CM June 2022




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

JUNE <strong>2022</strong> £12.50<br />



TAKING<br />

THE<br />

STRAIN<br />

The stress of being<br />

a debt collector<br />

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

to Phil Roberts FCI<strong>CM</strong><br />

Page 16<br />

Why is Intersectional<br />

Equity important?<br />

Page 38

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JUNE <strong>2022</strong><br />

www.cicm.com<br />

12<br />


David Sheridan<br />

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


10 – SUDDEN IMPACT<br />

How has the credit industry been<br />

impacted by COVID-19?<br />

12 – TAKE THE STRAIN<br />

David Sheridan FCI<strong>CM</strong> considers<br />

the current challenges facing front<br />

line agents in managing consumer<br />

collections and impact on mental<br />

wellbeing.<br />

16 – STAR QUALITY<br />

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

FCI<strong>CM</strong> about debt recoveries and why he<br />

never became an astronaut.<br />

16<br />


Phil Roberts<br />

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

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

10<br />


Gary Brown<br />

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

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

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

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

Larry Coltman FCI<strong>CM</strong> / Niall Cooter FCI<strong>CM</strong> / Bryony Crossland FCI<strong>CM</strong>(Grad) / Peter Gent FCI<strong>CM</strong>(Grad)<br />

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

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

Sarah Wilding FCI<strong>CM</strong> / Atul Vadher FCI<strong>CM</strong>(Grad)<br />

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

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

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

membership, as well as additional subscribers<br />

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

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

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

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

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


Adam Bernstein discovers Israel, a land<br />

of truly biblical opportunity.<br />

35 – STRENGTHS AND<br />


How to tackle the most common<br />

interview questions.<br />


What is Intersectional Equity and why is<br />

it so important?<br />


Adam Bernstein considers the first steps<br />

in international trade.<br />



Alastair Nicholas at Esker looks at the<br />

challenge of managing disparate data.<br />


Robert Lee considers how the invasion<br />

of Ukraine is driving legal reforms in<br />

the UK.<br />

Publisher<br />

Chartered Institute of Credit Management<br />

1 Accent Park, Bakewell Road, Orton Southgate,<br />

Peterborough PE2 6XS<br />

Telephone: 01780 722900<br />

Email: editorial@cicm.com<br />

Website: www.cicm.com<br />

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

Managing Editor<br />

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

Deputy Editor<br />

Iona Yadallee<br />

Art Editor<br />

Andrew Morris<br />

Telephone: 01780 722910<br />

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

Editorial Team<br />

Imogen Hart, Rob Howard, Natalie Makin,<br />

Laura Rhodes, Sam Wilson and Mona Yazdanparast<br />

Advertising<br />

Paul Heitzman<br />

Telephone: 01727 739 196<br />

Email: paul@centuryone.uk<br />

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<strong>2022</strong> subscriptions<br />

UK: £112 per annum<br />

International: £145 per annum<br />

Single copies: £12.50<br />

ISSN 0265-2099<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 3


Broken ribs, abandoned husbands<br />

and an elephant that needs shooting.<br />

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

Managing Editor<br />

AS I sit here penning this<br />

month’s editor’s column<br />

I am doing so through<br />

gritted – and now slightly<br />

misaligned – teeth.<br />

Having taken a tumble<br />

a few weeks ago and cracking a couple of<br />

ribs, it now transpires that the bash I took<br />

to the side of my head has also resulted in a<br />

condition with an unpronounceable name<br />

(Temporomandibular joint disorder) that<br />

will require physio and possibly surgery to<br />

fix. It seems I have lost my bite. Then at the<br />

weekend I went to help a neighbour who<br />

had locked her dog in the kitchen and lost<br />

the key. In the process of breaking down<br />

the door and rescuing a very distressed<br />

Terrier I have now got a frozen shoulder<br />

and can’t raise my left arm beyond the<br />

level.<br />

And if things couldn’t get any worse, Mrs<br />

Feast has left me. Now settle down, it’s<br />

only temporary. She’s gone up to Whitby<br />

with some of her mucky mates leaving<br />

me with responsibility for the cat, the<br />

green recycling bin (can someone remind<br />

me it needs wheeling out on Tuesday?),<br />

and a rather lonely looking pork chop in<br />

the fridge which I believe is my food for<br />

the week. (‘Sorry darling, not had time to<br />

do any shopping. I’m sure you can find<br />

yourself something….’)<br />

But the reality is that however sorry<br />

I might be feeling for myself right now,<br />

there are people out there in a far worse<br />

state and in real need of help. Data from<br />

the Office for National Statistics (ONS)<br />

suggests that nine out of ten people are<br />

being impacted by the cost-of-living crisis.<br />

It means they are not just cutting back<br />

on non-essentials but are also spending<br />

less on absolute essentials like food and<br />

heating their homes (see news page<br />

6). Those that have savings are already<br />

dipping into them to make ends meet and<br />

those that had hoped to put some money<br />

aside for a rainy day have long-since<br />

abandoned their plans.<br />

Levels of borrowing have also increased,<br />

according to Bank of England data, and<br />

while on another occasion that might<br />

have been a cause to celebrate, the<br />

Money Advice Trust and StepChange Debt<br />

Charity are both concerned that the rise in<br />

consumer borrowing may be a sign of the<br />

mounting pressure on household budgets.<br />

Richard Lane, StepChange Director of<br />

External Affairs, agrees with Joanna<br />

Elson, Chief Executive of the MAT, that the<br />

rise in borrowing may be in desperation<br />

to make ends meet. Paul Heywood, Chief<br />

Data & Analytics Officer at Equifax UK, is<br />

also concerned that the figures suggest<br />

that many more people in the UK are now<br />

entering a state of financial vulnerability.<br />

He calls it the elephant in the room,<br />

and it might well be, because however<br />

much the rest of us seem to be pointing<br />

and shouting, the Government seems to<br />

be behind the curve. Let us hope that in<br />

the next few weeks we see some positive<br />

action to address the shortfall between<br />

consumer costs and their income. And if<br />

the Chancellor needs a hand in shooting<br />

the elephant, I’ve still got one good arm<br />

capable of aiming the pistol.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 4

