in customer onboarding<br />

was switching from presenting at an office with ID to<br />

prove who they were, to having to scan documents and<br />

email them along with a selfie photo.<br />

This created a huge opportunity for fraud as it is<br />

much easier to falsify a scanned passport with the use of<br />

photo editing software, than it is to create a physical false<br />

passport. And the requirement for social distancing and<br />

staying at home meant it was not possible to compare<br />

documents with a person presenting themselves.<br />

As the restriction on house viewings was lifted and<br />

the Stamp Duty Land Tax (SDLT) holiday introduced to<br />

kickstart the housing market, demand in the property<br />

sector through the summer reached unprecedented<br />

levels – along with the prospect of further attempts at<br />

money laundering and financial fraud.<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 26


AUTHOR – John Dobson<br />


Manual checks for ID verification have long<br />

been viewed as outdated and ineffectual when<br />

it comes to preventing fraud. The onset of the<br />

Coronavirus, therefore, and overnight changes<br />

to how business operated amplified calls<br />

already being made for regulated businesses<br />

operating in the property market to shift to<br />

electronic verification.<br />

In fact, it was a call backed by FATF as<br />

electronic checks using credit reporting data<br />

will bring to light any discrepancies in a<br />

client’s personal history and clearly flag up<br />

where further action is required.<br />

In addition, advances in facial recognition<br />

software came to the fore. Without being able<br />

to see the person face-to-face, this was a key<br />

development in giving businesses that crucial<br />

extra reassurance that the person they are<br />

dealing with is on the level.<br />

There is also a groundswell of opinion<br />

emerging for a whole new approach to digital<br />

ID, looking at the use of technology such as<br />

Blockchain in order to create one indelible<br />

record of an individual’s true identity.<br />

While this has some merit, and the<br />

intentions are all good, it would probably<br />

be more practical to put the onus of<br />

verifying ID on the key parties involved in a<br />

housing transaction, such as estate agents,<br />

conveyancers, etc. Because, would an<br />

individual invest the time needed to keep the<br />

record up to date, when they only move house<br />

every few years?<br />


However, one of the biggest changes in this<br />

area which should prompt a wholesale shift<br />

towards electronic verification has actually<br />

come from the Government as a result of<br />

Brexit.<br />

As part of the legislation governing our<br />

departure from the EU, the Money Laundering<br />

and Terrorist Financing (Amendment) (EU<br />

Exit) Regulations 2020 has now clarified the<br />

position on electronic verification. It is clear<br />

in stipulating that electronic verification<br />

should be used, enabling businesses to move<br />

away from manual, document-based checks.<br />

In addition, the Legal Sector Affinity Group<br />

(LSAG) announced the results of its extensive<br />

revision of anti-money laundering guidance<br />

earlier this year. In this they refer to the<br />

Brexit legislation which again is a welcome<br />

move in terms of bringing the legal sector up<br />

to date with the latest technological solutions.<br />

In essence what this legislation does is<br />

confirm there is no longer any need to collect<br />

passports, driving licences and those kinds of<br />

documents to verify ID. For the vast majority<br />

of every day, legal work and conveyancing all<br />

that is required for ID verification is a name,<br />

address and a date of birth (optional).<br />

An online verification platform runs the<br />

details through a global data search to bring<br />

back results for an individual in less than two<br />

seconds, and for a business in about three<br />

minutes.<br />

What we urgently need to move away from,<br />

and this Brexit legislation allows us to do it,<br />

are practices such as asking new customers to<br />

send a photo of themselves with their passport<br />

in hand open at their photo page.<br />

Electronic verification ensures compliance<br />

with Know Your Customer (KYC) and Know<br />

Your Business (KYB) legislation without<br />

having to handle a single document. It is also<br />

less intrusive, as well as being 100 percent<br />

COVID-secure because you don’t need to<br />

meet face-to-face. We are not only entering a<br />

new era of life outside of the EU but also a new<br />

era of electronic verification, and this is the<br />

year to make the switch.<br />


One of the reasons why fraudsters and<br />

criminal gangs have found it so easy to work<br />

the system is a lack of resources to combat it<br />

at a government level.<br />

The Chancellor has now announced a<br />

£100m investment in a new fraud taskforce<br />

and more than 1,000 new investigators. This<br />

is a positive move which may go some way<br />

to recouping the £billions which have been<br />

lost to fraud over the past 12 months of the<br />

coronavirus crisis.<br />

There’s no doubt that extra resources are<br />

much in need, particularly as the chancellor<br />

has also announced a new Restart fund for<br />

businesses to replace the Bounce Back loans,<br />

which was wide open to fraud and lost more<br />

than £20bn in fraudulent claims.<br />

But it’s also vital that a significant amount<br />

of that £100m investment goes into the systems<br />

used by HMRC to find those responsible for<br />

fraud.<br />

Without the use of the latest digital platforms<br />

to run ID checks and verify information on a<br />

global scale, these investigators will simply be<br />

left in the dark.<br />

John Dobson is CEO of SmartSearch UK<br />

John Dobson<br />

One of the biggest changes in customer onboarding was<br />

switching from presenting at an office with ID to prove who they<br />

were, to having to scan documents and email them along with a<br />

selfie photo.<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 27



OpenBordersDirect is helping smaller<br />

businesses manage the risk of conducting<br />

international trade.<br />

AUTHOR – Lesley Batchelor OBE, FCICM<br />

Lesley Batchelor<br />

OBE, FCICM<br />

OpenBordersDirect<br />

takes the user<br />

on a journey that<br />

allows them to steer<br />

their own course;<br />

navigating the site<br />

using easy-to-select<br />

process categories<br />

and clicking to read<br />

more, or to access the<br />

tools that sit behind<br />

the sections.<br />

FRESH back from a trip<br />

from the Philippines,<br />

Liam Fox, then Secretary<br />

for State Department for<br />

International Trade, asked,<br />

‘Why don’t more businesses<br />

export to the Philippines, indeed all the<br />

emerging markets?’<br />

At the time I wanted to explain in a<br />

60-second sound bite why they don’t,<br />

but instead I settled for the simple ‘It’s<br />

mainly the risk that stops them.’ That was<br />

2017 and time has moved on. The need<br />

to help SMEs extend and become less<br />

risk adverse, or at least more risk aware,<br />

has become apparent. Exploring areas<br />

of risk within the contracts and terms<br />

and conditions that companies offer<br />

highlights many examples of the use of<br />

the wrong ICC Incoterm2020, and the<br />

resultant problems, uncertainty and loss<br />

of profit they can cause.<br />

Whilst working on the last <strong>issue</strong>, I<br />

met Mark Heath, ex AIG and insurance<br />

expert. He was also exploring how<br />

mistakes could be avoided, and how to<br />

create a truly innovative digitised version<br />

of Incoterms2020, to help businesses<br />

understand which obligations sit with<br />

each of the 11 incoterms.<br />

Mark and I soon realised that working<br />

with the ICC Incoterms alone wasn’t<br />

going to help businesses to understand<br />

their risk exposure, and the idea of a<br />

single platform, carrying all the possible<br />

risks and offering mitigation and<br />

solutions to many of them, was needed.<br />

OpenBordersDirect is a brand-new<br />

platform that allows SMEs a safe place<br />

to explore and understand the risks they<br />

face in international trade.<br />


OpenBordersDirect takes the user on a<br />

journey that allows them to steer their<br />

own course; navigating the site using easyto-select<br />

process categories and clicking<br />

to read more, or to access the tools that<br />

sit behind the sections. This way the user<br />

only activates the parts of the site that they<br />

need but can check themselves by looking<br />

at a ‘Risk-Report’ that will highlight any<br />

gaps in the mitigation or coverage of their<br />

individual risk management. This is ideal<br />

for a business to use as part of their risk<br />

register at board level or with their banks.<br />

Understanding the risks your business<br />

is exposed to is a fundamental part of<br />

making a profit. It becomes increasingly<br />

difficult when trading internationally as<br />

everything takes longer. Although some<br />

say three times longer, this is dependent<br />

on the market, product and carrier<br />

chosen.<br />

The platform now also boasts<br />

ecosystem partners who offer brilliant,<br />

innovative solutions specifically<br />

designed to help smaller businesses trade<br />

effectively – and, most importantly, make<br />

a profit.<br />

OBD is a subscription service which<br />

offers a package of support including<br />

Due Diligence reports on KYC and PEPs,<br />

a fully digitised ICC Incoterms2020 tool,<br />

discounts on Virtual FX Bank accounts,<br />

single invoice insurance and finally, an<br />

alternative to Letters of <strong>Credit</strong>. Each<br />

partner has been chosen as part of the<br />

ecosystem as they bring a new tool to help<br />

cash flow and to fund international trade.<br />

There are many more partners waiting<br />

to sign up including risk reports on cyber<br />

<strong>issue</strong>s, and tracking devices linked to<br />

activate an insurance policy and ensure<br />

the safety of goods as they travel around<br />

the world. It is an exciting time to be in<br />

international trade as we look to grow the<br />

UK economy and take UK goods into more<br />

exotic markets. Open Borders Direct aims<br />

to make that easier by helping smaller<br />

businesses manage those risks.<br />

Visit www.openborders.direct and subscribe<br />

with a month’s free trial or as a<br />

member of the Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong> click on the trade association<br />

