Credit Management November 2021 2

CREDIT MANAGEMENT 

THE CICM MAGAZINE FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

NOVEMBER 2021 £12.50 

Bouncing 

Back 

Invoice Finance 

and the economic 

recovery 

Caroline Sumner considers 

the future landscape for 

insolvencies Page 10 

Sean Feast FCICM talks to 

Denise Crossley FCICM 

Page 12

European default and 

insolvency statistics are 

forecast to increase 

significantly in the coming 

months. Now is the time to 

reduce debtor brackets and 

days beyond term, to both 

support year end reporting and 

mitigate the risk of bad debt 

ahead. 

It is imperative to consider 

risk, as well as receivables age, 

when seeking to maximise 

year end results. Leverage a 

trusted collection service, 

designed specifically for highvalue 

and highly sensitive 

accounts receivable. 

The time is now. 

Maximise year-end cash collections 

at www.bakering.global 

admin@bakering.global | +44 (0)207 871 179 | www.bakering.global

18 

SHOOTING STARS 

Lisa Schorah 

xx 

CERTAIN FEELINGS 

Howard Wilshire 

10 

DELAYED ACTION 

Caroline Sumner 

20 

BOUNCING BACK 

Lead article 

NOVEMBER 2021 

www.cicm.com 

CONTENTS 

10 – DELAYED ACTION 

Caroline Sumner of R3 considers the 

future landscape for insolvencies. 

12 – ARRESTED DEVELOPMENT 

Sean Feast FCICM talks to Denise 

Crossley FCICM about her distinguished 

career in credit. 

18 – SHOOTING STARS 

Sean Feast FCICM speaks to Shooting 

Star winner Lisa Schorah. 

20 – BOUNCING BACK 

Alex Waterman of UK Finance 

considers the role of Invoice Finance in 

the UK economic recovery. 

24 – COUNTRY FOCUS 

Estonia packs a mighty technological 

punch. 

36 – THE WAITING GAME 

Simon Philpin of Markel International 

discusses COVID-19 and its impact on 

credit insurance 

38 – SECRET SQUIRREL 

Peter Walker highlights a complex 

case involving the payment of secret 

commissions to a commercial broker. 

48 – TESTING TIMES 

Derek Scott FCICM considers how best 

practice credit management can avoid 

Late Payment. 

CICM GOVERNANCE 

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

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

Credit Management is distributed to the entire UK and international CICM 

membership, as well as additional subscribers 

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

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

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

trade mark of the Chartered Institute of Credit Management. 

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

38 

LEGAL MATTERS 

Peter Walker 

President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM 

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

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

Advisory Council: Laurie Beagle FCICM / Glen Bullivant FCICM / Alan Church FCICM(Grad) / Brendan Clarkson FCICM 

Larry Coltman FCICM / Niall Cooter FCICM / Bryony Crossland FCICM(Grad) / Peter Gent FCICM(Grad) 

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

/ Allan Poole MCICM / Alice Purdy MCICM(Grad) / Matthew Roberts MCICM / Phil Rice FCICM / Chris Sanders FCICM 

Stephen Thomson FCICM / Sarah Wilding FCICM / Atul Vadher FCICM(Grad) 

Publisher 

Chartered Institute of Credit Management 

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Telephone: 01780 722900 

Email: editorial@cicm.com 

Website: www.cicm.com 

CMM: www.creditmanagement.org.uk 

Managing Editor 

Sean Feast FCICM 

Deputy Editor 

Iona Yadallee 

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Email: andrew.morris@cicm.com 

Editorial Team 

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ISSN 0265-2099 

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

EDITOR’S COLUMN 

Vicars, Zulus and the 

plight of the Energy sector 

Sean Feast FCICM 

Managing Editor 

NOW I want you to read 

this and read it very 

carefully. Because when 

it happens, I want you to 

remember you heard it 

here first. 

This Christmas, there will be a story 

in the media about a Vicar who decides 

not to send a Christmas card or reference 

the birth of Christ in any way for fear 

of offending a small minority of his/her 

parishioners. 

There. I’ve said it. Because it will 

happen. 

It’s much the same as the story of the 

Dragon School in Oxford who renamed 

its term times as they were deemed too 

religious and not inclusive enough. 

Heaven knows what might happen at 

my own Alma Mater one day when they 

realise that one of the houses is named 

after a British Colonialist who did for the 

Zulus and tried to wipe out the Boers. 

We’ll have protestors gluing themselves 

to the gas lamps in Quad for sure and 

quite right too. No tiffin in the Rag for 

them! 

And here’s another cert. When the 

Energy sector all goes the shape of 

a Pyrus, and in six-to-12-months’ 

time the wrong bills are sent to the 

wrong people, or consumers are 

pursued for debts they don’t owe, 

it will all be the fault of CICM 

members working in the debt 

collection industry. 

Now you know, and I know, 

that this will be utter nonsense. 

But try telling that to a hysterical 

personal finance or consumer 

affairs journalist for the Mail on 

Sunday. Try telling them that if you get 

rubbish in, there’s a very good chance 

you might get rubbish out. Try telling 

them also that you wrote to the Chief 

Executive of OFGEM months before 

warning them that this very thing might 

happen if they didn’t keep their eye on 

the ball. 

Because this is actually what the 

industry has done. In a move welcomed 

by our own Chief Executive Sue Chapple 

FCICM, who just so happens to know a 

thing or two about the Energy sector, 

the CSA has written to OFGEM to 

seek re-assurances about the accuracy, 

integrity and completeness of customer 

data (see news page 6). 

As customers are shunted from one 

failed energy company to another 

(which is also probably hanging on by 

the skin of its teeth), the opportunity for 

something to go wrong in the transfer 

of data is almost guaranteed. The CSA 

is also seeking clarity on the nature 

of the regulatory framework in which 

administrators will determine their 

approach to accounts in arrears. Again, 

they already know that the blame is 

unfairly heading their way if a vulnerable 

customer is made even more vulnerable 

by being lost in the system, or billed for 

a service they never received, or energy 

they never used. 

It’s a smart move, as is the urging for 

customers to engage early if there is a 

problem, and it will be interesting to see 

how OFGEM responds. But for now, sit 

back, relax, and wait for some guaranteed 

fun and games in the months ahead. 

And just remember, you read it here 

first. 

As customers are shunted from one failed energy 

company to another (which is also probably hanging 

on by the skin of its teeth), the opportunity for 

something to go wrong in the transfer of data is 

almost guaranteed. 


CMNEWS 

A round-up of news stories from the 

world of consumer and commercial credit. 

Written by – Sean Feast FCICM 

Intrum’s return suggests success 

in shift to outcome-based models 

CREDIT management group Intrum has returned 

to the contingency collections market in the 

UK, suggesting a greater understanding and 

acceptance of outcomes-based models over 

cash. The company says it now offers a full 

UK debt collection service, allowing clients to 

benefit from its continuous investment in technology and 

analytics as well as award-winning customer care. The move 

complements Intrum’s established early arrears, white label 

and debt purchase services. 

UK MD Eddie Nott said there is demand from clients 

for access to high-quality, bespoke collections systems, 

technology and customer service on a contingency basis. 

“The launch of the UK DCA service means we can provide 

the full cycle of debt collection services to our clients, from 

white label early arrears to contingency collections and debt 

purchase. Clients can be sure their customers are in safe 

hands, with the market leading customer care for which 

Intrum is renowned.” 

Speaking exclusively to Credit Management, Eddie 

explained the reasons why Intrum left the market and why 

now is the right time to return: “We left the contingency 

market in 2010 at a time when the regulatory environment 

was changing,” he says. “Margins were under pressure given 

the cost of compliance was increasing but rates were not, and 

we didn’t want to compromise on the levels of customer 

care provided. We were also uncomfortable with a 

commission model that prioritised cash collected as the key 

measure of success. 

“Over a decade later, the market has matured and creditors 

understand and accept the costs of collecting debts in an 

ethical way. Even in commission-based models, the focus 

is on outcomes rather than only cash measures. There is 

real value for creditors in refining the number of suppliers 

they use across their customer lifecycle, from early arrears 

through to contingent and debt sale – in terms of the cost 

of oversight and auditing, for example. There are also 

operational efficiencies by utilising a single supplier.” 

In terms of the wider landscape, Eddie says that there has 

been considerable consolidation and some players have been 

forced to exit: “Despite a shift towards selling debt earlier, 

creditors are keen to retain flexibility and we can offer that, 

perhaps as a route into other services, such as white label. 

With our brand, ownership structure and funding, we can 

provide stability of service over the long term.” 

In addition, Eddie says, the investment the business has 

made in technology and tools, as a significant purchaser of 

debt, is of real benefit when used in a contingency market: 

“The DCA service gives creditors a chance to trial our services 

and see the benefit of those tools in a different way.” 

“The launch of the 

UK DCA service 

means we can 

provide the full cycle 

of debt collection 

services to our 

clients, from white 

label early arrears 

to contingency 

collections and debt 

purchase.’’ 

Eddie Nott, 

MD-UK at Intrum 


NEWS SPECIAL 

Debt body warns OFGEM of 

dangers of inaccurate data 

FEAR of the fall-out of the 

ongoing energy crisis and 

its ultimate impact on 

consumers has prompted 

the Credit Services 

Association to seek clarity 

from OFGEM as to the standards 

customers should expect in regards 

to the practices of administrators and 

accounts in arrears. 

Credit Management has seen a 

letter from Chris Leslie, CEO of the 

CSA to OFGEM CEO Jonathan Brearley 

in which he asks for reassurance 

that the integrity and completeness 

of customer data will be an area of 

particular focus for affected customers. 

He believes it could have a crucial 

bearing on the customer journey and 

how customers are treated at a later 

date. 

Chris writes that while it is clear 

what will happen to those customers 

with neutral and/or credit balances, the 

picture appears less clear in relation to 

those that are in arrears. 

The CSA says that those customers 

may find themselves and their 

debt transferred to a new supplier, 

or their debt may remain with the 

administration and liquidation 

of the failed supplier. Under the 

circumstances, it is therefore possible 

that those customers may face 

unintended risks. 

“Our members comprise specialist 

tracing agencies and collect on 

behalf of large banks and utility 

companies. As such we take a close 

interest in significant policy matters 

likely to impact customers and the 

collection of sums owed to creditors – 

and so the recent change in the 

energy supplier landscape has a 

number of consequences we want 

to raise with OFGEM directly,” Chris 

says. 

“Certainly, collection services 

providers who are subsequently 

engaged will do what they can to 

minimise the scope for harm to those 

consumers. Nevertheless, we believe it 

would be beneficial at this early stage 

to have greater clarity on the nature 

of the regulatory framework in which 

administrators will determine their 

approach to accounts in arrears.” 

Chris is particularly concerned 

about the management and transfer 

of customer data: “The accuracy and 

completeness of data will be a key 

consideration, especially for those 

whose debts remain with those 

’’A minor error in data accuracy 

initially can have profound 

implications which can contribute 

to a poor customer journey at a 

later date.” 

administering the failed supplier,” he 

continues. “In those cases, not only 

will it be crucial that the administrator 

adheres to the same standards as you 

would expect from a supplier, but also 

the new supplier will need to be aware of 

the existence of the debt, even if it is not 

responsible for its recovery. 

“It will be appreciated that our 

members will not be able to pre-empt 

the potential effects of inaccurate data 

any more than they would be able to 

advise on wider considerations such 

as entitlement to benefits including the 

Warm Homes Discount or what might 

happen in relation to those customers 

on pre-payment meters.” 

Chris says that clarity and accuracy 

of data will, therefore, be critical in 

achieving effective and appropriate 

treatment for such customers and 

in ensuring they are informed and 

engaged with: “This is particularly the 

case where an account is subsequently 

Chris Leslie, 

CEO of the CSA 

“The accuracy and 

completeness of 

data will be a key 

consideration, especially 

for those whose debts 

remain with those 

administering the failed 

supplier” 


NEWS SPECIAL 

“It is a sensible move for our industry to flag this issue 

early and in particular to ask OFGEM to be clear in its 

communication to customers to engage as soon as 

possible if they are in difficulties” 

>NEWS 

IN BRIEF 

Swedish Partnership 

THE CICM has started co-delivering a 

Level 3 diploma course to a cohort in 

Sweden in conjunction with Credma, 

School of Credit Management. It has 

recently commenced the second unit 

(being delivered in full) and is looking 

for a further cohort of learners to 

commence in November. Further 

news to highlight the relationship 

between the CICM and Credma will 

follow in a future issue. 

ENTRIES are now invited for the 

British Credit Awards 2022 to 

recognise the stand-out achievements 

of the most deserving individuals, 

teams and organisations in the 

international credit community. The 

awards will be announced at a gala 

dinner at the Royal Lancaster Hotel on 

24 March next year. Closing date for 

the awards is Friday, 26 November. 

transferred to a third party, such as one 

of our members. A minor error in data 

accuracy initially can have profound 

implications which can contribute to a 

poor customer journey at a later date.” 

Financial difficulty is rarely confined 

to a single debt or account but can 

rapidly destabilise a customer’s financial 

position. Chris believes that early 

engagement is critical: “It is important 

that affected customers are positively 

encouraged to engage and have the 

necessary information to enable them to 

do so in a streamlined fashion,” he adds. 

“We are calling upon OFGEM to 

embark on a proactive communications 

strategy for those transferred customers 

who are in difficulty to engage as soon 

as possible. 

“The experience of our members 

shows that the sooner a person in 

difficulty engages with that difficulty, 

the more quickly an appropriate solution 

can be found - whether that engagement 

is with a creditor, collector or debt 

adviser.” 

Sue Chapple FCICM, CEO of 

the Chartered Institute of Credit 

Management, welcomed the move: 

“There will undoubtedly be issues 

further down the line when our 

members working in collections will be 

expected to pick up the pieces,” she says. 

“We know the media will be quick 

to pounce on any story where a 

customer is being pursued for a debt 

perhaps they didn’t owe, or isn’t theirs, 

simply because the data passed to the 

collections agency is inaccurate, out-ofdate 

or simply wrong, and it will be the 

agency that takes the flak. 

“It is a sensible move for our 

industry to flag this issue early and 

in particular to ask OFGEM to be clear 

in its communication to customers to 

engage as soon as possible if they are in 

difficulties and/or there is an issue with 

their bill.” 

Kismet Hardy 

INTRUM has appointed Emma Hardy 

as Business Development Manager. 

She will be working closely with the 

company’s existing and prospective 

clients to enable them to access 

Intrum’s collections platform and 

expert customer care. 

Loans transfer 

BUSINESS Capital Loans arranged 

by Asto, a digital brand of Santander, 

have been transferred to Azzurro 

Associates, a business that acquires 

and manages commercial loans. The 

‘Frequently Asked Questions’ section 

on the Asto website says that ‘in 

order to ensure continued support 

for its Business Capital customers, 

Asto is transferring its portfolio 

of outstanding loans to Azzurro 

Associates.’ It describes Azzurro as 

‘an experienced purchaser of loans’ 

and says ‘they will continue to provide 

great support to our customers.’ Asto 

has contacted existing Business 

Capital customers to notify them of 

the transfer of their loan(s) to Azzurro 

Associates and has assured customers 

that the transfer of their loans will not 

affect their credit rating, although it 

may be affected if repayments are not 

maintained. Santander announced 

Asto was being put into run off earlier 

this year. 


NEWS ROUNDUP 

UK business failures 

forecast to rise by a third 

UK business insolvencies 

are set to rise 33 percent 

on pre-pandemic levels, 

according to new 

economic research by 

trade credit insurer 

Atradius, but the number of ‘zombie’ 

firms is also likely to increase. 

Contrary to initial expectations, the 

new Atradius Insolvency Forecast 

reports UK business insolvencies 

declined 27 percent in 2020 as a 

result of fiscal support schemes and 

anti-bankruptcy measures. As these 

measures continued in 2021, buffering 

businesses from the impact of the 

pandemic, insolvency rates have 

been kept artificially low. However, as 

fiscal support schemes are withdrawn, 

Atradius expects the long-awaited surge 

in insolvencies to be on the horizon, 

peaking in 2022. 

The Insolvency Forecast warns UK 

business failures will begin to rise in 

H2 2021, resulting in a year-on-year 

increase of seven percent. In 2022, 

annual insolvencies are forecast to 

spike by as much as 70 percent year on 

year. Analysis by Atradius economists 

of the latest forecast against a baseline 

insolvency level in 2019 reveals UK 

insolvencies will be 33 percent higher 

in 2022 than they were pre-pandemic 

– one of the highest rates in the world. 

Only Italy has a higher cumulative 

insolvency rate with a forecast increase 

of 34 percent, followed by the UK and 

Australia with a forecast increase of 33 

percent. 

On a macroeconomic scale, Atradius 

forecasts global insolvencies will rise 33 

percent year on year in 2022 after two 

years of decline. Global insolvencies fell 

by 14 percent in 2020 and by a modest 

one percent in 2021, despite the world 

economy being plunged into recession. 

This is a significant downward 

adjustment to earlier forecasts, 

suggesting that fiscal support packages 

have been particularly effective. 

“The most important 

thing businesses can 

do now is to be prepared. 

In such an uncertain 

and potentially volatile 

trading environment 

information is critical.’’ 

However, Atradius warns that the 

sharp decreases in most countries also 

suggest potentially many so-called 

‘zombie’ companies have been created 

whose financial situation is too weak to 

survive once economic circumstances 

return to normal. These zombie firms 

may be able to buy themselves time by 

running down their cash but Atradius 

economists expect them to materialise 

into bankruptcies within the four 

quarters of fiscal support ending. 

In the report, Atradius details that 

the surge in insolvencies is shaped 

by three forces. First is the delayed 

effect of bankruptcies that would have 

occurred in 2020 in the absence of fiscal 

schemes and changes to insolvency 

proceedings. Secondly, the phasing 

out of support schemes is expected 

to trigger an increase of insolvencies 

towards ‘normal’ pre-pandemic levels. 

The third force is the elasticity of 

insolvencies to GDP changes, which has 

been effectively suspended throughout 

the pandemic to date. 

Damien Dawson, Southern Regional 

Manager, of Atradius UK, says it is 

simple economics that insolvencies 

come hand in hand with economic 

recession: “This was inevitable as global 

economies recoiled as the pandemic 

hit,” he says. “However, Governments 

worldwide were quick to break this 

correlation and support businesses 

through the hardest trading period since 

the Great Depression. As the economy 

rebounds and support schemes are 

gradually withdrawn, the escalation 

of insolvencies is, unfortunately, 

inescapable. 

“The most important thing 

businesses can do now is to be 

prepared. In such an uncertain and 

potentially volatile trading environment, 

information is critical. Businesses must 

build up comprehensive insights into 

buyers and their ability to pay, through 

real-time monitoring alongside a robust 

credit management strategy, flexibility 

to adapt should warning signs arise 

and non-payment protection. All of this 

is part and parcel of what trade credit 

insurance provides.” 

Tradewind agrees deal with Cedar Rose 

TRADEWIND Middle East, a specialist 

trade finance enabler, has entered 

into a strategic agreement with Cedar 

Rose in which the latter will provide 

vital business information services 

for the companies Tradewind is 

evaluating to underwrite. 

Through Cedar Rose’s 

comprehensive company credit 

reports Tradewind will have access 

to a variety of data including 

company firmographics, company 

identification, company structure, 

management and much more. This 

will enable Tradewind to assess the 

credit worthiness of the companies, 

evaluate any risk associated with 

them and ensure they support their 

customers confidently. Antoun 

Massaad, the Co-Founder and CEO 

of Cedar Rose, is delighted with the 

new agreement: “It demonstrates 

the trust Tradewind has in Cedar 

Rose to provide qualitative business 

and credit risk reports and solutions 

internationally,” he says. 

“Our meticulous due diligence 

research allows our partners to 

understand creditworthiness of their 

business associates while uncovering 

potential risks related to them based 

on accurate information. Tradewind 

is at the forefront of international 

trade finance providing liquidity for 

enterprises in developed, emerging 

and frontier markets trading 

internationally, and we are 

delighted to work with such an 

accomplished and trusted global 

business house.” 

With more than 20 offices 

worldwide, Tradewind is one of 

the leading international trade 

finance companies. Specialised in 

cross-border transactions with an 

emphasis on eliminating trade risk 

without the need for adding external 

debt, it offers non-recourse export 

financing and supply chain finance. 