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

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

world of consumer and commercial credit.<br />

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

Profitability ‘on a knife edge’<br />

for the UK’s SMEs<br />

AN annual SME Confidence<br />

Tracker from Bibby Financial<br />

Services (BFS) suggests that<br />

profitability is on a knife edge<br />

for the UK’s SMEs, with 2.1<br />

million (38 percent) describing themselves<br />

as ‘just about breaking even’ and only half<br />

(52 percent) describing themselves as<br />

‘profitable’.<br />

While SMEs are ambitious for the<br />

opportunity to regain lost ground postpandemic,<br />

they risk being held back by a<br />

myriad of mounting pressures including<br />

rising costs and cashflow challenges. The<br />

number of business reporting bad debt has<br />

risen from 20 percent in 2021, to 28 percent<br />

in <strong>2022</strong>.<br />

The worrying results have prompted<br />

Derek Ryan, UK Managing Director for<br />

BFS, to call for wider tax cuts and energy<br />

grants to help SMEs support the UK’s<br />

economic recovery. “UK businesses face<br />

a heady cocktail of issues that threaten<br />

to impact growth forecasts for <strong>2022</strong> and<br />

beyond, including soaring inflation, skills<br />

shortages, and a cost-of-living crisis not<br />

seen on such a scale in the 21st century,”<br />

he explains.<br />

“While our report highlights a stoic<br />

resilience amongst the UK SME<br />

community, many are still struggling<br />

to keep their heads above water and<br />

operating on a day-to-day basis, rather<br />

than looking ahead to growth.”<br />

Exploring the views of 500 UK SME<br />

owners and decision makers, Bibby<br />

found that 82 percent of SMEs now feel<br />

confident about their prospects this year,<br />

a six-percentage point increase compared<br />

to 2021, and over the past six months 56<br />

percent of businesses have reported an<br />

increase in sales.<br />

But the report warns that while SMEs<br />

have duly earned their resilient reputation,<br />

this optimism is set against a backdrop of<br />

continued uncertainty, notably regarding<br />

inflation (42 percent), conflict in Europe<br />

(37 percent) and supply chain disruption<br />

(33 percent). A third (33 percent) still have<br />

concerns over COVID-19.<br />

Concerns vary by industry with SMEs<br />

in the manufacturing sector most worried<br />

about inflation, the rising costs of raw<br />

materials – such as steel – and staff costs.<br />

Construction and wholesale sector SMEs<br />

are mostly pre-occupied by conflict in<br />

Europe. While for transport businesses the<br />

biggest worries include cashflow, Brexit<br />

and staff shortages, as well as a lack of<br />

lorry drivers and the impact of red tape on<br />

cross-border trade.<br />

Overall, more than a quarter of<br />

businesses (26 percent) highlighted<br />

cashflow as a concern. Almost one in<br />

five (17 percent) said they need cashflow<br />

support more now than before the<br />

pandemic and nine percent said that they<br />

don’t even have the cashflow they need to<br />

operate on a day-to-day basis.<br />

When cashflow is so critical to business<br />

survival, late or failed payments can<br />

be fatal to this new tribe of ‘Just About<br />

Breaking Evens’. More than a quarter<br />

(28 percent) – equating to 1.5million<br />

businesses - say they have suffered<br />

from bad debt in the previous 12 months,<br />

where sums have been written off owing<br />

to customer non-payment or protracted<br />

default. This is significantly higher than<br />

2021 when 20 percent reported bad debt<br />

and the report finds that SMEs have<br />

written-off an average of £10,329 in the<br />

last year alone.<br />

Derek told Credit Management that<br />

while SMEs faced the pandemic with<br />

fortitude, now they must continue to<br />

adapt and change to carefully manage the<br />

rising costs of doing business: “It’s evident<br />

that cashflow challenges and payment<br />

issues continue to plague businesses,<br />

and it’s now more important than ever<br />

that they have access to working capital<br />

to support day-to-day operations, and to<br />

repay debt taken on at the height of the<br />

pandemic. But they cannot succeed alone.”<br />

“UK businesses face<br />

a heady cocktail of<br />

issues that threaten<br />

to impact growth<br />

forecasts for <strong>2022</strong> and<br />

beyond, including<br />

soaring inflation, skills<br />

shortages, and a costof-living<br />

crisis not seen<br />

on such a scale in the<br />

21st century”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 5


ONS Data suggests cost-of-living<br />

crisis most acute for the elderly<br />

LATEST data from the Office<br />

for National Statistics (ONS)<br />

suggest the cost-of-living crisis<br />

may be even more acute than<br />

first imagined. More than nine<br />

out of ten now say the cost of living is<br />

more acute, with older people feeling<br />

price rises more keenly.<br />

The most common ways people<br />

cut costs are spending less on nonessentials<br />

(59 percent), cutting the<br />

use of gas and electricity at home (54<br />

percent), cutting back on non-essential<br />

car journeys (44 percent), shopping<br />

around (34 percent), and spending less<br />

on essentials (33 percent).<br />

Two in five (39 percent) are buying<br />

less food and 44 percent believe they<br />

are spending more to get the same.<br />

Almost a quarter (24 percent) are<br />

spending their savings and 42 percent<br />

don’t think they’ll be able to save<br />

anything in the coming year.<br />

Sarah Coles, senior personal finance<br />

analyst, Hargreaves Lansdown, says<br />

some groups are being squeezed until<br />

the pips squeak: “The number of people<br />

saying their costs have risen peaks<br />

among those aged 55-69. This may be<br />

because this group includes a number<br />

of retirees, who have to spend a larger<br />

proportion of their income on the<br />

essentials, so they’ve been hit harder<br />

by the eye-watering hike in the energy<br />

price cap. These rises are particularly<br />

alarming if they’re on a fixed income<br />

that’s not linked to inflation, because<br />

their income will fall further and further<br />

behind the expenses they need to cover.”<br />

Women have also been hit hard, and<br />

are more likely to say they have had<br />

to employ almost every cost-cutting<br />

measure: “The fact that women earn<br />

less on average means more of them<br />

are hit harder by price rises, and need to<br />

take increasingly extreme steps to keep<br />

costs down,” she adds.<br />

Younger people have been more<br />

sheltered from rising costs, partly<br />

because those in the 16-29 age group<br />

will include millions of people still<br />

living with their parents, who don’t<br />

have to worry as much about the cost<br />

of running the household. “However, it’s<br />

this group who are most likely to say<br />

they have spent their savings to<br />

make ends meet,” Sarah adds. “And<br />

while it’s a great sign of the protection<br />

that savings can give you, it’s essential<br />

to address rising costs at the same<br />

time.”<br />

The most common price rise<br />

mentioned is food (92 percent), followed<br />

by energy bills (86 percent) and fuel<br />

(80 percent). The number of people<br />

who think they won’t be able to save<br />

any money in the next 12 months has<br />

risen from 34 percent in November<br />

to 42 percent. More than a quarter (26<br />

percent) say they couldn’t afford to pay<br />

a £850 bill out of the blue.<br />

GOOD start<br />

THE Credit Services Association (CSA),<br />

the voice of the UK debt collection and<br />

debt purchase industry, has achieved an<br />

Ofsted GOOD rating for its apprenticeship<br />

training provision. The Ofsted report<br />

praises the CSA’s delivery to over 200<br />

apprentices across seven apprenticeship<br />

programmes covering credit, collections,<br />

compliance, risk, counter fraud and<br />

debt advice. Ofsted’s verdict on CSA<br />

Apprenticeships speaks to ‘a culture<br />

of high expectations, characterised by<br />

ambitious curriculum content, high<br />

standards of integrity and professional<br />

behaviour, and effective support for<br />

apprentices, staff and employers.<br />

Apprentices are prepared for their whole<br />

careers, not just for their current jobs’.<br />

Commercial success<br />

ALLICA Bank – the fintech challenger<br />

bank for Britain’s established small and<br />

medium sized businesses – has added<br />

fixed rate commercial mortgages to its<br />

portfolio of SME lending products. The<br />

bank says it has received heightened<br />

demand from SMEs and its broker panel<br />

for mortgages with a fixed rate amid<br />

increasing uncertainty following the<br />

Bank of England’s decision to increase<br />

its Base Rate and rising business costs.<br />

The launch comes after a number of<br />

enhancements to Allica’s commercial<br />

mortgage proposition in recent months<br />

as it responds to changing market needs<br />

and broker demand. As well as a pledge to<br />

make £1 billion in committed loan offers<br />

in <strong>2022</strong>.<br />

Broker confidencew<br />

NEARLY one in three (30 percent) brokers<br />

believe the UK SME lending market<br />

has returned to levels seen before the<br />

outbreak of the COVID-19 pandemic. Over<br />

a third of brokers (34 percent) say small<br />

businesses’ applications for finance were<br />

up in April, compared to the four weeks<br />

prior. Heightened demand for loans<br />

amidst rising business costs, as 31 percent<br />

of brokers cite ‘managing day-to-day<br />

cashflow’ as the top motivator for small<br />

business owners applying for finance, up<br />

from 24 percent in Q4 2021. The statistics<br />

come from iwoca’s latest SME Expert<br />

Index.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 6


Acquis launches new<br />

register to fight fraud<br />

ACQUIS Data Services has<br />

launched Acquis Lumia,<br />

a register of asset finance<br />

borrowing which it says<br />

will provide a clear view<br />

of a company’s current asset finance<br />

arrangements to ‘empower confident<br />

lending decisions’.<br />

Developed with the cooperation of<br />

lessors from across the industry, Acquis<br />

Lumia will assist asset finance providers<br />

to identify suspicious or irregular<br />

balance-sheet borrowing on a large<br />

scale. This provides a clear insight into a<br />

customer’s lending exposure, alerting the<br />

lender to possible fraudulent activity.<br />

The solution is born out of industry<br />

wide consensus to tackle the fraud<br />

problem, and will bring together a wider<br />

selection of lending data to address the<br />

issue. Acquis Lumia has been developed<br />

in consultation with a working party of<br />

leading players in the UK’s asset finance<br />

industry.<br />

Nick Leader, CEO at Acquis, says that<br />

recent high profile fraud investigations<br />

have underlined an unfortunate reality:<br />

“Fraud is an ever-present threat. It’s<br />

estimated that as many as 50 asset<br />

finance lenders recently fell victim to a<br />

major financial crime of this nature, with<br />

many now facing significant financial<br />

losses.<br />

There are tools and processes in<br />

existence to help avoid and reduce<br />

fraudulent activity, but the reality is<br />

none of them provide a wide enough<br />

view across the asset finance lending<br />

market. More needs to be done to tackle<br />

the issues and offer asset finance lenders<br />

better insight and visibility to counter it.<br />

“There are at least six credit reference<br />

agencies being used by the industry to<br />

try to spot suspicious activity, but the<br />

reality is no single agency possesses<br />

enough market share to provide the<br />

level of oversight needed,” he continues.<br />

“By looking at a borrower’s overall asset<br />

finance exposure we can provide early<br />

warnings for potentially suspicious<br />

behaviour based on borrowers’ balance<br />

sheets.”<br />

“Fraud is an ever-present threat. It’s estimated that as<br />

many as 50 asset finance lenders recently fell victim to a<br />

major financial crime of this nature, with many now facing<br />

significant financial losses’’.<br />

>NEWS<br />

IN BRIEF<br />

New hires at Lowell<br />

LOWELL Group, one of Europe’s leading<br />

credit management services providers,<br />

has appointed Louis Brook as UK<br />

Chief Information Officer, Jill Maples<br />

as UK People Director, Kevin Peirson<br />

as Head of Customer Relations and<br />

Naynesh Patel as Customer Insights<br />

and Strategy Director. The company<br />

says they join at a period of significant<br />

growth for Lowell as the firm expands<br />

its expertise in Financial Services.<br />

Court promotion<br />

COURT Enforcement Services has<br />

promoted Jodie Martinelli-Oliver<br />

to Director of Business Services<br />

reporting directly to Managing Director,<br />

Daron Robinson. Since joining Court<br />

Enforcement Services in 2014, Jodie<br />

has made a significant contribution to<br />

the business and has played a key role<br />

in its journey from being a new startup<br />

to becoming one the UK’s leading<br />

High Court enforcement companies.<br />

Recruitment event<br />

THE Thames Valley branch of the<br />

CI<strong>CM</strong> is to host an event with Hays<br />

for a look into 'Recruitment in the<br />

Credit Industry'. The event takes<br />

place at 08:30 on 21 <strong>June</strong> at Hays<br />

offices in Reading.<br />

For further details, please contact<br />

Committee Member Ruth Howard<br />

MCI<strong>CM</strong> at events@cicm.com.<br />

Value of UK business loans written off by banks doubles<br />

THE value of UK business loans written<br />

off by banks nearly doubled in the last<br />

quarter of 2021, rising 87 percent from<br />

£190m in the third quarter to £356m in<br />

the fourth quarter, according to ACP<br />

Altenburg Advisory, the debt advisory<br />

specialists.<br />

Altenburg believes that write offs of<br />

loans have been subdued throughout<br />

the COVID crisis but are now rising as<br />

businesses have struggled with factors<br />

such as rising energy prices and the<br />

impact of rising interest rates. The<br />

end of Government backed lending<br />

schemes such as CBILS and BBLS has<br />

also made it harder for businesses to<br />

roll over or refinance loans that are<br />

maturing.<br />

Dan Barrett, Partner at Altenburg,<br />

says that not only do businesses face<br />

rising costs but also intense uncertainty<br />

over the situation in Ukraine and the<br />

lifting of restrictions on commercial<br />

landlords’ rights from the start of<br />

April: “With an increasing number of<br />

headwinds in the economy, businesses<br />

will need to start contingency planning<br />

around their finances and what impact<br />

increased costs and/or interest rates<br />

will have,” he explains. “Without<br />

Government guarantees SMEs will find<br />

it harder to get bank finance and will<br />

have to look more closely at alternative<br />

finance providers.”<br />

The rise in business loans being<br />

written off comes as 12,634 companies<br />

went insolvent in the last quarter of<br />

2021, nearly four times as many as the<br />

previous quarter (3,471). As business<br />

profits suffer from cost inflation more<br />

will be in danger of breaching the terms<br />

of their loan agreements, where those<br />

covenants are based on the profitability<br />

of that business. A breach of covenants<br />

may lead to a lender demanding<br />

repayment before the agreed maturity<br />

date.<br />

Dan says businesses need to talk to<br />

their banks as early as possible if they<br />

think there’s a possibility they may<br />

breach any of the covenants of their<br />

agreement: “Those looking to refinance<br />

debt or acquire new funding will need<br />

to ensure they get the right advice and<br />

correct information on their options,<br />

so they can find a funding solution that<br />

best suits their needs.”<br />

“Without Government guarantees SMEs will find it harder to get bank finance<br />

and will have to look more closely at alternative finance providers.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 7