button, click on CICM and take<br />

advantage of a three-month free trial<br />

available to our advisory board member<br />

associations.<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 28



In the first in a new series, Lesley Batchelor OBE FCICM,<br />

guides readers through the import/export maze.<br />

We start with Freeports.<br />

AUTHOR – Lesley Batchelor OBE, FCICM<br />

THE Government has now<br />

announced eight new<br />

Freeports which sounds like<br />

good news, but what does<br />

that mean and how can<br />

businesses take advantage<br />

of this news?<br />

One of the key components of a Freeport<br />

is that any business set-up within the<br />

confines of the Freeport will benefit from<br />

simplified customs procedures aligned to<br />

tariff and tax exemptions. This means, if<br />

you’re a manufacturer who imports raw<br />

materials from anywhere in the world,<br />

instead of paying the import duty on<br />

these materials you would bring them<br />

to the UK into the freeport or freeport<br />

zone without paying duty on them. The<br />

factory or process plant would sit in that<br />

zone. This delays payment of duties liable<br />

until the goods are processed and either<br />

released into free circulation within the<br />

UK or exported to another market. This<br />

enhances your company’s cash flow<br />

and makes the goods clearance simpler,<br />

in turn making purchasing and supply<br />

chains easier to manage. The same effect<br />

can be produced by using customs or<br />

bonded warehousing facilities, although<br />

there are often other financial incentives<br />

to entice the development of hubs geared<br />

to international trade.<br />

Seven freeports existed in the<br />

UK between 1984 and 2012 but they<br />

were disbanded under the coalition<br />

Government. The need for free circulation<br />

in the EU is limited as goods move freely<br />

from member states anyway, and as such<br />

this type of support is usually given to<br />

Less Developed Countries – although the<br />

EU does have 80 free trade zones across<br />

21 member states, including 24 in the UK.<br />

In developing these new freeport/trade<br />

zones it should be noted that EU State Aid<br />

and WTO rules still need to be adhered to.<br />

Circumstances have definitely changed<br />

since the EU exit, as UK manufacturers<br />

face increased paperwork, and Freeports<br />

might reduce some of this pressure on the<br />

industry.<br />


Manufacturing in the UK contributes 11<br />

percent GDP and represents 44 percent<br />

of UK exports, in addition to supporting<br />

thousands of well-paid jobs directly and<br />

indirectly through their secondary and<br />

tertiary supply chains. The next step<br />

will be the integration of Freeports, with<br />

the recently announced ‘multi-purpose<br />

inland custom facilities’ that have been<br />

designed to manage freight and handle<br />

goods coming into the UK.<br />

The big question is who will use<br />

Freeports? Large manufacturers will<br />

think twice before moving plant and<br />

manufacturing facilities with thousands<br />

of jobs to a new site, even if it enables them<br />

to take advantage of the freeport status.<br />

The shape of business administration<br />

since COVID has also changed, with<br />

many people wanting to continue to work<br />

from home, commuting less, making the<br />

physical location of a manufacturer a<br />

smaller consideration than in the past.<br />

Enterprise Zones have not always<br />

met expectations in terms of job<br />

creation either, but they do succeed<br />

in creating lower skilled work. The<br />

challenge of the mobility of<br />

higher skilled workers remains<br />

an <strong>issue</strong>, especially when<br />

moving away from<br />

the capital and into<br />

‘one job’ cities; the cost of moving a family<br />

and its support circle is hard to quantify.<br />

UK businesses trading globally currently<br />

may feel the new Freeports/Free-zones<br />

will attract new investment, make it easier<br />

to manage the supply chain and certainly<br />

support the UK logistics and warehousing<br />

industry moving forward.<br />

Where does the UK sit within these<br />

agreements, and how can we find our<br />

role outside the EU? As the Government<br />

looks to carve out a new International<br />

Trade Strategy that will integrate with<br />

the Industrial, Education and Digital<br />

Strategies and move the UK forward<br />

towards a brave new world, these are key<br />

questions that need answering soon.<br />

Lesley Batchelor OBE, FCICM<br />

COO & Commercial Director at<br />

Open Borders Direct.<br />


Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 29


TRADE<br />

Monthly round-up of the latest stories<br />

in global trade by Andrea Kirkby.<br />

Lack of containers drives<br />

shipping costs to new high<br />

AS if you needed telling…Xchange, which<br />

tracks container movements worldwide,<br />

has reported that the average cost of<br />

shipping a standard container has risen by<br />

20 percent in recent months to more than<br />

$4,000, extending a rise that began in mid-<br />

November.<br />

Shortages in Shanghai and elsewhere<br />

in China has forced prices up to the point<br />

that average shipping rates between east<br />

Asia and northern Europe are up nearly 40<br />

percent this year, and at nearly $8,000 are<br />

close to double the global average.<br />

The problem is a function of coronavirus<br />

trade disruption which left some ports,<br />

especially in Europe and the US, with too<br />

many containers while there were too few<br />

elsewhere; the surplus saw containers<br />

stacked at the ports or sent inland to<br />

off-port depots. Then the global recovery<br />

– in parts – came along and made a bad<br />

situation worse.<br />

The point is that exporters should, if they<br />

haven’t already, factor in rising shipping<br />

costs and set customer expectations for<br />

delivery times accordingly.<br />


IT was bound to happen eventually but Cuba,<br />

the communist outpost just 90 miles from the<br />

land of the free, has announced it is to allow<br />

private businesses to operate in most sectors<br />

as part of a major reform of its state-controlled<br />

economy.<br />

Allowable activities for private businesses<br />

have been expanded from 127 to more than<br />

2,000 and only a small number of sectors are<br />

to be reserved for the state. The driver for<br />

change was clearly economic, as the country<br />

has been badly affected by the pandemic and<br />

US sanctions introduced by former President<br />

Trump. Its economy fell by 11 percent last<br />

year, it’s worst performance in nearly 30<br />

years. Apart from countless numbers of small<br />

farms, Cuba’s private sector is presently made<br />

up of artisans, taxi drivers and tradesmen.<br />

Many are also involved in tourism which has<br />

been hard hit by the pandemic and sanctions.<br />

Even though President Biden has<br />

suggested that the wants to improve relations<br />

with the country, change happens slowly in<br />

Cuba so don’t expect a rapid opening Look<br />

now at the visa application process<br />

as those who get there first may find<br />

the richest pickings.<br />


The Government has applied for<br />

membership of the Comprehensive<br />

and Progressive Agreement for Trans-<br />

Pacific Partnership – CPTPP – a market<br />

of around 500m people based on a free<br />

trade area with 11 Asian and Pacific<br />

nations.<br />

CPTPP members include Australia,<br />

Canada, Japan and New Zealand as<br />

well as Brunei, Chile, Malaysia, Mexico,<br />

Peru, Singapore and Vietnam.<br />

Granted the market is harder to<br />

access compared to the EU, but it’s not<br />

hard to see evidence of how that part<br />

of the world is set for growth. Naturally,<br />

being a member will help its members<br />

sell to the UK, but the opposite is also<br />

true, and tariffs should drop on UK<br />

exports such as whisky and cars, as<br />

well as service industries.<br />

The effect of membership in the<br />

short term might be muted as the<br />

UK already has trade deals in place<br />

with several CPTPP members and is<br />

negotiating with Australia and New<br />

Zealand. But where this gets interesting<br />

is if the US joins the CPTPP. Former<br />

President Trump removed the US from<br />

the negotiations, but President Biden<br />

may well take a different line. And if<br />

that happens, the UK wouldn’t need a<br />

separate trade deal to access the US<br />

market on better trade terms.<br />

It’s time to pray coronavirus is put<br />

back in its box and that overseas travel<br />

is soon allowed again.<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 30

THE African Continental Free Trade<br />

Agreement is now up and running and<br />

along with the agreement, ‘favourable<br />

demographics, improving governance and<br />

a growing technology sector also bode<br />

well for the continent,’ says MoneyWeek.<br />

Africa’s economic development has<br />

often been compared to that of other<br />

continents because it has consistently<br />

failed to get to grip with free trade.<br />

According to the World Bank, average<br />

tariffs in the UK and US are 1.6 percent<br />

and 1.7 percent respectively. In contrast,<br />

South Africa charges an average of<br />

4.3 percent, Nigeria 8.5 percent and<br />

Kenya 10.1 percent. ‘As a result,’ says the<br />

publication, ‘total trade accounts for 64<br />


NOW here’s an interesting view. Louis Gave,<br />

CEO of GaveKal, an independent research,<br />

fund management and data analysis firm,<br />

in an interview with themarket.ch on why<br />

inflation will return, made a very distinct<br />

observation – that firms should be careful<br />

of their supply chain.<br />

Says Gave: "We’re in a new world... where<br />

supply chains are broken up along the lines<br />

of separate empires. Over the past two<br />

years, the US has done everything it could<br />

to kill Huawei. It's done so by cutting off the<br />

semiconductor supply chain to Huawei.”<br />

He added that: “every Chinese<br />

company today is worried about being<br />

the next Huawei... in every industry. Until<br />

recently, price and quality were the (key)<br />

considerations in any corporate supply<br />

chain. Now...safety of delivery matters<br />

most, even if the cost is higher. This is a<br />

dramatic paradigm shift... It adds up to a<br />



THE government has put in place a £20m<br />

Brexit support package to help firms<br />

cope with (more) changes to trade rules<br />

with the European Union. The money is<br />

designed to help firms prepare for the<br />

implementation of new import controls<br />

which come into force from <strong>April</strong> and<br />

July.<br />

Those that trade only with the EU,<br />

so are new to importing and exporting,<br />

ought to apply for the grants of up<br />

to £2,000 for each trader to pay for<br />

practical support including training and<br />

professional advice.<br />

percent of UK GDP… but is worth only a<br />

third of GDP in Kenya, South Africa and<br />

Nigeria.’<br />

Union Investment, one of Germany’s<br />

largest asset managers, thinks that<br />

lowering tariff barriers should tackle one<br />

of the continent’s main problems – ‘the<br />

low level of intra-African trade.’<br />

And lower tariffs, freer movement,<br />

and a relatively young population<br />

with a median age of only 20 (half<br />

that of the UK), and the rise of virtual<br />

working should, says Union Investment,<br />

‘significantly boost Africa’s long-term<br />

growth’. Africa ought to be on the top of<br />

any exporter’s list now that the UK is now<br />

fully out of Europe.<br />

huge hit to productivity.”<br />

Gave continues to say that productivity<br />

is under attack from regulation, from ESG<br />

(environmental, social and governance)<br />

investors, and now also security<br />

considerations. He’s of the view that this<br />

would not be inflationary if central banks<br />

acted with restraint. “But of course,” he<br />

says, “we know that they are printing<br />

money like never before.”<br />

The fund will be administered through<br />

the pre-existing Customs Grant Scheme<br />

and opened for applications in March.<br />

While welcome, Make UK, a<br />

manufacturers’ organisation, is still<br />

worried by EU/UK impediments. It said:<br />

‘…there remains an urgent need for the<br />

government to sit down with the EU and<br />

address the bottlenecks and red tape<br />

which still remain, and which are adding<br />

substantial costs to doing business.<br />

These are more than teething troubles<br />

which, if not addressed, threaten to<br />

become permanent structural barriers.’<br />



SOUTHAMPTON-based hovercraft<br />

manufacturer Griffon Hoverwork Ltd has<br />

delivered two of its new 995ED craft to<br />

clients in Hong Kong and Estonia. One of<br />

the two eight-metre-long craft was sent<br />

to the Hong Kong Marine Police and the<br />

other to the Estonian Border Guard. So<br />

far, seven of these hovercraft have been<br />

built and sold since it was launched<br />

at the ExpoNaval trade fair in Chile in<br />

2018. Other clients have included the<br />

Malaysia Marine Department and private<br />

customers. The 995ED isn’t cheap – entry<br />

price starts around £650,000 with plenty<br />

of options and has capacity for eight<br />

people or up to four stretchers or any<br />

combination up to a maximum payload of<br />

just under a tonne. Top speed is 30 knots<br />

at full ‘all up weight’.<br />

The company says that it has<br />

hovercraft in all five continents and<br />

supports over 200 GHL machines in more<br />

than 40 countries.<br />



BLOOMBERG reports that South Korea<br />

should bounce back strongly to prepandemic<br />

levels in the first half of <strong>2021</strong>,<br />

giving it one of the best recoveries among<br />

major economies.<br />

As President Moon Jae-in has<br />

previously stated, the country ‘managed<br />

to minimise the economic damage of<br />

COVID-19’ in 2020, and the country ended<br />

the year with a tiny one percent fall in<br />

GDP. On top of that are four government<br />

rescue packages that limited the damage<br />

from a slump in household spending.<br />

The Bank of Korea expects the economy<br />

to grow three percent this year as the<br />

construction industry expands on the<br />

back of government plans to increase<br />

housing. Meanwhile compare South<br />

Korea’s position to that of other large<br />

economies – the world’s 10 biggest<br />

economies shrank by between three<br />

percent and 10 percent in 2020.<br />



OR CALL 020 7738 0777<br />

Currency UK is authorised and regulated<br />

by the Financial Conduct Authority (FCA).<br />


GBP/EUR 1.16879 1.14683 Up<br />

GBP/USD 1.41443 1.38153 Flat<br />

GBP/CHF 1.29575 1.23819 Up<br />

GBP/AUD 1.80844 1.77576 Up<br />

GBP/CAD 1.77854 1.72659 Down<br />

GBP/JPY 1 52.051 146.623 Up<br />

This data was taken on 17 March and refers to the month<br />

previous to/leading up to 16 March <strong>2021</strong>.<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 31