Established in 1997, Cedar Rose 

has been at the forefront of providing 

world-class business intelligence and 

credit risk solutions to leading firms 

in over 230 countries globally. 


NEWS ROUNDUP 

Equifax reveals ways credit 

reference agencies fight fraud 

EQUIFAX, one of the nation’s leading 

credit reference agencies (CRAs), is 

encouraging people to discover the 

power of their credit report in the fight 

against financial foul play. 

Know your customer (KYC) checks, 

live fraud alerts, detailed reports on 

financial history, password protections 

and educating the most vulnerable are 

the five principal weapons CRAs can 

deliver to help combat fraud. 

Lisa Hardstaff, Head of Customer 

Experience for Equifax UK, believes 

that the UK is in the middle of a fraud 

‘scandemic’: “Scammers prey on change 

and uncertainty, and we’ve had both of 

those in abundance over the past year,” 

she says. 

“Together with an explosion of 

technology, we’ve all now sadly borne 

witness to many of the underhanded 

techniques employed by scammers to 

part us from our hard-earned cash. 

“Fortunately, we are not powerless in 

the face of this threat,” she continues. 

“As consumers, there’s plenty we can do 

to resist the persuasive techniques of 

fraudsters, and to say ‘no’ if a call, text 

or email doesn’t feel right. The business 

community also has an important role 

to play in fighting fraud, and protecting 

consumers from exploitation, and 

credit reference agencies are a 

critical part of that vital security 

infrastructure.” 

Equifax’ advice coincides with a 

report from personal data protection 

business VPN Overview that suggests 

that fraud related crime rates have 

risen by 52 percent over the past year 

and that over the past three years fraud 

accounted for 69 percent of all personal 

crime reported through its Crime 

Survey for England and Wales. 

The study found that the most 

targeted age group was those from 45 to 

54 years of age, with 10 percent of those 

interviewed in the age group reporting 

to have been victims of fraud. The 

least affected group was found to be 

those over the age of 75, with only five 

percent of participants in the age group 

reporting fraud related crimes in the 

past three years. 

Tarmac achieves CICMQ accreditation 

TARMAC, the UK’s leading sustainable 

building materials and construction 

solutions business, has achieved CICMQ 

accreditation, a demonstration of 

excellence in credit management. 

Karen Cichosz, Senior Manager – 

Cash Collections at Tarmac, says the 

accreditation confirms the company’s 

commitment to best practice: “We are 

committed to continually improving and 

CICMQ acts as a benchmark to show 

how far we have travelled and compare 

ourselves against our peers. We strive 

to be best in class and are proud to have 

achieved the accreditation. 

“It is an honour to be part of the CICMQ 

network and to be able to share ideas 

and experience with other best practice 

organisations. This has helped us evolve 

the way we work, from the way we engage 

with our stakeholders, to the way we 

develop our team. 

The credit team of Tarmac consists of 32 

people and the business turns over £2.7bn. 

>NEWS 

IN BRIEF 

Edrington secures 

CICMQ accreditation 

EDRINGTON UK Distribution Ltd, the 

sales, marketing and distribution 

company owned by internationally 

renowned spirits company 

Edrington, has achieved CICMQ 

accreditation, a demonstration of 

excellence in credit management. 

Anne Marie Valentini MCICM, 

Credit Manager of Edrington UK, 

says the accreditation has enabled 

the team to demonstrate best 

practice: “By allowing us to measure 

ourselves against the best in the 

business, our accreditation has 

confirmed that we are delivering 

a high standard of service both 

internally and externally. 

“And while we know that our 

processes are up to standard, our 

ethos of continuous improvement 

calls for more than this. As such, 

we will continue to periodically 

send out our Customer Service 

questionnaire to identify and target 

areas in which we can improve”. 

Chris Sanders FCICM, Head 

of CICMQ Accreditation wrote 

in his report: ‘Edrington UK has 

a documented Credit Policy in 

place backed by comprehensive 

procedures, clear guidelines and 

authority levels in line with their 

credit insurance governance. 

‘Interviews with members of 

the team demonstrated passion 

and pride for the role they play 

within the business. Overall, 

there is excellent interaction with 

other areas of the business and 

the responsibilities of the credit 

management team are clearly 

defined and structured.’ 

Edrington UK works within all 

areas of the drinks industry, from 

major supermarkets and online 

retailers to the country’s best bars, 

pubs and restaurants. Brands with 

whom the business is associated 

include The Macallan, The Famous 

Grouse, Highland Park, Laphroaig, 

House of Suntory and Courvoisier. 

‘‘The accreditation 

has enabled the team 

to demonstrate best 

practice, by allowing us 

to measure ourselves 

against the best in the 

business.’’ 


INSOLVENCY 

DELAYED ACTION 

Corporate insolvencies will rise as 

Government support comes to an end. 

AUTHOR – Caroline Sumner 

SINCE the start of the pandemic, 

insolvencies have fallen. More than 

4,500 fewer companies entered an 

insolvency process in 2020 than the 

year before, which is an unusual trend 

given the economic climate. 

Over the last four months, however, insolvency 

numbers have been increasing – with the latest 

figures, which covered August of this year, 

showing numbers that were not dissimilar to 

August 2019. 

As the economy continues to open up and the 

pandemic support measures wind down, we are 

likely to be in for an increase in the number of 

businesses entering a corporate insolvency process 

after months of declining numbers, economic 

turbulence, and unprecedented Government 

support. The full extent of this increase, however, 

remains to be seen. 

A SEISMIC ECONOMIC BLOW 

The first lockdown led to a 25 percent drop in GDP 

between April and February 2020. As restrictions 

eased and were then reinstated throughout the rest 

of the year, and early 2021, the economy recovered. 

In fact, the final two lockdowns resulted in much 

smaller economic contractions than the previous 

ones, and, at the time of writing, just under three 

months after the final restrictions were lifted, the 

economy is only 2.1 percent smaller than it was in 

February 2020. 

However, the continuing economic recovery 

doesn’t tell the full story. As a result of the 

pandemic, some businesses shut down – either 

as a result of the Government’s restrictions or of 

their own accord – while others had to review or 

revise their business models in order to continue 

trading. 

This had a knock-on effect on members of 

the supply chain, staff who were furloughed, 

while the enforced closure of schools meant that 

working parents were balancing their professional 

commitments with their parental ones. 

It also affected consumer spending levels, 

which fell year-on-year in 2020. On a more positive 

note, levels of household savings increased, but it 

remains to be seen whether those will be spent 

as the economy continues to reopen or whether 

people will hold onto the money they’ve saved. 

GOVERNMENT SUPPORT MEASURES 

The Government’s response to the economic shock 

of the pandemic was to pledge to do ‘whatever 

it takes’ to get through the crisis. This translated 

into a policy programme that saw hundreds of 

billions of pounds of support provided, changes 

in insolvency measures to prevent creditor action, 

and the introduction of initiatives to support both 

the employed and the self-employed. 

Of all its initiatives, the Government’s furlough 

scheme has been the most high-profile, and 

potentially the most impactful – protecting 

more than 11 million jobs at its peak, enabling 

businesses to retain staff they would otherwise 

have to have made redundant. 

Our one concern, though, is how businesses 

will navigate the post-support world, and 

whether all of the measures the Government has 

introduced will have prevented or simply paused 

increases in corporate insolvency. 

GOVERNMENT STEPS IN WITH NEW 

LEGISLATION 

The pandemic prompted the Government to 

introduce one of the most significant pieces of 

insolvency legislation for 20 years, in the form of 

the Corporate Insolvency and Governance Act. 

The Act, which came into force in June 2020, 

introduced two new tools for the insolvency 

profession to use, both of which were intended to 

support the process of recovering businesses. 

The first of these, the moratorium, was intended 

to give businesses breathing space to explore 

their options for resolving their financial issues. 

The second, the Restructuring Plan, enabled 

insolvency and restructuring professionals to 

restructure financially distressed companies via a 

flexible, court-supervised process. 

The Act also included three temporary 

measures: restrictions on using winding-up 

processes; temporary changes to wrongful trading 

rules; and relaxation of meetings and filing 

requirements to give companies greater flexibility. 

A MODIFIED APPROACH 

More recently, the Government announced its 

temporary insolvency measures were to be phased 

out from 1 October, and that it was introducing 

two new measures which would be in force until 

31 March next year. 

The first of these was a temporary increase 

in the current debt threshold for a winding up 

petition to £10,000, while the second required 

landlords to seek proposals for payment from a 

debtor business, and introduced a 21-day pause 

before landlord creditors could move forward 

with winding up action. What’s clear about 

the Government’s approach to legislation postlockdown, 

is that it is tapering the withdrawal of 

support to reflect the opening up of the economy 

and the need to balance the interests of businesses 

with those of their creditors. 

It’s evident it wants to prevent both a rush of 

insolvencies and the potential knock-on effect of 


INSOLVENCY 

AUTHOR – Caroline Sumner 

unpaid debts on members of the supply chain, 

which could lead to further insolvencies in the 

future – even if the new measures prevent a 

sudden increase in the run up to Christmas. 

DIRECTOR MISCONDUCT 

Another factor which could potentially affect 

future insolvency levels is the Government’s 

plans for addressing director misconduct by 

granting the Insolvency Service new powers to 

investigate directors of dissolved companies, as 

part of the Rating (Coronavirus) and Directors 

Disqualification (Dissolved Companies) Bill. 

The proposed change to the Insolvency 

Service’s powers will mean that directors of 

dissolved companies will be put on a more equal 

footing with directors of insolvent companies, 

and that sanctions can be brought against 

directors who have been found to have acted 

dishonestly. 

This is positive news as it should help deter 

directors from using dissolutions to avoid 

scrutiny and liabilities. However, we have 

concerns around whether the Insolvency Service 

has the resources to carry out the additional 

investigations alongside its current workload. 

If the legislation passes, and the Service is 

given the additional resources to support its 

new powers, it should mean fewer directors will 

be able to misuse the dissolution process. 

Caroline Sumner 

Chief Executive of R3. 

There’s no doubt 

with the support 

ending, we’ll 

see an increase 

in the number 

of distressed 

businesses, but 

these are likely 

to be divided into 

two categories. 

AN INEVITABLE RISE 

I don’t think anyone would argue with the 

suggestion that the Government’s support for 

businesses has been crucial in preventing 

the economic consequences of the pandemic 

from leading to a serious increase in corporate 

insolvencies. 

However, with this support ending, and the 

Government pursuing a careful post-lockdown 

policy agenda that balances the needs of 

businesses and creditors and introducing 

new legislation to reduce the misuse of the 

dissolution process, I suspect it’s highly likely 

that corporate insolvencies will rise in the 

future. 

This suspicion is supported by data from the 

Insolvency Service, which shows more than 

4,500 fewer companies entered an insolvency 

process in 2020 compared to 2019 and around 

3,000 fewer companies entered one between 

January and August of this year and the same 

period for 2019. 

The Service’s figures suggest that there 

are several thousand firms which would have 

become insolvent were it not for the pandemic. 

However, questions remain about whether those 

that have survived it to date can continue to 

do so now the Government’s support is ending, 

and when the increase in insolvencies will 

happen. 

There’s no doubt with the support ending, 

we’ll see an increase in the number of distressed 

businesses, but these are likely to be divided into 

two categories: those who were distressed before 

the pandemic and those that were distressed 

because of the pandemic. Both of these will 

likely have benefitted from the Government’s 

support measures, but when any of these types 

of business enter an insolvency process will 

depend on the financial situation they’re in, and 

how quickly their directors choose to take steps 

to resolve it. 

For this reason, and along with the new 

temporary measures the Government has 

introduced, I think it's unlikely we’ll see a 

sustained increase in insolvencies until the 

Spring of 2022 at the very earliest. Some sectors 

will be harder hit than others, and factors other 

than COVID – such as haulage issues, labour 

force shortages, increased raw material costs 

and Brexit – will all have an impact on whether 

businesses survive the next six months. There 

are further measures that the Government 

could take to support struggling businesses: for 

example, HMRC adopting a flexible approach 

to Time to Pay arrangements would help to 

reduce a possible surge in insolvencies as the 

pressure on businesses ramps up over the next 

few months. 

Until that point, the profession will continue 

to advise and support those who need our 

expertise and remind those who may need it 

of the benefits of engaging sooner rather than 

later. 


INTERVIEW 

ARRESTED 

DEVELOPMENT 

Denise Crossley FCICM talks to 

Sean Feast FCICM about vulnerability, 

laying off bets, and why she never 

became a detective. 

DENISE Crossley FCICM reflects 

on her career in credit and 

wishes she had pushed herself 

forward much earlier. It’s a 

remarkable statement for 

someone who first became a 

director of a debt collection agency at 21 and 

has since gone on to become one of the most 

highly regarded executives within the industry. 

Originally from Wakefield, West Yorkshire 

and educated at a local Grammar school, Denise 

recalls an early school report that said she had 

a tendency to boss the other children around 

and disrupt the class with her constant chatter: 

“I took that to mean I was a born leader and a 

great networker,” she laughs. 

Her father worked as a contracts director in 

the building industry and her mother was a 

nurse, and for a time she harboured thoughts of 

becoming a physio. Her real ambition, however, 

was to join the police. As it was, both professions 

were thwarted because of her height: “Until the 

early 1990s you had to be a minimum of 5ft 4ins 

to join the Force and there was also a minimum 

height to becoming a physio. You had to be 

tall enough to be able to easily reach across 

someone’s body!” 

Failing to become a physio was not such an 

issue, but being rejected by the Police left her 

heartbroken: “Every time I watch one of the 

detective programmes on television I think I 

could have been that person and would have 

been good at it!” 

CAREERS’ ADVICE 

Although encouraged to stay on at school, 

Denise could see others around her taking jobs 

and earning money and decided her academic 

career was now over: “My mother and father 

wouldn’t let me leave Sixth Form unless I had a 

job to go to, so I went to see my careers’ advisor 

who said that as I was quite good at English and 

could type I should start off in administration. 

So I became a secretary earning £17.50 a week 

on a Youth Training Scheme. My mother was 

very upset but as it was it turned out to be the 

best thing that ever happened.” 

Denise’s first job was working for a commercial 

debt collection agency. The building comprised 

three floors: on the ground floor, was a secondhand 

bookshop; on the top, a betting office; 

and sandwiched in-between was the collections 

agency. “The betting shop was owned by the 

brother of the man who owned the DCA, and 

I could find myself one minute serving in the 

bookshop, the next moment collecting a debt, 

and the next laying off a hefty bet! It exposed 

me to many different people and situations, and 

there was a considerable amount of learning on 

the spot.” 

After four years with the business, and a move 

to Harrogate, Denise was invited to become 

a director: “It was 1 April and immediately 

assumed it was an April Fool,” she remembers. 

At that point, the business was mainly 

focused on collecting business debts. Winning 

American Express and GE Capital as clients took 

Denise into the consumer space and at 30, she 

bought the existing managing director out and 

moved the office to Leeds to be closer to home. 

As Operations Director and shareholder in 

Moran Crossley UK Ltd, she grew both the 

commercial and consumer portfolios within 

the business before it merged with Newman 

& Co, a small boutique agency, to become 

Newman Crossley Ltd. At Newman Crossley, 

she expanded further into the financial services 

community and at the time of its sale to Arvato 

had more than 150 full time employees. 

She next set up Credit Solutions (Northern) 

which was subsequently acquired by Hitachi 

to become Hitachi Capital Credit Solutions: 

“Hitachi had been a big client of ours and one 

day the CEO of the UK business came to see 

me about setting up a business specifically to 

service the collections needs of the Hitachi 

Group. I then became the only woman on the 

main Board of Hitachi UK.” 

AWAY FROM THE COALFACE 

After three years on the board, and spending 

too much time away from the coalface, Denise 

looked for another challenge, and found herself 

briefly working for her husband: “His business 


INTERVIEW 

AUTHOR – Sean Feast FCICM 

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

continues on page 14 >

INTERVIEW 


was in manufacturing and sales of chemicals to 

the amenities sector and he had 20 or so reps out 

on the road, all paper-based. 

“Despite some initial resistance we got them 

all laptops and modernised all of the processes 

and policies such that we attained BS5750. 

I remember he whooshed past my desk one 

morning and without smiling told me to make 

him a coffee, treating me like his secretary. I 

made him a cup and slapped it down on his 

desk,” she laughs. “I knew then it was probably 

time to move on!” 

Approached to start a debt management 

company, Denise was quick to realise the 

challenges that such businesses faced: “We were 

doing the due diligence on a company we were 

thinking of buying but decided against it. It 

was just as well as soon after the company went 

bust. We ended up buying their book of clients 

and diversified into creating a very successful 

consumer DCA – Improved Financial Solutions 

– servicing a portfolio of clients across financial 

services, motor, utilities and telecoms.” 

Such was the success of the business that it 

attracted interest from others, not least a world 

leading Business Process Outsourcing (BPO) 

business, Teleperformance. Teleperformance 

acquired Denise’s firm in 2004, and she became 

Managing Director of its collections arm. 

It was an exciting time, responsible for 

collections operations not just in the UK but also 

interacting internationally, notably South Africa 

and the Philippines. But again, Denise missed 

the direct interaction with her colleagues and 

customers and on leaving the business after 

more than eight happy years spent 18 months 

as a consultant to two other DCAs, helping them 

improve their bottom line and supporting them 

through FCA authorisation. 

It was during this time that she was invited 

to meet the team at Motormile Finance, a debt 

purchasing business: “At the time it had around 

70 people and was turning over c£800,000 per 

month. Now it has more than 140 people turning 

over £3.5 million per month, and we have 

acquired almost four million customers.” 

VULNERABLE CUSTOMERS 

One of the first things Denise looked at was 

the brand: “I have always taken the view that 

any customer in the alternative lending space 

is vulnerable, and so we looked at how the 

business communicated and the language it 

used, softening the suite of communications to 

make it more accessible and retraining the staff 

and management to change our approach in 

areas where change was needed.” 

Denise also took the opportunity of not only 

doing right by their customers and clients, but 

also by her own teams: “I introduced long-term 

incentives so that everyone in the business can 

benefit, and not just the senior management.” 

One of Denise’s most significant achievements 

was steering the business through FCA 

authorisation under supervision. She sees this, 

however, as an advantage: “It gave us a much 

better understanding of what the FCA actually 

expects,” she says. 

“The name ‘Lantern’ was chosen for two 

reasons,” Denise continues. “Firstly, because I 

genuinely believe that we are a leading light in 

the sector and secondly because we are a light at 

the end of the tunnel for our customers. Working 

with vulnerable customers as our USP meant 

we were ahead of the game when it came to the 

pandemic. 

“Of course, most agencies will claim today 

that they have policies in place to identify and 

manage vulnerable customers, but we actively 

buy portfolios of vulnerable debt and have 

built a bespoke platform that gives us a true 

single customer view. Having total visibility of a 

customer’s debts ultimately means a significantly 

better customer journey and a better customer 

outcome. Our customers only have to make one 

payment across multiple debt lines, and only 

have to deal with one communication.” 

Denise is proud that the work she and her team 

have accomplished has been recognised with 

both an Investors in People and an Investors in 

Customers Gold award. 

BRANCH ADVOCATE 

Perhaps not surprisingly given Denise’s passion 

for the credit industry, she is a Fellow of the 

Chartered Institute of Credit Management, and 

in the early days was a regular member of her 

local branch: “It helped give me further insight 

into the world of credit and how businesses 

worked,” she says, “and I learned a great deal. 

I still enjoy reading the Credit Management 

magazine as it captures so many different 

aspects of the industry.” 

Denise is also a key figure in the Credit Services 

Association (CSA), having spent a quarter of 

a century on/off the Board: “I have never been 

afraid of speaking up for the little guys,” she 

laughs, “and take tremendous pleasure in being 

able to help others and freely giving advice 

where advice is needed.” 

A previous winner of the title Businesswoman 

of the Year, Denise is also an active champion of 

helping other women make it in business: “It’s 

much better than it was,” she sighs, “but it’s still a 

hard slog and not yet where it needs to be. 

“I remember one incident many years ago 

when the directors were all meant to be paid the 

same and I found out that one was getting much 

more than I was. I was told it was because I had 

no children, and he had three at a private school 

that needed paying for, so he had more need of 

it than me!” 

Which brings us back to the start of the 

interview, and Denise’s point about pushing 

herself forward more: “If I were my younger self 

again, I would have been more confident, much 

earlier, in asking for what was rightfully mine. 