Rise in borrowing suggests mounting<br />

pressure on UK households<br />

THE Bank of England’s latest<br />

Money and Credit figures<br />

show consumer credit growth<br />

increased to 5.2 percent in<br />

March <strong>2022</strong> from 4.5 percent<br />

in February <strong>2022</strong>. The annual growth<br />

rate of borrowing on credit cards was<br />

10.6 percent. Outstanding balances for<br />

consumer credit now stand at £200.8<br />

billion.<br />

Research from the Money Advice<br />

Trust, the charity that runs National<br />

Debtline and Business Debtline found<br />

that one in four (25<br />

percent) of UK adults<br />

have used credit<br />

to pay for bills or<br />

essentials, such as<br />

food, water, rent,<br />

council tax and<br />

energy in the last<br />

three months.<br />

One in five (19<br />

percent) expect<br />

to have to borrow<br />

money to pay for<br />

essentials in the<br />

next three months.<br />

The research also<br />

shows that one in<br />

ten (10 percent) have<br />

borrowed from family<br />

and friends as a result of<br />

rising costs.<br />

Joanna Elson CBE,<br />

Chief Executive of the<br />

Money Advice Trust, says<br />

that the rise in consumer<br />

borrowing may be a sign<br />

of the mounting pressure<br />

on household budgets:<br />

“Set against a backdrop of<br />

soaring energy costs and inflation at<br />

a thirty-year high, our concern is that<br />

more people are having to turn to credit<br />

to plug gaps in their budget. The risk is<br />

that this could be storing up problems<br />

further down the line if repayments are<br />

unable to be met.<br />

“For households who are already<br />

in financial difficulty and whose<br />

incomes are unable to keep pace with<br />

rising costs, the situation is more<br />

urgent. Further support is needed now,<br />

including significantly uprating benefits<br />

and targeted help for people struggling<br />

with rising<br />

energy bills.”<br />

Elsewhere,<br />

new data from<br />

StepChange<br />

Debt Charity<br />

shows that<br />

the cost-ofliving<br />

pressure<br />

was the third<br />

most commonly<br />

cited reason for debt<br />

in March, up from the<br />

fourth most common<br />

in February and the<br />

sixth most common in<br />

2021. While six percent of<br />

clients in 2021 cited<br />

the cost of living<br />

as a driver of their<br />

problem debt, this<br />

had more than doubled<br />

to 13 percent by March,<br />

even before the main energy<br />

price rises took effect in April.<br />

A third of clients in March (33<br />

percent) had a negative budget<br />

– where income is insufficient<br />

to meet essential costs – up by four<br />

percentage points since January.<br />

Richard Lane, StepChange Director<br />

of External Affairs, agrees with Joanne<br />

that the rise in borrowing may be in<br />

desperation to make ends meet: “High<br />

inflation in the cost of basic goods and<br />

services, such as energy bills and food,<br />

means that those households who<br />

already have little ability to flex their<br />

spending cannot absorb higher costs<br />

without incurring debt or suffering<br />

significant hardship.<br />

“With the March data reflecting the<br />

situation worsening even before April’s<br />

energy price hikes, the months ahead<br />

will be challenging for households on<br />

tight budgets. We continue to urge the<br />

Government to recognise the uniquely<br />

problematic situation in which many<br />

lower income households currently find<br />

themselves, and introduce tangible,<br />

targeted measures to address the<br />

shortfall between their costs and their<br />

income.”<br />

Paul Heywood, Chief Data & Analytics<br />

Officer at Equifax UK, is also concerned<br />

that the figures suggest a worrying<br />

trend: "Our data at Equifax suggests<br />

that financial hardship is the elephant<br />

in the room, with many more people<br />

in the UK entering a state of financial<br />

vulnerability and the number of people<br />

falling behind on bills also rising.<br />

These trends are set to become more<br />

pronounced in May and <strong>June</strong> as the<br />

energy price cap rise, council tax rises,<br />

and the hike in national insurance<br />

flow through to people’s wallets, so this<br />

looks more like the end of the beginning<br />

for the cost of living crisis than the<br />

beginning of the end.”<br />

New President at insolvency and restructuring trade body<br />

CHRISTINA Fitzgerald has been<br />

appointed President of insolvency<br />

and restructuring trade body R3.<br />

She will work with the R3 senior<br />

management team to help shape R3’s<br />

direction, as well as supporting its<br />

day-to-day operations.<br />

Her main areas of focus for her<br />

year in office will be supporting<br />

the delivery of R3’s Strategic Plan,<br />

increasing its engagement with<br />

other parts of the profession and<br />

the different sectors that interact<br />

with its members, and building<br />

on R3’s existing diversity and<br />

inclusion work to promote careers<br />

in the profession to individuals from<br />

different educational and personal<br />

backgrounds.<br />

Christina says this is a critical time<br />

for insolvency and restructuring:<br />

“The ongoing economic challenges<br />

the UK faces, coupled with the<br />

Government’s review of our<br />

regulatory framework means the<br />

profession will be under a bright<br />

spotlight in the coming weeks and<br />

months,” she says.<br />

“The work we carry out to help<br />

financially distressed business<br />

and individuals, and the work R3<br />

carries out to support and promote<br />

the profession will be increasingly<br />

important. I want to use my<br />

presidency to ensure that as many<br />

people as possible, from the media<br />

to parliamentarians to policymakers,<br />

understand just how valuable this<br />

work is to the wider economy.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 8

CI<strong>CM</strong>Q ROUNDUP<br />

AB Agri feast on latest accreditation<br />

KAREN Tuffs FCI<strong>CM</strong>(Grad), CI<strong>CM</strong><br />

Head of Accreditation, had the<br />

pleasure of meeting the team at<br />

AB Agri last month and presenting<br />

them with the prestigious CI<strong>CM</strong>Q<br />

Accreditation. AB Agri is part of<br />

the Associated British Foods plc<br />

group, producing and supplying<br />

animal feed and a range of<br />

value added services to farmers,<br />

feed and food manufacturers,<br />

processors and retailers. It was one<br />

of the first accredited companies<br />

in 2010 and has impressively<br />

maintained its accredited status<br />

ever since. Frank Anderson and<br />

the credit control team achieved<br />

outstanding results despite the<br />

challenges of the pandemic and<br />

difficult trading conditions to<br />

secure re-accreditation.<br />

Roche Diabetes Care maintains<br />

best practice with CI<strong>CM</strong>Q<br />

ROCHE Diabetes Care, the<br />

part of Roche dedicated to<br />

counter the diabetes epidemic,<br />

has obtained the highest<br />

industry standards with its<br />

CI<strong>CM</strong>Q reaccreditation, showcasing its<br />

continuous commitment to quality.<br />

In 2021, the organisation transformed<br />

its local finance teams through its<br />

Roche Affiliate Model Program. This<br />

streamlined Finance across the entire<br />

organisation and enabled local finance<br />

teams to focus on business finance<br />

activities. The workshops and meetings<br />

with CI<strong>CM</strong>Q, as well as following the<br />

CI<strong>CM</strong>Q rules, have all contributed to<br />

the credit management department's<br />

success in remaining ‘local’.<br />

Isabelle Boulard, Credit Solutions<br />

Manager at Roche Diabetes Care, led<br />

the team through the accreditation<br />

renewal process after the first CI<strong>CM</strong>Q<br />

accreditation in 2018, which had a<br />

substantial impact on the organisation's<br />

collections and reporting.<br />

“Following the recommendations and<br />

guidelines internally and from the CI<strong>CM</strong><br />

we are consistent in our reporting and<br />

ways of working, resulting in achieving<br />

our targets. CI<strong>CM</strong>Q accreditation is<br />

helping to reduce internal and external<br />

audit activity and helps in our bids for<br />

“CI<strong>CM</strong>Q accreditation is<br />

a formal recognition of<br />

Roche Diabetes Care’s<br />

commitment to quality,<br />

continuous improvement,<br />

and best practice. It<br />

establishes our company's<br />

reputation in the credit<br />

market for the business,<br />

manager, and team."<br />

Government tenders. Development<br />

opportunities for the team as well as<br />

regular workshops are also available,”<br />

she says.<br />

Nick Pearson, Head of Finance and<br />

Services at Roche Diabetes Care, says<br />

going through the certification process<br />

again gives the team more credibility in<br />

the industry.<br />

“CI<strong>CM</strong>Q accreditation is a formal<br />

recognition of Roche Diabetes Care’s<br />

commitment to quality, continuous<br />

improvement, and best practice. It<br />

establishes our company's reputation<br />

in the credit market for the business,<br />

manager, and team," he adds.<br />

Pam Thomas, CI<strong>CM</strong>Q Assessor, praises<br />

the credit team for continually seeking<br />

to improve services and processes<br />

within the department: “The credit team<br />

at Roche takes pride in providing an<br />

excellent service to their customers<br />

and stakeholder base. The team has<br />

developed a first-rate reputation within<br />

the company with their knowledge and<br />

understanding of the business and team<br />

members are trusted to initiate ideas to<br />

ensure meaningful customer service is<br />

sustained.<br />

“Of particular note is their<br />

collaboration with the Customer<br />

Operations Team to continually<br />

improve the service offered to their<br />

customer base. The team demonstrate<br />

excellent stakeholder involvement with<br />

process developments, with both cash<br />

generation and delivering exceptional<br />

customer service at the forefront of their<br />

activities. The team have achieved good<br />

results despite the challenges of the<br />

pandemic, difficult trading conditions<br />

and organisational changes.”<br />

Roche conducted its award<br />

presentation with the CI<strong>CM</strong> via a virtual<br />

event. The team intends to return to the<br />

office at Burgess Hill, Sussex, in the near<br />

future where the award ceremony will<br />

take place.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 9

SUDDEN<br />

IMPACT<br />

How has the credit industry been<br />

impacted by the COVID-19 pandemic?<br />

AUTHOR – Gary Brown<br />

The impact of COVID has been felt across every part of the UK<br />

economy and in every industry. This is especially true of the credit<br />

industry, not least in the key area of assessing credit risk.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 10