Performance Indicators<br />

Karen Savage and Paula Swain answer<br />

this month's question.<br />

How should<br />

I assess the<br />

effectiveness<br />

of a third-party<br />

collection<br />

agency or<br />

lawyer?<br />

Panellist<br />

Karen Savage FCICM<br />

PERHAPS the best way of<br />

answering this question is<br />

to look at our own model<br />

and the lessons that can be<br />

learned from it in terms of<br />

how ‘effective’ a third-party<br />

can and should be.<br />

We have a panel of six DCAs and three<br />

law firms. Managing their performance<br />

requires a robust Supplier Assurance<br />

Framework. The Assurance Framework<br />

seeks oversight and assurance over<br />

each servicer firms’ general governance<br />

and control framework, adherence to<br />

regulatory requirements, customer<br />

treatment and evidence of satisfactory<br />

recruitment, training and competency<br />

frameworks. Ongoing Quality Assurance<br />

checking are also conducted on a regular<br />

basis.<br />

Azzurro Associates has an independent<br />

second line Risk & Compliance Team. The<br />

Head of Risk & Compliance is responsible<br />

for the compliance monitoring plan,<br />

complaints handling and the monthly<br />

QA framework over our suppliers. Each<br />

customer-facing supplier goes through a<br />

Due Diligence process, an annual review<br />

of policies and a monthly oversight<br />

process. The monthly oversight includes<br />

anything up to 50 customer telephone<br />

calls and file reviews per supplier. These<br />

are marked against industry best practice,<br />

regulatory requirements and our own suite<br />

of policies. (Once lockdown restrictions<br />

in the UK have been lifted, the Risk &<br />

Compliance Team will recommence visits<br />

to each supplier to conduct a full audit.)<br />

Over the last 12 months, weekly virtual<br />

meetings with suppliers have been ‘the<br />

norm’, to discuss and assess collections<br />

performance, accounts that are on ‘hold’<br />

as a result of COVID, and or agreed strategy<br />

as regards litigation and use of the courts.<br />

Both the FCA and the CSA provided regular<br />

updates on generic operational <strong>issue</strong>s and<br />

best practice, which were also used as a<br />

benchmark for third-party performance.<br />

What we looked for (and still look for) in<br />

particular includes:<br />

• The ability to provide timely, accurate<br />

reporting in line with our monthly<br />

reporting requirements. All transactions<br />

(whether cash or non-cash) should be<br />

coded correctly enabling straightforward<br />

balance reconciliation. Periodic audit of<br />

the data transmission should highlight few<br />

if any errors.<br />

• A review of a sample of accounts placed<br />

with the servicer should indicate multiple<br />

attempts to contact the customer through<br />

the various channels available to the<br />

servicer (phone, letter, email, SMS etc).<br />

Further contact with the customer should<br />

reflect the preferred communication<br />

channel agreed with that customer.<br />

• The servicer should proactively suggest<br />

changes in strategy based on information<br />

gleaned by the Contact Centre. The<br />

recommendations should highlight the<br />

cost/benefit of such a strategy change.<br />

• The servicer should, where possible,<br />

enable the customer to use self-serve<br />

processes to manage their debt position.<br />

Such online tools should offer a suite of<br />

payment plan and settlement options,<br />

ensuring all forbearance tools and<br />

affordability guidelines are adhered to.<br />

• Running a benchmark strategy<br />

introduces an element of competition<br />

to the servicing strategy between two or<br />

more service providers. The key criteria<br />

to ensure an effective benchmark process<br />

are:<br />

The debt placed is randomly allocated –<br />

with a check of credit quality characteristics<br />

to ensure no pool is substantially different;<br />

The timeframe of measurement<br />

must discourage an acceleration of the<br />

collection process by the Servicers, and<br />

thus create artificial unsustainable results;<br />

The benchmark pools must be of<br />

sufficient size to support consistent efforts<br />

by the servicers;<br />

One should consider a hybrid activity<br />

and contingent commission rate model,<br />

to ensure each servicer is appropriately<br />

compensated for their efforts, thus<br />

ensuring a level playing field.<br />

Close oversight during the Pandemic<br />

– and beyond – should ensure collection<br />

volumes remain stable, whatever the<br />

challenge!<br />


Chief Operating Officer and Solicitor at Azzurro Associates.<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 32


Start with a review and<br />

development of your credit<br />

control processes around query<br />

management and escalation for<br />

outsourcing for legal support.<br />

If your team hasn’t outsourced<br />

before, or their experience is<br />

limited, then this will help build<br />

knowledge.<br />

Panellist<br />

Paula Swain<br />


Partner. National Head of Commercial Recoveries.<br />

SPECIALIST recoveries lawyers should offer you so<br />

much more than litigation, even if that is their daily<br />

bread.<br />

If you take Shoosmiths as an example, our service<br />

can start with a review and development of your credit<br />

control processes around query management and<br />

escalation for outsourcing for legal support. If your team hasn’t<br />

outsourced before, or their experience is limited, then this will<br />

help build knowledge about the escalation process and build trust<br />

between client and lawyer. It’s a great way to start an important<br />

relationship.<br />

Where your team is more experienced or you have wider<br />

resource, you might still benefit from a triage service. This<br />

provides you with a fixed cost case review for those hard to crack<br />

or more complex cases. Our advice will help you to choose a<br />

strategy for resolving the case.<br />

It’s not all about litigation either, we can help with a pre-legal<br />

collections lettering and telephone service. Receiving a letter<br />

from a law firm can often be enough to prompt engagement and<br />

resolution. The right choice of lawyer will provide you with the<br />

best range of services to suit your business and your team.<br />

The size of your case load for outsourcing is also a relevant<br />

consideration. Can your proposed legal partner support you in<br />

the way you need? Do they have the resource and system to cope<br />

with managing a large supply of cases from you? Will they be<br />

able to provide access to their system to enable your team to selfservice<br />

updates? Will they be able to provide reports in a format<br />

which helps your own internal reporting needs?<br />

For those with smaller case-loads, will you have the opportunity<br />

to build a relationship with your dedicated service team? Being<br />

passed from pillar to post can be a frustrating experience, so it<br />

will help if you can have a main point of contact looking after<br />

your relationship. Ask how the lawyer will onboard your work<br />

and manage your relationship. This will give you an insight into<br />

how the relationship is likely to develop.<br />

Is industry knowledge relevant for your choice? If so, ask about<br />

the lawyer’s experience, and ask for case studies. This will show<br />

you that they are likely to quickly understand your business and<br />

your commercial objectives. If your business has customers<br />

across the UK, then ask how your lawyer will support you with<br />

cases in all four jurisdictions. Would you prefer a national firm<br />

with a joined up team across the UK, or a firm based in one of the<br />

jurisdictions referring your work out to a separate law firm in the<br />

relevant jurisdiction? Last, but not least, lead with rapport. Can<br />

you work closely with your chosen team, and do you feel that they<br />

will become a trusted adviser?<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 />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 33

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

The CICM<br />

British <strong>Credit</strong><br />

Awards <strong>2021</strong><br />




w<br />

Congratulations to all for<br />

your constant endeavour<br />

IN its 82-year history, the CICM has come through a great many<br />

challenges, not least of which was a world war. In more recent<br />

times we have been going through another battle, perhaps<br />

not quite so catastrophic, but certainly global, and most likely<br />

the biggest challenge that many of us will have faced in our<br />

working lives. It is remarkable, then, that not only are we now<br />

emerging through the other side, but that we also have something to<br />

celebrate. Because through adversity often comes inspiration, and these<br />

awards are a celebration of all that is good about our brilliant profession<br />

and our brilliant people. To the winners, many congratulations and<br />

thank you for leading the way. To the highly commended and indeed to<br />

all of those shortlisted, be consoled by the company you keep, and your<br />

continued endeavour – in the words of Tennyson – to strive, to seek, to<br />

find, and not to yield.<br />

Sue Chapple FCICM<br />

Chief Executive<br />


Steve Allinson – Allinsonlaw Limited<br />

Gail Armstrong MCICM – Siemens<br />

Michelle Atkinson FCICM – United Utilities<br />

Liz Bingham – R3<br />

Sue Chapple FCICM – CICM<br />

Leanne Chesterman – BAE Systems<br />

Brendan Clarkson FCICM – Begbies Traynor<br />

Steven Coppard MCICM – Cabinet Office<br />

Sean Feast FCICM – Gravity Global<br />

Nigel Fields FCICM – NBC Universal International<br />

Philip King FCICM – Dept for Business, Energy & Industrial Strategy<br />

Philip Roberts FCICM – Clarke Willmott<br />

Natalie Ross – American Express<br />

Paula Swain – Shoosmiths<br />

Karen Young – Hays<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> 2020 / PAGE 35<br />

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

continues on page 36 >

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

Apprentice of the Year Award<br />

Winner<br />

Alicja Gracjasz<br />

Valor Hospitality Europe Limited<br />

Judges' comment: Alicja is a real credit to her profession<br />

and has shown extraordinary resilience and maturity through<br />

an extremely difficult period. Despite being furloughed,<br />

made redundant and then re-hired, her professionalism and<br />

enthusiasm have shone through.<br />

Presenter: Gail Armstrong MCICM, Head of Invoice to<br />

Cash GB & Ireland at Siemens<br />

Thank you! Appreciation Award<br />

Winner<br />

Emma Tudor-Pratley ACICM<br />

The Adecco Group UK & Ireland<br />

Sponsored by<br />

Judges' comment: Emma has been a real lynch pin during<br />

these challenging times, and her kind heart and helpful<br />

manner has been appreciated by all of her colleagues.<br />

Finalists:<br />

Chris Sanders FCICM, Sanders Consulting Associates,<br />

Haylie Heather, npower Business Solutions<br />

Joanne Rhodes, The Adecco Group UK & Ireland<br />

Octav Carlescu, <strong>Credit</strong> Assist<br />

Presenter: Tom Dodd-Noble, CEO Data Interconnect<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 36

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

Shooting Star Award<br />

Winner<br />

Lisa-Marie Schorah<br />

Weightmans<br />

Sponsored by<br />



Judges' comment: Lisa-Marie shows what can be achieved<br />

when those in the early stages of their career are given the right<br />

encouragement and support, and how they can develop into the<br />

shooting stars of tomorrow.<br />

Finalists:<br />

Inga Schibsted, Chaser<br />

Emma Carruthers, RS Components<br />

Ethan Harrison, The Very Group<br />

Presenter: Charlotte Turner, Director at Porfolio<br />

Cool Under Pressure Award<br />

Winner<br />

Kieran Reid<br />

The Adecco Group UK & Ireland<br />

Judges' comment: The judges were impressed by Kieran’s<br />

commitment to setting and achieving his own personal targets<br />

as well as those imposed by the business. He has enjoyed an<br />

amazing year with unprecedented results.<br />

Finalists:<br />

Aurangzaib Chawla, Lanop Accountants<br />

Virginija Tesarcik, RS Components<br />

Presenter: Phil Roberts FCICM, Partner at Clarke Wilmott LLP<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 37 continues on page 38 >

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

Diversity & Inclusion Award<br />

Winner<br />

Marston Holdings<br />

Judges' comment: Marstons is very focused on moving with<br />

the times and sets high expectations in its people and working<br />

practices. The standards of excellence it has demonstrated in<br />

diversity and inclusion are of the highest order.<br />

Presenter: Debbie Nolan FCICM, CICM Chair and Vice President of<br />

Collections UK at Avarto<br />

Duct Tape Award<br />

Winner<br />

Claire Rigby<br />

Wex Euroupe (Services) Ltd<br />

Judges' comment: Claire is capable of a variety of fixes,<br />

supporting individuals and the business, in big ways and small.<br />

If ever there was a Mrs Fixit, it’s Claire!<br />

Finalists:<br />

Chris Williams, Royal Mail - Octav Carlescu, <strong>Credit</strong> Assist - Simon Quigley<br />

The Adecco Group UK & Ireland - Steve Ewen, RS Components.<br />

Presenter: Michelle Atkinson, Head of Income<br />

Customer Services for United Utilities<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 38