Age or gender should never be a barrier to being 

paid properly for the role you do.” 

And does she regret never becoming a 

detective? Perhaps that’s a question you might 

like to ask her yourself. 


INTERVIEW 


“The name ‘Lantern’ 

was chosen for 

two reasons, firstly, 

because I genuinely 

believe that we are a 

leading light in the 

sector and secondly 

because we are a 

light at the end of 

the tunnel for our 

customers. Working 

with vulnerable 

customers as our 

USP meant we were 

ahead of the game 

when it came to the 

pandemic.’’ 

Denise Crossley FCICM 

Chief Executive Officer, 

Lantern. 


Thursday 24 March 2022 

The Royal Lancaster, London 

CATEGORIES ANNOUNCED 

ENTER NOW 

This year we have new categories and are excited to recognise 

and applaud the success of you and your teams. 

The British Credit Awards recognise the stand out achievements 

of the most deserving individuals, teams and organisations in 

the international credit industry. Join us as we celebrate your 

achievements and recognise all the hard work you have achieved 

this year. So take a look at the categories, and think which one you, 

your colleagues or your team deserve. Enter or nominate today! 

Here is your opportunity to be rewarded as what is recognised 

as the highest accolade you can receive in your profession. 

2022, it’s your chance to lift the trophy! 

For more information visit 

www.cicmbritishcreditawards.com 

or scan the QR code below to be directed to our website

Entries open until 

Friday 26 November 2021 

2022 Awards Categories 

B2B Team of the Year Award 

B2B Supplier of the Year Award 

Consumer Team of the Year Award 

Consumer Supplier of the Year Award 

Equality, Diversity & Inclusion Award 

Innovation & Technology Award 

Best Employer of the Year Award 

Risk Management Team Award 

Shared Service Provider of the Year Award 

Debt Collection Agency of the Year Award 

Insolvency Practitioner of the Year Award 

Legal Provider of the Year Award 

Apprentice of the Year Award 

Giving Back Award 

Rising Star Award 

Resilience & Continuity Award 

Sir Roger Cork Prize (Announced on the night) 

Jenny Oldfield Supporting Women Award 

Credit Professional of the Year Award 

Outstanding Contribution to the Industry

INTERVIEW 

SHOOTING 

STARS 

Sean Feast FCICM talks to Lisa Schorah 

about a convent education, ice creams, 

and the importance of winning a 

national award. 

LIKE so many high achievers in 

the world of credit, Lisa Schorah 

never set out to become a credit 

professional. But she was always 

interested in Business. 

Originally from Wallasey on 

the Wirral, she was educated at Upton Hall, 

an all girls Catholic School. Her father was a 

professional tennis coach working all hours, 

but it was her teachers who inspired her 

to learn more about the world of business. 

Although predicted high grades, she took the 

bold step to miss out on 6th Form and instead 

enrolled on a Business course at Reaseheath, a 

local College: “I was always fascinated by how 

a business works, and how an organisation 

gets to become a global success. I remember 

learning about the man who invented the 

Cat’s Eye (Percy Shaw) and it struck me 

how such a simple idea could become 

a global phenomenon.” 

Lisa’s studying combined 

Business with Event Management 

and required a trek every morning 

from her home to Nantwich: “I 

would catch the coach every day 

at 06.45 from outside a local 

pub,” she recalls, “and having 

been to an all girls Convent 

school, college was something 

of a culture shock. There was a 

mix of different backgrounds 

and all of the teachers were 

known by their first names.” 

Although a two-year 

course, Lisa completed 

her studies in one, and 

as such was set further 

work: “I didn’t mind at 

all,” she says, “and would 

go so far as to say I found 

it enjoyable.” 

ICE CREAM VENDOR 

When not at her books, 

she worked behind the 

bar at a pub where her 

mother was the cook and in a Showtime Ice 

Cream kiosk in a local country park: “It gave me 

my first experience of operations, and soon I 

was stock taking and book keeping, and taking 

decisions on when to open/close in line with the 

most profitable times.” 

When her studies completed, she began 

looking for a job, and landed on her feet at Ross 

Care, a major provider of wheelchair services 

and mobility equipment on behalf of the NHS 

and Local Authorities: “I was an apprentice in 

an administrative role. I was only 17 with no 

real idea of the world, but I absolutely loved it 

and everyone there.” 

One of three apprentices starting together, 

Lisa had – in her own words – the ‘dumb luck’ of 

working in a part of the business (Community 

Equipment) where the directors were still very 

hands-on and engaged, and from who she 

learned a great deal very fast. In short order she 

found herself working on tenders and in new 

business meetings with local authorities and 

trusts and travelling the length and breadth of 

the country to support their clients, set up new 

depots and train new starters: “When I started 

I think there were just three drivers and two 

people in the office. By the time I left, there 

were closer to 40 people in our team.” 

Although Lisa enjoyed some training on 

various administrative platforms and system, 

she was still yet to touch credit management 

‘properly’: “I didn’t even know that ‘credit’ was 

a ‘thing’,” she laughs. 

“What I did know, however, was that every 

so often I’d been told we’d exceeded our credit 

limit, and I couldn’t get the supplies we needed, 

or a delivery was being held up because they 

hadn’t been paid.” 

CATALYST FOR CHANGE 

A change in family circumstances was the 

catalyst for change, and after a dozen or so 

years at Ross Care, by which time she had 

advanced to Contracts Supervisor, she applied 

for a role at Weightmans, a top 50 UK law firm: 

“I was offered an administrator job but couldn’t 

afford to take it, but then a different role came 


INTERVIEW 


“Winning the ‘Shooting Star’ Award – and being told 

by a Chartered Institute that I was good at what I did – 

made me feel very proud. I never thought I would win.” 

up working in the company’s finance team 

as a credit specialist.” 

Again, Lisa struck lucky, both with an 

interesting role and a leadership team 

including Pete Taggart MCICM (Principal 

Associate – Credit Manager) and Bob 

Granger (Finance Director) happy to 

invest in their people and talent. 

She was immediately in a commercial 

collections role, recovering unpaid debts 

from the firms clients: “I had never 

done collections before and was a little 

nervous,” she admits. “But it was like 

joining a new family. Everyone made me 

feel very welcome and I made a point of 

getting to know as many people as I could, 

including those in the wider team. 

“Partly it was because I didn’t always 

want to be thought of as the ‘newbie’, 

but principally because I was genuinely 

interested to learn about what others 

did and how the different disciplines – 

cashiering, billing, collecting etc – came 

together.” 

CICMQ ACCREDITATION 

Weightmans was first CICMQ accredited 

back in 2016 (and has been permanently 

recognised since, currently being the 

largest UK Law Firm to be accredited) 

and is an active supporter of the Institute. 

Bob’s arrival at the firm was described 

at the time by Sharon Adams FCICM the 

CICMQ Assessor, as having brought a new 

sense of energy and direction to the team. 

It was not surprising, therefore, that 

Lisa actively sought and was encouraged 

to study towards a professional credit 

management qualification and has 

already started Level 3. The catalyst this 

time was something more positive: a 

winner in the CICM British Credit Awards 

2021: “Starting at Weightmans was like 

starting at the bottom all over again and it 

was down to me to prove myself,” she says. 

“Winning the ‘Shooting Star’ Award – and 

being told by a Chartered Institute that I 

was good at what I did – made me feel very 

proud. I never thought I would win.” 

At the time of going to press, Lisa is due 

to take her next round of exams. Having 

missed out on a degree, she perhaps 

acknowledges that it was a terrible idea 

to have left school early, but that happily 

the love of learning has never left her. If 

anything, it has become stronger still. 

And what of the future? “I want to 

become the guru for bad debt,” Lisa 

laughs. “If there’s ever a debt that can’t be 

collected, I want people to say, ‘this is a job 

for Lisa!’ 

“I love learning and I am passionate 

about sharing knowledge, so when Pete’s 

ready to retire, I’d like to have his job!” 

I wouldn’t bet against that happening. 


Bouncing Back 

Invoice Finance can help support the 

UK’s economic recovery. 

AUTHOR – Alex Waterman 


ALTERNATIVE FINANCE 


WITH everything that 

has happened and how 

much life has changed 

in the last 18 months it 

would take a very brave 

or foolish person to 

write an article on what is likely to happen 

in the coming 18 months. Make up your 

own mind which one – or both – of these I 

might be. 

By means of brief introduction for those less 

familiar with the organisation, UK Finance 

is the collective voice for the banking and 

finance industry. We represent around 300 

firms across the industry, acting to enhance 

competitiveness, support customers and 

facilitate innovation. Both as UK Finance and 

through predecessor organisations, we are 

pleased to have had the opportunity to work 

with the CICM and the credit management 

community for many years and pleased to 

share our views on what the months ahead 

may hold for UK businesses. 

On the invoice finance and asset based 

lending (IF/ABL) and wider commercial 

lending side, we have worked closely with our 

members to track the impact of the pandemic, 

the lockdowns and the subsequent economic 

shocks on their client businesses. When 

thinking of the months since March 2020, 

Donald Rumsfeld’s often quoted and sometimes 

(unfairly) maligned ‘known unknowns and 

unknown unknowns’ reference comes to 

mind. The crisis that many were expecting 

at the onset of the pandemic – one akin to 

the global financial crisis of 2007/8/9 where 

liquidity froze, and trust between financial 

institutions and real economy businesses alike 

evaporated virtually overnight – thankfully did 

not come to pass. 

The speed and sheer magnitude of the 

extraordinary fiscal interventions the 

Government put in place – the Government 

lending schemes and Job Retention Scheme 

most prominently – ensured that an immediate 

2007 style liquidity crisis was averted. Instead, 

there are some very different challenges 

ahead for both UK businesses and the finance 

providers that support them. 

VARIED STORY 

At the start of the pandemic, UK Finance’s IF/ 

ABL members were supporting and funding 

over 39,000 UK businesses, with a combined 

turnover of £280bn. While the data referenced 

following reflects a wide range of businesses 

across the real economy (both in terms of 

sector and size) the story varies greatly from 

sector to sector and business to business, 

of course. 

Historically the average IF/ABL client 

experienced payment days of around 55 days 

– and IF and ABL providers help their clients 

manage the working capital gap between 

goods and services being provided and 

payment being received by advancing funding 

against the debts owed and also against other 

assets. When the first lockdown bit in late 

Spring of 2020, as per the 2007 playbook, it was 

assumed that the payment of invoices would 

come to a complete standstill, with debt turn 

expected to rocket upwards for a sustained 

period. As credit managers will be more than 

aware, initially this did happen. Within two 

months the average debt turn had gone up by 

seven days with many businesses reporting 

significant issues with their debtors. 

However, from June 2020, and coinciding 

with the take up of much welcomed 

Government guaranteed loan schemes and the 

other interventions, debt turn started to come 

back down, to the extent that by the end of the 

year, businesses were paying their suppliers 

on average five days quicker than they were 

pre-pandemic. Today the average debt turn 

has settled at 48 days, some seven days quicker 

than pre-pandemic. 

Reinforcing the evidence against there being 

an access to finance crisis (at least across the 

economy as a whole), in addition to this, latest 

UK Finance bank data (to June 2021) shows 

that SMEs are sitting on an additional £70bn 

in cash in their bank accounts compared to 

March 2020. This seems likely to be at least 

partially due to businesses – understandably 

– taking out Government guaranteed loans 

in order to bolster reserves against potential 

continuing economic disruption and placing 

those straight on deposit. 

COMMERCIAL LENDING 

Looking at the use of wider commercial 

lending facilities, as at June 2021, SMEs with 

overdrafts were sitting with an additional 

£2bn of headroom within those arrangements 

compared to March 2020. A similar picture is 

seen in terms of usage of agreed IF/ABL facilities, 

with clients only utilising approximately 50 

percent of their total availability, providing 

£4bn of additional headroom compared to prepandemic 

So what is the story on the other side of the 

balance sheet? There are clearly some virtually 

unquantifiable liabilities – Rumsfeld’s known 

unknowns - that have been built up over the 

last 18 months, but what we do know is that 

over 1.7 million businesses have accessed 

£70bn of Government-guaranteed funding 

through the Bounce Back Loan Scheme and 

Alex Waterman 

Even better is 

the fact that the 

current picture 

suggests that 

much of the 

Government 

guaranteed 

lending will be 

repaid. 

Facility March 2020 June 2021 Difference 

Current Account Cr Balances £116bn £163bn £47bn 

Deposit Accounts £85bn £108bn £23bn 

Overdraft Headroom £7bn £9bn £2bn 

IF/ABL Headroom £9bn £13bn £4bn 

Total additional cash £217bn £293bn £76bn 



ALTERNATIVE FINANCE 


made use of the VAT Payment Deferral 

Scheme with HMRC during 2020, with 

the Government positioning this as an 

effective £30bn + ‘cash injection’ for UK 

businesses. 

A rough comparison suggests that 

purely from a cashflow perspective and 

across the economy as a whole, ignoring 

sectoral and geographic variations, things 

aren’t looking as bad as one might think. 

This is because these figures show that 

there is ‘only’ a £30bn gap between how 

much Government support has been 

accessed (and required to be repaid) and 

the additional cash currently available 

to SMEs whether through cash balances 

or already agreed finance facilities 

compared to pre-pandemic. 

The £30bn gap is still a significant 

amount, but what we have seen in 

the commercial lending world is a 

significant move away from businesses 

accessing lending products provided on 

a commercial basis. We know that IF/ 

ABL client numbers have dropped from 

39,000 in March 2020 to 35,000 in June 

2021, and the number of SMEs taking out 

new overdrafts has dropped to around 20 

percent of the usual number expected. 

The extent to which Government 

guaranteed loans replaced lending that 

could have otherwise been provided on 

a commercial basis will never be known 

but it seems clear there was at least some 

impact. 

All being said, this data is good news for 

UK PLC and for the taxpayer. Even better 

is the fact that the current picture suggests 

that much of the Government guaranteed 

lending will be repaid. UK Finance is 

closely monitoring the situation to track 

how this plays out. 

LOOKING FORWARD 

Looking ahead, IF/ABL data suggests that 

the businesses that use these products 

to support their working capital are 

generally in a strong position as we start 

to recover from the pandemic. Not only 

do current clients alone have access to 

£13bn of additional working capital, but 

their sales are recovering at impressive 

rates. For comparison ONS data suggests 

that GDP grew by 6.5 percent in H1 2021 

compared to H1 2020. Combined sales for 

IF/ABL clients shows an almost 12 percent 

increase per client in the same period. 

Interestingly, taking into account the 

reduction in client numbers, a calculation 

of the growth experienced by the ‘average 

IF/ABL client’ in this period highlights 

staggering growth of 23 percent. 

So why do businesses supported by 

invoice finance and asset based lending 

seem to be exceeding the general 

economic recovery? It is true that there 

are some sectors that have been more 

significantly impacted by the pandemic 

than others, and some of these sectors 

wouldn’t necessarily use IF/ABL products 

(such as retail and B2C businesses), but it 

is fair to say that there are other sectors 

that have done extremely well that also 

wouldn’t necessarily use IF/ABL, so there 

is probably some balance there. 

Clearly the nature of IF/ABL products, 

and the way in which IF/ABL providers 

support their clients through the provision 

What sort of businesses can use invoice 

finance and asset-based lending? 

Businesses that: 

• Trade on credit terms with other businesses 

• Are experiencing strong growth or recovery and are looking a type of 

finance that instantaneously grows with their needs 

• May be struggling to access finance due to barriers faced through 

existing COVID related liabilities or recent poor financial results 

• Wish to repaying BBLS, CBILS or VAT deferrals avoiding the monthly 

cashflow burden that comes with that 

• Would benefit from not just finance but also the knowledge and 

experience that IF/ABL providers can provide 

of flexible finance, knowledge and 

support, allows those client businesses 

to accelerate their growth or recovery. In 

addition, the products have become more 

accessible; in recent years we have seen 

improvements in the use of technology 

to help make invoice finance and asset 

based lending much easier to access and 

use. 

BUSINESS RECONFIGURATION 

In the coming months we are likely to see 

many businesses looking to reconfigure 

their businesses and their finances. This 

may be challenging for many, particularly 

as they will be posting COVID-19 

impacted financial results. In addition, 

businesses face many other challenges 

including the recent re-introduction of 

HMRC’s Secondary Preferential Creditor 

Status, effectively ranking HMRC ahead of 

floating charge holding lenders in respect 

of any tax arrears. Bearing in mind the 

billions of VAT deferrals noted earlier, 

many businesses in sectors where the 

majority of assets can only be secured by 

floating charges are going to struggle to 

access the finance needed. 

Invoice finance and asset based lending 

providers’ main source of security comes 

in the form of a fixed charge over the 

debts of a business, rather than through 

a floating charge or strength of a personal 

guarantee. Therefore IF/ABL providers are 

keener than ever to talk to businesses, 

and to ultimately provide them with the 

support and finance they need to meet 

the challenges and make the most of the 

opportunities that lie ahead. 

In summary, the Government interventions 

have had a positive impact in supporting 

businesses in managing the initial 

economic shock of the pandemic and the 

subsequent lockdowns. The Government 

has now largely done its part, and now 

it is the responsibility of the commercial 

finance sector to step up to support 

the next stage of the recovery as normal 

commercial conditions start to return. 

Alex Waterman is Principal, Invoice 

Finance & Asset Based Lending, 

Commercial Finance at 

UK Finance. 


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COUNTRY FOCUS 

Despite its size, 

Estonia is packing a 

mighty technological 

punch. 


COUNTRY FOCUS 

AUTHOR – Adam Bernstein 

“one of the most innovative nations 

in Europe…and consistently strives 

to provide a positive and stimulating 

environment for rights holders.” 

ESTONIA, the third in the triumvirate of the 

Baltic States, not unsurprisingly shares a 

common history with its neighbours. Once 

ruled by the Danes, Swedes, Germans, and 

Russians, it is similar in nature to Latvia 

and Lithuania. 

Settlers first arrived in the area around 8500BC. The 

Germans followed in the 13th century and the area was 

subsequently fought over by several states as it was 

an east-west gateway. Then came a period of national 

enlightenment in the 18th and 19th centuries that led 

to Estonia becoming independent in 1918. But, as with 

the other Baltic States, it was forcibly incorporated into 

the USSR in 1940, the Third Reich in 1941, and the Soviet 

Union – again – in 1944. 

Freed in 1991 following the collapse of the Soviet 

Union, the last Russian troops left in 1994. Estonia has 

since sought closer economic and political ties with the 

west and joined both NATO and the EU in the spring of 

2004, joined the OECD in late 2010, and adopted the euro 

in January 2011. 

PEOPLE AND THE ECONOMY 

Geographically, Estonia shares borders – albeit some 

over water – with Sweden, Latvia, Russia, and Finland. 

But it’s not a coherent or singular land mass; it features 

mainland and some 2,222 smaller islands scattered 

about the Baltic Sea. It’s the smallest of the three Baltic 

states with just 45,339 km2 (compared to the similarly 

sized Latvia and Lithuania with around 65,000 km2 

each). 

Unlike its Baltic neighbours, its population is rising 

– from a low base, however. In 2021, the EU estimated 

that Estonia had 1.32m residents versus 1.89m in Latvia 

and 2.79m in Lithuania. 

But with such a large landmass, it’s easy to comprehend 

that Estonia is sparsely populated with just 29 people 

per km2. Worldpopulationreview.com calculates that 

Estonia holds just 0.02 percent of the global population 

and that it “is the one hundred and fifty-sixth biggest 

country in terms of population size.” 

Tallinn is the largest, and capital, city with 431,000 

inhabitants. The next largest is Tartu with just 94,000, 

which is followed by Narva with 56,000 people. There 

are 10 more towns with residents that can be counted 

in five figures. Beyond that, are 33 towns and villages 

with populations ranging from 10,000 down to just 846. 

The population is, according to Macrotrends.net, which 

quotes 2020 World Bank data, 69.2 percent urbanised – a 

number which stood at 57.5 percent in 1960 and which 

rose to a 1989 peak of 71.42 percent. 

As for its economy, the 2021 OECD Economic Outlook 

believes that the Estonian economy fared relatively 

well considering the COVID pandemic and saw just a 

2.7 percent contraction in GDP. It’s expected that GDP 

will have grown by 2.9 percent in 2021 and will grow 

5 percent in 2022 – mainly as a result of domestic 

consumption and investment. Estonia’s Government 

debt is forecast to rise from nine percent to 23 percent 

by the end of 2021. 