AUTHOR – Gary Brown<br />

THE COVID-19 pandemic has<br />

been arguably the single<br />

most disruptive event to<br />

impact the UK economy in<br />

living memory, greater even<br />

than the chaos caused by<br />

the UK’s decision to leave the EU.<br />

Latest figures from The Office for<br />

National Statistics (ONS) illustrate the<br />

disruption caused to global supply<br />

chains with almost a third (30 percent) of<br />

businesses in manufacturing, wholesale<br />

and retail reporting issues and providing<br />

anecdotal evidence of labour and product<br />

shortages, reflecting shocks to the supply<br />

capacity of businesses and/or the inability<br />

to respond as quickly to the changes in<br />

demand for goods and services. While<br />

there are some positive signs, and some<br />

data suggesting that the UK is more<br />

resilient than other economies to supply<br />

chain disruption (Source: OECD Trade<br />

in Value Added estimates), very few<br />

commentators are suggesting that the UK<br />

can hang out the bunting just yet.<br />

The impact of COVID has been felt<br />

across every part of the UK economy and<br />

in every industry. This is especially true of<br />

the credit industry, not least in the key area<br />

of assessing credit risk. While the shape<br />

and performance of the UK economy at<br />

a macro level is challenging the smartest<br />

economic brains in Government, the<br />

performance of individual businesses<br />

at a micro level is now more difficult to<br />

decipher than ever before. And this all<br />

comes down to lack of reliable commercial<br />

credit data.<br />


Algorithms used to generate the bulk of<br />

a commercial credit report are driven<br />

by data. This would typically include a<br />

company’s past trading history, trade<br />

payment data, and a company’s most<br />

recently available financial information.<br />

It would also consider broader themes,<br />

including Director/Board stability and<br />

track record and any negative court/legal<br />

proceedings that may have been reported.<br />

Some of this data would be proprietary<br />

to the credit reference agency, but a large<br />

amount would also be sourced from<br />

Companies House, and this is where the<br />

big challenge lies. Information filed at<br />

Companies House is necessarily historic.<br />

Like the art of navigation, it tells you<br />

where you have been, and not where you<br />

are. Companies House data gives you<br />

an historic view of how a business was<br />

performing 12 or 18 months previously,<br />

rather than how it is performing today.<br />

During COVID, reporting restrictions<br />

were relaxed, which means that the data<br />

now used to assess trading performance<br />

could be almost two years out of date, and<br />

a great deal has happened in those last<br />

two years.<br />

A more accurate measure may be to<br />

look at a company’s trade payment data<br />

to provide a more reliable ‘snapshot’<br />

of a company’s true financial risk.<br />

Unfortunately, such data is extremely<br />

difficult to come by, and those who do<br />

report payment data tend only to be<br />

those larger firms who are obliged to do<br />

so in law. There are challenges too with<br />

court data. A credit manager is blind<br />

to a potential business partner going<br />

through court action – and therefore<br />

a potential credit risk – since data will<br />

only be available once a judgment has<br />

been awarded. Given the delays in court<br />

proceedings, it could therefore be several<br />

years before a company’s true risk is<br />

known, with disastrous consequences for<br />

those in the supply chain.<br />


Indeed, the second greatest impact of the<br />

COVID pandemic on the credit industry<br />

has been how it has affected the courts. A<br />

system that was already creaking appears<br />

now to be on the point of collapse. This<br />

supposition seems to be supported by<br />

the facts: between January – March 2019<br />

the mean average time taken for small<br />

claims (debts under £10,000) to go to trial<br />

was 36.9 weeks. Multi/fast track claims<br />

(debts over £10,000) took 58.5 weeks to<br />

go to trial, up 3.9 weeks and 1.8 weeks<br />

respectively compared to the same period<br />

in 2018.<br />

Fast forward to July – September<br />

2021 and the mean time taken for small<br />

claims and multi/fast track claims to go<br />

to trial was 50.7 weeks and 70.6 weeks<br />

respectively, 12.6 weeks longer and 11.3<br />

weeks longer than the same period in 2019<br />

and 1.9 weeks and 8.4 weeks longer for the<br />

same quarter in 2020 respectively.<br />

What this means in practice is that if a<br />

business was to issue a legal claim today<br />

for an outstanding commercial debt and it<br />

is allocated to the multi/fast track within<br />

the UK court, and that claim is defended,<br />

it would be looking at a trial date around<br />

October 2023. It means credit managers<br />

run the risk of their customers raising<br />

a spurious defence, simply to push out<br />

their credit and/or avoid payment<br />

altogether. And for a debt of £10,000.01,<br />

the claimant would have to pay out over<br />

£1,000 up front with no guarantees of<br />

getting any of that back.<br />

To that end, legal action is failing<br />

businesses, failing the credit industry,<br />

and failing credit managers at every<br />

turn. Domestic legal action is simply too<br />

expensive and requires the creditor to<br />

speculate fees in advance. The net result<br />

is that millions of pounds of commercial<br />

debt is written off each year, and the<br />

debtor gets away with it twice: once,<br />

because they do not end up paying what’s<br />

owed; and a second time, because in<br />

the absence of any judgment, no stain is<br />

recorded on their credit file.<br />


The third significant impact that COVID<br />

has had on the credit industry is not so<br />

much about systems or processes, but<br />

more about people. To be more specific, it<br />

is about how poor credit performance can<br />

be directly correlated to the absence of<br />

competent staff to manage fundamental<br />

data including emails.<br />

In a recent survey conducted by<br />

Debt Register, 61 percent of businesses<br />

confirmed that the quality of email data<br />

had deteriorated significantly since the<br />

pandemic started more than two years<br />

ago. That doesn’t mean that the remaining<br />

39 percent have suffered no negative<br />

impact; it could mean that they are not<br />

aware they have a problem, which is<br />

arguably more concerning. But whether<br />

they are aware of a problem or not, fixing<br />

the issue is causing a major headache.<br />

Corporate machines are such that<br />

deploying internal resources to achieve<br />

a manual fix is unviable, since it takes<br />

people away from the frontline and<br />

chasing current debt. But this is a false<br />

economy: the biggest single cause for the<br />

non-collection of debt is poor data, and<br />

specifically, the wrong email contact.<br />

High staff turnover, furlough, and global<br />

redundancies mean the email contacts<br />

many firms had pre-COVID are now no<br />

longer relevant. Many are simply no<br />

longer in the business.<br />

Simple solutions are available, not<br />

least our own software platform that<br />

automatically identifies and verifies email<br />

contacts within a customer business<br />

that are responsible for paying the bills.<br />

Without fixing this fundamental flaw,<br />

debts that might otherwise be easily<br />

collected are again either written off or<br />

passed to a third-party, directly impacting<br />

a company’s bottom line.<br />

Gary Brown is the founder<br />

of Debt Register.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 11

TAKE THE<br />

STRAIN<br />

Who’d want to be a debt collector?<br />

AUTHOR – David Sheridan FCI<strong>CM</strong><br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 12


DARE I say it? Debt collector.<br />

The words – the job – provokes<br />

immediate disdain from many<br />

quarters, so much so that many<br />

organisations adopt pseudo<br />

alternatives, from customer service<br />

agent to agent to a whole world of ‘near’ the mark<br />

titles.<br />

Whatever the title, the job today has never<br />

been as demanding and when you really immerse<br />

yourself in the activities of today’s front-line staff,<br />

they do an incredible job helping people deal with<br />

their debt problems.<br />

We all know the cost of living is only going up.<br />

Everyone has bills to pay, and many people have<br />

to deal with unexpected events that can massively<br />

impact their already fragile finances. People’s<br />

emotions are also running high and no wonder!<br />

The COVID pandemic has raised anxiety levels and<br />

with world affairs as they are, the constant feed of<br />

negative news seems unrelenting.<br />

The job of the agent is to probe these issues to<br />

understand the customer’s situation and how<br />

they restrict their ability to deal with their debt<br />

problem. The agent is then expected to pause<br />

and reflect on the most appropriate action<br />

including breathing space or referral to a<br />

specialist organisation.<br />


We have many young people (between the ages of<br />

20 and 25) working in our call centre who are just<br />

starting out on life. Many still live at home with<br />

parents or have just recently moved out of home and<br />

are working hard to earn a living. Day-to-day, our<br />

collection agents speak to a least 100 customers who<br />

are in arrears with various high street organisations.<br />

Customers do react differently to our calls and<br />

letters and the agents bear the brunt of contact – be<br />

it webchats or calls. Many customers just want to set<br />

up an affordable repayment plan, some are angry<br />

their account has been referred to us when they<br />

believe it shouldn’t have been and, increasingly,<br />

many customers are expressing serious medical<br />

issues that they are dealing with.<br />

The job of the agent is to probe these issues to<br />

understand the customer’s situation and how they<br />

restrict their ability to deal with their debt problem.<br />

The agent is then expected to pause and reflect on<br />

the most appropriate action including breathing<br />

space or referral to a specialist organisation. But in<br />

every case, they have to be sure that the customer<br />

is safe. This is not scaremongering or being<br />

melodramatic.<br />

On average we are having to contact emergency<br />

services at least twice a week to deal with an<br />

imminent threat that a customer may have<br />

expressed. This is a tough experience for anyone;<br />

it is especially tough for a younger member of<br />

staff to deal with on a regular basis. We train<br />

our people as best we can to be helpful, how to<br />

deal with these situations, and how to put the<br />

customer first, but the increasing number of<br />

distressing customer calls obviously take its toll on<br />

agents and creates a serious business challenge into<br />

the bargain.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 13 continues on page 14 >


AUTHOR – David Sheridan FCI<strong>CM</strong><br />


Unfortunately, this is not a situation that is<br />

going to improve any time soon. Indeed, it is<br />

only likely to get worse. The macro indicators<br />

show that inflation pressures are increasing<br />

and will put serious pressure on a customer’s<br />

ability to meet their day to day living expenses.<br />

As a contact centre, we are not the most<br />

attractive industry with the highest salaries<br />

and fanciest offices. Yes, additional bonuses<br />

can boost salaries (capped at ten percent of<br />

salary), but because we want our agents to<br />

be physically present in the workplace when<br />

many firms are promoting hybrid working, it<br />

means we face an ongoing retention challenge.<br />

So how have we responded? It really does<br />

come down to a number of connected actions<br />

and ongoing commitment by the team. At the<br />

heart of it sits our commitment to our values –<br />

trust, respect, pride, team and customers and<br />

that feeds into creating an office environment<br />

that is warm, welcoming and passionate about<br />

doing the right thing.<br />

In terms of actions, it starts with the job<br />

onboarding process, and recognising during<br />

the recruitment process a candidate’s ability<br />

to help/deal with customers in a professional<br />

manner. Every business will have its strategy<br />

here but if you hire well, you have a great<br />

chance to retain. Training and ongoing<br />

support are also important, particularly as<br />

people get to grips with regulation, systems,<br />

and then people in debt. This can be eye<br />

opening and so the first few months are really<br />

important. Surrounding this period will be a<br />

range of activities to promote engagement and<br />

awareness.<br />


We had already implemented an Employee<br />

Assistance Programme (EAP) pre-pandemic.<br />

This involved giving access to free counselling<br />

to staff as an increase in the more severe<br />

elements of call centre work were already<br />

becoming prevalent. From our experience,<br />

given the nature of collections work, the more<br />

extreme aspects of customer interaction tend<br />

to appear in our call centre before they do for<br />

others.<br />

We keep track of the customer interactions<br />

through customer surveys, an independent<br />

quality assurance function and keeping<br />

accurate Management Information of calls<br />

which involve vulnerability, from a disclosure<br />

of depression to reference to suicide. This<br />

gives us a snapshot of what the realities of the<br />

contacts our front-line staff deal with.<br />

We have created an in-house Wellbeing<br />

team to raise awareness of mental health in<br />

the workplace so staff can take maximum<br />

advantage and support from measures we<br />

have invested in. It’s a moving feast and<br />

constantly adapts according to need. We<br />

accept that there is never going to be a point<br />

where we say ‘that’s all we can do!’.<br />

We have four in-house Mental Health first<br />

aiders accredited by St Johns Ambulance<br />

which has allowed us to be more proactive<br />

in supporting staff. While having access<br />

to counselling is fine for some people who<br />

realise that they need help, there will always<br />

be people whose coping mechanisms may not<br />

be as healthy.<br />

Regular 121s are also vital in keeping a<br />

temperature check on how people feel about<br />

their role and how they are coping. Add to<br />

this anonymised staff surveys to understand<br />

where we are doing well and where we<br />

could do better, and you gain further useful<br />

information. Finally, we carry out confidential<br />

exit interviews where we can gather candid<br />

insight into what has made people leave their<br />

role.<br />


Another element of support is promoting<br />

leisure activities. We have a running club<br />

and following the results of staff surveys<br />

have introduced a discounted food service<br />

and cinema membership. It’s been about<br />

promoting a work life balance.<br />

A major client visited us recently and spent<br />

the day in the business and talked about a<br />

community spirit within the business which<br />

felt like visiting a family. This was great<br />

feedback to hear from a major client and<br />

independently acknowledges the positive<br />

environment that we have worked hard to<br />

create. A recent leaver sent an email to the<br />

business which said they will be forever<br />

grateful for the support they received from the<br />

business after ‘an awful year’.<br />

While it is tough, we feel that in the right<br />

conditions it is also a very rewarding job. We<br />

emphasise to all staff that we can make a very<br />

real and positive difference to our customers’<br />

lives.<br />

David Sheridan FCI<strong>CM</strong> is the Operations<br />

Director of ARC Europe, and is also a member<br />

of the CI<strong>CM</strong> Technical Committee.<br />

We have created an in-house Wellbeing team to<br />

raise awareness of mental health in the workplace<br />

so staff can take maximum advantage and support<br />

from measures we have invested in.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 14

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Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 15



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

FCI<strong>CM</strong> about debt recovery, the impact<br />

of COVID, and why he never became a<br />

professional footballer or an astronaut.<br />

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

GROWING up, like a number of<br />

kids, Phil Roberts always wanted<br />

to be a professional footballer or<br />

an astronaut and a career in debt<br />

recovery and law wasn’t on the<br />

radar. He says it didn’t take long<br />

to realize he didn’t have the talent or skills to<br />

become a professional footballer and his hopes<br />

of becoming an astronaut were similarly dashed<br />

through a fear of heights. Happily, the decision<br />

to study Law at A level proved to be his salvation,<br />

and in the last 20 years he has risen through the<br />

ranks of the profession to become a Chartered<br />

Legal Executive, Fellow of the CI<strong>CM</strong> and Partner<br />

at Clarke Willmott, responsible for the firm’s debt<br />

recovery team.<br />

Born and raised in Torbay, Phil’s mother was a<br />

civil servant, an area manager for what was then<br />

the Job Centre, and his father worked in building<br />

design and construction. Schooled locally, he<br />

completed his studies at the 6th Form College<br />

before looking for a job. He remembers little or<br />

nothing by way of any careers’ advice, beyond the<br />

odd unread brochure in a cupboard: “There was<br />

talk of me following my father into the building<br />

trade,” he explains, “but there was not a great deal<br />

of opportunity in the southwest.”<br />


Phil completed a 12-month bench joinery course<br />

with a firm but they went into liquidation. He then<br />

became a window fabricator for a short while, but<br />

that business also went bust. Ironically, perhaps,<br />

their failure piqued a latent interest Phil had<br />

always had in the legal system: “I never knew what<br />

I wanted to do and law and debt recovery were<br />

certainly not on the list of potential careers. But I<br />

had my A Levels and found a Government scheme<br />

that enabled me to spend six-months unpaid at<br />

Torbay Council in the Legal and Debt Recovery<br />

team.”<br />

It was at the Council that Phil first learned the true<br />

value of mentors: “I had a very good supervisor,” he<br />

explains, “who invested a considerable amount of<br />

time in my development.”<br />

Unfortunately, a permanent position within<br />

the team wasn’t immediately available, but at the<br />

end of the six-month work experience placement,<br />

Phil did find full employment in the Council’s<br />

administrative department. His patience paid off,<br />

however, and two years later a role came up in the<br />

Legal and Debt Recovery team, Phil applied, was<br />

successful, and has never looked back since. He<br />

began studying in the evening and at weekends<br />

to become a Legal Executive and settled down to<br />

ply his trade, learning the complexities of debt<br />

collection and litigation as part of a recoveries<br />

strategy.<br />

With a desire to move into private practice,<br />

Phil answered a job advertisement to join Clarke<br />

Willmott in 2004, steadily building his skills and<br />

knowledge base, progressing from standard cases<br />

to more complex claims. He was also promoted<br />

from supervisor to senior associate, becoming part<br />

of the debt recoveries senior management team,<br />

before finally becoming a Partner and Head of<br />

Debt Recovery.<br />


Among Phil’s mentors within Clarke Willmott was<br />

the late Jane Dunlop: “It was Jane who recruited<br />

me and I can honestly say I don’t think there was<br />

anything she didn’t know about debt recovery,<br />

insolvency, litigation and enforcement. She was<br />

inspiring and taught me pretty much everything<br />

I know and I would certainly not be where I was<br />

today without her.<br />

“In every role you need to have a good mentor,<br />

and I have been very fortunate. Today I have the<br />

support of our managing director Philippa Hann<br />

and the senior team who I continue to learn from<br />

through this stage of my career. My colleagues,<br />

and the great team I work in, seem to teach me<br />

something new on a daily basis and even clients<br />

and suppliers provide valued insight. I surround<br />

myself with good people. It is what has made it<br />

such a good career choice for me.”<br />

Phil is responsible for a team of 30 within a business<br />

that specialises in all forms of debt recovery<br />

including defended, high profile and complex<br />

“I never knew what I wanted to do and law and debt recovery were certainly not<br />

on the list of potential careers. But I had my A Levels and found a Government<br />

scheme that enabled me to spend six-months unpaid at Torbay Council in the<br />

Legal and Debt Recovery team.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 16