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

<strong>Credit</strong> Team of the Year Award<br />

JOINT WinnerS<br />

London School of Economics<br />

Judges' comment: This entry showed a team that fully<br />

understood the benefits of transparency, flexibility and<br />

knowledge sharing, as well as having a deep understanding of<br />

debt resolution. The team is forward thinking and has its eyes<br />

firmly fixed on the future.<br />

Tarmac Trading Ltd<br />

Sponsored by<br />

Judges' comment: A standout performance demonstrating<br />

transformative change and strong results. The team has<br />

delivered great results in extremely difficult circumstances and<br />

in a challenging sector.<br />

Finalists:<br />

AR Team - BAE Systems, Arvato Financial Solutions, Ascent Performance<br />

Group Limited, Imperial College London, Royal Mail, Scottish Water Business<br />

Stream, Tenth Revolution Group, The Adecco Group UK & Ireland<br />

Presenter: Andrew Bass, Senior Business Development Executive Visma Onguard<br />

<strong>Credit</strong> Professional of the Year Award<br />

Winner<br />

Sponsored by<br />

Debbie Matthews MCICM (GRAD)<br />

The Adecco Group UK & Ireland<br />

Judges' comment: Debbie's influence goes far beyond her day<br />

job and has positively impacted her direct reports, their direct<br />

reports, and clients struggling through COVID-19 restrictions.<br />

The Judges see Debbie as real leader and role model showing<br />

exceptional commitment to her team and the business.<br />

Finalists:<br />

Caitlin Guy-Holt, Wex Europe (Services) Ltd - Gillian Johnston MCICM<br />

RS Components - Kayleigh Bagnall, Wex Europe (Services) Ltd - Natalie<br />

Tate, Just - Nicholas Brierley, University of Central Lancashire - Nicos<br />

Ioannou FCICM, Infocredit Group Limited - Oliver Slimm Dudley, Building<br />

Society - Vinod Kerai ACICM, Chesterton Global Limited.<br />

Presenter: Kabir Gulabkhan, Manager at Hays <strong>Credit</strong> <strong>Management</strong><br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 39 continues on page 40 >

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

CICMQ High Performance Team of the Year<br />

Winner<br />

Tarmac<br />

Judges' comment: Tarmac has all of the attributes of a high<br />

performing team that is extremely motivated and engaged.<br />

The team clearly work closely with all stakeholders throughout<br />

the business and have a very clear idea of what they want to<br />

achieve, whilst sharing their experiences in credit management<br />

to help other organisations in the CICM Best Practice Network.<br />

Presenter: Chris Sanders FCICM, Head of CICMQ Accreditation<br />

Sir Roger Cork Prize<br />

Winner<br />

Ben Holdsworth ACICM<br />

Judges' comment: This award is presented to the 2020<br />

candidate who achieved the highest aggregate marks across<br />

all the core examined units.<br />

Presenter: Debbie Tuckwood, CICM’s Chief Advisor for Professional Development<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 40

CSA Apprenticeships<br />

The CSA is an approved<br />

Apprenticeship Training<br />

Provider specialising in<br />

<strong>Credit</strong> and Collections, and<br />

Compliance and Risk.<br />

Our apprenticeships are<br />

designed and delivered by a<br />

team of financial services, risk<br />

and compliance professionals,<br />

who combine extensive industry<br />

knowledge and understanding<br />

with highly developed training,<br />

coaching and assessment<br />

expertise.<br />

Level 2 <strong>Credit</strong><br />

Control & Collections<br />

14 months<br />

Level 3 Advanced <strong>Credit</strong><br />

Control/Specialist<br />

Collections<br />

19 months<br />

Cohort start date: 15 <strong>April</strong> <strong>2021</strong>*<br />

Level 4 Regulatory<br />

Compliance Officer<br />

16 months<br />

Cohort start date: 22 March <strong>2021</strong>*<br />

For further information:<br />

Level 3 Compliance<br />

Risk Officer<br />

16 months<br />

Cohort start date: 29 <strong>April</strong> <strong>2021</strong>*<br />

Level 4 Counter<br />

Fraud Investigator<br />

27 months<br />

Cohort start date: 15 <strong>April</strong> <strong>2021</strong>*<br />

Level 6 Senior Compliance<br />

Risk Specialist<br />

37 months<br />

*Learners can join up to six weeks after start date<br />

w: www.csa-uk.com/apprenticeships<br />

e: apprenticeships@csa-uk.com<br />

t: 0191 217 3073<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 41


A Little Ray of Light?<br />

The latest payment performance statistics<br />

show some signs of improvement.<br />

AUTHOR – Rob Howard<br />

LAST month’s late payment statistics<br />

painted an increasingly worrying<br />

picture. The latest figures, however,<br />

show some signs of improvement<br />

across the board to lift, at least<br />

temporarily, some of the doom and<br />

gloom caused by the pandemic. The average Days<br />

Beyond Terms (DBT) across regions and sectors<br />

reduced by 2.8 and 2.7 days respectively.<br />


The sector standings provide some room for<br />

optimism, with 16 of the 22 sectors managing to<br />

reduce their payment terms.<br />

The Business from Home and Agriculture,<br />

Forestry and Fishing sectors are the biggest<br />

movers, with reductions of 9.3 and 9.2 days<br />

respectively. Elsewhere, the Construction (-8.1<br />

days), Energy Supply (-6.5 days) and Mining<br />

and Quarrying (-5.2 days) also made significant<br />

improvements. A reduction of 3.2 days means<br />

that the Public Administration sector just pips<br />

Health & Social to top spot in the standings with<br />

an overall DBT of 10.2 days.<br />

Unsurprisingly, Hospitality continues to suffer<br />

more than any other sector, a further increase of<br />

7.6 days means its overall DBT is now a staggering<br />

43.3 days. Hotel, restaurant and café owners to<br />

name but a few are all desperately counting down<br />

to the lifting of restrictions which will allow them<br />

to open their doors once again.<br />

From a regional perspective,<br />

things also look a little brighter,<br />

with 10 of the 11 regions moving<br />

in the right direction and making<br />

reductions to payment terms.<br />

The only increase came from<br />

Northern Ireland (+0.2 days),<br />

albeit a very marginal one.<br />


From a regional perspective, things also look a<br />

little brighter, with 10 of the 11 regions moving<br />

in the right direction and making reductions<br />

to payment terms. The only increase came<br />

from Northern Ireland (+0.2 days), albeit a very<br />

marginal one.<br />

East Anglia and East Midlands,<br />

previously the two worst performing<br />

regions, made the biggest<br />

improvement, with a reduction<br />

of 6.1 days and 5.3 days<br />

respectively to payment<br />

terms. A reduction of 4.9<br />

days means that Yorkshire<br />

and Humberside is now<br />

the best performing region<br />

with an overall DBT of 15.2 days.<br />

By Rob Howard<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 42


Data supplied by the <strong>Credit</strong>safe Group<br />

Top Five Prompter Payers<br />

Region Feb 21 Change from Jan 21<br />

Yorkshire and Humberside 15.2 -4.9<br />

North West 16.2 -4.6<br />

Northern Ireland 17.3 0.2<br />

West Midlands 17.3 -2.1<br />

Scotland 17.8 -1.5<br />

Bottom Five Poorest Payers<br />

Region Feb 21 Change from Jan 21<br />

Wales 20.4 -1.5<br />

East Midlands 19.4 -5.3<br />

East Anglia 19.3 -6.1<br />

South West 19.3 -2.5<br />

South East 18.6 -1.9<br />

Top Five Prompter Payers<br />

Sector Feb 21 Change from Jan 21<br />

Public Administration 10.2 -3.2<br />

Health & Social 10.7 -1.3<br />

Water and Waste 11.7 -3.9<br />

Manufacturing 12.4 -4.9<br />

Wholesale and retail trade 13 -0.8<br />

Bottom Five Poorest Payers<br />

Sector Feb 21 Change from Jan 21<br />

Hospitality 43.3 7.6<br />

Business from Home 25.5 -9.3<br />

Real Estate 24.9 -3.3<br />

Financial and Insurance 22.3 -4.8<br />

Entertainment 19.6 0.1<br />

Getting Worse<br />

Hospitality 7.6<br />

Education 4.2<br />

International Bodies 1.3<br />

Other Service 1.2<br />

IT and Comms 0.8<br />

Entertainment 0.1<br />

Getting Better<br />

Business from Home -9.3<br />

Agriculture, Forestry and Fishing -9.2<br />

Construction -8.1<br />

Energy Supply -6.5<br />

Mining and Quarrying -5.2<br />

Dormant -5.1<br />

Manufacturing -4.9<br />

Financial and Insurance -4.8<br />

Professional and Scientific -4.8<br />

Water and Waste -3.9<br />

Business Admin & Support -3.5<br />

Real Estate -3.3<br />

Public Administration -3.2<br />

Health & Social -1.3<br />


-1.5 DBT<br />

Wholesale and retail trade 0.8<br />

Transportation and Storage 0.7<br />



0.2 DBT<br />

SOUTH<br />

WEST<br />

-2.5 DBT<br />

WALES<br />

-1.5 DBT<br />

NORTH<br />

WEST<br />

-4.6 DBT<br />

WEST<br />


-2.1 DBT<br />



-4.9 DBT<br />

EAST<br />


-5.3 DBT<br />

LONDON<br />

-0.5 DBT<br />

SOUTH<br />

EAST<br />

-1.9 DBT<br />

EAST<br />

ANGLIA<br />

-6.1 DBT<br />

Region<br />

Getting Better – Getting Worse<br />

-6.1<br />

-5.3<br />

-4.9<br />

-4.6<br />

-2.5<br />

-2.1<br />

-1.9<br />

-1.5<br />

-1.5<br />

-0.5<br />

0.2<br />

East Anglia<br />

East Midlands<br />

Yorkshire and Humberside<br />

North West<br />

South West<br />

West Midlands<br />

South East<br />

Scotland<br />

Wales<br />

London<br />

Northern Ireland<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 43



For further information and to discuss the opportunities of entering into a<br />

Corporate Partnership with the CICM, 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 />

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 />

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 />

<strong>Credit</strong> <strong>Management</strong> and to manage the CICM 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 />

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 />

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 />

<strong>Credit</strong>or 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 <strong>Credit</strong> Risk<br />

Intelligence solutions include the Tinubu Risk<br />

<strong>Management</strong> Center, a cloud-based SaaS platform;<br />

the Tinubu <strong>Credit</strong> 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 />

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 />

<strong>Credit</strong>safe), 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 />

T: 01235 856400<br />

E: info@credica.co.uk<br />

W: www.credica.co.uk<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 44

Each of our Corporate Partners is carefully selected for<br />

their commitment to the profession, best practice in the<br />

<strong>Credit</strong> Industry and the quality of services they provide.<br />

We are delighted to showcase them here.<br />


Hays <strong>Credit</strong> <strong>Management</strong> 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 CICM’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 <strong>Credit</strong> 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>April</strong> <strong>2021</strong> / PAGE 45




For further information and to discuss the<br />

opportunities of entering into a Corporate<br />

Partnership with the CICM, please contact<br />

corporatepartners@cicm.com<br />

‘‘<br />

“I can proudly display<br />

that I am a member of an<br />

organisation filled with<br />

like-minded professionals<br />

constantly looking forward<br />

on behalf of the industry,<br />

its members and their<br />

businesses”<br />

Vince Butler MCICM<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 />

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 />

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 />

The value of<br />


Vince Butler MCICM<br />

Managing Director,<br />

VTK Investigations Ltd<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

info@cicm.com<br />

www.cicm.com<br />

01780 722900<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 46

The software platform to automate and<br />

optimise your order-to-cash process<br />

Connect your organisation with your customers.<br />

Manage risks and decrease DSO by 20%.<br />

Connecting data. Connecting you.<br />

www.vismaonguard.com<br />

+44 (0) 20 396 683 24<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 47

www.tcmgroup.com<br />

Probably thebest debt collection network worldwide<br />

Moneyknows no borders—neither do we<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 48