The CIA World Factbook puts imports – based on 2017 

figures, which is in places that the Estonian government 

still quotes – at $14.4bn which mainly come from 

Finland (14 percent), Germany (10.7 percent), Lithuania 

(8.9 percent), Sweden (8.5 percent), Latvia (8.2 percent), 



COUNTRY FOCUS 


Poland (7.2 percent), Russia (6.7 percent), 

Netherlands (5.9 percent) and China (4.7 

percent). 

Exports are listed, again based on 2017 

figures, as $13.4bn to, in the main, Finland 

(16.2 percent), Sweden (13.5 percent), 

Latvia (9.2 percent), Russia (7.3 percent), 

Germany (6.9 percent), and Lithuania (5.9 

percent). 

The standout observations from these 

two sets of data are the proximity of trading 

partners, and, interestingly, the inclusion 

of imports from China but the absence 

of the US in relation to either imports or 

exports. 

The country’s unemployment rate, from 

data supplied by Trading Economics, 

stands at 6.9 percent (2021), a steady fall 

from a 2010 peak of 16.7 percent as noted 

by Statista. But put into context, there are 

– according to Trading Economics – nearly 

642,000 people working in the country and 

just 48,500 out of work. 

Estonia is a reasonably young country 

with nearly 65.5 percent of the people 

are aged under 54 years (2020 CIA World 

Factbook). And of those, 16.2 percent are 

14 years or under, 8.8 percent are between 

15-24, and 40.3 percent are aged 25-54. 

However, while males outnumber females 

in the 54 and underage bracket by between 

five and eight percent, from age 55 the 

position is reversed and quite markedly 

so – by 20 percent for those aged between 

55 and 64, and by 90 percent for the over 

65s. An understanding of this demographic 

could make a quantum difference in 

how and what products and services are 

marketed. 

In more detail, the population identifies 

itself ethnically as 68.7 percent Estonian, 

24.8 percent Russian, 1.7 percent 

Ukrainian, one percent Belarusian and 0.6 

percent Finnish. In language, 68.5 percent 

speaks Estonian, 29.6 percent Russian, and 

0.6 percent Ukrainian. English, however, 

is widely spoken and invariably used in 

business. 

MARKET OPPORTUNITIES 

Exploitable opportunities are key for any 

exporter and Investinestonia.com lists 

many sectors – 20 all told – that are the 

mainstays of Estonia’s economy. The list 

includes mechanical engineering which 

produces 14 percent of Estonia’s GDP and 

which secures 13 percent of foreign direct 

investment. R&D, CADCAM, industrial 

parks, (contract) manufacturing, assembly 

and testing are all key features of the sector. 

Fintech is central too. Estonia is 99 

percent cashless, has more than 80 fintech 

companies, widely uses Blockchain 

technologies and smart and distributed 

systems, and is well versed in robotic 

process automation. 

On Cybersecurity, Investinestonia 

cites the presence of firms such as CGI, 

Symantec and Malwarebytes. The country 

is also home to EU and NATO cyber defence 

organisations. 

And then there are other IT-related 

sectors such as e-health which has 

deployed a system where 95 percent of data 

is created digitally, and patient records are 

unified. Allied to this is an active biotech 

sector with more than 70 companies and a 

niche pharmaceutical sector; e-commerce 

that revolves around digital advertising, 

electronic ID and payment services; and 

smart cities with smart roads and ports, 

smart parking and ticketing, and location 

services and telematics. 

Kõpu Lighthouse (Estonian: Kõpu tuletorn) is 

one of the best known symbols and tourist sights 

on the Estonian island of Hiiumaa. It is one of the 

oldest lighthouses in the world. Having been in 

continuous use since its completion in 1531. 

The lighthouse is quite unique with its shape 

and an exception among lighthouses because it 

has gone through all the stages from a medieval 

landmark up to a modern electrified lighthouse. 

Food is another important sector for 

Estonia; it employs more than 15,000 

people in some 700 firms and exports 33 

percent of its production. In many cases, 

high-quality and organic ingredients are 

used, production is mechanised and is well 

advanced – it apparently began supplying 

Soviet space missions in 1962. 

Bio and timber shouldn’t be overlooked, 

especially as 51 percent of Estonia is 

covered by forest. Investinestonia suggests 

that 30 percent of the economy is tied 

to the bioeconomy. The timber is all 

certified and Eztonia is Europe’s largest per 

capita producer of wooden residential and 

commercial buildings, 90 percent of which 

are exported. The country is also strong in 

biomass production. 

Chemicals is another key strand of 

the Estonian economy which claims 

expertise in shale oil and rare earth metals, 

petrochemicals and fertiliser products. The 

country has R&D, production and storage 

facilities. 

A sector that has also seen solid growth is 

marine which, according to Investinestonia, 

specialises in the design and build of small 

and medium-sized commercial and leisure 

vessels. The Estonian Maritime Academy 

says that it produces qualified workers who 

have used high-tech solutions along with 

automation and technology to double the 

country’s marine output in a decade. 

There’s energy that’s focussed on shale oil 

(and has been since the 1930s), sustainable 

energy with waste-to-energy, solar, wind, 

and biomass. The country’s energy strategy 

requires renewables to produce most of 

the electricity and heat by 2030. Electric 

vehicles are important too; the country 

claims to have installed the world’s first 

nationwide electric vehicle network. 

Lastly, there’s the tourism sector. 2018 

figures from the OECD – the year is relevant 

given the interruption caused by COVID – 

note that the sector makes up 7.8 percent of 

GDP and 4.3 percent of employment. That 

year tourism receipts reached a record €2bn 

from some 3.2m international tourists. 

Top origin for travellers to Estonia are 

Finland, Russia, Latvia, Germany, and 

Sweden. But in terms of growth markets, 

the US, Russia, United Kingdom and Japan 

have all increased recently. 

SETTING UP SHOP 

As for doing business within Estonia, 

the country’s Commercial Code permits 

five forms of business entity: Private 

limited company (OÜ) with share capital 

and no personal liability. At least 2,500 

euros in share capital is required and if 

more than half of the board members 

do not permanently reside in Estonia, 

the company must give the Commercial 

Register a contact name and address in 

Estonia and the foreign owner’s address 

and e-mail address. 

Public limited company (AS) with one 

or more natural or legal persons with 

or without shares. Shareholders are not 

personally liable and share capital of at 

least 25,000 euros is necessary. Shares must 

be entered in the Estonian Central Register 

of Securities. If more than half of the 

board members do not reside in Estonia, 

the company must give the Commercial 

Register a contact in Estonia where 

documents can be sent. 

General partnership (TU) with two or 

more partners operating under a common 

business name and with a partnership 

agreement. Partners can be natural or 


COUNTRY FOCUS 


The Estonian Maritime Academy says 

that it produces qualified workers who 

have used high-tech solutions along with 

automation and technology to double the 

country’s marine output in a decade. 

Photo credit: TalTech 

legal persons, and all must be on the 

Commercial Register. Members of the 

partnership are liable for all business 

obligations. 

Commercial association (ühistu) 

with the purpose of supporting and 

promoting the economic interests of its 

members through joint economic activity. 

Generally, members are not personally 

liable. Lastly, the sole proprietor with no 

minimum capital but personal liability. 

An entry in the Central Commercial 

Register is necessary. 

Foreign companies can establish 

a branch in Estonia which must be 

registered in the Commercial Registry. 

Notably, a branch is not a business entity, 

and the foreign owner will be liable for 

obligations arising from the activities 

of the branch. Given its strong pro-tech 

bias, it’s not surprising that Estonia offers 

e-Residency, a Government-issued digital 

identity and status that grants access 

to its digital business environment. 

e-Residency allows companies to securely 

authenticate themselves online and begin 

trading while located overseas. A warning 

note from Thompson & Stein advises 

overseas firms – especially if outside of the 

EU – to check if a double-taxation treaty 

exists. That said, Estonia’s prime minister, 

Kaja Kallas, recently told CityAM that 

4,000 UK firms have – post-Brexit – taken 

advantage of the e-Residency scheme: 

“Her and previous Governments have 

tried to make conditions as favourable as 

possible for ‘our British friends.” 

BUSINESS RISKS 

Bearing in mind that bribery is illegal in 

the UK and anywhere in the world that 

UK businesses and employees operate, 

it’s still worth noting that a new anticorruption 

strategy for 2021-2025 was 

agreed by the Estonian Government 

in February 2021. Estonia has, since 

2018, witnessed the discovery of money 

laundering schemes involving suspicious 

money being laundered through Estonian 

branches of Scandinavian banks by 

non-residents. Banks in Estonia have 

improved their risk controls in recent 

years as a result and rules and regulations 

have been tightened. This has, however, 

created a situation where non-residents 

may face difficulties in opening bank 

accounts in Estonia. 

On intellectual property abuse, 

the World Trademark Review says of 

Estonia, that it’s “one of the most 

innovative nations in Europe…and 

consistently strives to provide a positive 

and stimulating environment for rights 

holders.” It adds that the Tax and Customs 

Board is vigilant in tackling counterfeits, 

and a recent court decision in favour of 

Daimler outlines how companies can 

protect their rights by seeking its help. 

An example of Estonia’s proactivity in 

technology is an uptick in local entities 

registering ‘audio logos’ and taking 

advantage of the ability to protect sound 

marks. This, the publication says, has 

been made possible by the elimination of 

the graphical representation requirement 

following the implementation of the EU 

Trademark Directive into national law in 

April 2019. 

As an aside, World Trademark Review 

lists many law firms and consultancies 

that offer advice on protecting intellectual 

property. 

TAXATION 

Corporation tax is set at 20 percent, but 

only on distributed profits. 

Income tax is similarly charged at 20 

percent but with a tax-free amount of 

€500 per month or €6,000 a year. However, 

the tax-free exemption is tapered so that 

those with incomes of €25,600 per year 

lose the exemption entirely. 

There’s also a social tax of 33 percent 

that is levied on employers based on the 

gross amount of pay. This tax comes with 

a minimum obligation to pay at least 

€192.72 per month per employee even 

if an employee receives no pay in the 

month. 

VAT is set at a standard rate of 20 

percent with a reduced rate of nine percent 

for certain pharmaceutical products, 

medical equipment for disabled persons, 

books (but not e-books), newspapers 

and periodicals and hotel accommodation. 

A zero rate applies to transport. 

Any business with sales revenues 

exceeding €40,000 from the beginning of a 

calendar year must register for VAT within 

three working days following the day on 

which the statutory obligation arises. 

IN SUMMARY 

Estonia may be small, but it’s mighty 

and packs a technological punch. With 

China making inroads into the country’s 

marketplace, and the absence of the US, 

now is the time for British exporters to see 

what Estonia holds. 

Adam Bernstein is a freelance business 

writer. 


OFFICE LIFE 

IT’S A CASE OF BACK TO REALITY 

menzies.co.uk/creditor-services 

When the pandemic hit in early 2020, 

it felt like the world of work had 

undergone a revolution, from which 

there was no going back. But more 

than one year on, workplaces are 

starting to buzz again and employers 

are preparing to expand their office 

spaces, rather than shrink them. So 

what’s changed and what role can 

credit management professionals 

and employers play in building back 

a better workplace? 

Attending a roundtable event, 

chaired by the Chartered Institute of 

Credit Management (CICM), and 

hosted by accountancy firm, Menzies 

LLP, a diverse group of senior-level 

credit management professionals 

and Board-level executives gathered 

recently to share their experiences of 

re-engineering office culture at a time 

when restrictions are easing and life 

for some office-based workers is 

beginning to get back to normal. 

To open the event, Sue Chapple, 

chief executive of the CICM, 

highlighted the plight of commercial 

property landlords, many of whom 

faced a wall of demands from 

tenants at the onset of the pandemic 

to downsize their portfolios and 

switch to more flexible terms. While 

this was undoubtedly a challenging 

time, the truth is that some landlords 

had started offering short-term 

leases and adapting their 

propositions to meet demands for 

greater flexibility, well before the 

pandemic. Commenting on how the 

commercial property market 

adapted, Ros Goode, managing 

director at Avison Young, said: 

“Some employers took drastic action 

and reacted quickly by shrinking their 

property portfolios to allow for more 

remote working. However, some are 

now realising that they acted 

prematurely. Our conversations with 

businesses at the moment are 

centred on plans for growth and 

expansion and those businesses that 

retained most or all of their work 

space, now find themselves better 

placed and with more options when it 

comes to managing the return to the 

office.” 

According to Ros, those commercial 

property landlords specialising in 

office space have fared well through 

the pandemic, as, in general, tenants 

have continued to generate revenues 

and rents have been paid. Those 

landlords with predominantly retail or 

hospitality & leisure assets have 

been less fortunate however, and 

some have been experiencing 

cashflow difficulties. 

Sue Chapple added: 

“Credit management 

and business recovery 

professionals have 

been working closely 

with the worst-affected 

commercial property 

agents to support them 

in assessing the impact 

of the pandemic on their 

portfolios and find ways 

to protect their cash 

position. Some have 

been able to invoke 

‘force majeure’ clauses 

in their insurance cover, 

which, along with the 

Government’s business 

support package, has 

helped them through 

the pandemic.” 

The Government’s decision to phase 

out the temporary insolvency 

protections, with effect from the 1st 

October 2021, has pushed more 

employers to focus on getting 

workers back to the office as soon as 

possible. However, some new 

measures have been announced to 

provide ongoing protection for small 

businesses. Specifically, the debt 

threshold for a winding up petition 

has now been raised to £10,000 to 

prevent creditors from enforcing 

relatively small debts. This new 

legislation also requires creditors to 

seek payment proposals from 

debtors, and to give debtors 21 days 

to respond before they can proceed 

with winding up action. 

Simon Underwood, 

business recovery partner 

at Menzies LLP, said: 

“The removal of most of 

the temporary insolvency 

protections is a wake-up 

call to employers and a 

push to get trading back 

to some semblance of 

normal, and more quickly 

than some had imagined. 

With the economic 

activity rebounding, 

employers are no longer 

asking whether it is 

possible to get workers 

back to the office, but 

how best to manage their 

return and over what 

timescale. 

Those businesses that 

can provide great work 

spaces in prime locations 

that are energy-efficient 

and come with lifestyle 

benefits like bike racks, 

gyms, showers, coffee 

machines and outdoor 

terraces will have an 

advantage when it comes 

to retaining talented 

employees and attracting 

high quality candidates. 

For commercial property 

landlords, the outlook in 

terms of demand for 

quality office space is 

improving.” 

There is no right or wrong when it 

comes to managing workers back to 

the office and, in many cases, 

employers are experimenting by 

creating a bespoke hybrid model that 

takes account of employees’ needs 

and preferences. For example, some 

employers are operating a 3/2 

model; requiring workers to be in the 

office for three days each week. 

Others in London and some other 

city centre locations, have found that 


a 5/10 model a 5/10 works model best, works as this best, as this 

enables commuters enables commuters to buy a weekly to buy a weekly 

HOW WE CAN HELP YOU 

rail pass and rail pass work and from work home from the home the 

following following week. Looking week. further Looking further 

When a customer fails to pay and enters liquidation, administration or 

ahead, most ahead, people most at people the event at the felt event felt 

CVA, it’s often easier to write off the debt rather than waste time 

that further that change further was change likely was from likely from reviewing paperwork and beginning a process that you may not have 

the start of the next start year, of next as employers year, as employers experience of or the time for. However, before simply discarding the 

seek to re-establish seek to re-establish office-based office-based debt, why not consider utilising our Creditor Services offering. 

working. In working. readiness In readiness for this, more for this, more 

Our award winning team can help you to remove the administrative 

in-person in-person events are events taking are place taking place 

burden and can assist with the following: 

and the option and the to option attend to virtually attend is virtually is 

not always not included. always included. 

Reviewing and analysing all Representing you at Creditor 

Insolvency Reports and Meetings and on Creditors' 

Several of the employers at the event correspondence 

Committees 

Several of the employers at the event 

were operating were operating ‘work from ‘work anywhere’ from anywhere’ 

Fully explaining the process, Assisting you with any 

policies and policies had introduced and had introduced a hot a hot your rights and likely outcomes Retention of Title Claims 

desking app desking or other app online or other system, online system, in user friendly terms 

allowing workers allowing to workers pre-book to pre-book a desk a desk 

Providing you with our expert 

at the office as and when they wish. Completing and lodging your advice 

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claim forms and proxy forms 

Teams are Teams also encouraged are also encouraged to meet to meet 

up regularly up regularly for training for or training or 

Furthermore, if you believe any financial 

team-building team-building activities, activities, and creative and creative misconduct has taken place, our specialist in 

meetings meetings are also more are also likely more to take likely to take house forensics team can assist. 

place face-to-face. place face-to-face. 

menzies.co.uk/creditor-services 

Alan Kemp, Alan litigation Kemp, and litigation debt and sale debt at sale at 

E.ON Energy, E.ON said: Energy, “Initially, said: off-site “Initially, off-site 

working was working a challenge was a challenge for our for our 

business business due to the due size to of the the size of the 

workforce. workforce. However, However, now that we now that we For credit For managers, credit managers, much like much their like their culture and culture attracting and attracting and retaining and retaining 

have the have technology the technology in place to in place to counterparts counterparts in other business 

other business the best people, the best but people, even but more even so more so 

facilitate remote facilitate working remote at working all levels, at all levels, functions, functions, there have there been have many been many after the pandemic.” after the pandemic.” 

we are finding we are that finding there that is an there is an challenges challenges while working while from working home. from home. 

upside. We upside. are now We able are now to recruit able to recruit Some have Some needed have to needed adapt their to adapt their Everyone Everyone at the event at the shared event the shared the 

from a much from larger a much employment larger employment pool, role pool, in order role to in stay order in to touch stay with in touch with view that view the pandemic that the pandemic has been has a been a 

as there is as no there reason is no why reason we can’t why we can’t workers more workers frequently more frequently and in a and in a challenging challenging time for employers time for employers and and 

hire a worker hire a based worker in Leeds based to in Leeds work to work more structured more structured way. The way. best The best workers at workers all levels, at all mainly levels, because mainly becau 

with a team with based a team at based the Essex at the Essex managers managers recognised recognised the importance the importance of the lack of of the human lack of contact human that contact that 

office, for office, example. for example. The quality The of quality of of empathy of empathy and being and willing being and willing and many people many have people experienced. have experienced. 

candidates candidates has improved has improved as a result. as a result. available available to listen to to workers’ listen to workers’ Most agreed Most that agreed a strong that focus a strong focus on 

Coming into Coming the office into the is still office optional is still optional personal personal and professional and professional problems. problems. creating a creating positive, a inclusive positive, inclusive and and 

at present, at although present, although teams are teams are John Kane, John head Kane, of strategic head of strategic supportive supportive office culture office would culture be would be 

encouraged encouraged to meet up to for meet creativity up for creativity relationships relationships the CICM, at the CICM, even more even important more important in the future. in the future. 

or cultural or reasons.” cultural reasons.” 

commented: commented: “Over communication 

“Over communication 

did become did a become problem a for problem some for some 

This report is based on a roundtable 

For some For employees, some employees, particularly particularly teams, but teams, better but this better than a this lack than of a lack of event for employers and credit 

young people young and people those and working those in working communication. in communication. Credit management Credit management management professionals, chaired by 

metropolitan metropolitan areas, employers areas, employers noted noted professionals professionals tend to be tend astute to be and astute and the CICM and hosted by accountancy 

that the return to the office can’t pick up on verbal and non-verbal firm, Menzies LLP. 

that the return to the office can’t pick up on verbal and non-verbal 

come quickly come enough. quickly Going enough. to work, Going to work, cues quickly, cues so quickly, coping so with coping home with home Menzies LLP’s Business Recovery 

as opposed as opposed to working to from working home, from home, working was working less was of a problem less of a here problem here team offers practical support and 

has become has a become lifestyle a choice lifestyle for choice for than it might than have it might been have elsewhere. been elsewhere. advice to credit managers and 

such workers as they look forward to However, getting back to the office businesses of all sizes, across industry 

such workers as they look forward to However, getting back to the office 

sectors. Where possible, the firm’s 

meeting up meeting with colleagues up with colleagues and and will help to will relieve help to some relieve of the some of the experts provide practical solutions for 

value workplace value workplace comforts, comforts, such as such as pressure pressure on managers.” on managers.” 

improving cash management and 

free food free and food drinks, and as drinks, well as as the well as the 

operational resilience and early 

opportunity to socialise after work. Summing up one of the key engagement is key to improving 

opportunity to socialise after work. Summing up one of the key 

outcomes. 