“In every role you need to have a good mentor, and I have been very fortunate.<br />

Today I have the support of our managing director Philippa Hann and the senior<br />

team who I continue to learn from through this stage of my career.’’<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 17 continues on page 18 >


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

debt recovery litigation and insolvency<br />

actions for both individuals and commercial<br />

entities. It means they take on not just<br />

the high-volume cases, but also smaller,<br />

one-off projects. Phil’s own sector expertise<br />

includes working with managing agents,<br />

utility companies, commercial businesses,<br />

insurance companies, government bodies,<br />

local authorities and even independent<br />

schools. He likes to be at the coal face,<br />

supporting his team wherever he can and<br />

creating an environment where everyone<br />

can contribute to resolving their clients’<br />

issues.<br />

The team have opened 35,0000 new cases<br />

in the last year alone and currently act for<br />

218 clients of various sizes and in a number<br />

of different sectors.<br />

Since joining Clarke Willmott, he has seen<br />

a great many changes: the centralisation<br />

of court services; the introduction of the<br />

Pre-Action Protocol (PAP); changes to the<br />

enforcement regime. Some changes have<br />

been for the good, and others perhaps have<br />

not had the impact they intended, but Phil<br />

is understandably guarded in his opinion:<br />

“Suffice to say that our industry is always<br />

evolving, and we have to evolve with it,” he<br />

says, perhaps with tongue placed firmly in<br />

cheek.<br />

Investments in technology have certainly<br />

paid off and made the challenge of COVID<br />

less stressful to manage: “The IT team<br />

were nothing short of brilliant,” he says,<br />

“in getting new systems in place so that<br />

we could manage documents, calls, and<br />

processes seamlessly, all quality checked<br />

and supervised. The speed with which they<br />

responded was incredible and we all reaped<br />

the benefits.<br />

“It meant we were able to move to<br />

working remotely without too much<br />

difficulty,” he explains, “and continue to<br />

service our clients where they needed our<br />

help. Our business operated throughout<br />

the pandemic in recovering debts for our<br />

clients and winding up petitions have since<br />

returned to pre-pandemic levels.”<br />


Of course, Phil explains, certain approaches<br />

had to be adapted: “We had to be mindful<br />

when issuing proceedings as to what extent<br />

those customers had been affected by<br />

COVID, and how much that had impacted<br />

their ability to pay. There were also certain<br />

rule changes we all had to follow, and<br />

so tailored our letters, for example, to<br />

accommodate greater collaboration and<br />

resolution, and encouraged engagement<br />

from the start.”<br />

This concept of ‘early engagement’ is an<br />

important one, and echoes the strategy<br />

followed by the wider debt collection<br />

industry: “We want to persuade customers<br />

that doing nothing and simply burying<br />

their heads in the sand is not the answer<br />

and reassure them that engaging with us<br />

is to their advantage,” Phil adds. “What the<br />

pandemic has taught us is the importance<br />

of flexibility – being flexible in how we<br />

work with clients and their customers,<br />

and in not being overly prescriptive. At<br />

the end of the day, it’s all about achieving<br />

successful outcomes.”<br />

Phil has been happy to share his<br />

experiences at a recent CI<strong>CM</strong> Think Tank,<br />

of which he has been a long-standing<br />

member. He also finds it valuable to learn<br />

from others: “What I especially like about<br />

the Think Tank is the real insight it gives<br />

me from every part of the credit industry,<br />

the different challenges we face, and how<br />

those challenges are being addressed.”<br />

As a Fellow of the Institute, alongside<br />

his colleagues Anna O’Reilly FCI<strong>CM</strong> and<br />

Kate Huish FCI<strong>CM</strong>, they are looking at<br />

opportunities for the wider team to<br />

study for CI<strong>CM</strong> qualifications. Phil<br />

attaches particular importance to<br />

the recent CI<strong>CM</strong>Q accreditation<br />

(see Credit Management April<br />

issue page 9): “It has been an<br />

excellent process for us to go<br />

through and given us plenty to<br />

think about, not least how we<br />

communicate as a team,” he<br />

continues. He was similarly<br />

delighted for the team to<br />

have been recent winners<br />

in the CI<strong>CM</strong>’s British<br />

Credit Awards.<br />

So what advice would<br />

the present day Phil<br />

give to his younger<br />

self? “One of the<br />

important lessons I<br />

have learned is that<br />

when you are young,<br />

qualifications are important, but they<br />

needn’t define you or hold you back.<br />

There is always the opportunity to add<br />

to your learning and your skills through<br />

professional qualifications as you get<br />

older. Having good mentors can make a<br />

huge impact provided you are willing to<br />

learn and it is certainly what has made<br />

the difference in my career. ”<br />

Referring to his A Level choices, Phil<br />

says Law was a lucky pick: “I also studied<br />

English Literature but was caught out<br />

when studying Bram Stoker’s Dracula<br />

for basing my work more on the films<br />

than the book,” he laughs. And does<br />

he still harbour hopes of becoming a<br />

professional footballer? It appears not:<br />

“Asides from the lack of natural talent, as a<br />

central midfielder I picked up one broken<br />

ankle too many,” he says, “so now I am just<br />

focused on becoming a better runner.”<br />

“Asides from the lack of<br />

natural talent, as a central<br />

midfielder I picked up one<br />

broken ankle too many,<br />

so now I am just focused<br />

on becoming a better<br />

runner.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 18

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 19


Reaching positive outcomes<br />

Speed of action is key to gaining a positive outcome.<br />

AUTHOR – Alan J. Smith<br />

AS we enter a period of uncertainty<br />

and inflation, coming off the<br />

back of a global pandemic, it is<br />

likely that credit management<br />

will become even more vital<br />

to prevent losses caused by<br />

potential increased debtor instability.<br />

Speed of action is a key factor in gaining a<br />

positive outcome.<br />

There is not a one size fits all solution when<br />

it comes to enforcement, so choosing the most<br />

appropriate option for the debtor’s circumstances<br />

is vital. You should consider factors like their<br />

credit history and current financial and personal<br />

circumstances, as well as the needs of yourself or<br />

your business as the creditor.<br />

A good first step is running a trace on the<br />

debtor through a credit reporting agency. It can<br />

help you to gauge how likely a positive outcome<br />

will be before you spend additional time and<br />

money pursuing a judgement. If you decide to<br />

proceed, there are several enforcement options.<br />

It’s complicated, or at least it may appear that<br />

way. Let’s take a look at what these different<br />

options mean:<br />


With a charging order the debt will be secured<br />

against the debtor’s property. However, you may<br />

have to wait years for the property to be sold<br />

or re-mortgaged, as the circumstances would<br />

have to be exceptional for a sale to be enforced<br />

immediately. It’s worth remembering that if a<br />

charging order is granted you can still pursue<br />

other enforcement options at the same time to<br />

recoup some or all the money owed to you.<br />


With an Attachment of Earnings Order (AEO),<br />

the court will set a weekly amount which will be<br />

paid to you directly from the debtor’s wages. The<br />

debtor must remain in their job for payments to<br />

continue, so you should consider whether they<br />

are in stable and regular employment before<br />

pursuing an AEO, as once it’s granted you may<br />

not use any other form of enforcement.<br />


A winding up order is a court order that<br />

forcibly closes or ‘winds up’ a limited<br />

company. It means the end of the company,<br />

the sale of any assets, and its eventual<br />

dissolution at Companies House. Winding up<br />

orders, or compulsory liquidation, and<br />

bankruptcy petitions are all about leverage. If<br />

the debtor takes no notice, you are unlikely to see<br />

much or any of your money.<br />


A third-party debt order requests the debtor’s<br />

funds held by a third-party are paid to the creditor<br />

directly. This could be from trade debts owed<br />

to a business, a lump sum like a redundancy<br />

settlement or inheritance, but more usually it is<br />

the bank or building society holding the money.<br />

If the funds are not available at the moment<br />

that the request is made, you have to restart the<br />

process, which can make it time consuming,<br />

costly and not very effective.<br />


Engaging a County Court bailiff or a High Court<br />

Enforcement Officer is the most commonly<br />

used form of enforcement, as they are trained<br />

professionals who can be flexible by organising<br />

payment plans or taking control of goods if a<br />

debtor is unable to make a payment in full.<br />

It’s worth remembering there are important<br />

differences between the two.<br />

County Court bailiffs are salaried civil servants<br />

operating under a Warrant of Control and can<br />

enforce judgments to a value of £5,000. However,<br />

there are significant delays in the County Court<br />

system due to years of under resourcing and<br />

backlogs, which means debtors can potentially<br />

move on and need to be traced again before<br />

a County Court bailiff can secure a positive<br />

outcome.<br />

While County Court bailiffs can only enforce<br />

judgments to a value of £5,000, non-regulated<br />

judgments above £600 (and with no upper limit)<br />

can be transferred to the High Court. Similar to<br />

County Court bailiffs, High Court Enforcement<br />

Officers (HCEOs) operate under a National<br />

Code of Conduct, complying with the Taking<br />

Control of Goods regulations. Their training and<br />

qualifications are at a high level, enabling them<br />

to navigate the more complex cases seen in the<br />

High Court.<br />

Unlike County Court bailiffs, HCEOs run private<br />

businesses with a remunerative and reputational<br />

investment in securing a positive outcome for<br />

creditors. If they aren’t successful, then they don’t<br />

get paid. Engaging with debtors at the earliest<br />

opportunity is crucial to ensure that enforcement<br />

is effective, and that any vulnerabilities are<br />

identified at the earliest opportunity. We<br />

believe that in many cases HCEOs offer the best<br />

chance of achieving positive outcomes through<br />

enforcement by helping creditors to navigate the<br />

often complex circumstances of the debtor and<br />

recover what is owed to them.<br />

Alan J. Smith FCI<strong>CM</strong> is Chairman of the<br />

High Court Enforcement Officers Association.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 20