Virtual Classes<br />

for <strong>2021</strong><br />

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Virtual Classes: The best of both worlds.<br />

Home study does not mean you have to study alone. Our ‘gold standard’<br />

distance learning offer, our Virtual Classes have the greatest success<br />

rate of all our packages. Your study will be supported and led by one of<br />

our experienced CICM Tutors via a series of virtual classes and activities,<br />

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LEVEL<br />

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Advancing<br />

Skills<br />

Advancing<br />

Thinking<br />

Advancing<br />

Business<br />



01780 722900 | www.cicm.com<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 50


CICM 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 />

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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 />

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Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 51


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Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 52


Standing out from the crowd<br />

East of England branch<br />

EAST of England Branch virtual<br />

Annual General Meeting on 10<br />

February was opened by two<br />

guest speakers. The first was Paul<br />

Atkinson of FRP Advisory LLP<br />

who updated attendees on the<br />

present insolvency position following a rush of<br />

liquidations and administrations with few CVAs<br />

last Spring, and then Government intervention<br />

on furlough, CBILs, BBLs and subsidised rates.<br />

The Government’s debtor friendly approach<br />

suspended wrongful trading prosecutions<br />

and effectively halted statutory demands and<br />

winding up petitions.<br />

Furlough and CBILs frauds had increased<br />

and a tsunami of business failures was forecast<br />

for Q2 and Q3. He advised credit managers to<br />

use every tool available including keeping a<br />

close eye on debtors' supply chains.<br />

Liam Hastings of Hastings and Co, solicitors,<br />

stressed that risk was not just about granting<br />

credit. It was worth carrying out a risk<br />

assessment on builders who want payment up<br />

front, and he echoed Paul’s advice to keep an<br />

eye on customer’s supply chains. Tips on how<br />

to do this included Google searches, looking<br />

at short trading periods, director’s history and<br />

previously failed companies.<br />

Chairman Atul Vadher reported on a<br />

challenging year, with the pandemic allowing<br />

just one physical event in 2020 – the AGM. The<br />

Branch had adapted quickly, holding five wellattended<br />

webinars with excellent speakers<br />

Pete Whitmore (CICM Chair), Chris Sanders<br />

(CICMQ), Jules Eames (CICM HQ), Chris Parker<br />

The Branch was<br />

proud to have held<br />

CICM’s first Branch<br />

webinar in 2020, the<br />

first <strong>2021</strong> webinar<br />

and the first AGM.<br />

The LinkedIn group<br />

has grown from 210<br />

members to 742<br />

and it is a lively<br />

debating platform.<br />

(Goodman Masson), William Plom and Andrew<br />

Martin (Hays),<br />

The theme had been ‘standing out from<br />

the crowd’ with tips on best practice, the<br />

credit manager’s playbook, collections during<br />

COVID-19, emergency guide to credit, the way<br />

forward post COVID-19, looking for and applying<br />

for jobs, and advice on preparing for interviews.<br />

Feedback was good, with many viewing the<br />

recordings on the CICM website.<br />

The Branch was proud to have held CICM’s<br />

first Branch webinar in 2020, the first <strong>2021</strong><br />

webinar and the first AGM. The LinkedIn group<br />

has grown from 210 members to 742 and it is a<br />

lively debating platform.<br />

A 10-strong Branch Committee was elected<br />

– eight existing members plus Andy Moylan<br />

and Naimesh Khetia. Atul thanked retiring<br />

Committee members Ron Bidwell and Andrew<br />

Martin, and, in particular, Carol Baker, for her<br />

contribution over many years.<br />

Branch Treasurer Mark Maynard reported<br />

that due to the lack of physical events<br />

expenditure was 80 percent lower and no grant<br />

was required for <strong>2021</strong>.<br />

Atul Vadher outlined the plans for events<br />

in <strong>2021</strong>, which includes more webinars and,<br />

hopefully, physical events from Q3. He closed a<br />

stimulating and enjoyable evening by thanking<br />

our two speakers, CICM HQ for hosting, and<br />

everyone for attending.<br />

Author - Richard Brown, CICM East of England<br />

Branch Vice Chairman<br />

SHEFFIELD & District Branch members<br />

and guests logged into their first ever<br />

virtual branch meeting on 23 February<br />

to attend the Annual General Meeting<br />

(AGM) and hear from recruitment<br />

specialist and guest speaker Matt Civil<br />

of Sharp Consultancy. The attendees<br />

joined the evening meeting with their<br />

own refreshments in hand and Branch<br />

Secretary Myron Fedak opened the<br />

meeting before handing over to Matt.<br />

Matt talked us through how the market<br />

has changed since pre-COVID times<br />

and what he thinks the future will look<br />

like for credit control with more remote<br />

working and location flexibility. He took<br />

us through the on-boarding process of<br />

attracting and retaining the right staff<br />

and how benefits including a CICM study<br />

Attracting the right staff<br />

Sheffield & District branch<br />

support packages can assist. Following a<br />

question and answers session, where the<br />

merits of being interviewed by a robot<br />

were discussed, Matt gave us a snapshot<br />

from a recent Salary Survey looking at<br />

various credit roles.<br />

The meeting was then handed back<br />

to Secretary Myron Fedak who opened<br />

the AGM, and dealt with the formalities<br />

of apologies, approval of the 2020 AGM<br />

Minutes, approval of the 2020 Branch<br />

Financial Report, nominations and<br />

elections of Committee members for <strong>2021</strong><br />

and then a review of the 2020 branch<br />

event and plans for <strong>2021</strong> events. Myron<br />

concluded the AGM with thanking<br />

retiring Branch Treasurer Graham Browes<br />

for his many years of dedicated service<br />

to the branch in a number of committee<br />

roles over the years. Branch Chair, Paula<br />

Uttley, also recorded her personal thanks<br />

to Graham for his many years’ service to<br />

the Branch and said that it had been a<br />

pleasure that her first task as chair in 2018<br />

had been to nominate Graham Browes<br />

and Myron Fedak for Meritorious Service<br />

Awards, which had been awarded and so<br />

very well deserved.<br />

The meeting was then handed back<br />

to Myron and as all official business<br />

had been concluded, the meeting was<br />

closed. Many thanks to Matthew Civil of<br />

Sharp Consultancy for his presentation,<br />

Nicola Harris for tech support and to all<br />

attending members and guests for making<br />

the evening a great success.<br />

Author: Paula Uttley, Branch Chair<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 53



Your CICM lapel badge<br />

demonstrates your commitment to<br />

professionalism and best practice<br />



If you haven’t received your badge<br />

contact: cicmmembership@cicm.com<br />

CICM 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 />

<strong>Credit</strong> 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 <strong>Credit</strong><br />

Policies, these insightful documents will help.<br />

Powered by<br />

EU Factsheet<br />


Powered by<br />

Germany has introduced a raft of measures and programmes to help combat the<br />

economic impact of COVID-19 containment measures. Here we present what we<br />

consider to be the most significant and interesting. This section is not exhaustive.<br />

Loans and grants – employees:<br />

Three main tranches of wage subsidy have been introduced.<br />

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

It is a social security programme whereby the government will subsidy employees’<br />

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

reduce their hours (and their expenditure on wages) instead of laying them off.<br />

Under COVID provisions, the subsidy has been increased. From the fourth month,<br />

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

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

increased to 80% for those households without children and 87% for those<br />

households with children. In September, there was a decree to make this benefit<br />

more flexible (e.g., reducing the minimum number of employees effected by<br />

working hours reduction to 10% for the business the qualify) and to extend the<br />

period for receiving this benefit from 12 to 24 months until 31 st December <strong>2021</strong>.<br />

Pre-Litigation<br />

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

of the Commercial Code, an advance assignment is effective despite a nonassignment<br />

agreement between the purchaser and any third parties.<br />

Letter before action. Do you have to send a demand letter to a debtor before<br />

going to court?<br />

Freelance artists in Germany can access funds if they work for cultural institutions<br />

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

from cancelled events up to €1,000 and 40% up to €2,500.<br />

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

the pandemic.<br />

Loans and grants – businesses:<br />

EU Factsheet<br />


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

and grants available which businesses of different sizes can access.<br />

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

businesses showing decreased sales volumes compared to the same month of the<br />

previous year. This Federal Government grant has been supplemented by some<br />

Federal States’ own grant programmes.<br />

Powered by<br />

Before going to court, and even before filing the claim to the enforcement<br />

authority, a warning notice to the debtor's registered address is<br />

mandatory.<br />

The warning notice should contain;<br />

o The name of the creditor and the basis of the claim<br />

o The total amount of the claim, including any penalty interests<br />

o Prescription on how to transfer the payment, i.e. bank account etc.<br />

o A warning that the claim will be enforced through the enforcement<br />

authority in case the claim is not settled within from the date of the<br />

notice<br />

o Information on how the object to the claim if not acknowledged be<br />

the debtor.<br />

If this measure has been taken and the payment still has not been made after<br />

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

enforcement.<br />

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

you did not send a warning letter to the debtor prior to issuing<br />

proceedings.<br />

Visit cicm.com to view country specific factsheets from,<br />

Germany, Italy, Czech Republic, Spain, France, UK.<br />



Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 54


Do you know someone who would benefit from CICM membership? Or have<br />

you considered applying to upgrade your membership? See our website<br />

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

Fellow<br />

Michael Wykes<br />

Jason Pallister<br />

Studying Member<br />

Eva Ahern<br />

Mona Rathod<br />

Lisa Sayer<br />

Lisa Gater<br />

Ella Harwood<br />

Kuljit Toor<br />

Daniel Cunningham<br />

Andrew Cullen<br />

Mandy Whelan<br />

John Fettes<br />

Samantha Kilty<br />

Chloe O'Connell<br />

Lynn Stewart<br />

Mathew Gillard<br />

Callum Marshall<br />

Joanne Beckett<br />

Helen Addis<br />

Jimena Olindi<br />

Faheem Amir<br />

Katherine Drumm<br />

Coral Collins<br />

Marie Gerstner<br />

Kevin Donovan-Jarvis<br />

Dael Anglin<br />

Victoria Littlewood<br />

Teresa Burns<br />

Annie Painter<br />

Caroline Jackson<br />

Carly Taylor<br />

Jacobus Bakker<br />

Jack Finch<br />

Associate<br />

Charleyann Finedon<br />

John Sewell<br />

Diane Holly<br />

James Rutter<br />

Aisling Millar<br />

Member by exam<br />

Jodie Foster<br />

Members (Vocational)<br />

Andrew Baker<br />

Ian Caulfield<br />

Eileen Bell<br />

Victoria Bougen<br />

Scott Jones<br />

Andrea Tancredi<br />

Affiliate<br />

Jihad Hassan<br />

Holly Scott-Donaldson<br />

Lisa Jenkins<br />

James Conroy<br />

Alyson Bendon<br />

Pamela Richardson<br />

Steven Lofty<br />

Steven Ewen<br />

Vladimir Gotchev<br />


Congratulations to the following, who successfully achieved Diplomas<br />

Level 3 Diploma in <strong>Credit</strong> & Collections (ACICM)<br />

NAME<br />

Jonathan Ferguson<br />

Esra Tercan<br />

Level 5 Diploma in <strong>Credit</strong> & Collections <strong>Management</strong> MCICM(Grad)<br />