Employers Employers that are willing that are to willing fork out to fork messages out messages from the event, from the Karen event, Karen 

for a few for treats a few and treats have and invested have invested Young, in director Young, at director recruitment at recruitment firm, firm, Get in touch by emailing Simon 

upgrading upgrading their office their space office to space to Hays, added: Hays, “Employers added: “Employers can invest can invest Underwood, Insolvency Partner at 

provide more lifestyle benefits and in creating a great workspace, but sunderwood@menzies.co.uk or call 

provide more lifestyle benefits and in creating a great workspace, but 

0207 465 1932. 

more break-out more break-out areas, where areas, teams where teams they must they also must focus also on enabling focus on enabling 

can meet can up, meet have up, found have it easier found to it easier human to connections. human connections. This has always This has always 

entice workers entice back workers to the back office. to the office. been important been important to creating to the creating right the right 


INTERNATIONAL 

TRADE 

Monthly round-up of the latest stories 

in global trade by Andrea Kirkby. 

TRADE NEWS PART ONE – 

UK and New Zealand 

THE UK is getting close 

to a trade deal with New 

Zealand but, what will 

happen now that trade 

secretary Liz Truss has 

been moved to the Foreign 

Office? She was said to be holding out 

for better terms on financial services, 

digital trade and the mobility of 

people. Will her successor, Anne-Marie 

Trevelyan, do the same? 

The deal is important to the UK since 

it helps with the attempt to join the 

Trans-Pacific trade bloc – the CPTPP – 

as New Zealand is a central member of 

11-nation body. 

The UK and New Zealand are close 

to a trade agreement, but those in the 

know have dismissed the (potential) 

deal as making little difference to 

British consumers. The story, however, 

could be different for UK exporters 

of gin, biscuits, chocolates and road 

vehicles with lower tariffs being applied. 

Take the Centre for European Reform. 

It said: “…don’t think there will be 

much noticeable impact whatsoever. 

We’re talking about a country that’s 

quite small and on the other side of 

the world.” And the UK Trade Policy 

Observatory took a similar line: “The 

direct impact of a UK-New Zealand deal 

can only be minuscule. The amount of 

trade is negligible and New Zealand has 

reoriented its trade away from the UK 

since the 70s.” 

Nevertheless, any trade deal is better 

than no trade deal. 

TRADE NEWS 

PART TWO - China 

NOT wanting to lose any influence, China has 

just applied to join the CPTPP trade bloc. 

It wants to keep its position as the world’s 

second largest economy and sees the bloc as 

part of this. Interestingly, the CPTPP started 

life as the TransPacific Partnership and was 

promoted by then-President Barack Obama 

to challenge China's increasingly powerful 

position in the Asia Pacific region. But 

President Trump pulled the US out of the deal 

and Japan led negotiations to create what 

became the CPTPP. 

It’s even more interesting that China's 

announcement application came the day after 

the UK, US and Australia launched a security 

pact which atary influence in the region, a 

move that has not gone down well in China 

or in France – the latter lost out on sales of 

submarines. UK exporters should plan for a 

backlash from both. 

TRADE NEWS 

PART THREE – The US 

DURING his late September trip to the US, Boris 

Johnson met President Biden who, during 

their meeting, watered down the chances of a 

distinct US-UK trade deal. As a result, the UK – it 

is thought – is now thinking about applying to 

the existing trade arrangement between the US, 

Canada and Mexico – known as the USMCA. 

BITCOIN BECOMES LEGAL TENDER 

EL Salvador has become the first 

country in the world to make bitcoin as 

legal tender with all the opportunities 

and risks that it brings. Businesses 

now must accept bitcoin as payment, 

unless they are unable to provide the 

technology; salaries and pensions 

will still be paid in US dollars – the 

country dollarized its economy in 2001. 

The move, according to the country’s 

president, Nayib Bukele, will “promote 

foreign investment and make it 

cheaper for expatriate Salvadorans 

to send home billions of dollars of 

remittances.” However, the change 

prompted mass protests in the 

country’s capital, and three out of four 

Salvadorans were still sceptical about 

its adoption. Many argue that bitcoin’s 

volatility will dissuade businesses 

and individuals from using it – a point 

well made by a 20 percent drop in the 

bitcoin price as soon as the change 

came in. 


The life and Seoul of Korean stimulus 

THERE’S little that can beat Government 

largesse when it comes to stimulating an 

economy. And South Korea is just about 

to prove the point with a 2022 budget 

that could raise Government spending 

by 8.3 percent to $523bn and in so doing, 

increase Government debt to 50.2 percent 

of GDP – according to the Financial 

Times. 

The country’s president, Moon Jaein, 

feels that the additional stimulus is 

central to dealing with the effects of the 

pandemic which have been exacerbated 

by a vaccine shortage and a workforce 

limited by COVID restrictions. Worse, 

South Korean interest rates have been 

Get fit – get brands 

JUST as the fitness boom hit the world in the 

1980s, so it’s moved to China according to the 

Wall Street Journal. But it’s not all good news for 

overseas firms; shares in local brands such as Li- 

Ning and Anta have soared amid a ‘five-year mass 

fitness’ programme. 

While some hold the view that Chinese 

products are cheap or ‘knock-offs’, it appears that 

some Chinese shoemakers are shedding their poor 

image and are utilising their better understanding 

of what appeals to local consumers. Nike and 

Adidas still account for 43 percent of the Chinese 

sportswear market between them, but they need 

to be aware of the market changes. 

The message is clear: Aim high in China with 

good quality products, especially in a market 

being stimulated by the Government, but have a 

keen eye on brand message and local rivals that 

are rising. 

lifted to keep a lid on surging credit and 

top-heavy property prices. 

But it’s not all bad news. GDP is 

predicted to grow by four percent because 

exports are doing well. 

However, looking to the future, the 

nation faces an ageing population 

combined with a low birth rate that 

could see South Korea follow Japan’s 

growth trajectory. This, no doubt, will 

change the focus for imports. But there 

is a key opportunity: South Korea needs 

to act on climate change – its fossil-fuel 

sector is second only to China’s and just 

five percent of electricity comes from 

renewables. 

Climate change – an opportunity for farmers 

New Export Champions 

THE Department for International Trade 

recently announced a new batch of 54 

‘Export Champions’ – successful exporters 

who can help more British firms export 

(more). 

According to Government data, just one 

in 10 British firms currently sells overseas 

and the then international trade secretary, 

Liz Truss, was keen to encourage more to 

export. The new Export Champions join a 

cadre of more than 400 others and includes 

tailors to the Queen and a cyber-security 

firm. 

The scheme aims to form a nationwide 

network of British firms that share their 

success stories, offer practical advice and 

lead by example. They advise potential 

exporters by appearing at webinars, 

roundtables, and events. 

The scheme aims to 

form a nationwide network 

of British firms that share 

their success stories. 

Look towards Uzbekistan 

UZBEKISTAN isn’t often in the news, but 

it’s celebrating the 30th anniversary of 

its independence from the former USSR. 

However, what is notable is that in recent 

years the country has sought to reform, 

liberalise the economy and importantly, 

attract foreign investors. 

As to the sectors of the Uzbek economy 

worth watching, one is tech since it 

has many incubators for start-ups and 

mentoring programmes; the number 

of tech companies there is constantly 

growing, no doubt encouraged by an 

exemption from taxes and access to its 

world-class space for innovation. Also 

notable is the Government’s strategy 

to engage the youth with, for example, 

a programme that provides free online 

coding courses for anyone over 13. 

In Doing Business 2020 by the World 

Bank, Uzbekistan was ranked among the 

world’s most improved economies for ease 

of doing business. 

CURRENCY UK 

THE Economist recently ran a story 

that noted that climate change is likely 

to do “great harm to regions that feed 

millions” but “make a cornucopia” out 

of once unproductive land. One study 

it quotes, predicts that for each degree 

temperatures rise, the yields of three 

crops that supply around two-thirds 

of mankind’s calorie intake – maize, 

wheat and rice – will fall 7.4 

percent, six percent and 3.2 

percent respectively; this 

will happen as the global 

population grows to 

around 9.7bn by 

2064. 

And crops are already on the move 

towards areas that are warming up. 

The Economist thinks that the “bravest 

investors spy opportunity in lands 

that currently support no farming 

at all”, such as the northern regions 

of Scandinavia. Russia, which has 

“long talked of higher tempera-tures 

as a boon”, is now the world’s largest 

producer of wheat and is looking too at 

soybeans. 

Of course, changing land use isn’t 

simple as it involves deforestation, 

enriching of soil and water technologies. 

But with adversity comes opportunity 

for those with the ability to help. 

EXCHANGE RATES VISIT CURRENCYUK.CO.UK 

OR CALL 020 7738 0777 

Currency UK is authorised and regulated 

by the Financial Conduct Authority (FCA). 

HIGH LOW TREND 

GBP/EUR 1.18711 1.15561 Up 

GBP/USD 1.38265 1.34139 Flat 

GBP/CHF 1.28052 1.25520 Flat 

GBP/AUD 1.89047 1.84253 Down 

GBP/CAD 1.75484 1.68937 Down 

GBP/JPY 157.954 148.975 Up 

This data was taken on 20th October and refers to the 

month previous to/leading up to 19th October 2021. 


PAYMENT TRENDS 

Upward Trajectory 

The latest payment performance statistics highlight 

more steady improvement across regions and sectors. 

AUTHOR – Rob Howard 

WHILE the world of late payments remains 

hugely unpredictable, it is good to see further 

strides in the right direction, with a number of 

improvements across regions and sectors. 

The average Days Beyond Terms (DBT) across 

regions and sectors in the UK reduced by 0.6 and 

1.3 days respectively. In Ireland, the figures dropped by 1.8 and 2.3 days 

respectively. Average DBT across regions in Northern Ireland reduced 

by 0.1 days. 

SECTOR SPOTLIGHT 

The UK sector figures are mostly positive, with 16 of the 22 sectors 

making reductions to payment terms. 

The Energy Supply sector, which is generating plenty of news 

headlines right now, made the biggest improvement, reducing payment 

terms by 6.1 days. The Business from Home sector also made strides 

forward, with a reduction of 5.6 days taking its overall DBT to 6.1 

days, making it the joint-best performing sector tied with Hospitality. 

International Bodies (-3.6 days), IT and Comms (-3.6 days), Mining 

and Quarrying (-2.9 days) and Real Estate (-2.7 days) also made steady 

improvements. 

Of the six sectors moving in the wrong direction, Education saw the 

biggest increase in late payment (+3.6 days). An increase of 1.8 days for 

Manufacturing means it is now the worst performing sector with an 

overall DBT of 16.8 days. 

In Ireland, there have been a plethora of late payment fluctuations. 

Last month we rightly highlighted the International Bodies, IT and 

Comms and Other Service sectors for their impressive overall DBT of 

zero days. However, all three moved in the wrong direction following 

hefty increases of 4.3 days, 23.7 days and 34 days respectively. 

Three sectors have risen to the top of the standings following equally 

significant reductions – Energy Supply (-26 days), Water & Waste (-34 

days) and also the Wholesale and retail trade; repair of motor vehicles 

and motorcycles (-4.4 days) – who all now have an overall DBT of zero 

days. 

REGIONAL SPOTLIGHT 

Across the UK, there were improvements in late payment in most 

regions. The West Midlands saw the biggest deduction, with a drop of 

3.7 days. The South West remains the best performing region, with an 

overall DBT of 7.8 days following a further reduction of 0.7 days. The 

North West and Northern Ireland are the only two regions going the 

wrong way, with increases to payments of 3.4 and 0.3 days respectively. 

The regional standings in Ireland are again impressive. Cavan, 

Leitrim, Offaly, Waterford and Westmeath all maintain their position 

at the top with an overall DBT of zero days. Joining them at the peak 

of no late payments are Limerick (-22.9 days) and Longford (-13.6 days) 

following impressive reductions. 

In Northern Ireland, Connacht takes over as the best performing 

region with an overall DBT of 3.7 days following a reduction of 2.6 days. 

Munster also improved (-1.4 days), while Ulster (+0.9 days) and Leinster 

(+3 days) moved in the wrong direction. 

By Rob Howard 

The UK sector figures are 

mostly positive, with 16 of the 

22 sectors making reductions 

to payment terms. 


STATISTICS 

Data supplied by the Creditsafe Group 


Top Five Prompter Payers 

Region September 21 Change from Aug 21 

South West 7.8 -0.7 

Scotland 9.4 -1.5 

West Midlands 9.6 -3.7 

East Midlands 10.3 -1 

South East 10.5 -1 

Bottom Five Poorest Payers 


East Anglia 18.6 -1.9 

North West 14.3 3.4 

Northern Ireland 11.6 0.3 

Wales 11.3 -0.6 

London 10.8 0 

Top Five Prompter Payers 

Sector September 21 Change from Aug 21 

Business from Home 6.1 -5.6 

Hospitality 6.1 1.3 

Entertainment 6.4 1.4 

IT and Comms 7 -3.6 

Financial and Insurance 8.4 -1.6 

Bottom Five Poorest Payers 


Manufacturing 16.8 1.8 

Energy Supply 16.7 -6.1 

International Bodies 15.6 -3.6 

Mining and Quarrying 15.4 -2.9 

Construction 14.3 -2.6 

Getting Better 

Energy Supply -6.1 

Business from Home -5.6 

International Bodies -3.6 

IT and Comms -3.6 

Mining and Quarrying -2.9 

Real Estate -2.7 

Water & Waste -2.7 

Construction -2.6 

Other Service -2.5 

Professional and Scientific -1.8 

Financial and Insurance -1.6 

Wholesale and retail trade -1 

Transportation and Storage -0.7 

Dormant -0.3 

Business Admin & Support -0.2 

Getting Worse 

Energy Supply -6.1 

Business from Home -5.6 

International Bodies -3.6 

IT and Comms -3.6 


Real Estate -2.7 

SCOTLAND 

-1.5 DBT 

Water & Waste -2.7 


NORTHERN 

IRELAND 

0.3 DBT 

SOUTH 

WEST 

-0.7 DBT 

WALES 

-0.6 DBT 

NORTH 

WEST 

3.4 DBT 

WEST 

MIDLANDS 

-3.7 DBT 

YORKSHIRE & 

HUMBERSIDE 

-0.6 DBT 

EAST 

MIDLANDS 

-1 DBT 

LONDON 

0 DBT 

SOUTH 

EAST 

-1 DBT 

EAST 

ANGLIA 

-1.9 DBT 

Other Service -2.5 

Region 

Getting Better – Getting Worse 

-3.7 

-1.9 

-1.5 

-1 

-1 

-0.7 

-0.6 

-0.6 

0 

3.4 

0.3 

West Midlands 

East Anglia 

Scotland 

East Midlands 

South East 

South West 

Wales 

Yorkshire and Humberside 

London 

North West 

Northern Ireland 

Advancing the credit profession / www.cicm.com / November 2021 / PAGE 33 continues on page 34 >

PAYMENT TRENDS 


In Ireland, there have been a plethora of 

late payment fluctuations. Last month 

we rightly highlighted the International 

Bodies, IT and Comms and Other Service 

sectors for their impressive overall DBT 

of zero days. However, all three moved 

in the wrong direction following hefty 

increases of 4.3 days, 23.7 days and 34 days 

respectively. 

CONNACHT 

-2.6 DBT 

ULSTER 

0.9 DBT 

Getting Better 

Water & Waste -34 

Energy Supply -26 


Transportation and Storage -19 


Financial and Insurance -17.8 

Health & Social -14.6 

Business Admin & Support -14.4 

Education -12.3 

Wholesale and retail trade -4.4 

Hospitality -0.9 

Professional and Scientific -0.3 

MUNSTER 

1.4 DBT 

LEINSTER 

3 DBT 

Top Four Prompter Payers – Ireland / N Ireland 


Connacht 3.7 -2.6 

Bottom Four Poorest Payers - Ireland 

Munster 4.7 -1.4 

Leinster 8.7 3 

Ulster 9.1 0.9 

Getting Worse 

Manufacturing 46.5 

Other Service 34 

IT and Comms 23.7 

Real Estate 8.7 

Entertainment 7.7 

Agriculture, Forestry and Fishing 6.6 

Public Administration 5.1 

International Bodies 4.3 

Top Five Prompter Payers – Ireland 


Cavan 0 0 

Leitrim 0 0 

Limerick 0 -22.6 

Longford 0 -13.6 

Offaly 0 0 

Bottom Five Poorest Payers – Ireland 


Monaghan 91.8 0 

Carlow 64.2 -0.8 

Wexford 48.2 2.1 

Kilkenny 21.1 21.1 

Kerry 14.9 -3.4 

Top Five Prompter Payers – Ireland 


Energy Supply 0 0 

Water & Wste 0 -34 

Wholesale and retail trade 0 -4.4 

Transportation and Storage 0.8 -19 

Mining and Quarrying 1.2 -18.3 

Bottom Five Poorest Payers – Ireland 


Manufacturing 56.6 46.5 

Business Admin & Support 42.2 -14.4 

Agriculture, Forestry and Fishing 37.6 6.6 

Other Service 34 34 

Real Estate 26 8.7 


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

OPINION 

The waiting game 

COVID-19 and its impact on credit insurance. 

AUTHOR – Simon Philpin 

SINCE the pandemic began, it’s 

been a rollercoaster of a ride in the 

credit insurance world. When the 

pandemic spread to Asia, the trade 

credit impact followed the flow, 

where we saw extended payment 

terms being requested in Asia, the Middle East, 

Europe, North America and finally, in South 

America. 

In Q1 2020, the credit insurance industry was 

seriously concerned about the potential fallout 

of claims on the entire industry. If the world was 

in lockdown with businesses not trading and 

not generating cash, this would ultimately lead 

to insolvencies or default scenarios… or so we 

thought. 

Before COVID-19, the last significant event 

to impact the trade credit industry was the 

2008-2009 global financial crisis. At the time, 

many businesses were underperforming, 

which is why a large portion of the industry 

acted by withdrawing significant amounts of 

credit cover. This resulted in poor relationships 

between insurers and brokers for many 

years. During the global financial crisis, a UK 

Government scheme was introduced to assist 

the industry, but it could only be utilised if the 

underlying insurer was still supporting the risk, 

and in most cases, this wasn’t the case. 

LESSONS LEARNED 

Neither insurers nor brokers wanted a repeat of 

2008-2009, particularly as credit insurance has 

grown as a tool to obtain finance when financing 

receivables, and a reduction in insurance would 

have hit UK businesses and created a negative 

financial impact. Accordingly, negotiations 

with Government were swift, and a facility was 

put in place from 1 April 2020, covering the 

initial lockdown period and ending 30 June 2021 

as the business economy started to return to 

some level of normality. 

As an industry, we anticipated a tsunami of 

losses due to businesses being unable to trade 

to generate cash to meet their liabilities. This 

wasn’t just our industry, as many economists 

around the world were predicting armageddon 

scenarios which didn’t materialise. 

Governments stepped up to not only provide 

the insurance-backed scheme and stimulus 

packages such as the furlough scheme and 

business interruption loans, but also made 

changes to UK insolvency laws, which made it 

difficult to force a business into administration. 

All those schemes worked very well because the 

UK was awash with cash and thus, the expected 

losses via claim pay-outs did not materialise. 

The big question now is: did the scheme end 

too early? In Q4 2021 and Q1 2022, we will see 

whether businesses are able to survive on their 

own without any support. 

There were two main reasons why insurers 

decided to end the scheme on 30 June 2021. The 

first reason was the benign environment, where 

we were not seeing any losses. The second 

reason was that all insurers who wanted to be 

a part of the scheme had to cede 100 percent 

of their premium less costs. Therefore, the UK 

Government was receiving millions to back 

the scheme and insurers were being impacted 

on their own performance, with each one also 

having shareholders to answer to at AGMs. 

LOOKING AHEAD 

So what are we now seeing after the Government 

scheme? It’s still very early days and insolvencies 

still have not materialised in the way they 

were envisaged. This could change, however, 

particularly as the UK insolvency law returns to 

normal in Q4 2021. We are also seeing insurers 

being quite competitive in H2 2021, as they try 

to recover lost revenue and get back to building 

their portfolios. In addition, some broker 

discussions that have circulated suggests that it 

is a little tough in the market at the moment, 

due to the fact we are seeing a historic low level 

of claims, but the market does ebb and flow 

and it can only take one loss in a sector for our 

product to see a significant rise in enquiries. 