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AWARDS<br />

A Night to Remember<br />

Credit Professional of the Year – Dee Weston FCI<strong>CM</strong><br />

AUTHOR – Sam Wilson<br />

AWARDS, trophies, accolades, gongs,<br />

whatever you call them, some<br />

people spend their lives trying to<br />

achieve the highest honours in<br />

their chosen fields.<br />

It's not often you come across<br />

someone who finds their joy, their happiness, and<br />

their fulfilment in their everyday job; however,<br />

that's what you come across when you meet Dee<br />

Weston.<br />

Dee is one of the more humble people you could<br />

ever hope to meet. When we sat down to talk<br />

about her win, and her career, it proved to be quite<br />

the (pleasant) challenge as she was too focused on<br />

praising the team around her and emphasising<br />

her love for credit rather than her own successes.<br />

"Even now, part of me feels very happy, but then<br />

a bigger part of me feels quite embarrassed! It's<br />

very weird," she says.<br />

"I think it's because I've never really put myself<br />

out there. I genuinely enjoy my job so much, and<br />

I do it because I believe in what we're doing. So,<br />

when some lovely person nominates you for an<br />

award, you almost feel like a fraud for winning<br />

because you're doing something almost for fun!"<br />


One reason the judges awarded Dee with this year's<br />

'gong' was her constant dedication to finding new<br />

ways to solve problems and challenge perceptions.<br />

Dee admitted this was a big motivation for her.<br />

"I've been in the credit industry since I was 17<br />

or something ridiculous like that, starting out as a<br />

collector, and the industry has changed so much<br />

and has equally become more important. The<br />

credit function within a business is a multi-tool;<br />

you're a line of defence, it aids productivity, and, as<br />

a team, you are enablers within the business. I've<br />

evolved with it, and I still look for new solutions or<br />

new ideas to continue to evolve.<br />

"The other thing about this industry many<br />

people underestimate is that you meet such<br />

fabulous people who share your passion for<br />

improvement. They inspire you. Whether old or<br />

new, internal or external, in this industry it’s the<br />

people that make it what it is."<br />

Dee did admit the win has validated her career<br />

choice and the work she and her team have put in<br />

over the years to make positive change.<br />

"I've never stopped loving what I do, despite all<br />

the challenges, so it was a fantastic validation, and<br />

I cannot ignore that. And because it came from<br />

someone else who thought I had made a valid<br />

contribution – it means the world to me. It makes<br />

me feel as though it wasn't wasted energy and my<br />

time was worth it. "It was a lovely moment to win<br />

and a memory I'll always cherish."<br />

Since Dee and her team completed the CI<strong>CM</strong>Q<br />

last year, most of her colleagues are either now<br />

Presenters : Andy Lilley, VP Product Global AR at BlackLine<br />

Collector of award : Dee Weston FCI<strong>CM</strong>, Credit Manager at<br />

Exclusive Networks Ltd<br />

studying, about to begin studying, or already in<br />

the process of taking their exams.<br />

"This career is a stepping-stone and the team<br />

I work with are super smart, and their careers<br />

could go anywhere. I think the fact that their work<br />

was also nominated on the night will inspire them<br />

for years to come. I'm really proud of them."<br />

Dee also also heaps praise on the CI<strong>CM</strong> team<br />

for creating and hosting the awards: ‘‘There are<br />

awards for every industry so I'm immensely proud<br />

we have our own. But not only that, these awards<br />

show young people that there's so much they can<br />

achieve within a career in credit. They stand as<br />

a bastion of credit and show it isn't a back-office<br />

function anymore. It's a business-critical support<br />

function and it’s important credit is recognised in<br />

such a way. It's a career now, no longer a job you<br />

'fall 'into.’’<br />

For future awards, Dee’s team should be on the<br />

lookout: "I’ll definitely be nominating my team<br />

and people within our business. I work with some<br />

wonderful people who are committed, dedicated<br />

and enthusiastic about their future. I would love<br />

to see them recognised for their ability and see<br />

their confidence in their own skills grow. I’ll be<br />

writing submissions galore!”<br />

Sue Chapple, Chief Executive of the CI<strong>CM</strong>, is<br />

the first to recognise Dee’s reputation within the<br />

world of credit: “Dee has been a stalwart of our<br />

industry for over 30 years, consistently going<br />

above and beyond to move the world of credit<br />

forward.<br />

“I was very proud to see her win the award. It<br />

was a bit emotional to see how much it meant to<br />

her! Congratulations, Dee. It is very well deserved.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 23