NAME<br />

Asha Shah<br />

Angelina D'Abbraccio<br />


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

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

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 55

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 />

Eastern Europe & Central<br />

Asia Economic Outlook<br />

January <strong>2021</strong><br />


Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 56


The age-old argument<br />

Data, discrimination, and employers’ responsibility<br />

to support victims of domestic abuse.<br />

IS an employer bound to check<br />

sources of information used by<br />

employees? The Court of Appeal<br />

thought so when it dismissed<br />

an appeal against a High Court<br />

decision. The case involved Travel<br />

Counsellors Limited (TCL) which had<br />

breached its confidentiality obligations<br />

by using client information brought by exemployees<br />

of a competitor, Trailfinders<br />

Limited.<br />

Following the departure of a number<br />

of Trailfinders employees to TCL,<br />

Trailfinders alleged that they took<br />

with them names, contact details and<br />

other information about clients from<br />

a Trailfinders computer. In addition to<br />

pursuing claims against the employees,<br />

AUTHOR – Gareth Edwards<br />

Trailfinders argued that TCL had acted<br />

in breach of an equitable obligation of<br />

confidence.<br />

TCL did not supply new franchisees<br />

with potential customers and so travel<br />

consultants were expected, and positively<br />

encouraged, to bring their customer<br />

contact list with them. TCL then added<br />

the client information brought by the<br />

new travel consultants to its computer.<br />

The High Court said that a reasonable<br />

person in the position of TCL’s CEO<br />

would have been aware that this new<br />

information would have been taken from<br />

the previous employer and it would be<br />

regarded as confidential. By receiving<br />

such information, TCL acted in breach of<br />

an equitable obligation of confidence.<br />

TCL appealed, arguing that an equitable<br />

obligation of confidence would only arise<br />

if the recipient knew, or had notice that<br />

the information was confidential when<br />

objectively assessed by a reasonable<br />

person. The Court of Appeal considered<br />

whether a reasonable person would have<br />

made enquiries to determine whether<br />

the information, or some of it, may be<br />

confidential to another; it noted that if a<br />

reasonable person would have, then an<br />

obligation of confidentiality arises.<br />

So, when dealing with information<br />

provided by new employees, it is<br />

important for employers to find out the<br />

source and to make the relevant enquiries<br />

in order to avoid a potential breach of<br />

confidence claim.<br />

Discrimination in a recruitment process<br />

IN Clements v Guy's and St Thomas' NHS<br />

Foundation Trust, a tribunal held that a<br />

middle-aged man who performed best<br />

at interview, who hadn’t been appointed,<br />

was discriminated against.<br />

Mr Clements, a 50-year-old man, had<br />

applied for a project manager role at<br />

the trust which involved developing<br />

new IT systems. All candidates selected<br />

for interview had to prepare a short<br />

presentation and were informed that<br />

points would be awarded for ‘original, fun<br />

yet thoughtful and punchy presentations’.<br />

Clements had the highest scoring<br />

presentation, although another candidate<br />

(a younger female) came a close second.<br />

THE Government has published an open<br />

letter to employers outlining how they<br />

need to provide support to victims of<br />

domestic abuse.<br />

The letter outlines how employers need<br />

to take practical steps to raise awareness<br />

of those who are suffering from domestic<br />

abuse and procedures should be in place<br />

to enable warning signs to be noticed, and<br />

to enable workers to access the support<br />

they need.<br />

The Department for Business, Energy<br />

and Industrial Strategy has published<br />

a report about this, and ACAS has<br />

updated its working from home during<br />

the coronavirus pandemic guidance to<br />

include a section on domestic violence and<br />

Following interview, the candidates<br />

were introduced to members of the team<br />

they would be working with. Clements’<br />

feedback concentrated on how he was<br />

different to the outgoing post holder<br />

(another younger female) and that others<br />

might find it difficult to give instructions<br />

to a more mature person. The tribunal<br />

heard evidence that the team members<br />

were predominantly female and younger<br />

than Clements. It also heard evidence<br />

about the views of some of the team as<br />

portrayed on social media.<br />

The tribunal found that feedback from<br />

the team, despite not being part of the<br />

formal interview process, was given<br />

Employers and domestic abuse<br />

considerable weight by the selection<br />

panel. It was also not objective.<br />

The selection panel selected the<br />

younger female candidate for a number<br />

of subjective reasons including Clements'<br />

having an 11-year-old daughter and<br />

because it considered it better to employ<br />

someone at an early stage of their career<br />

who then might go to develop their career<br />

over a longer period of time elsewhere<br />

within the NHS. This was communicated<br />

to Clements.<br />

The tribunal ordered the trust to pay<br />

Clements £5,969.86 by way of injury to<br />

feelings along with compensation of<br />

£1,610.28.<br />

abuse. In light of the Government’s report<br />

and updated ACAS guidance, employers<br />

are advised to review their home<br />

working polices to ensure that there are<br />

appropriate measures in place to support<br />

victims of domestic abuse. Employers<br />

should also consider developing specific<br />

domestic abuse policies. The report<br />

recommends appointing Domestic Abuse<br />

Workplace Champions, who are trained to<br />

spot the potential signs of domestic abuse<br />

and to act as a confidante and signposting<br />

support services where appropriate.<br />

Gareth Edwards is a partner<br />

in the employment team at<br />

VWV.gedwards@vwv.co.uk<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 57



menzies.co.uk/creditor-services<br />

<strong>Credit</strong> managers are generally<br />

one step removed from decisions<br />

about whether a business should<br />

consider entering an insolvency<br />

process. Their day-to-day focus is<br />

on keeping the business going by<br />

protecting its cash position,<br />

making sure debts are well managed<br />

and credit lines are kept<br />

open as far as possible.<br />

However, living and working in<br />

unprecedented times has required a<br />

new way of thinking. As well as<br />

adjusting to remote working during<br />

the pandemic, credit managers have<br />

been required to support senior-level<br />

decision making, often at short<br />

notice, in what has been an incredibly<br />

fast-moving and challenging year<br />

for many businesses.<br />

Now, with the new ‘roadmap’ to<br />

recovery, set out by the Prime<br />

Minister, Boris Johnson, on 22<br />

February, many businesses can take<br />

stock of the financial damage caused<br />

by the pandemic and put in place<br />

their own restart plans. In the coming<br />

months, a significant number of them<br />

could take the decision to cease<br />

operating, simply because cash<br />

reserves have dwindled to nothing,<br />

debts have accumulated and trading<br />

relationships have long since broken<br />

down.<br />



A research study published at the<br />

start of the year by the London<br />

School of Economics’ Centre for<br />

Economic Performance (CEP) and<br />

the Alliance for Full Employment<br />

(AFFE) warned of a wave of insolvencies<br />

by the spring, unless further<br />

policy action was forthcoming.<br />

Specifically, the study suggested that<br />

around 900,000 small businesses<br />

could be at risk of failing by <strong>April</strong>.<br />

Since then, of course, Chancellor<br />

Rishi Sunak has announced further<br />

fiscal support measures with extensions<br />

to furlough, self-employed<br />

support, business grants, loans and<br />

VAT cuts, bringing the total cost of<br />

support to over £400bn. While this is<br />

welcome news for businesses<br />

convinced they can bounce back<br />

when the time comes, others are<br />

facing the realisation that their<br />

operational capacity has been<br />

drastically limited by social distancing<br />

rules, and in some cases<br />

demand for their products or services<br />

may have changed or no longer<br />

exist. For these businesses, difficult<br />

decisions will need to be taken about<br />

their future viability, sooner rather<br />

than later.<br />

“As the economy starts to<br />

open up again, there will be<br />

greater risk of business<br />

failure and credit managers<br />

will need to be primed and<br />

ready to protect cashflow<br />

through this tricky trading<br />

period. ”<br />

For businesses with diminished cash<br />

reserves and debts that have mounted<br />

up during the pandemic, the risks<br />

will obviously be greater. If they take<br />

on too much new business all at<br />

once, this could result in overtrading,<br />

putting pressure on cashflow and<br />

testing lender relationships. Some<br />

lenders may require companies to<br />

commit to servicing or paying off<br />

debt before providing further funding<br />

for working capital.<br />



To avoid this scenario, businesses<br />

that are confident that they can<br />

generate revenues and restart<br />

profitably, may be able to ease some<br />

of the pressure on their business<br />

model by using restructuring tools<br />

such as the Company Voluntary<br />

Arrangement, abbreviated to CVA.<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 58<br />

In the last couple of years, CVAs<br />

have been popular with High Street<br />

retailers and other businesses with<br />

large property portfolios to write<br />

down debts owing to commercial<br />

property landlords and renegotiate<br />

rents going forward. However, there<br />

is no reason why they couldn’t also<br />

be used strategically to help<br />

business owners to take control of<br />

their challenging financial situation<br />

and put forward a plan to restructure<br />

their balance sheets and secure<br />

lender confidence.<br />

The structure of the CVA is bespoke<br />

to the business in question and may<br />

take many different forms. On the<br />

one hand it may look like a debt<br />

compromise agreement, setting<br />

aside funds to pay creditors over a<br />

period of time and possibly at a lower<br />

value. Alternatively a third-party<br />

investor, such as a private equity<br />

house could inject funding to facilitate<br />

a one-off payment of all creditors,<br />

thus clearing the debt and<br />

helping to obtain new working capital<br />

finance. In some cases, the<br />

proposed CVA plan could be based<br />

on a combination of the two - securing<br />

third-party finance and surplus<br />

income set aside for distribution.<br />

A CVA won’t be the right option for all<br />

cash-strapped businesses, despite<br />

their recent popularity. Sometimes<br />

CVAs work better than other<br />

insolvency processes as a means of<br />

protecting business continuity. For<br />

businesses where costs have risen<br />

and revenues dipped significantly, it<br />

may not be possible to generate<br />

surplus income, and in these<br />

circumstances, even the most<br />

well-considered CVA proposal is<br />

likely to fail. For this reason, it is vital<br />

that business owners and their<br />

finance teams take steps to ensure<br />

that their core business proposition is<br />

commercially viable before<br />

considering entering a CVA on route<br />

to recovery or supporting one.



First and foremost, the business<br />

should prepare cashflow forecasts to<br />

gain a better view of where the<br />

business might be in six months or a<br />

year’s time. The credit manager could<br />

assist in this process by providing an<br />

analysis of the debtor ledger, the<br />

likelihood of securing payment and<br />

the timeframe for payment. Once the<br />

forecasting models are in place, they<br />

can be used to gauge the impact that<br />

changes to the timeline of the<br />

Government’s roadmap, for example,<br />

could have on the company’s cash<br />

position. Alternatively, forecasts can<br />

be remodeled to show the impact of a<br />

cash injection from some asset based<br />

lending, such as an invoice<br />

discounting facility, together with the<br />

associated costs.<br />

When formulating a CVA proposal, the<br />

business owner may be able to<br />

persuade creditors to accept a<br />

reduced payment, on the basis that<br />

doing so could secure its future and<br />

preserve their trading relationship. For<br />

example, creditors might accept 10p<br />

or 50p for every £1 owed to them and<br />

be prepared to write off the remainder.<br />

Such agreements can help to reduce<br />

historic debt and underpin a business<br />

with otherwise solid foundations,<br />

giving lenders and investors the<br />

confidence to inject funding. It is<br />

important here for credit managers to<br />

carefully consider their policy and<br />

position on the historic debt versus<br />

the longer-term, more fruitful post<br />

recovery trading relationship.<br />


OPTION<br />

For the credit manager, it is important<br />

to understand how the CVA might be<br />

used in the coming months. For<br />

example, if a customer gives notice of<br />

a CVA, the credit manager will need to<br />

assess it to work out how much they<br />

are likely to receive, the timeframe for<br />

payment and what the prospects of<br />

future revenue are. Depending on the<br />

risk profile of the customer and the<br />

trading relationship, if the credit line is<br />

likely to continue to tighten and the<br />

relationship worsen, the business<br />

might choose to cut its losses and<br />

reject the proposal.<br />


When a customer fails to pay and enters liquidation, administration or<br />

CVA, it’s often easier to write off the debt rather than waste time<br />

reviewing paperwork and beginning a process that you may not have<br />

experience of or the time for. However, before simply discarding the<br />

debt, why not consider utilising our <strong>Credit</strong>or Services offering.<br />