The one side of the market which is doing 

well in 2021 is the non-cancellable insurance 

providers, a product we have considerable 

experience of at Markel. In uncertain times, 

businesses want certainty of cover and a 

non-cancellable insurance solution certainly 

provides the comfort, especially if the insured is 

financing their receivables. After all, no finance 

director wants their finances being impacted 

by a credit insurer. Given the market is very 

competitive, there couldn’t be a better time to 

secure your receivables, particularly if you are 

seeing additional finance with the assistance of 

a credit insurance policy. 

Simon Philpin is Senior Underwriter and Head 

of Business Development Global – Trade Credit 

at Markel International. 

Given the market is very competitive, there couldn’t be 

a better time to secure your receivables. 


OPINION 

AUTHOR – Simon Philpin 


LEGAL MATTERS 

SECRET SQUIRREL 

Is a commission paid in secret enough to 

rescind a loan agreement? 

AUTHOR – Peter Walker 

are no secrets except the 

secrets that keep themselves,’ 

wrote George Bernard Shaw in 

‘Back to Methuselah’, a series 

of plays, but in the Southwest 

‘THERE 

of England secrets that ceased 

to keep themselves had repercussions for lenders. 

In two cases the borrowers sought rescission of 

loan agreements and mortgages, and eventually 

the judges of the Court of Appeal in Wood v 

Commercial First Business Ltd [2021] 3 WLR 395 

had to decide whether what was once a secret was 

a sufficient reason to decide in their favour. 

In the years 2006 and 2007 one of those 

borrowers, a buffalo farmer and producer 

of mozzarella cheese, had borrowed various 

amounts secured by mortgages over farms near 

Shepton Mallet in Somerset. The loans were made 

by a person owning and controlling both the 

broker and the lender. The borrower paid various 

fees and commissions. 

Further to the west in 2005 the second borrower, 

described as ‘a hardworking farmer’ but ‘in no way 

a financial expert’, also obtained finance secured 

by a mortgage over his farm near Wadebridge in 

Cornwall. He too paid a fee to the broker, and the 

lender provided the finance. The broker and the 

lender were the same as those involved in the 

transactions in Somerset. 

There was, however, a secret. Unbeknown to 

the two borrowers the lender paid commission 

to the broker. The Broker’s terms and conditions, 

however, included a promise to inform the 

borrower of any fees of £250 or more paid by the 

lender to the broker. 

The lender went into liquidation, and the 

loans themselves were subsequently assigned 

to third parties. The borrowers then defaulted 

on the loans, and they claimed that the secret 

commission, much higher than £250 so in breach 

of the agreement, entitled them to rescind the 

loan agreements. The first consideration of the 

Court of Appeal judges was whether there had to 

be a fiduciary relationship between the borrower 

and broker as ‘a necessary precondition to relief 

against the payer of the undisclosed commission 

to the broker’. 

ETHICAL RELATIONSHIPS 

The first borrower alleged that the undisclosed 

payments to the broker amounted to a breach 

of fiduciary duty causing loss or damage to that 

borrower. A fiduciary duty arises out of a legal 

or ethical relationship of confidence or trust 

between the parties, such as between an agent 

and its principal. An alternative interpretation 

was that those payments amounted to bribes. 

The result of that interpretation was that the 

borrower could recover all the losses arising from 

entering into the mortgages, such losses to be 

assessed as damages for fraud. Other possibilities 

were that the borrower could recover the 

undisclosed commission from the lender or even 

to rescind the mortgages completely. 

There was some guidance in the decision of 

Slade J in Industries & General Mortgage Co Ltd 

v Lewis [1949] 2 All ER 573. For the civil law a bribe 

did not necessarily involve a moral judgment, 

but it meant a secret commission comprising 

three elements. The person making the payment 

firstly is the agent of the other person with whom 

he or she is dealing. Secondly, the payee knows 

this, and there is thirdly a failure to disclose the 

circumstances. The definition did not require the 

complication of a fiduciary relationship between 

the parties. 

There was a complication in the case of the 

second borrower, who claimed that he relied 

on the broker because of his lack of skill or 

experience in financial matters. He claimed that 

this amounted to a fiduciary relationship. In 

the Wood case David Richards LJ could find no 

indication that the judge in the original trial was 

identifying such a relationship. 

David Richards LJ therefore continued 

to consider the meaning of bribe in these 

circumstances, i.e. in the context of civil 

remedies. It went beyond the idea of a corrupt 

payment. It includes any payment or gift made 

as an inducement to an “agent” and not disclosed 

to a ‘principal’. Motives are irrelevant, and there 

is an irrebuttable presumption in law in favour 

of the principal and against the payer. David 

Richards LJ added that a bribe could induce the 

payee to be in breach of his or her duty to another 

person, 

TELEGRAPH CABLES 

He and the other judges of the Court of Appeal 

turned for guidance to judgments in other cases. 

They had to go back for a long time to examine the 

judgment in Panama and South Pacific Telegraph 

Co v India Rubber, Gutta Percha and Telegraph 

Works Co [1875] LR 10 Ch App 515. The defendant 

there had appointed the plaintiff to make and lay a 

submarine telegraph cable from Peru to Panama. 

Payments were to be made by instalments in 

response to certificates issued by the plaintiff, 

which appointed an engineer for this purpose. 

The plaintiff would pay him a commission of 1.5 

percent of those payments. The engineer was a 

very busy person because the defendant agreed to 

pay him a total of £80,000 for his other work in the 

laying of the cable. 


LEGAL MATTERS 

AUTHOR – Peter Walker 

The plaintiff did not discover this until later, 

when it started proceedings to rescind the 

contract, and for the repayment of what 

had been paid. It made a claim against the 

engineer for repayment of the commission. 

It was successful both in the court of first 

instance and on appeal. 

Mellish LJ considered that ‘the laying of 

the cable was a material part of the contract’, 

so ‘the defendants must have known that the 

plaintiffs required honest and disinterested 

advice.’ It depended on the engineer for that 

advice. Mellish LJ concluded that in these 

circumstances the plaintiff would not have full 

benefit of the contract, and it could rescind 

that agreement. 

A more extreme example of what can 

happen if secret commissions are misused 

is in Shipway v Broadwood [1899] 1 QB 369, 

where the defendant agreed to buy two horses 

subject to a certificate of their soundness from 

a vet. The defendant paid a fee to the vet, who, 

unbeknown to him, also would receive from 

the plaintiff a commission on the sale. The 

defendant alleged that the horses were not 

sound, and he stopped the cheque. All the 

facts were then revealed, and they included 

the payments to the vet. Chitty LJ concluded 

that ‘the plaintiff placed [the vet] in a position 

in which his duty conflicted with his interest’. 

FIDUCIARY RELATIONSHIP 

That was a case involving a secret commission, 

but there can be a halfway house, where 

the existence, but not the precise detail, 

of a commission is known, i.e. a halfsecret 

commission. There is an example in 

McWilliams v Norton Finance (UK) Ltd (trading 

as Norton Finance) (2015) 1 All ER (Comm) 

1026. The claimants wanted a loan both to 

consolidate an existing arrangement and to 

enable them to build a conservatory. The 

defendants offered credit broking services, 

and helped them to obtain the finance, in 

particular a consumer loan. The plaintiffs 

agreed to pay fees and commission. 

The documents provided by the plaintiffs 

indicated that the defendants might receive 

commission from lending companies, but 

they gave no further details. Tomlinson LJ 

noted that the statement of claim included 

the assertion that the claimants had not been 

informed of the payment of the commission 

nor of the amount. The defendant asserted that 

it provided information only to the claimants 

seeking finance, nothing more, and they had 

to make their own choices from that. 

Tomlinson LJ nonetheless ruled that there 

was a fiduciary relationship between the 

claimants and the defendant because there 

was a relationship of confidence and trust. 

The defendant should not have placed itself 

in circumstances where its duty and interest 

might conflict. It should not profit from 

the trust reposed in it without the informed 

consent of the claimants. There was no 

such informed consent, and the defendant 

was ordered to account for the additional 

commissions received. The defendant was in 

liquidation, so the victory might not have been 

all that helpful. 

FULL DISCLOSURE 

There was a suggestion in the Wood case that 

the commissions were half secret, which 

would require proof of a fiduciary relationship 

between the parties, but on the evidence, or 

perhaps lack of it, the judges of the Court of 

Appeal rejected this contention. Judges would 

no longer have to consider the complexities 

of fiduciary relationships in these cases. They 

would have to examine the role of the broker. 

In the Wood case the commissions were 

secret and consequently undisclosed. The 

broker had a duty to provide disinterested 

advice. The loan contracts would be rescinded 

subject to satisfactory arrangements for 

counter restitution to be agreed or determined 

by the courts. 

Mortgage agreements in future could be 

cancelled if brokers receive commissions 

from lenders undisclosed to borrowers. The 

problem for borrowers is that they may never 

know, and only litigation, probably because 

they defaulted on the loans, would reveal the 

truth in a court of law. 

Peter Walker is a freelance journalist. 

The defendant 

alleged that the 

horses were 

not sound, and 

he stopped the 

cheque. All the 

facts were then 

revealed, and 

they included the 

payments to the 

vet. 


INTRODUCING OUR 

CORPORATE PARTNERS 

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

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

High Court Enforcement Group is the largest 

independent and privately owned High Court 

enforcement company in the country, with more 

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else. This allows us to build and manage our 

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We cover all aspects of enforcement –writs of 

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HighRadius provides a cloud-based Integrated 

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E: infoemea@highradius.com 

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Bottomline Technologies (NASDAQ: EPAY) helps 

businesses pay and get paid. Businesses and banks 

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payments, effective cash management tools, automated 

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and state of the art fraud detection, behavioural 

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E: emea-info@bottomline.com 

W: www.bottomline.com/uk 

Operating across seven UK offices, Menzies LLP is 

an accountancy firm delivering traditional services 

combined with strategic commercial thinking. Our 

services include: advisory, audit, corporate and 

personal tax, corporate finance, forensic accounting, 

outsourcing, wealth management and business 

recovery – the latter of which includes our specialist 

offering developed specifically for creditors. For 

more information on this, or to see how the Menzies 

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

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

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

W: menzies.co.uk/creditor-services 

Key IVR provide a suite of products to assist companies 

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service gives the end-user the means to make a 

payment when and how they choose. Key IVR also 

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In a credit management environment, these services 

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T: +44 (0) 1302 513 000 

E: sales@keyivr.com 

W: www.keyivr.com 

With 130+ years of experience, Graydon is a leading 

provider of business information, analytics, insights 

and solutions. Graydon helps its customers to make 

fast, accurate decisions, enabling them to minimise 

risk and identify fraud as well as optimise opportunities 

with their commercial relationships. Graydon 

uses 130+ international databases and the information 

of 90+ million companies. Graydon has offices in 

London, Cardiff, Amsterdam and Antwerp. Since 2016, 

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

largest credit insurance companies. 

T: +44 (0)208 515 1400 

E: customerservices@graydon.co.uk 

W: www.graydon.co.uk 

Tinubu Square is a trusted source of trade credit 

intelligence for credit insurers and for corporate 

customers. The company’s B2B Credit Risk 

Intelligence solutions include the Tinubu Risk 

Management Center, a cloud-based SaaS platform; 

the Tinubu Credit Intelligence service and the 

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W: www.tinubu.com. 

Building on our mature and hugely successful 

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and ROI are inevitable for our customers that also 

have an active input into our product development 

and evolution. 

T: 01235 856400 

E: info@credica.co.uk 

W: www.credica.co.uk 


Each of our Corporate Partners is carefully selected for 

their commitment to the profession, best practice in the 

Credit Industry and the quality of services they provide. 

We are delighted to showcase them here. 

THEY'RE WAITING TO TALK TO YOU... 

Hays Credit Management is a national specialist 

division dedicated exclusively to the recruitment of 

credit management and receivables professionals, 

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

the CICM’s only Premium Corporate Partner, we 

are best placed to help all clients’ and candidates’ 

recruitment needs as well providing guidance on 

CV writing, career advice, salary bench-marking, 

marketing of vacancies, advertising and campaign 

led recruitment, competency-based interviewing, 

career and recruitment trends. 

T: 07834 260029 

E: karen.young@hays.com 

W: www.hays.co.uk/creditcontrol 

Court Enforcement Services is the market 

leading and fastest growing High Court Enforcement 

company. Since forming in 2014, we have managed 

over 100,000 High Court Writs and recovered more 

than £187 million for our clients, all debt fairly 

collected. We help lawyers and creditors across all 

sectors to recover unpaid CCJ’s sooner rather than 

later. We achieve 39 percent early engagement 

resulting in market-leading recovery rates. Our 

multi-award-winning technology provides real-time 

reporting 24/7. 

T: +44 (0)1992 663 399 

E: wayne@courtenforcementservices.co.uk 

W: courtenforcementservices.co.uk 

Shoosmiths’ highly experienced team will work 

closely with credit teams to recover commercial 

debts as quickly and cost effectively as possible. 

We have an in depth knowledge of all areas of debt 

recovery, including: 

• Pre-litigation services to effect early recovery and 

keep costs down • Litigation service • Insolvency 

• Post-litigation services including enforcement 

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

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

most effective way of achieving them. 

T: 03700 86 3000 

E: paula.swain@shoosmiths.co.uk 

W: www.shoosmiths.co.uk 

Forums International has been running Credit and 

Industry Forums since 1991 covering a range of 

industry sectors and international trading. Attendance 

is for credit professionals of all levels. Our forums 

are not just meetings but communities which 

aim to prepare our members for the challenges 

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

gauge the benefits and meet the members and we 

only have pre-approved Partners, so you will never 

intentionally be sold to. 

T: +44 (0)1246 555055 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

Data Interconnect provides corporate Credit Control 

teams with Accounts Receivable software for bulk 

e-invoicing, collections, dispute management and 

invoice finance. The modular, cloud-based Corrivo 

platform can be configured for any business model. 

It integrates with all ERP systems and buyer AP 

platforms or tax regimes. Customers can self-serve 

on mobile friendly portals, however their invoices are 

delivered, and Credit Controllers can easily extract 

data for compliance, audit and reporting purposes. 

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E: sales@datainterconnect.co.uk 

W: www.datainterconnect.com 

Serrala optimizes the Universe of Payments for 

organisations seeking efficient cash visibility 

and secure financial processes. As an SAP 

Partner, Serrala supports over 3,500 companies 

worldwide. With more than 30 years of experience 

and thousands of successful customer projects, 

including solutions for the entire order-to-cash 

process, Serrala provides credit managers and 

receivables professionals with the solutions they 

need to successfully protect their business against 

credit risk exposure and bad debt loss. 

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E: contact@serrala.com 

W: www.serrala.com 

American Express® is a globally recognised 

provider of business payment solutions, providing 

flexible capabilities to help companies drive 

growth. These solutions support buyers and 

suppliers across the supply chain with working 

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By creating an additional lever to help support 

supplier/client relationships American Express is 

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W: www.americanexpress.com 

C2FO turns receivables into cashflow and payables 

into income, uniquely connecting buyers and 

suppliers to allow discounts in exchange for 

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access additional liquidity sources by accelerating 

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

corporates with global supply chains, benefit from 

the C2FO solution by improving gross margin while 

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E: anna.donadelli@c2fo.com 

W: www.c2fo.com 

Esker’s Accounts Receivable (AR) solution removes 

the all-too-common obstacles preventing today’s 

businesses from collecting receivables in a 

timely manner. From credit management to cash 

allocation, Esker automates each step of the orderto-cash 

cycle. Esker’s automated AR system helps 

companies modernise without replacing their 

core billing and collections processes. By simply 

automating what should be automated, customers 

get the post-sale experience they deserve and your 

team gets the tools they need. 

T: +44 (0)1332 548176 

E: sam.townsend@esker.co.uk 

W: www.esker.co.uk 


INTRODUCING OUR 

CORPORATE 

PARTNERS 

For further information and to discuss the 

opportunities of entering into a Corporate 

Partnership with the CICM, please contact 

corporatepartners@cicm.com 

The Company Watch platform provides risk analysis 

and data modelling tools to organisations around 

the world that rely on our ability to accurately predict 

their exposure to financial risk. Our H-Score® 

predicted 92 percent of quoted company insolvencies 

and our TextScore® accuracy rate was 93 

percent. Our scores are trusted by credit professionals 

within banks, corporates, investment houses 

and public sector bodies because, unlike other credit 

reference agencies, we are transparent and flexible 

in our approach. 

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E: info@companywatch.net 

W: www.companywatch.net 

Visma | Onguard is a specialist in credit management 

software and market leader in innovative solutions for 

order-to-cash. Our integrated platform ensures an optimal 

connection of all processes in the order-to-cash 

chain. This enhanced visibility with the secure sharing 

of critical data ensures optimal connection between 

all processes in the order-to-cash chain, resulting 

in stronger, longer-lasting customer relationships 

through improved and personalised communication. 

The Visma | Onguard platform is used for successful 

credit management in more than 70 countries. 

T: 020 3868 0947 

E: edan.milner@onguard.com 

W: www.onguard.com 

The Atradius Collections business model is to support 

businesses and their recoveries. We are seeing a 

deterioration and increase in unpaid invoices placing 

pressures on cashflow for those businesses. Brexit is 

causing uncertainty and we are seeing a significant 

impact on the UK economy with an increase in 

insolvencies, now also impacting the continent and 

spreading. Our geographical presence is expanding 

and with a single IT platform across the globe we can 

provide greater efficiencies and effectiveness to our 

clients to recover their unpaid invoices. 

T: +44 (0)2920 824700 

W: www.atradiuscollections.com/uk/ 

Chris Sanders Consulting – we are a different 

sort of consulting firm, made up of a network of 

independent experienced operational credit and 

collections management and invoicing professionals, 

with specialisms in cross industry best practice 

advisory, assessment, interim management, 

leadership, workshops and training to help your 

team and organisation reach their full potential in 

credit and collections management. We are proud to 

be Corporate Partners of the Chartered Institute of 

Credit Management and to manage the CICM Best 

Practice Accreditation Programme on their behalf. 

T: +44(0)7747 761641 

E: enquiries@chrissandersconsulting.com 

W: www.chrissandersconsulting.com 

The CICM Benevolent Fund is 

here to support members of 

the CICM in times of need. 

Some examples of how CICM have helped our members are: 

• Financed the purchase of a mobility scooter for a disabled member. 

• Helped finance the studies of the daughter of a member who 

became unexpectedly ill. 

• Financed the purchase of computer equipment to assist an 

unemployed member set up a business. 

• Contributed towards the purchase of an orthopaedic bed for one 

member whose condition was thereby greatly eased. 

• Helped with payment for a drug, not available on the NHS, for 

medical treatment of another member. 

If you or any dependants are in need or in distress, please apply today – we are here to 

help. (Your application will then be reviewed by the CICM Benevolent Fund committee and 

you will be advised of their decision as quickly as possible) 


HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION 

A question of parity 

If court fees can be increased to take into account 

inflation, why are similar adjustment not made to 

High Court enforcement fees? 

AUTHOR – Alan J Smith 

AT the end of September, 

a number of court fees 

were increased following a 

Government consultation 

that took place earlier in 

the year. Since the fees 

hadn’t been reviewed since 2016, the 

rationale for this increase was to account 

for historic inflation. 

Some of the fees increased were around 

sealing a Writ of Control, possession and 

delivery, the enforcement of which is the 

main focus for our members, High Court 

Enforcement Officers in England and 

Wales. 

It begs the question – if court fees 

charged to the court user are subject to 

inflationary increases, then why do other 

associated High Court enforcement fees 

remain untouched? 

The last change to High Court 

enforcement fees took place over seven 

and a half years ago. After its Transforming 

Bailiff Action consultation response in 

January 2013, the Government set fees 

for High Court and non-High Court 

enforcement stages in the Taking Control 

of Goods (Fees) Regulations 2014. 

The principles on which they are 

based, including the stages, are designed 

to encourage prompt settlement of the 

judgment debt to allow creditors to receive 

the money that is owed to them. The 

compliance fee has undoubtedly helped to 

improve that. 