Israel: a land<br />

of diversity and<br />

opportunity.<br />

Biblical opportunities<br />

AUTHOR – Adam Bernstein<br />

THERE’S so much to say about Israel<br />

and it’s much more than most would<br />

expect from a land so detailed in the<br />

Bible.<br />

There’s evidence – near the Sea<br />

of Galilee – of man having settled<br />

1.5m years ago after dispersing from Africa, and<br />

also 120,000-year-old fossils of modern humans<br />

in northern Israel. 2000 years BCE the region<br />

was dominated by the Egyptians who were then<br />

followed by the Romans after whom came the<br />

Byzantines, Muslims, Crusaders and Mongols,<br />

Mamluks and Ottomans. More recently, a British<br />

Mandate controlled the area until the creation of<br />

the State of Israel in 1948.<br />

In other words, it’s almost impossible to<br />

succinctly summarise the history and background<br />

of Israel in a piece as short as this.<br />

But beyond Israel’s past is its present, and<br />

depending on a bystander’s perspective, it is either<br />

a legitimate state or an occupier of another’s<br />

land. While it’s outside the remit of this profile to<br />

discuss the underlying tensions in the region, an<br />

understanding of the region’s politics is helpful.<br />

This aside, Israel has been described by<br />

Thomson Reuters as: “one of the most robust and<br />

technologically advanced market economies in<br />

the world. The country enjoys a skilled and highly<br />

qualified labour force, and a concentration of<br />

venture capital allows the country to lead in all<br />

areas high-tech.”<br />


Israel is geographically located on the eastern<br />

flank of the Mediterranean, south of Lebanon,<br />

west of Syria and Jordan and north of Egypt. In<br />

terms of landmass, it is narrow and short – 100km<br />

at its widest and just 400km top to bottom and<br />

occupies just 20,770 sq.km – excluding the land<br />

it captured in the 1967 Six-Day War. If all lands<br />

that Israel controls are included, it covers an area<br />

of 27,927 sq. km. Interestingly, the CIA World<br />

Factbook makes no distinction between land in<br />

the State of Israel itself and the land it controls.<br />

But no matter how Israel is viewed, it’s not a very<br />

large country.<br />

With a central position in the Middle East,<br />

temperatures and climate can vary. Coastal areas<br />

see cool wet winters but hot summers. The north<br />

and northern Negev is arid with hot summers,<br />

cool winters, and little rain. In contrast, the<br />

south of the Negev is more desert-like with very<br />

hot summers and very little in the way of rain.<br />

With a central<br />

position in the<br />

Middle East,<br />

temperatures and<br />

climate can vary.<br />

Coastal areas see<br />

cool wet winters but<br />

hot summers. The<br />

north and northern<br />

Negev is arid with<br />

hot summers, cool<br />

winters, and little<br />

rain.<br />

The more mountainous parts of the country –<br />

including Jerusalem – often see snow.<br />


Demographically speaking, estimates of Israel’s<br />

population vary according to source. World<br />

Population Review cites UN data which counts<br />

the population at 8.89m currently (May <strong>2022</strong>);<br />

the Jewish Virtual Library reckons it to be around<br />

9.45m.<br />

The population is set to reach 10m by the end<br />

of 2024, according to Israel's Central Bureau<br />

of Statistics. The US Government expects that<br />

number to rise to 13m by 2040.<br />

It’s ethnically quite diverse with – again, quoting<br />

2019 CIA data – 74.1 percent of the population<br />

being Jewish (of which 78.1 percent were born<br />

in Israel; 15.2 percent from Europe, the US and<br />

Oceania; 4.3 percent from Africa; 2.4 percent from<br />

Asia); 21 percent Arab; and 4.9 percent classified<br />

as other.<br />

Hebrew is the official language spoken,<br />

but Arabic and English are spoken too – the<br />

latter being the most used. As for age and sex<br />

distribution, <strong>2022</strong> data from the U.S. Census<br />

Bureau’s International Database, points to Israel<br />

being a young country with a median age of 30.4<br />

years. It also highlights that 26.76 percent of its<br />

people are aged 14 or under; 15.67 percent aged<br />

15-24; 37.2 percent aged 25-54 years; 8.4 percent<br />

aged 55-64 years; and 11.96 percent over 65 years.<br />

The ratio of males to females in each grouping is<br />

similar.<br />

The World Bank lists the birth rate as being<br />

2.9 children per woman (2020 data) which is<br />

much higher than that for the West which sits<br />

around 1.2 to 1.7 children per woman.As to<br />

levels of urbanisation, most – some 92.5 percent<br />

according to World Bank 2020 data – live in<br />

urban environments. That rate has been stable<br />

since 2010. In terms of where the population<br />

lives, 2019 data from the Israel Central Bureau of<br />

Statistics, estimates that 936,425 live in the capital<br />

Jerusalem, 460,613 in Tel Aviv-Yafo and 285,316 in<br />

Haifa. There are another six conurbations with<br />

more than 200,000 residents, seven with between<br />

100,000 and 200,000, and 57 with between 18,000<br />

and 97,000 inhabitants. On top of that are,<br />

according to the Embassy of Israel in Georgia,<br />

some 267 kibbutz (agricultural communities) with<br />

around a combined 150,000 people, and some 441<br />

moshavim (settlements) with a combined 315,000<br />

residents.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 24


AUTHOR – Adam Bernstein<br />

Israel has more than 1,800 food processing<br />

facilities and counts multinational food<br />

manufacturers in its number. In 2019, food<br />

accounted for more than 17.5 percent of Israel’s<br />

total manufacturing revenues.<br />

Jerusalem is a city in Western Asia.<br />

Situated on a plateau in the Judaean<br />

Mountains between the Mediterranean<br />

and the Dead Sea, it is one of the oldest<br />

cities in the world, and is considered holy<br />

for the three major Abrahamic religions:<br />

Judaism, Christianity, and Islam.<br />


The Israeli economy, notwithstanding<br />

COVID, is on a positive upward curve.<br />

According to an October 2021 report from<br />

Credit Agricole, Israel’s economy is one<br />

of the best performing of OECD countries<br />

in recent years. Much of this, reckons the<br />

report, is due to an increase in the workingage<br />

population and the participation rate.<br />

GDP in 2019 stood at $397.94bn with<br />

growth of 3.8 percent. Despite COVID<br />

and a drop in growth of 2.2 percent, GDP<br />

rose in 2020 to an estimated $407.1bn. It’s<br />

estimated that the figures will rise again<br />

and will sit at a GDP of $529.32bn and<br />

growth of 3.6 percent in 2023.<br />

These figures are supported by a recovery<br />

in tourism, improved economic ties with<br />

Gulf neighbours, and a rising technology<br />

industry.<br />


It’s notable that the Israeli Government’s<br />

own website – the Ministry of Foreign<br />

Affairs – offers little contemporaneous<br />

data; the Ministry of Economy and Industry<br />

is unhelpful to say the least. That leaves us<br />

piecing together information from other<br />

sources.<br />

According to the Fanack Foundation,<br />

a Dutch NGO, Israel’s industrial sector is<br />

diverse and ranges from high-tech products<br />

in fields such as aviation, communications,<br />

design, computer-assisted manufacturing,<br />

medical electronics, and fibre<br />

optics, wood products, paper, potash, phosphates,<br />

food, beverages, tobacco, cement,<br />

medicines, construction and metals, chemical<br />

products, plastics, diamond parts, and<br />

textiles.<br />

However, Israel lacks natural resources<br />

and raw materials and so must rely on,<br />

as its key advantage, skilled employment,<br />

scientific institutes, and research and<br />

development centres. It follows then, that<br />

industry focuses on manufacturing highvalue-added<br />

products developed locally.<br />

It's notable that according to a <strong>June</strong> 2021<br />

report from the Hebrew economic website<br />

Calcalist, that 2020 was the second-best<br />

year in the history of Israeli arms exports<br />

which jumped by about 14 percent to<br />

$8.3bn.<br />

A 2017 report from Flanders Investment<br />

and Trade commented that Israel’s<br />

chemical industry is recognised for its<br />

production of minerals and fertilisers. As<br />

above, limited natural resources has led the<br />

sector to find innovative ways of producing<br />

high-quality products through technology.<br />

With more than 170 companies in the<br />

sector, they represent 29 percent of the<br />

entire industrial production of Israel and<br />

about 34 percent of the Israeli industrial<br />

export.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 25<br />

continues on page 26 >


AUTHOR – Adam Bernstein<br />

On pharmaceuticals, Statista states<br />

that revenue in 2021 for pharmaceuticals<br />

is estimated as being $6.64bn. Calcalist<br />

reckons that of the sector’s 85,000 Israeli<br />

employees, most are divided among<br />

only 145 Israel-based companies, each<br />

employing 50 people or more.<br />

Another sector of interest in Israel<br />

is diamonds. The Israeli Diamond<br />

Industry’s own website says that the<br />

sector contributes approximately $800m<br />

annually to Israel’s balance of payments<br />

and that more than 20,000 families earn<br />

their livelihood directly through the<br />

industry. Further, it’s spawned urban and<br />

economic development of Ramat-Gan<br />

around the exchange.<br />

However, COVID took its toll on the<br />

sector and Government data for 2020<br />

states that net imports of rough diamonds<br />

were about $1bn, and net exports were<br />

approximately $860m, a decrease of<br />

about 40 percent from 2019. Similarly, net<br />

imports of polished diamonds were about<br />

$1.5bn (37 percent down on 2019), while<br />

net exports of polished diamonds were<br />

about $2.3bn (30.5 percent down on 2019).<br />

Agriculture is a sector to note, and it’s<br />

characterised by intensive production<br />

– a result of scarce natural resources<br />

such as water and arable land. However,<br />

increased agricultural production is a<br />

result of cooperation between researchers,<br />

farmers, and agro-based industries.<br />

UN data suggests that the agricultural<br />

sector in Israel contributed about 1.2<br />

percent of the country’s total value added<br />

in 2021 and employs 0.9 percent of the<br />

working population.<br />

However, the US Government’s trade<br />

department says that although Israel<br />

exports food ($2.18bn in 2019) it is also<br />

dependent on imports of food ($6.78bn in<br />

2019).<br />

Israel has more than 1,800 food processing<br />

facilities and counts multinational<br />

food manufacturers in its number. In<br />

2019, food accounted for more than 17.5<br />

percent of Israel’s total manufacturing<br />

revenues.<br />

Tourism is another key sector for Israel.<br />

The OECD in a 2020 document noted that<br />

tourism accounted for 2.8 percent of<br />

Israel’s GVA productivity and 3.6 percent<br />

of total employment or 141,000 jobs.<br />

Adding in the indirect impact of tourism<br />

on Israel’s economy, the total number<br />

of tourism-related jobs is estimated at<br />

230,000 (which is approximately 6 percent<br />

of total employment). In 2018, total<br />

inbound tourism receipts stood at $5.8bn.<br />

The OECD highlighted that in 2018 there<br />

were 4.1m international tourist arrivals,<br />

up 14.1 percent on the previous year.<br />


Construction is worth, according to 2021<br />

US trade department data, some $43bn<br />

and is driven by demand for new housing<br />

and infrastructure. Further, the Israeli<br />

Central Bureau of Statistics, expects<br />

Israel’s population to reach 15.7m by 2050<br />

and the Israeli Government needs to build<br />

2.6m apartments.<br />

While housing is the largest part of<br />

Israel’s construction sector, a Government<br />

plan, Infrastructure for Growth 2020,<br />

details projects in rail, roads, highcapacity<br />

buses, seaports and so on.<br />

Given Israel’s position and climate<br />

environmental projects are high on the<br />

Government’s agenda. Water resources<br />

are maximised and there are several<br />

desalination plants that provide much of<br />

what is used. Israel also treats and reclaims<br />

around 90 percent of wastewater and has<br />

a strong domestic water technologies<br />

sector. This said, low rainfall, droughts<br />

and a rising population means more<br />

investment in water technologies is<br />

required.<br />

As for waste, it’s the polar opposite<br />

of water in that some 80 percent goes<br />

to landfill. Further, the Ministry of<br />

Environmental Protection announced<br />

in 2021 a strategic plan to enhance<br />

waste treatment industry. The goal is<br />

for a transition by 2050 to a circular<br />

economy with minimal waste production<br />

and maximum efficiency in the use of<br />

resources.<br />

Energy is constantly being developed.<br />

With a growing population and therefore<br />

a greater number of vehicles on the road,<br />

demand for electricity will rise. This point<br />

is exacerbated by the fact that Israel is not<br />

connected to other countries’ networks<br />

– it’s self-sufficient. According to the<br />

Electricity Authority, installed capacity<br />

in 2030 should reach 23.35 GW to support<br />

electricity consumption forecasts. In <strong>June</strong><br />

2018, the Government of Israel approved<br />

a comprehensive structural reform in<br />

the Israeli electricity sector, planned to<br />

be implemented over the course of eight<br />

years to 2026.<br />

Beyond this, there’s the development<br />

of offshore natural gas; Israel has moved<br />

from being a net importer to an exporter.<br />

Further, coal is being phased out and the<br />

US Government notes that by 2030 this<br />

fuel will be replaced so that electricity<br />

generation will be 70 percent gas and<br />

30 percent renewables. To get to this<br />

position, the Government plans $23bn in<br />

investments, approximately half of which<br />

will be in power plants, and the remainder<br />

in storage facilities and development of<br />

the electricity infrastructure. Overall,<br />

Renewables Now commented in 2020 that<br />

the Government wants 16 GW of solar<br />

capacity by 2030.<br />

While Israel has just 0.1 percent of the<br />

world’s population, it attracts – says the<br />

US Government – 19 percent of global<br />

investment in cybersecurity, ranks<br />

number one globally in R&D expenditures<br />

per GDP, and attracts the highest rate of<br />

venture capital funding per capita in the<br />

world (Trade Policy Information System<br />

data). It should be pointed out that the<br />

Israeli Government states that around 40<br />

percent of the private global investment<br />

in cyber security funding rounds are in<br />

Israel. There are more than 6,700 start-ups<br />

in Israel’s connected economy – a much<br />

greater level of concentration compared to<br />

Europe; software development, telecoms,<br />

and artificial intelligence are key growth<br />

sectors.<br />

Lastly, considering Israel’s geographic<br />

location and political concerns, securityrelated<br />

products are of great importance.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 26


AUTHOR – Adam Bernstein<br />

Tel Aviv, a city on Israel’s Mediterranean<br />

coast, is marked by stark 1930s Bauhaus<br />

buildings, thousands of which are<br />

clustered in the White City architectural<br />

area. Museums include Beit Hatfutsot,<br />

whose multimedia exhibits illustrate the<br />

history of Jewish communities worldwide.<br />

The Eretz Israel Museum covers the<br />

country’s archaeology, folklore and crafts,<br />

and features an on-site excavation of 12thcentury-B.C.<br />

ruins.<br />

Al-Aqsa Mosque located in the Old City of<br />

Jerusalem, is the third holiest site in Islam.<br />

Current imports of safety and security products<br />

to Israel, reckons the US trade department, are<br />

worth an estimated $1.2bn, with almost half<br />

going to US firms and much being bought by<br />

the Government. That said, Israel has some 600<br />

exporters of security technologies and services,<br />

including integrators and service companies.<br />

Opportunities lie in products for first<br />

responders, detection systems, drone-related<br />

technologies, and the detection of concealed<br />

weapons systems.<br />


Turning to tax, Israel-incorporated companies<br />

and foreign companies that have a branch presence<br />

in Israel are both subject to Israeli corporate<br />

tax. An Israeli-resident entity is subject to<br />

Israeli corporate tax on worldwide income while<br />

a non-resident entity is subject to Israeli corporate<br />

tax only on income accrued or derived in<br />

Israel. The corporate tax rate is 23 percent in<br />

<strong>2022</strong>, unchanged from 2021. Taxation of individuals<br />

is imposed in graduated rates ranging up<br />

to 47 percent. Additionally, a 3.0 percent surtax<br />

“One of the<br />

most robust and<br />

technologically<br />

advanced market<br />

economies in the<br />

world. The country<br />

enjoys a skilled and<br />

highly qualified<br />

labour force, and<br />

a concentration of<br />

venture capital allows<br />

the country to lead in<br />

all areas high-tech.”<br />

applies on annual taxable income exceeding<br />

647,640 Israeli shekels, resulting in a 50 percent<br />

maximum income tax rate. Non-residents are<br />

taxed at the same rates as Israeli residents.<br />

There are no local income taxes, but there<br />

is VAT which is charged at 17 percent. Exports<br />

of goods and certain services and various<br />

other transactions are zero-rated, and certain<br />

transactions are exempt. Banks and other<br />

financial institutions pay VAT-equivalent taxes<br />

at the standard rate based on their total payroll<br />

and on profits. Not-for-profit organisations pay<br />

VAT-equivalent tax (wage tax) at the rate of 7.5<br />

percent of their total payroll.<br />


Israel might be small in both size and<br />

population, but through necessity it needs to<br />

punch above its weight. It’s militarily strong<br />

and has a modern and advanced economy that<br />

makes it a worthwhile destination for any would<br />

be exporter.<br />

Adam Bernstein is a freelance writer.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 27