Our award winning team can help you to remove the administrative<br />

burden so, the next time you have a customer who becomes<br />

insolvent, remember that we can assist with the following:<br />

Reviewing and analysing all<br />

Insolvency Reports and<br />

correspondence<br />

Fully explaining the process,<br />

your rights and likely outcomes<br />

in user friendly terms<br />

Completing and lodging your<br />

claim forms and proxy forms<br />

If you believe any financial misconduct has<br />

taken place, our specialist in house forensics<br />

team can assist. This includes investigations<br />

into any fraudulent trading, wrongful trading,<br />

unlawful dividends, asset tracing and the<br />

recovery of voidable dispositions.<br />

menzies.co.uk/creditor-services<br />

Alternatively, the credit manager might<br />

be challenged by the finance director<br />

to support them in compiling a CVA<br />

proposal. This is complex and<br />

requires advice and guidance from a<br />

trusted business recovery specialist to<br />

formulate the strategy on how to<br />

proceed. To succeed in winning the<br />

support of creditors and lenders, the<br />

plan will need to present a well-evidenced<br />

view of what future revenues,<br />

profits and cash collection will look<br />

like. It will also need to be structured<br />

in a way that is attractive to all stakeholders.<br />

However, timing is key; as<br />

businesses plan to restart, it is<br />

important not to move too soon. It is<br />

better to wait until the business can be<br />

certain of meaningful revenue and can<br />

see a return to operating profitably.<br />

“The pandemic has been a<br />

massive learning curve for<br />

managers at all-levels and, as<br />

the opportunity to restart<br />

moves closer, credit<br />

managers will need to step<br />

up once again. ”<br />

Representing you at <strong>Credit</strong>or<br />

Meetings and on <strong>Credit</strong>ors'<br />

Committees<br />

Assisting you with any<br />

Retention of Title Claims<br />

Providing you with our expert<br />

advice<br />

Bethan Evans<br />

Partner<br />

+44 (0)2920 447 512<br />

bevans@menzies.co.uk<br />

Simon Underwood<br />

Partner<br />

+44 (0)2074 651 932<br />

sunderwood@menzies.co.uk<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 59




South Redditch, up to £55,000 + benefits<br />

The opportunity to work within a company that has been<br />

instrumental in the battle against Covid-19 has become available.<br />

You will be looking after the whole customer collection cycle<br />

and be heavily involved in the direction of the credit team.<br />

Ideally you will have a passion for a business partnering style<br />

role and a background in collections/credit.<br />

Ref: 3913563<br />

Contact Dan Day on 07734 726142<br />

or email dan.day@hays.com<br />


Brentford, up to £35,000 + OTE of circa £6,500<br />

A world leading provider of niche services to multiple industries<br />

is looking for a senior credits controller. You will be responsible<br />

for the collection of debt on behalf of the UK head office with the<br />

ambition to collect as much money as possible before referring<br />

for litigation, whilst maintaining key relationships both internally<br />

and externally. You will have previous experience in credit control<br />

and litigation. Ref: 3936343<br />

Contact Mark Ordoña on 07565 800574<br />

or email mark.ordona@hays.com<br />


Leeds, up to £50,000<br />

A rare opportunity for a career driven credit risk manager to<br />

join a growing global manufacturing business. This is a people<br />

management role where you will be responsible for B2B credit risk<br />

analysis and reporting. You will be a dynamic credit professional<br />

with extensive credit risk experience and ideally be CICM qualified.<br />

This is a fast-paced role where you will lead your own team and be<br />

rewarded accordingly. Ref: 3939576<br />

Contact Jasmine Chambers on 0113 200 3735<br />

or email jasmine.chambers@hays.com<br />


Colchester, Essex, up to £26,000<br />

An established law firm with offices in London and Colchester<br />

are looking for an experienced credit controller to work from its<br />

Colchester, Essex office. This will involve you working closely with<br />

the firms fee earners and partners to investigate unpaid fees.<br />

You will produce debtors reports and manage WIPs. This is a<br />

business-critical role to manage cash flow and maintain ongoing<br />

business relationships. Ref: 3932476<br />

Contact Andy Jarman on 01206 766621<br />

or email andy.jarman@hays.com<br />

hays.co.uk/creditcontrol<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 60



My Learning – free skills<br />

training from Hays<br />

To find out more visit<br />

hays.co.uk/mylearning<br />


Newcastle, £22,000-£23,000<br />

An SME manufacturer is currently looking to appoint a credit<br />

controller to join its business. You will be reporting into the finance<br />

director and you have full responsibility of the debtor ledger as<br />

well as maintaining effective cash collection and other ad-hoc<br />

duties such as self-billing and processing supplier invoices. The role<br />

requires excellent communication and strong customer service skills<br />

and the ability to work on your own initiative. Ref: 3936247<br />

Contact Sarah Smith on 0333 010 4882<br />

or email sarah.smith2@hays.com<br />


Bristol, £20,000-£25,000<br />

An opportunity to join a rapidly growing business in the<br />

manufacturing and production industry is available for a credit<br />

controller. You will need to build relationships with customers<br />

and internal business partners, as well as chase debts with good<br />

communication skills, ensuring you are proactively monitoring<br />

customer credit limits. You will be working alongside the treasury<br />

manager to support the wider group on cash collection and<br />

management. Ref: 3933943<br />

Contact Katy Russell on 07702 097944<br />

or email katy.russell@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 <strong>Credit</strong> <strong>Management</strong><br />

UK Lead on 020 3465 0020<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 61

View our digital version online at www.cicm.com<br />

Log on to the Members’ area, and click on the tab labelled<br />

‘<strong>Credit</strong> <strong>Management</strong> magazine’<br />

Just another great reason to be a member<br />

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

CICM 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>April</strong> <strong>2021</strong> / PAGE 62



Keep an eye on our events calendar at CICM.COM for all CICM events!<br />

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

Many of our events are now available<br />

online, along with a new series of<br />

live recorded webinars for the credit<br />

profession.<br />

Studying at a<br />

distance<br />

with CICM<br />

Visit our website for<br />

updates and instructions<br />

on how to register...<br />

From interactive virtual classrooms to supporting texts,<br />

from mentor advice to peer support, we’ve got it all.<br />

Contact CICM 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>April</strong> <strong>2021</strong> / PAGE 63

Cr£ditWho?<br />

CICM Directory of Services<br />




Controlaccount Plc<br />

Address: Compass House, Waterside, Hanbury Road,<br />

Bromsgrove, Worcestershire B60 4FD<br />

T: 01527 549 522<br />

E: sales@controlaccount.com<br />

W: www.controlaccount.com<br />

Controlaccount Plc provides an efficient, effective and ethical<br />

commercial debt recovery service focused on improving business<br />

cash flow whilst preserving customer relationships and established<br />

reputations. Working with leading brand names in the UK and<br />

internationally, we deliver a bespoke service to our clients. We<br />

offer a no collect, no fee service without any contractual ties in.<br />

Where applicable, we can utilise the Late Payment of Commercial<br />

Debts Act (2013) to help you redress the cost of collection. Our<br />

clients also benefit from our in-house international trace and<br />

legal counsel departments and have complete transparency and<br />

up to the minute information on any accounts placed with us for<br />

recovery through our online debt management system, ClientWeb.<br />

Premium Collections Limited<br />

3 Caidan House, Canal Road<br />

Timperley, Cheshire. WA14 1TD<br />

T: +44 (0)161 962 4695<br />

E: paul.daine@premiumcollections.co.uk<br />

W: www.premiumcollections.co.uk<br />

For all your credit management requirements Premium<br />

Collections has the solution to suit you. Operating on a national<br />

and international basis we can tailor a package of products and<br />

services to meet your requirements.<br />

Services include B2B collections, B2C collections, international<br />

collections, absconder tracing, asset repossessions, status<br />

reporting and litigation support.<br />

Managed from our offices in Manchester, Harrogate and Dublin our<br />

network of 55 partners cover the World.<br />

Contact Paul Daine FCICM 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 CICM British <strong>Credit</strong> Awards.<br />

According to our clients “Keebles stand head and shoulders<br />

above others in the industry. A team that understands their client’s<br />

business and know exactly how to speedily maximise recovery.<br />

Professional, can do attitude runs through the team which is not<br />

seen in many other practices.”<br />

We offer a service with no hidden costs, giving you certainty and<br />

peace of mind.<br />

• ‘No recovery, no fee’ for pre-legal work.<br />

• Fixed fees for issuing court proceedings and pursuing claims to<br />

judgment and enforcement.<br />

• Success rate in excess of 80%.<br />

• 24 hour turnaround on instructions.<br />

• Real-time online access to your cases to review progress.<br />

Guildways<br />

T: +44 3333 409000<br />

E: info@guildways.com<br />

W: www.guildways.com<br />

Guildways is a UK & International debt collection specialist with over<br />

25 years experience. Guildways prides itself on operating to the<br />

highest ethical standards and professional service levels. We are<br />

experienced in collecting B2B and B2C debts. Our service includes:<br />

• A complete No collection, No Fee commission based service<br />

• 10% plus VAT commission for UK debts<br />

• Commission from 22% plus VAT for International debts<br />

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

• Direct online account-to-account payments, to speed up<br />

collections and minimise costs<br />

If you are unable to locate your customer, we also offer a no trace, no<br />

fee, trace and collect service.<br />

For more information, visit: www.guildways.com<br />


Baker Ing International Limited<br />

Office 7, 35-37 Ludgate Hill, London. EC4M 7JN<br />

Contact: Lisa Baker-Reynolds<br />

Email: lisa@bakering.global<br />

Website: https://www.bakering.global/contact/<br />

Tel: 07717 020659<br />

Baker Ing International is a dedicated team of <strong>Credit</strong> industry<br />

experience that, combined, covers time served in most industries.<br />

The team is wholly comprised of working <strong>Credit</strong> Manager’s<br />

across the Globe with a minimum threshold of ten years working<br />

experience within <strong>Credit</strong> <strong>Management</strong>. The team offers a<br />

comprehensive service to clients - International Debt Recovery,<br />

<strong>Credit</strong> Control, Legal Services & more<br />

Our mission is to help companies improve the cost and efficiency<br />

of their <strong>Credit</strong> <strong>Management</strong> processes in order to limit the risks<br />