That consultation included recommendations 

on fees by Alexander Dehayen for the 

Ministry of Justice. The report stated: “The 

report recommends that the Fee Structure 

undergoes a full review at intervals of four 

years, with interim reviews after the second 

mid‐review year, supported by ongoing interim 

measures to monitor the successful 

operation of the Fee Structure. Between review 

dates the various fee levels should be 

indexed to RPI, and updated annually, with 

Percentage Fee thresholds updated periodically.” 

Despite this, to date there have been zero 

reviews of the enforcement fee structure 

since it was introduced in 2014. 

In order to remain an effective option 

for businesses and individuals seeking to 

recover debts owed to them via Writs of 

Control, an urgent review of High Court 

enforcement fees is needed. 

Interestingly, the Government’s most 

recent consultation on court fee increases 

elicited a number of responses by 

participants from a range of sectors, including 

legal, public, property, enforcement 

and court users. They suggested that the 

principle of inflation should be applied to 

enforcement fees, supporting the index-linked 

fee structure proposed in the 

Transforming Bailiff Action consultation 

report. 

Interestingly, the report from the March 

2021 consultation did not provide any 

Government response to these suggestions. 

In addition to maintaining the 

effectiveness of High Court Enforcement, 

our members are private businesses, not 

a Civil Service department. What other 

business is expected to continue to operate 

without permission to increase the fees 

they charge, while their own costs are 

increasing in line with inflation? 

Like all businesses, the enforcement 

industry has had additional costs placed 

on it with the fully justified requirement to 

comply with Coronavirus legislation. 

So, when can High Court enforcement 

officers expect to be paid in line with 

inflation, rather than taking the brunt of a 

real term annual decrease in the value of 

their services, with no sign of change on 

the horizon? 

Moving forward, while we all have grown 

accustomed to inflation being a part of 

life, and a perfectly reasonable reason for 

increasing court fees, introducing a big 

hike every five to 10 years does seem like 

an odd approach across the board. Smaller 

annual increases to account for inflation 

would seem to be more appropriate for 

everyone involved. 

In the meantime, though, we’re looking 

to Government to extend the principles of 

the inflationary catch-up increases to other 

important parts of the justice system. 

Definitely hoping and arguing for sooner, 

rather than later. 

Alan J Smith FCICM, is Chair of the High 

Court Enforcement Officers Association. 

Introducing a big hike 

every five to 10 years 

does seem like an 

odd approach across 

the board. Smaller 

annual increases to 

account for inflation 

would seem to be 

more appropriate for 

everyone involved. 

Alan J Smith FCICM 


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Probably thebest debt collection network worldwide 

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BRANCH NEWS 

CICM WEST MIDLANDS 

ANNUAL AWARDS 

AUTHOR – Peter Cartwright 

Will Powell receiving his award from Peter Cartwright 

THE 2021 CICM West 

Midlands Awards took place 

at The Canal House bar in 

Birmingham and celebrated 

those that achieved coveted 

CICM Awards in 2020. 

With the ceremony cancelled in 2020 due 

to COVID, the ceremony gave the CICM the 

chance to honour achievements from the 

previous year. Will Powell was called up to 

accept the Shield after winning the Student 

of the Year in 2019. 

This was presented by Education Officer 

Pete Cartwright, who also welcomed Kelly 

Booth to the stage for excellent marks 

in Credit Management and Accounting 

Principles; Chery Jerrams for the highest 

marks in Credit Management from the West 

Midlands; and Kelly Booth again, who won 

the 2020 Student of the Year. 

Kelly Booth receiving her award. 

Chery Jerrams receiving her award. 

Kelly Booth receiving her award. 


EDUCATION & MARKETING 

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

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

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

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

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

practical skills, improved results and greater confidence. 

These are pre-recorded training sessions 

that you can access anywhere and at 

anytime. Short, sharp and to the point – 

these suit you if you are short on time, or 

need a quick introduction or update on a 

subject. 

These are live, interactive sessions, 

delivered virtually by a qualified trainer, 

experienced in the subject. Through a series 

of tasks and discussions, you will access a 

hands-on training session that offers the 

best practice approach to essential credit 

and debt skills. 

NEXT VIRTUAL 

WORKSHOPS 

*NEW* Credit Bootcamp – Coming soon, register your interest 

*NEW* Effective Communication in Your Credit Role – Coming soon, register your interest 

*NEW* Collect That Cash! – Coming soon, register your interest 

*NEW* Reflect and Develop – Coming soon, register your interest 

COLLECTION SKILLS FOR THE NEW CREDIT FUTURE – Monday, 22 November at 12:30pm 

ADVANCED SKILLS IN COLLECTIONS –Monday, 22 November at 14:30pm 

BEST PRACTICE SKILLS TO ASSESS CREDIT RISK – Monday, 22 November at 10:00am 

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

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

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INTRODUCTORY PRICE £90.00+VAT per person. 

For group training, please contact info@cicm.com 


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OPINION 

Testing Times 

How best practice credit management can avoid 

Late Payment. Part One 

AUTHOR – Derek Scott FCICM 

IN the summer edition of Credit 

Management the question was posed 

‘can we turn the tide of late payment?’ 

The answer is of course ‘yes’, and how? 

Through quality credit management. 

I know from more years than I care 

to remember at the coal face that quality credit 

management is the secret to getting paid. Of 

course, COVID-19 has made a difficult task 

more difficult still, but in my time, I had my 

own fair share of troubles too with recessions, 

strikes etc. What I do know is that the issue will 

never be solved with legislation. Legislation is 

almost invariably too difficult to enforce, and 

inevitably businesses find their way around it. 

It is being suggested in some quarters by people 

who have no real knowledge of the day-to-day 

problems of credit management that legislation 

cures all. It doesn’t. There is a huge gap between 

theory and what happens in practice. 

Let me explain. There are three types of 

customer: those who pay; those who will pay 

but make you work for it; and those who will 

try not to pay if they can help it. This last group 

comes in many guises. Every credit manager 

will have experienced slow payment but the 

effects of slow payment can be minimised in 

the same way as you can minimise the impact 

of bad debts – by being properly organised. 

On the presumption you have been able 

to get your teams safely back into the office, 

hopefully you will be able to get back to work 

with a well-defined yet flexible system and 

strategy. If you have either set in stone, you will 

seldom achieve what I consider is an acceptable 

level of performance. Flexibility is key. 

Part of that strategy will include the use of 

technology. Now of course, technology has 

come a long way, especially in recent years, 

but even if you have an all-singing, all-dancing 

platform, the truth is it is still an aid and not 

a solution. Only good credit management 

practices will solve your late payment 

problems. My strategy was – and would still be 

– that of the ‘credit salesman’. This was a glass 

half full as opposed to the glass half empty style 

of credit management. My staff approach to the 

customer was the mirror image of a sales team 

operation – a point I shall return to later. 

RISK ASSESSMENT 

Firstly, let us look at the different functions. 

We all know prevention is better than cure 

so quality risk assessment is naturally key to 

survival. Having a keen eye on business failures 

and bad debts provide a simple barometer 

of slow payment. But so too does a thorough 

On one occasion 

I found the sales 

team had agreed 

not just to 90-day 

terms but that the 

clock only started 

ticking once 

the invoice was 

authorised, which 

as we all know 

is the gateway to 

slow payment. To 

add insult to injury, 

they also received 

a turnover volume 

discount! 

understanding of some basic terms. 

I well recall at a creditors’ meeting regarding 

a company failure, where a credit manager 

could not understand how the business had 

failed given that it had ‘capital fully employed’. 

He took this to mean that the company was 

making good investments, not that it was 

starved of cash! Banks, with good reason, 

are careful about what they say about their 

customers but it was once said that the only 

useful bank reference was a bad one! 

Do credit managers today make much use 

of trade references? I used to ask for three as 

I found in some cases a potential customer 

regularly paid two companies for reference 

purposes and everyone else had to wait – some 

longer than others. One should also beware of 

a reference from a business that is somehow 

connected to the company you are giving credit 

to, perhaps a subsidiary or other part of the 

Group. 

Then, of course, there are credit agency 

reports. Remember, these are quite often 

based on a snapshot in time (depending on the 

sophistication of the CRA – some have access 

to very up-to-date information though much 

of it is still, by admission, historic). I recall 

obtaining a glowing report on a construction 

company stating they were good for business 

up to a million pounds. I discovered through a 

credit circle contact, however, that there were 

at least two winding up orders in the pipeline. I 

advised the company I had obtained the report 

for not to do business with them. 

My advice, unfortunately, was ignored as they 

knew the directors from a previous company 

and trusted them. They had been wined and 

dined at a swanky London restaurant. The 

inevitable happened. Inside one month, they 

had run up a bad debt of three quarters of a 

million pounds. 

Another thing to watch out for is when one of 

your sales team suddenly states that they have 

a large order from someone who always used to 

deal with a competitor. There could be a good 

reason. We used to refer to them as ‘bad debt 

tourists!’ 

PAYMENT TERMS 

Payment Terms and Conditions can be a major 

factor in slow payment. Our terms were 30 

days from the end of the month in which the 

invoice (or valuation) was dated. So our DSO 

target was 60 to 70 days including the invoiced 

month. This was achieved because of our very 

tough but flexible approach to payment terms. 

These terms were quoted on every piece of 


OPINION 

AUTHOR – Derek Scott FCICM 

documentation we produced, and even 

on notices on the walls of my company’s 

branches. 

Our terms were one thing, but what 

about our customers’ terms? I was often 

surprised to find that in some businesses, 

the credit manager had never even see a 

customer’s order with a view to checking 

what terms had been agreed. Often this 

led to disputes and problems later down 

the line if they stated their payment 

terms applied to a transaction, and not 

ours. 

On one occasion I found the sales team 

had agreed not just to 90-day terms but 

that the clock only started ticking once 

the invoice was authorised, which as we 

all know is the gateway to slow payment. 

To add insult to injury, they also received 

a turnover volume discount! 

I viewed all orders and we never 

accepted 60- let alone 90-day terms. I 

would negotiate these with the customer, 

and if the value of the order justified 

it, and they would not agree to our 

terms, then I would negotiate special 

terms – perhaps 40 or 45 days, and 

in one or two cases 55 days. In 

agreeing to a longer term, however, 

I would attach certain conditions, 

especially in relation to disputes 

and, in those days, cheque 

collection. Only one ever failed 

where in fact the person who 

signed the agreement commented 

that I had more clauses than 

Moses! The point is that 30-day 

terms mean absolutely nothing 

unless specified as being from the 

date of transaction or month end 

etc. It has to be qualified. 

To be continued… 

Derek Scott FCICM is a freelance 

business writer. 


MARKETING & EDUCATION 

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Your study will be supported and led by one of our experienced CICM Tutors via a 

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LEVEL 

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LEVEL 

3 

Debt 

LEVEL 

5 

Strategic 

Telephone 

Call to enquire about start dates 

Recovery Management 


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Book your place today, visit www.cicm.com 

or contact a member of our team on 01780 722900 


CICM MEMBER 

EXCLUSIVE 

Your CICM lapel badge 

demonstrates your commitment to 

professionalism and best practice 

TAKE PRIDE IN 

WEARING YOUR BADGE 

If you haven’t received your badge 

contact: cicmmembership@cicm.com 

CICM has launched 

critical AR Factsheets 

for EMEA countries 

Powered by 

Powered by Baker Ing, country specific factsheets have been 

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

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

factsheets are designed for credit professionals, and they 

cover legal business forms, credit risk data, collections 

protocols, enforcement and much more. 

Credit professionals need granular knowledge of the situation 

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

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

information to help review risk strategies and Credit 

Policies, these insightful documents will help. 

Powered by 

EU Factsheet 

COVID-19 RESPONSE 

Powered by 

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

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

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

Loans and grants – employees: 

Three main tranches of wage subsidy have been introduced. 

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

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

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

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

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

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

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

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

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

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

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

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

Pre-Litigation 

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

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

agreement between the purchaser and any third parties. 

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

going to court? 

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

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

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

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

the pandemic. 

Loans and grants – businesses: 

EU Factsheet 

GERMANY 

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

and grants available which businesses of different sizes can access. 

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

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

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

Federal States’ own grant programmes. 

Powered by 

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

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

mandatory. 

The warning notice should contain; 

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

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

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

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

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

notice 

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

the debtor. 

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

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

enforcement. 

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

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

proceedings. 

Visit cicm.com to view country specific factsheets from, 

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

CHARTERED 

BAKERING.GLOBAL CHARTERED INSTITUTE OF CREDIT MANAGEMENT 


HR MATTERS 

Capability and dismissals 

Fallahi v TWI and the Employee Tribunal’s 

ability to ‘go behind’ a final written warning. 

CAN the Employment 

Tribunal (ET) ‘go behind’ 

a final written warning? 

This was answered in 

Fallahi v TWI where 

a tribunal held that 

an employee's dismissal was fair; it 

declined to look behind the final written 

warning, disregarding various challenges 

to it. 

Mr Fallahi worked as a senior project 

leader and issues over his performance 

were raised in the first 18 months of his 

role. Mr Fallahi was invited to a capability 

hearing by letter, which said: ‘‘I must 

advise you that a potential outcome of the 

hearing could be a first or final written 

warning.’’ 

He was issued with a final written 

warning after the meeting and was set 

objectives over the next three months. 

Two months in, and Fallahi was not 

close to meeting these new objectives. 

AUTHOR – Gareth Edwards 

His employer offered him the option of 

continuing with the plan or leaving with 

one month’s pay. Fallahi's employment 

did not end; he was signed off sick. He 

was dismissed several months later, 

to which he brought a claim for unfair 

dismissal. 

The ET found that the reason for 

dismissal was capability, that the decision 

was reasonable and that even if it had been 

procedurally unfair, it was inevitable that 

a fair process would have led to dismissal. 

Fallahi's appeal said the ET was wrong 

to conclude that it could not go behind 

the final written warning; was wrong to 

find that the final written warning was 

within the range of reasonable responses; 

and that the ET was wrong to consider 

whether the final written warning was 

manifestly inappropriate, rather than 

considering whether procedural flaws in 

the warning process tainted the ultimate 

decision to dismiss. 

When considering the appeal, the ET 

noted the limited scope for going behind 

a final written warning when considering 

fairness. The ET was required to judge 

the reasonableness of the dismissal in all 

the circumstances, not simply whether 

the final warning was reasonable or 

appropriate. The warning was only one 

relevant factor. 

The ET noted although in some conduct 

cases, a final warning can leave an 

employee ‘hanging by a thread’ – awaiting 

dismissal for another unconnected 

matter. In such cases, the ‘validity’ of the 

final warning will be critical. However, 

the ET held that this was not such a case. 

In this case, the employer had been 

dealing with the performance issues of 

the employee over a long period, part 

of which led to a final written warning. 

The ET was therefore entitled to find 

that the warning was within the range of 

reasonable responses. 

A recent CIPHR study into employers’ 

attitudes towards staff working from 

home has revealed that more than 

two thirds of the 150 employers polled 

(68 percent) are considering reducing 

the pay of employees that choose 

to continue to work from home 

permanently. 

This is even though 53 percent of the 

employers have saved money by having 

more employees working remotely. The 

survey – Returning to the office – what 

UK workers actually want found that its 

Home workers and pay cuts 

more likely that larger companies would 

consider reducing the pay of employees 

that opt for home working permanently, 

while 10 percent of employers have 

already permanently reduced location 

allowances during the pandemic. 

A May 2021 CIPHR study found that 

73 percent of employees would accept 

some reduction in pay for permanently 

home working. 32 percent of those 

would accept a pay cut of 10 percent, 

the median acceptable pay cut was 3.5 

percent. 

CHANGES to the Off-Payroll Regulations, 

known as IR35, came into force on 6 

April 2021 and could potentially affect 

the position of non-executive directors 

(NEDs) who provide services through 

their intermediary companies. 

If such NEDs are caught by IR35, they 

would be subject to income tax and 

both employer and employee National 

Insurance contributions. 

The IR35 regulations now extend to 

companies who are unable to claim that 

they are a small company within the 

NEDs and IR35 

meaning of section 382 of the Companies 

Act 2006 and have a UK presence. 

Under IR35 rules, a NED’s office holding 

responsibilities could attract employment 

status if their role goes beyond that 

of a normal office holder. This could 

include providing impartial advice and 

constructive criticism to the board which 

strays into the realms of being involved in 

the day-to-day operation of the company. 

However, an individual contracting 

through their service company and 

operating consultancy services which 

does not carry out the day-to-day 

management activities of a director may 

be deemed to be outside the scope of 

the IR35 rules. Hirer companies should 

be aware that even if they make a status 

determination statement which finds that 

the NEDs services or assignments are 

outside the scope of the IR35 regulations, 

HMRC can challenge such a decision. 

Gareth Edwards is a partner in 

the employment team at VWV. 

www.gedwards@vwv.co.uk 



TAKE CONTROL OF 

YOUR CREDIT CAREER 

ORDER TO CASH PROCESS SME 

Stockport, £42,500-£47,500 + benefits 

In this pivotal role, you will assist the Head of OTC, ensuring 

process changes support AR Strategy. Representing the UK 

OTC in process improvement and various projects, you will 

lead continuous improvement initiatives/projects through root 

cause analysis, data gathering & problem solving. You will have 

an extensive OTC, credit control/collections background and 

experience of managing a team. Ref: 4064584 

Contact Joanna Taylor-Coburn on 0161 926 8605 

or email joanna.taylor-coburn@hays.com 

SENIOR CREDIT CONTROLLER 

Heathrow, £30,000-£45,000 

Working for a global freight forwarder and supply chain business, 

you will be responsible for over 1,000 accounts including managing 

Amazon as a key account. Your key focus will be to ensure the 

top 20 accounts are chased effectively and escalating aged 

debt is brought down quickly whilst driving and leading process 

improvements with senior management. Ref: 4054061 

Contact Mark Ordoña on 07565 800574 

or email mark.ordona@hays.com 

ACCOUNTS RECEIVABLE MANAGER 

Basingstoke, £45,000 

Managing a team of six within the receivables function, this role 

will oversee and take responsibility for all collections and sales 

ledger activities. You will manage your team on a day-to-day basis, 

and will be responsible for appraisals, training and leading them 

to hit targets. Other duties include escalated queries, producing 

detailed cash flow/aged debt reports, and risk management. 

Ref: 4071362 

Contact Natascha Whitehead on 07770 786433 

or email natascha.whitehead@hays.com 

CREDIT CONTROLLER 

Central London, £35,000 

In this newly created role you will work within a growing finance 

team at a top London insurance firm. Due to recent expansions 

and mergers, there is the opportunity to take on core credit 

responsibilities, as well as additional responsibilities within the 

team. This role will enable you to gain valuable insurance sector 

experience whilst progressing in your career in credit. 

Ref: 4074101 

Contact Daniel Lee on 020 3465 0020 

or email daniel.lee1@hays.com 

hays.co.uk/creditcontrol 


TRAIN FOR THE 

YEAR AHEAD 

My Learning – free skills 

training from Hays 

To find out more visit 

hays.co.uk/mylearning 

TEMPORARY CREDIT CONTROL & BILLINGS 

Chertsey, £30,000 

A skilled credit control professional is required to join a leading 

global organisation, initially on a temporary basis. This varied role 

will encompass both billings and collections. Managing your own 

ledger, you will be responsible for collating and reconciling data, 

to ensure prompt and timely invoices are produced. Cash collection 

and query resolution will also form part of this role. 

Ref: 4035268 

Contact Natascha Whitehead on 07770 786433 

or email natascha.whitehead@hays.com 

CREDIT CONTROLLER 

Norwich, £23,000-26,000 

An exciting opportunity to join an expanding group business 

after the creation of their new shared service centre. The role 

will be managing a portfolio of customers enabling you to build 

lasting relationships. You will be responsible for the credit risk 

analysis, cash collection (with targets around DSO levels), account 

reconciliations and debt reporting among other things. 

Ref: 4039426 

Contact William Plom on 01603 760141 

or email william.plom@hays.com 

This is just a small selection of the many opportunities we 

have available for credit professionals. To find out more 

visit us online or contact Natascha Whitehead, Hays Credit 

Management UK Lead on 07770 786433. 