associated with extending credit and trading around the globe.<br />

How can we help you - call Lisa Baker Reynolds on<br />

+44(0)7717 020659 or email lisa@bakering.global<br />

Lovetts Solicitors<br />

Lovetts, Bramley House, The Guildway,<br />

Old Portsmouth Road,<br />

Guildford, Surrey, GU3 1LR<br />

T: 01483 347001<br />

E: info@lovetts.co.uk<br />

W: www.lovetts.co.uk<br />

With more than 25yrs experience in UK & international business<br />

debt collection and recovery, Lovetts Solicitors collects £40m+<br />

every year on behalf of our clients. Services include:<br />

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

of cases)<br />

• Advice and dispute resolution<br />

• Legal proceedings and enforcement<br />

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

CaseManager<br />

Don’t just take our word for it, here’s some recent customer<br />

feedback: “All our service expectations have been exceeded.<br />

The online system is particularly useful and extremely easy to<br />

use. Lovetts has a recognisable brand that generates successful<br />

results.”<br />

Atradius Collections Ltd<br />

3 Harbour Drive,<br />

Capital Waterside, Cardiff, CF10 4WZ<br />

Phone: +44 (0)29 20824397<br />

Mobile: +44 (0)7767 865821<br />

E-mail:yvette.gray@atradius.com<br />

Website: atradiuscollections.com<br />

Atradius Collections Ltd is an established specialist in business<br />

to business collections. As the collections division of the Atradius<br />

Crédito y Caución, we have a strong position sharing history,<br />

knowledge and reputation.<br />

Annually handling more than 110,000 cases and recovering over<br />

a billion EUROs in collections at any one time, we deliver when<br />

it comes to collecting outstanding debts. With over 90 years’<br />

experience, we have an in-depth understanding of the importance<br />

of maintaining customer relationships whilst efficiently and<br />

effectively collecting monies owed.<br />

The individual nature of our clients’ customer relationships is<br />

reflected in the customer focus we provide, structuring our service<br />

to meet your specific needs. We work closely with clients to<br />

provide them with a collection strategy that echoes their business<br />

character, trading patterns and budget.<br />

For further information contact Yvette Gray Country Director, UK<br />

and Ireland.<br />

Sterling Debt Recovery<br />

E: info@sterlingdebtrecovery.com<br />

T: 0207 1005978<br />

W: www.sterlingdebtrecovery.com<br />

Sterling specialises in international business debt collection<br />

to get outstanding invoices paid quickly and cost effectively.<br />

Our experienced, enthusiastic collectors achieve results whilst<br />

maintaining a professional image.<br />

We work on a commission only basis with no up-front fees and<br />

no hidden costs. Each client is allocated a named collector for<br />

personal service and regular updates. We collect the majority<br />

of debt without litigation, with our on-site lawyer supporting us<br />

where appropriate.<br />

Where local expertise is required our global network are available<br />

to assist.<br />


Chris Sanders Consulting<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Chris Sanders Consulting – we are a different sort of consulting<br />

firm, made up of a network of independent experienced<br />

operational credit & collections management and invoicing<br />

professionals, with specialisms in cross industry best practice<br />

advisory, assessment, interim management, leadership,<br />

workshops and training to help your team and organisation reach<br />

their full potential in credit and collections management. We are<br />

proud to be Corporate Partners of the Chartered Institute of <strong>Credit</strong><br />

<strong>Management</strong> and to manage the CICM 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>April</strong> <strong>2021</strong> / PAGE 64


russell@cabbells.uk 0203 603 7937<br />




Court Enforcement Services<br />

Wayne Whitford – Director<br />

M: +44 (0)7834 748 183 T : +44 (0)1992 663 399<br />

E : wayne@courtenforcementservices.co.uk<br />

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


We help law firms, in-house debt recovery and legal teams to<br />

enforce CCJs by transferring them up to the High Court. With our<br />

fast, fair and personable approach to service, we work harder to<br />

bring you the sector’s best results without risking client reputation.<br />

• Free Transfer Up process of CCJs to High Court<br />

• Market-leading recovery rates<br />

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

• Real-time access to cases via our own Award-Winning App<br />

• Our highly trained and certificated agents cover every postcode<br />

in England & Wales.<br />



2 0 0 2<br />

CoCredo<br />

Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />

T: 01494 790600<br />

E: customerservice@cocredo.com<br />

W: www.cocredo.co.uk<br />

CoCredo has 18 years experience in developing credit reports for<br />

businesses and is the current CICM <strong>Credit</strong> 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 <strong>Management</strong>.<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 <strong>Credit</strong> Excellence &<br />

European Business Awards. Our website is a one-stop-shop for<br />

your business intelligence solutions. We are the ultimate source;<br />

with competitive prices and friendly customer service - whether<br />

you need one or one thousand reports.<br />


SmartSearch<br />

SmartSearch, Harman House,<br />

Station Road,Guiseley, Leeds, LS20 8BX<br />

T: +44 (0)113 238 7660<br />

E: info@smartsearchuk.com W: www.smartsearchuk.com<br />

KYC, AML and CDD all rely on a combination of deep data with<br />

broad coverage, highly automated flexible technology with an<br />

innovative and intuitive customer interface. Key features include<br />

automatic Worldwide Sanction & PEP checking, Daily Monitoring,<br />

Automated Enhanced Due Diligence and pro-active customer<br />

management. Choose SmartSearch as your benchmark.<br />

Graydon UK<br />

66 College Road, 2nd Floor, Hygeia Building, Harrow,<br />

Middlesex, HA1 1BE<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

With 130+ years of experience, Graydon is a leading provider of<br />

business information, analytics, insights and solutions. Graydon<br />

helps its customers to make fast, accurate decisions, enabling<br />

them to minimise risk and identify fraud as well as optimise<br />

opportunities with their commercial relationships. Graydon uses<br />

130+ international databases and the information of 90+ million<br />

companies. Graydon has offices in London, Cardiff, Amsterdam<br />

and Antwerp. Since 2016, Graydon has been part of Atradius, one<br />

of the world’s largest credit insurance companies.<br />

Company Watch<br />

Centurion House, 37 Jewry Street,<br />

LONDON. EC3N 2ER<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

Organisations around the world rely on Company Watch’s<br />

industry-leading financial analytics to drive their credit risk<br />

processes. Our financial risk modelling and ability to map medium<br />

to long-term risk as well as short-term credit risk set us apart<br />

from other credit reference agencies.<br />

Quality and rigour run through everything we do, from our unique<br />

method of assessing corporate financial health via our H-Score®,<br />

to developing analytics on our customers’ in-house data.<br />

With the H-Score® predicting almost 90 percent of corporate<br />

insolvencies in advance, it is the risk management tool of choice,<br />

providing actionable intelligence in an uncertain world.<br />



T: 020 3868 0947<br />

E: lisa.bruno@onguard.com<br />

W: www.onguard.com<br />

Onguard is specialist in credit management software and market<br />

leader in innovative solutions for order to cash. Our integrated<br />

platform ensures an optimal connection of all processes in the<br />

order to cash chain and allows sharing of critical data.<br />

Intelligent tools that can seamlessly be interconnected and<br />

offer overview and control of the payment process, as well as<br />

contribute to a sustainable customer relationship.<br />

In more than 50 countries the Onguard platform is successfully<br />

used for successful credit management.<br />

Tinubu Square UK<br />

Holland House, 4 Bury Street,<br />

London EC3A 5AW<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com<br />

Founded in 2000, Tinubu Square is a software vendor, enabler<br />

of the <strong>Credit</strong> 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 <strong>Management</strong> 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 />

<strong>Credit</strong> 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 <strong>Management</strong>, 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>April</strong> <strong>2021</strong> / PAGE 65

Cr£ditWho?<br />

CICM Directory of Services<br />



russell@cabbells.uk 0203 603 7937<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 />

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 <strong>Credit</strong>or Services team can assist you, please<br />

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

Partner and Head of Menzies <strong>Credit</strong>or Services, email:<br />

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

LEGAL<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 />

Satago<br />

48 Warwick Street, London, W1B 5AW<br />

T: +44(0)020 8050 3015<br />

E: hello@satago.com<br />

W: www.satago.com<br />

Satago helps business owners and their accountants avoid credit<br />

risks, manage debtors and access finance when they need it – all<br />

in one platform. Satago integrates with 300+ cloud accounting<br />

apps with just a few clicks, helping businesses:<br />

• Understand their customers - with RISK INSIGHTS<br />

• Get paid on time - with automated CREDIT CONTROL<br />

• Access funding - with flexible SINGLE INVOICE FINANCE<br />

Visit satago.com and start your free trial today.<br />


identeco – Business Support Toolkit<br />

Compass House, Waterside, Hanbury Road, Bromsgrove,<br />

Worcestershire B60 4FD<br />

Telephone: 01527 549 531 Email: info@identeco.co.uk<br />

Web: www.identeco.co.uk<br />

identeco’s Business Support Toolkit is an online portal connecting<br />

its subscribers to a range of business services that help them<br />

to engage with new prospects, understand their customers and<br />

mitigate risk. Annual subscription is £79.95 per year for unlimited<br />

access. Providing company information and financial reports,<br />

director and shareholder structures as well as a unique financial<br />

health rating, balance sheets, ratio analysis, and any detrimental<br />

data that might be associated with a company. Other services<br />

also included in the subscription include a business names<br />

database, acquisition targets, a data audit service as well as<br />

unlimited, bespoke marketing and telesales listings for any sector.<br />


Gravity Global<br />

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

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

W: www.gravityglobal.com<br />

Gravity is an award winning full service PR and advertising<br />

business that is regularly benchmarked as being one of the<br />

best in its field. It has a particular expertise in the credit sector,<br />

building long-term relationships with some of the industry’s bestknown<br />

brands working on often challenging briefs. As the partner<br />

agency for the <strong>Credit</strong> Services Association (CSA) for the past 22<br />

years, and the Chartered Institute of <strong>Credit</strong> <strong>Management</strong> since<br />

2006, it understands the key <strong>issue</strong>s affecting the credit industry<br />

and what works and what doesn’t in supporting its clients in the<br />

media and beyond.<br />

FORUMS<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 />


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 CICM 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 />

Dun & Bradstreet<br />

Marlow International, Parkway Marlow<br />

Buckinghamshire SL7 1AJ<br />

Telephone: (0800) 001-234 Website: www.dnb.co.uk<br />

Dun & Bradstreet Finance Solutions enable modern finance<br />

leaders and credit professionals to improve business performance<br />

through more effective risk management, identification of growth<br />

opportunities, and better integration of data and insights across<br />

the business. Powered by our Data Cloud, our solutions provide<br />

access to the world’s most comprehensive commercial data<br />

and insights - supplying a continually updated view of business<br />

relationships that helps finance and credit teams stay ahead of<br />

market shifts and customer changes. Learn more here:<br />

www.dnb.co.uk/modernfinance<br />


T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Forums International Ltd have been running <strong>Credit</strong> and Industry<br />

Forums since 1991. We cover a range of industry sectors and<br />

International trading, attendance is for <strong>Credit</strong> 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 />

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>April</strong> <strong>2021</strong> / PAGE 66




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 />

<strong>Credit</strong> <strong>Management</strong>’s Corporate partnership scheme. The<br />

CICM 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 CICM to assist with<br />

their membership collection activities. Key IVR provides a suite<br />

of products to assist companies across the globe with credit<br />

management. Our service is based around giving the end-user<br />

the means to make a payment when and how they choose. Using<br />

automated collection methods, such as a secure telephone<br />

payment line (IVR), web and SMS allows companies to free up<br />

valuable staff time away from typical debt collection.<br />


Hays <strong>Credit</strong> <strong>Management</strong><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 <strong>Credit</strong> <strong>Management</strong> is working in partnership with the CICM<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 CICM. We offer CICM members a priority service and<br />

can provide advice across a wide spectrum of job search and<br />

recruitment <strong>issue</strong>s.<br />



Portfolio <strong>Credit</strong> Control<br />

1 Finsbury Square, London. EC2A 1AE<br />

T: 0207 650 3199<br />

E: recruitment@portfoliocreditcontrol.com<br />

W: www.portfoliocreditcontrol.com<br />

Portfolio <strong>Credit</strong> Control, solely specialises in the recruitment of<br />

permanent, temporary and contract <strong>Credit</strong> 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 />

CICMQ accreditation is a proven model<br />

that has consistently delivered dramatic<br />

improvements in cashflow and efficiency<br />

CICMQ is the hallmark of industry<br />

leading organisations<br />

The CICM Best Practice Network is where<br />

CICMQ accredited organisations come<br />

together to develop, share and celebrate<br />

best practice in credit and collections<br />



To find out more about flexible options<br />

to gain CICMQ accreditation<br />

E: cicmq@cicm.com T: 01780 722900<br />

Advancing the credit profession / www.cicm.com / <strong>April</strong> <strong>2021</strong> / PAGE 67

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