NEW AND UPGRADED MEMBERS 

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

you considered applying to upgrade your membership? See our website 

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

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Elizabeth Johnson 

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Sarah Stokes 

Claire Pigott 

Debra Quinn 

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Christian Hartigan-Jeremiah 

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Julia Hill 

Anneka Day 

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Janice Newton 

David Maguire 

Louise King 

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Sara Taylor 

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Associate 

Kyle Hynes Abhishek Mukundhakshan Makav Perera 

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Get in touch with Andrew Morris by emailing andrew.morris@cicm.com 

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

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Cr£ditWho? 

CICM Directory of Services 

COLLECTIONS 

COLLECTIONS LEGAL 

CONSULTANCY 

Controlaccount Plc 

Address: Compass House, Waterside, Hanbury Road, 

Bromsgrove, Worcestershire B60 4FD 

T: 01527 549 522 

E: sales@controlaccount.com 

W: www.controlaccount.com 

Controlaccount Plc provides an efficient, effective and ethical 

commercial debt recovery service focused on improving business 

cash flow whilst preserving customer relationships and established 

reputations. Working with leading brand names in the UK and 

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

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

Where applicable, we can utilise the Late Payment of Commercial 

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

clients also benefit from our in-house international trace and 

legal counsel departments and have complete transparency and 

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

recovery through our online debt management system, ClientWeb. 

Guildways 

T: +44 3333 409000 

E: info@guildways.com 

W: www.guildways.com 

Guildways is a UK & International debt collection specialist with over 

25 years experience. Guildways prides itself on operating to the 

highest ethical standards and professional service levels. We are 

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

• A complete No collection, No Fee commission based service 

• 10% plus VAT commission for UK debts 

• Commission from 22% plus VAT for International debts 

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

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

collections and minimise costs 

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

fee, trace and collect service. 

For more information, visit: www.guildways.com 

COLLECTIONS (INTERNATIONAL) 

Atradius Collections Ltd 

3 Harbour Drive, 

Capital Waterside, Cardiff, CF10 4WZ 

Phone: +44 (0)29 20824397 

Mobile: +44 (0)7767 865821 

E-mail:yvette.gray@atradius.com 

Website: atradiuscollections.com 

Atradius Collections Ltd is an established specialist in business 

to business collections. As the collections division of the Atradius 

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

knowledge and reputation. 

Annually handling more than 110,000 cases and recovering over 

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

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

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

of maintaining customer relationships whilst efficiently and 

effectively collecting monies owed. 

The individual nature of our clients’ customer relationships is 

reflected in the customer focus we provide, structuring our service 

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

provide them with a collection strategy that echoes their business 

character, trading patterns and budget. 

For further information contact Yvette Gray Country Director, UK 

and Ireland. 

BlaserMills Law 

London – High Wycombe – Amersham – Silverstone 

T: 01494 478660 

E: jar@blasermills.co.uk 

W: www.blasermills.co.uk 

Blaser Mills Law’s commercial recoveries team is internationally 

recognised, regularly advising large corporations, multinationals 

and SMEs on pre-legal collections, debt recovery, commercial 

litigation, dispute resolution and insolvency. Our legal services 

are both cost-effective and highly efficient; Our lawyers are also 

CICM qualified and ranked in the industry leading law firm rankings 

publications, Legal 500 and Chambers UK. 

Keebles 

Capitol House, Russell Street, Leeds LS1 5SP 

T: 0113 399 3482 

E: charise.marsden@keebles.com 

W: www.keebles.com 

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

at the 2019 CICM British Credit Awards. 

According to our clients “Keebles stand head and shoulders 

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

business and know exactly how to speedily maximise recovery. 

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

seen in many other practices.” 

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

peace of mind. 

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

• Fixed fees for issuing court proceedings and pursuing claims to 

judgment and enforcement. 

• Success rate in excess of 80%. 

• 24 hour turnaround on instructions. 

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

Lovetts Solicitors 

Lovetts, Bramley House, The Guildway, 

Old Portsmouth Road, 

Guildford, Surrey, GU3 1LR 

T: 01483 347001 

E: info@lovetts.co.uk 

W: www.lovetts.co.uk 

With more than 25yrs experience in UK & international business 

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

every year on behalf of our clients. Services include: 

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

of cases) 

• Advice and dispute resolution 

• Legal proceedings and enforcement 

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

CaseManager 

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

feedback: “All our service expectations have been exceeded. 

The online system is particularly useful and extremely easy to 

use. Lovetts has a recognisable brand that generates successful 

results.” 

Chris Sanders Consulting 

T: +44(0)7747 761641 

E: enquiries@chrissandersconsulting.com 

W: www.chrissandersconsulting.com 

Chris Sanders Consulting – we are a different sort of consulting 

firm, made up of a network of independent experienced 

operational credit & collections management and invoicing 

professionals, with specialisms in cross industry best practice 

advisory, assessment, interim management, leadership, 

workshops and training to help your team and organisation reach 

their full potential in credit and collections management. We are 

proud to be Corporate Partners of the Chartered Institute of Credit 

Management and to manage the CICM Best Practice Accreditation 

Programme on their behalf. For more information please contact: 

enquiries@chrissandersconsulting.com 

CREDIT INFORMATION 

CoCredo 

Missenden Abbey, Great Missenden, Bucks, HP16 0BD 

T: 01494 790600 

E: customerservice@cocredo.com 

W: www.cocredo.co.uk 

CoCredo has 19 years’ experience in developing credit reports for 

businesses and in 2019 we were honoured to be awarded Credit 

Information Provider of the Year at the British Credit Awards. Our 

company data is continually updated throughout the day and 

ensures customers have the most current information available. 

We aggregate data from a range of leading providers across over 

235 territories and offer a range of services including the industry 

first Dual Report, Monitoring, XML Integration and DNA Portfolio 

Management. We pride ourselves in offering award-winning 

customer service and support to protect your business. 

Graydon UK 

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

Middlesex, HA1 1BE 

T: +44 (0)208 515 1400 

E: customerservices@graydon.co.uk 

W: www.graydon.co.uk 

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

business information, analytics, insights and solutions. Graydon 

helps its customers to make fast, accurate decisions, enabling 

them to minimise risk and identify fraud as well as optimise 

opportunities with their commercial relationships. Graydon uses 

130+ international databases and the information of 90+ million 

companies. Graydon has offices in London, Cardiff, Amsterdam 

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

of the world’s largest credit insurance companies. 


FOR ADVERTISING INFORMATION OPTIONS 

AND PRICING CONTACT 

paul@centuryone.uk 01727 739 196 

CREDIT INFORMATION 

CREDIT MANAGEMENT SOFTWARE 


Company Watch 

Centurion House, 37 Jewry Street, 

LONDON. EC3N 2ER 

T: +44 (0)20 7043 3300 

E: info@companywatch.net 

W: www.companywatch.net 

Organisations around the world rely on Company Watch’s 

industry-leading financial analytics to drive their credit risk 

processes. Our financial risk modelling and ability to map medium 

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

from other credit reference agencies. 

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

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

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

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

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

providing actionable intelligence in an uncertain world. 


HighRadius 

T: +44 (0) 203 997 9400 

E: infoemea@highradius.com 

W: www.highradius.com 

HighRadius provides a cloud-based Integrated Receivable 

Platform, powered by machine learning and AI. Our Technology 

empowers enterprise organisations to reduce cycle time in the 

order-to-cash process and increase working capital availability by 

automating receivables and payments processes across credit, 

electronic billing and payment processing, cash application, 

deductions, and collections. 

Tinubu Square UK 

Holland House, 4 Bury Street, 

London EC3A 5AW 

T: +44 (0)207 469 2577 / 

E: uksales@tinubu.com 

W: www.tinubu.com 

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

of the Credit Insurance, Surety and Trade Finance digital 

transformation. 

Tinubu Square enables organizations across the world to 

significantly reduce their exposure to risk and their financial, 

operational and technical costs with best-in-class technology 

solutions and services. Tinubu Square provides SaaS solutions 

and services to different businesses including credit insurers, 

receivables financing organizations and multinational corporations. 

Tinubu Square has built an ecosystem of customers in over 20 

countries worldwide and has a global presence with offices in 

Paris, London, New York, Montreal and Singapore. 

Data Interconnect Ltd 

45-50 Shrivenham Hundred Business Park, 

Majors Road, Watchfield. Swindon, SN6 8TZ 

T: +44 (0)1367 245777 

E: sales@datainterconnect.co.uk 

W: www.datainterconnect.com 

We are dedicated to helping finance teams take the cost, 

complexity and compliance issues out of Accounts Receivable 

processes. Corrivo is our reliable, easy-to-use SaaS platform 

for the continuous improvement of AR metrics and KPIs in a 

user-friendly interface. Credit Controllers can manage more 

accounts with better results and customers can self-serve on 

mobile-responsive portals where they can query, pay, download 

and view invoices and related documentation e.g. Proofs of 

Delivery Corrivo is the only AR platform with integrated invoice 

finance options for both buyer and supplier that flexes credit terms 

without degrading DSO. Call for a demo. 

ESKER 

Sam Townsend Head of Marketing 

Northern Europe Esker Ltd. 

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

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

Twitter: @EskerNEurope blog.esker.co.uk 

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

obstacles preventing today’s businesses from collecting 

receivables in a timely manner. From credit management to cash 

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

Esker’s automated AR system helps companies modernise 

without replacing their core billing and collections processes. By 

simply automating what should be automated, customers get the 

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

they need. 

SERRALA 

Serrala UK Ltd, 125 Wharfdale Road 

Winnersh Triangle, Wokingham 

Berkshire RG41 5RB 

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

T +44 118 207 0450 M +44 7788 564722 

Serrala optimizes the Universe of Payments for organisations 

seeking efficient cash visibility and secure financial processes. 

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

worldwide. With more than 30 years of experience and 

thousands of successful customer projects, including solutions 

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

managers and receivables professionals with the solutions they 

need to successfully protect their business against credit risk 

exposure and bad debt loss. 

Visma | ONGUARD 

T: 020 3966 8324 

E: edan.milner@onguard.com 

W: www.onguard.com 

Visma | Onguard is a specialist in credit management software 

and market leader in innovative solutions for order-to-cash. Our 

integrated platform ensures an optimal connection of all processes 

in the order-to-cash chain. This enhanced visibility with the secure 

sharing of critical data ensures optimal connection between all 

processes in the order-to-cash chain, resulting in stronger, longerlasting 

customer relationships through improved and personalised 

communication. The Visma | Onguard platform is used for 

successful credit management in more than 70 countries. 

DATA AND ANALYTICS 

C2FO 

C2FO Ltd 

105 Victoria Steet 

SW1E 6QT 

T: 07799 692193 

E: anna.donadelli@c2fo.com 

W: www.c2fo.com 

C2FO turns receivables into cashflow and payables into income, 

uniquely connecting buyers and suppliers to allow discounts 

in exchange for early payment of approved invoices. Suppliers 

access additional liquidity sources by accelerating payments 

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

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

benefit from the C2FO solution by improving gross margin while 

strengthening the financial health of supply chains through 

ethical business practices. 

identeco – Business Support Toolkit 

Compass House, Waterside, Hanbury Road, Bromsgrove, 

Worcestershire B60 4FD 

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

Web: www.identeco.co.uk 

identeco’s Business Support Toolkit is an online portal connecting 

its subscribers to a range of business services that help them 

to engage with new prospects, understand their customers and 

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

access. Providing company information and financial reports, 

director and shareholder structures as well as a unique financial 

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

data that might be associated with a company. Other services 

also included in the subscription include a business names 

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

unlimited, bespoke marketing and telesales listings for any sector. 

ENFORCEMENT 

Credica Ltd 

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

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

Our highly configurable and extremely cost effective Collections 

and Query Management System has been designed with 3 goals 

in mind: 

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

• To provide meaningful analysis of your business 

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

Credit Professionals across the UK and Europe, our system is 

successfully providing significant and measurable benefits for our 

diverse portfolio of clients. 

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

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

Satago 

48 Warwick Street, London, W1B 5AW 

T: +44(0)020 8050 3015 

E: hello@satago.com 

W: www.satago.com 

Satago helps business owners and their accountants avoid credit 

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

in one platform. Satago integrates with 300+ cloud accounting 

apps with just a few clicks, helping businesses: 

• Understand their customers - with RISK INSIGHTS 

• Get paid on time - with automated CREDIT CONTROL 

• Access funding - with flexible SINGLE INVOICE FINANCE 

Visit satago.com and start your free trial today. 

Court Enforcement Services 

Wayne Whitford – Director 

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

E : wayne@courtenforcementservices.co.uk 

W: www.courtenforcementservices.co.uk 

Court Enforcement Services is the market leading and fastest 

growing High Court Enforcement company. Since forming in 2014, 

we have managed over 100,000 High Court Writs and recovered 

more than £187 million for our clients, all debt fairly collected. We 

help lawyers and creditors across all sectors to recover unpaid 

CCJ’s sooner rather than later. We achieve 39% early engagement 

resulting in market-leading recovery rates. Our multi-awardwinning 

technology provides real-time reporting 24/7. We work in 

close partnership to expertly resolve matters with a fast, fair and 

personable approach. We work hard to achieve the best results 

and protect your reputation. 


Cr£ditWho? 


FOR ADVERTISING INFORMATION 

OPTIONS AND PRICING CONTACT 

paul@centuryone.uk 01727 739 196 

ENFORCEMENT 

INSOLVENCY 

PAYMENT SOLUTIONS 

High Court Enforcement Group Limited 

Client Services, Helix, 1st Floor 

Edmund Street, Liverpool 

L3 9NY 

T: 08450 999 666 

E: clientservices@hcegroup.co.uk 

W: hcegroup.co.uk 

Putting creditors first 

We are the largest independent High Court enforcement company, 

with more authorised officers than anyone else. We are privately 

owned, which allows us to manage our business in a way that 

puts our clients first. Clients trust us to deliver and service is 

paramount. We cover all aspects of enforcement – writs of control, 

possessions, process serving and landlord issues – and are 

committed to meeting and exceeding clients’ expectations. 

FINANCIAL PR 

Menzies 

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

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

W: menzies.co.uk/creditor-services 

Our Creditor Services team can advise on the best way for you 

to protect your position when one of your debtors enters, or 

is approaching, insolvency proceedings. Our services include 

assisting with retention of title claims, providing representation 

at creditor meetings, forensic investigations, raising finance, 

financial restructuring and removing the administrative burden 

– this includes completing and lodging claim forms, monitoring 

dividend prospects and analysing all Insolvency Reports and 

correspondence. 

For more information on how the Menzies Creditor 

Services team can assist please contact Giuseppe Parla, 

Qualified Insolvency Practitioner, at gparla@menzies.co.uk 

or call +44 20 7465 1919. 

LEGAL 

Key IVR 

T: +44 (0) 1302 513 000 

E: sales@keyivr.com 

W: www.keyivr.com 

Key IVR are proud to have joined the Chartered Institute of 

Credit Management’s Corporate partnership scheme. The 

CICM is a recognised and trusted professional entity within 

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

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

their membership collection activities. Key IVR provides a suite 

of products to assist companies across the globe with credit 

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

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

automated collection methods, such as a secure telephone 

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

valuable staff time away from typical debt collection. 

RECRUITMENT 

Gravity Global 

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

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

W: www.gravityglobal.com 

Gravity is an award winning full service PR and advertising 

business that is regularly benchmarked as being one of the 

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

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

brands working on often challenging briefs. As the partner 

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

years, and the Chartered Institute of Credit Management since 

2006, it understands the key issues affecting the credit industry 

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

media and beyond. 

FORUMS 

FORUMS INTERNATIONAL 

T: +44 (0)1246 555055 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

Forums International Ltd have been running Credit and Industry 

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

International trading, attendance is for Credit Professionals of all 

levels. Our forums are not just meetings but communities which 

aim to prepare our members for the challenges ahead. Attending 

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

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

never intentionally be sold to. 

FOR ADVERTISING 

INFORMATION OPTIONS 

AND PRICING CONTACT 

paul@centuryone.uk 

01727 739 196 

Shoosmiths 

Email: paula.swain@shoosmiths.co.uk 

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

Shoosmiths’ highly experienced team will work closely with credit 

teams to recover commercial debts as quickly and cost effectively 

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

recovery, including: 

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

•Litigation service 

•Post-litigation services including enforcement 

•Insolvency 

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

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

them. 

PAYMENT SOLUTIONS 

American Express 

76 Buckingham Palace Road, 

London. SW1W 9TQ 

T: +44 (0)1273 696933 

W: www.americanexpress.com 

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

globally recognised provider of payment solutions to businesses. 

Specialising in providing flexible collection capabilities to drive a 

number of company objectives including: 

• Accelerate cashflow • Improved DSO • Reduce risk 

• Offer extended terms to customers 

•Provide an additional line of bank independent credit to drive 

growth • Create competitive advantage with your customers 

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

American Express is working with credit managers to drive growth 

within businesses of all sectors. By creating an additional lever 

to help support supplier/client relationships American Express is 

proud to be an innovator in the business payments space. 

Bottomline Technologies 

115 Chatham Street, Reading 

Berks RG1 7JX | UK 

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

W: www.bottomline.com/uk 

Bottomline Technologies (NASDAQ: EPAY) helps businesses 

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

domestic and international payments, effective cash management 

tools, automated workflows for payment processing and bill 

review and state of the art fraud detection, behavioural analytics 

and regulatory compliance. Businesses around the world depend 

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

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

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

by making complex business payments simple, secure and 

seamless. 

Hays Credit Management 

107 Cheapside, London, EC2V 6DN 

T: 07834 260029 

E: karen.young@hays.com 

W: www.hays.co.uk/creditcontrol 

Hays Credit Management is working in partnership with the CICM 

and specialise in placing experts into credit control jobs and 

credit management jobs. Hays understands the demands of this 

challenging environment and the skills required to thrive within 

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

contract based opportunities to find your ideal role. Our candidate 

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

interviews and a credit control skills test developed exclusively for 

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

can provide advice across a wide spectrum of job search and 

recruitment issues. 

PORTFOLIO 

CREDIT CONTROL 

Portfolio Credit Control 

1 Finsbury Square, London. EC2A 1AE 

T: 0207 650 3199 

E: recruitment@portfoliocreditcontrol.com 

W: www.portfoliocreditcontrol.com 

Portfolio Credit Control, a 5* Trustpilot rated agency, solely 

specialises in the recruitment of Permanent, Temporary & Contract 

Credit Control, Accounts Receivable and Collections staff 

including remote workers. Part of The Portfolio Group, an awardwinning 

Recruiter, we speak to Credit Controllers every day and 

understand their skills meaning we are perfectly placed to provide 

your business with talented Credit Control professionals. Offering 

a highly tailored approach to recruitment, we use a hybrid of faceto-face 

and remote briefings, interviews and feedback options. 

We provide both candidates & clients with a commitment to deliver 

that will exceed your expectations every single time. 

Cr£ditWho? 



View our digital version online at www.cicm.com 

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

‘Credit Management magazine’ 

Just another great reason to be a member 

Credit Management is distributed to the entire UK and international 

CICM membership, as well as additional subscribers 

Advancing the credit profession 

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


Fill your vacancy or find your next career 

move at www.portfoliocreditcontrol.com 

RECRUITING FROM 

YOUR OFFICE... 

Portfolio Credit Control, part of 

the Portfolio Group, are proud 

to be the only true specialist 

Credit Control recruitment 

agency in the UK. 

...OR 

REMOTELY 

Specialising in solely recruiting for Credit 

Controllers and Credit professionals since 

2008. We place permanent, temporary and 

contract credit professionals at all levels. 

Our expert market knowledge & industry 

experience is trusted by SME’s through 

to Global Blue Chip businesses including 

FTSE 100 companies across the UK for all 

their Credit Control hiring needs. 

We recruit for: Credit Manager / Head of Credit Control; (Senior) 

Credit Controller / Team Leader / Supervisor; Credit and Billing 

Manager; Sales Ledger / Accounts Receivable (Manager); 

Credit Analyst. 

Contact us to hire 

the best Credit Control talent 

Scan with your phone to fill your vacancy or find your 

next career move at www.portfoliocreditcontrol.com 

Contact one of our specialist recruitment consultants to fill your vacancy or find your next career move! 

LONDON 020 7650 3199 

1 FINSBURY SQUARE, 3 RD FLOOR, LONDON EC2A 1AE 

MANCHESTER 0161 836 9949 

THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FB 

www.portfoliocreditcontrol.com 

recruitment@portfoliocreditcontrol.com 

theportfoliogroup 

portfolio-credit-control 

portfoliocredit 

Rated as Excellent

Credit Management November 2021 2

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