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International Trade<br />

Monthly round-up of the latest stories<br />

in global trade by Andrea Kirkby.<br />

Nepal limits imports<br />

PERSPECTIVES are everything<br />

and the news that Nepal is<br />

to limit imports following a<br />

fall in tourism spending and<br />

money sent home by Nepalis<br />

working overseas – both of<br />

which have pushed up Government debt –<br />

seems bad.<br />

But while some have compared<br />

Nepal's situation to the crisis in Sri<br />

Lanka (where the public are protesting<br />

against economic mismanagement by<br />

the Government, rising inflation and fuel<br />

shortages – economic collapse is possible<br />

if the IMF doesn’t help out), the reality is<br />

very different.<br />

The country's central bank, Nepal<br />

Rastra Bank, says its foreign currency<br />

reserves fell by more than 16 percent to<br />

1.17tn Nepali rupees (£7.36bn) in the seven<br />

months to the middle of February.<br />

In an attempt to hold its foreign<br />

currency reserves stable, the import of<br />

non-essential goods is to be restricted.<br />

Importers are allowed to bring in 50<br />

‘luxurious goods’ if they pay for them in<br />

full.<br />

Now where this gets interesting is<br />

when looking at Government debt in<br />

Nepal – it’s ‘only’ 43 percent of its GDP.<br />

Capital Economics points to its foreign<br />

currency reserves as being double what<br />

is considered "a comfortable minimum"<br />

and Government debt "is not particularly<br />

high". Put into context, the Visual<br />

Capitalist reckons that Japan owes 257<br />

percent of GDP, Italy owes 159 percent, and<br />

the UK 109 percent.<br />

Even so, if you’re an exporter to Nepal it<br />

may be time to consider your position.<br />

Queen’s Awards winners<br />

THE <strong>2022</strong> list of Queen’s Awards<br />

winners was published late April and<br />

shows an increased number of<br />

exporting businesses represented in<br />

the International Trade category.<br />

A complete list of winners across all<br />

categories can be found in the London<br />

Gazette, however, International Trade<br />

– the competition’s largest – saw 141<br />

winners.<br />

Greater London had the largest<br />

number of export winners (26),<br />

followed by the South East (16),<br />

Yorkshire & Humberside (15), the West<br />

Midlands (14) and the East Midlands<br />

(13). Products that did well included<br />

baby clothing, food, and lubricants,<br />

additives, and cleaners for the<br />

automotive trade.<br />

The Institute of Export picked out<br />

several key winners such as CT2<br />

Holdings whose overseas sales of its<br />

thermal containers for the pharma<br />

sector increased by 250 percent in<br />

three years; clinical trials specialist<br />

Medical Research Network which<br />

boosted its annual overseas sales by<br />

119 percent in three years; and Auto<br />

Integrate whose fleet management<br />

software is now being used by eight<br />

out of 10 of the top firms in North<br />

America which led to overseas<br />

earnings increasing by 161 percent.<br />

There were winners in metals,<br />

technology and science, architects,<br />

environmental technologies, and<br />

manufacturing.<br />

Overall winners, by vertical<br />

sector stood at technology/science<br />

- 40; services - 27; manufacturing<br />

- 17; health - 14; food & drink - 13;<br />

engineering - 14; leisure/sport - 6;<br />

education - 4; and textiles - 6.<br />

IT looks like the UK isn’t faring so<br />

well against competitors in global<br />

exports, according to data from the<br />

CPB Netherlands Bureau for Economic<br />

Policy Analysis. Global goods exports<br />

are now 8.2 percent higher than they<br />

were before the pandemic struck, with<br />

advanced economies up an average<br />

of five percent. However, the UK<br />

has exported 14 percent less goods<br />

compared with the start of 2020.<br />

David Smith, economics editor at The<br />

Due to consequences of Brexit<br />

Times noted that “the UK’s trade deficit<br />

in January was easily the biggest on<br />

record, at a huge £26.5bn for goods, and<br />

£16.2bn for goods and services together.”<br />

He thinks the reason is obvious: “UK<br />

exporters are operating with one hand<br />

tied behind their backs” due to “an<br />

economically damaging Brexit done in<br />

such a way that little or no thought was<br />

given to the consequences.”<br />

At the same time came more bad<br />

news. Data from HMRC found that the<br />

number of UK businesses exporting<br />

goods to the EU fell 33 percent to 18,357<br />

in 2021, down from 27,321 in 2020.<br />

Accountancy firm UHY Hacker Young<br />

believes that the fall is due to the extra<br />

red tape UK businesses must now<br />

comply with when exporting to the EU;<br />

many SMEs can’t afford professional<br />

advice to cope with Brexit-related<br />

red tape and many are likely to have<br />

decided that trading with the EU is not<br />

worth the cost.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 30

Firms at risk in Germany<br />

FIRMS that export to Germany need to<br />

plan for what has been termed by some<br />

as “Day X” – when Russian gas will stop<br />

flowing into the country.<br />

There are two scenarios being mooted<br />

– either Russia cuts off or reduces<br />

supplies in retaliation for sanctions or<br />

Germany supports an EU energy embargo<br />

and cuts itself off from Russian supplies.<br />

While homes without heat is a key part<br />

of the issue, another and bigger worry is<br />

the effect on German manufacturers and<br />

the hundreds of thousands of SMEs –<br />

Mittelstand businesses – which are tied<br />

to them.<br />

The taps being turned off would<br />

affect every product from construction<br />

material, synthetics, pesticides,<br />

disinfectant, packaging, and<br />

Ukraine’s economy tanks<br />

A report in CityAM has highlighted what<br />

most are expecting – that the Ukrainian<br />

economy will end up this year half the size<br />

of last year’s following Russia’s invasion.<br />

The report cites calculations form the<br />

World Bank. The numbers are based<br />

on output that has been dented by the<br />

closure of businesses all over the country.<br />

Consider Georgia<br />

MONEYWEEK is tipping Georgia (the<br />

country, not US state) as an economy that<br />

exporters should watch.<br />

Once, and briefly invaded by Russia<br />

in 2008, it’s weaned itself off Russia as<br />

an export market with only 14 percent of<br />

sales going there. It has a rich volcanic<br />

soil and so is less exposed to rising wheat<br />

prices or a shortage in fertiliser. And it’s<br />

less vulnerable to higher energy costs<br />

following a decade of investment in hydropower<br />

dams which made up 70 percent of<br />

energy production last year.<br />

The economy showed real GDP growth<br />

of five percent per year for the three years<br />

preceding the pandemic and is forecast<br />

to be three percent in <strong>2022</strong> if the Russia/<br />

Ukraine situation is resolved soon. Georgia<br />

also seems to be benefitting from the flight<br />

of skilled Russians fleeing Putin’s regime.<br />

So, while Russia is off limits – for quite<br />

a while – there’s nothing to stop firms<br />

looking to business in other countries in<br />

the region.<br />

semiconductors to the production of<br />

antibiotics and cancer drugs – and<br />

beyond. Some firms are working<br />

overtime to manufacture before<br />

gas is turned off while others have<br />

reduced production to a minimum.<br />

The Government is planning on a gas<br />

rationing regime and firms are being<br />

asked by the Government to put a case<br />

forward on how ‘system relevant’ they are<br />

– why they should be a priority.<br />

It’s possible that supply chains –<br />

already under pressure due to the<br />

pandemic – could collapse altogether,<br />

forcing firms into bankruptcy creating<br />

mass unemployment. Trade union IG<br />

Metall has warned of “a recession deeper<br />

than any of the recessions we have<br />

known until now.”<br />

And matters aren’t helped by incredible<br />

damage – some £60bn – to Ukrainian<br />

infrastructure. The World Bank states that<br />

“the war has added to mounting concerns<br />

of a sharp global slowdown, surging<br />

inflation and debt, and a spike in poverty<br />

levels.” There’s still business to be done in<br />

Ukraine, however.<br />

Saudi private sector grows<br />

EXPORTERS have another reason to target<br />

Saudi Arabia – its non-oil private sector<br />

expanded at the fastest rate in over four<br />

years according to the seasonally adjusted<br />

S&P Global Saudi Arabia Purchasing<br />

Managers’ Index (PMI). The index rose<br />

to 56.8 in March from 56.2 in February,<br />

exactly in line with the series average<br />

since August 2009.<br />

When it comes to supply chains, S&P<br />

Global said that they: “displayed strength,<br />

with lead times shortening to the greatest<br />

extent for three years. In turn, companies<br />

raised their purchasing at the fastest rate<br />

since December 2017, supporting higher<br />

capacity levels.” The firm added: “Sectorlevel<br />

data indicated that reductions in<br />

staffing at construction and wholesale &<br />

retail firms contrasted with expansions<br />

in services and manufacturing.” While<br />

Saudi Arabia is suffering cost pressures<br />

– like everyone else – because sales have<br />

improved, so businesses have been able to<br />

increase output prices accordingly.<br />

Welsh business<br />

secures £2m export contract<br />

WREXHAM-based Global Attractions has,<br />

according to UK Export Finance (UKEF),<br />

just won its largest ever contract in<br />

South-East Asia with £2m in Government<br />

backing.<br />

Global Attractions is a designer,<br />

manufacturer, and distributor of family<br />

entertainment units. It secured the<br />

international contracts to build and export<br />

soft play centres to shopping malls in<br />

Thailand’s Pattaya City and Bangkok.<br />

Its soft play centre will feature in one<br />

of the Pattaya City’s largest malls, with<br />

four floors dedicated to family friendly<br />

activities that attract 1m residents in the<br />

city just south of Bangkok.<br />

The deal, says UKEF, has opened a new<br />

trading market for Global Attractions. The<br />

company secured another deal to supply a<br />

softplay centre to be shipped and installed<br />

in Bangkok, also with UKEF support.<br />

New £200 ‘Global Britain<br />

tax’ on flights<br />

IT appears that the left hand of<br />

Government is slightly disconnected from<br />

the right. On the one hand it wants British<br />

businesses to explore the world now<br />

that the UK has left the EU, but then it’s<br />

planning on taxing travellers going on long<br />

distance flights. In other words, with up to<br />

£200 in additional taxes being put on the<br />

cost of a flight, it’s going to be more expensive<br />

for exporters to forge new economic<br />

ties with long-distance overseas partners.<br />

Passengers flying to fast-growing<br />

destinations over 5,500 miles away will<br />

face a cumulative annual bill of nearly £1bn<br />

based on 2019 pre-pandemic flight data,<br />

according to an analysis by the Global<br />

Britain Commission.<br />

Destinations affected include many<br />

potential key trading partners such as<br />

Australia, New Zealand, Japan, South<br />

Korea, and Argentina. The same applies<br />

to fastest-growing emerging economies,<br />

including the Philippines, Malaysia, and<br />

Vietnam.<br />

Global Britain Commission worries that<br />

the increased costs may stop these routes<br />

flying altogether.<br />



OR CALL 020 7738 0777<br />

Currency UK is authorised and regulated<br />

by the Financial Conduct Authority (FCA).<br />


GBP/EUR 1.20674 1.16068 Down<br />

GBP/USD 1.30780 1.21661 Down<br />

GBP/CHF 1.24402 1.20810 Down<br />

GBP/AUD 1.78695 1.72289 Flat<br />

GBP/CAD 1.64263 1.57820 Down<br />

GBP/JPY 168.369 155.976 Down<br />

This data was taken on 20th May and refers to the month<br />

previous to/leading up to 19th May <strong>2022</strong>.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 31


The Only Way Is Up…<br />

Late payments are on the rise right across the board.<br />

THE latest late payment statistics are<br />

not particularly pretty, littered with<br />

increases across almost all regions<br />

and sectors. The average Days Beyond<br />

Terms (DBT) across regions and sectors<br />

in the UK increased by 1.2 and 2.7 days<br />

respectively. In Ireland, the figures rose by 4.8 and<br />

3.7 days respectively. Average DBT across the four<br />

provinces of Ireland increased by 9.8 days.<br />


In the UK, 16 of the 22 sectors are moving in the<br />

wrong direction, with increases to late payments.<br />

International Bodies saw the biggest jump, with an<br />

increase of 9.3 days taking its overall DBT to 24.2<br />

days, meaning it is now the worst performing sector<br />

in the UK. Elsewhere, the Education (+7.4 days),<br />

Transportation and Storage (+7.3 days), Mining and<br />

Quarrying (+6.6 days) and the Hospitality (+5.9 days)<br />

sectors all experienced sizeable shifts. Of the six<br />

sectors on the up, the Real Estate sector deserves to be<br />

singled out. A reduction of 11.3 days to late payments<br />

means it is now the best performing sector by a bit of<br />

a distance, with an overall DBT of 3.4 days.<br />

Over in Ireland, the overall picture isn’t perhaps<br />

as dreary with just under half (nine) of the 20 sectors<br />

on the slide. However, the sheer scale of some of the<br />

increases is possibly more alarming. The Water &<br />

Waste sector, for instance, saw a huge hike of 56 days<br />

to late payments, meaning it is far and away the worst<br />

performing sector in the country with an overall DBT<br />

of 90 days. The Business Admin & Support (+17.7<br />

days), Entertainment (+17.2 days) and Professional<br />

and Scientific (+10.1 days) sectors also experienced<br />

steep rises.<br />


The UK regional standings may not be as bad as they<br />

look. All but three of the 11 regions saw increases<br />

to late payments, but it’s fair to say that they are all<br />

marginal. The South West saw the biggest increase<br />

(+2.6 days) but remains the best performing region<br />

with an overall DBT of 10.0 days.<br />

The regional figures in Ireland, however, are a<br />

case of extremes, both good and bad. On a positive<br />

note, a small handful of regions made significant<br />

reductions to late payments. Louth and Monaghan,<br />

for example, cut their DBT by a massive 101.0 and<br />

81.3 days respectively. On the flip side, a number of<br />

regions saw significant increases to late payments.<br />

Laois (+62.5 days), Kildare (+60.1 days), and Wexford<br />

(+53.4 days) experiencing the biggest moves in the<br />

wrong direction.<br />

The four provinces of Ireland are all in the red.<br />

Munster remains the worst performing region<br />

following a further increase of 14.3 days. Ulster is no<br />

longer the best performing region after a jump of 13.6<br />

to its DBT. Connacht (+6.8 days) and Leinster (+4.4<br />

days) are also going backwards.<br />

AUTHOR – Rob Howard<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 32


Data supplied by the Creditsafe Group<br />

Top Five Prompter Payers<br />

Region April 22 Change from March 22<br />

South West 10 2.6<br />

Yorkshire and Humberside 10.4 1.6<br />

Wales 11.9 1.2<br />

East Midlands 13 2.1<br />

South East 13 -0.5<br />

Bottom Five Poorest Payers<br />

Region April 22 Change from March 22<br />

Northern Ireland 16.5 -0.5<br />

East Anglia 16.2 1.8<br />

London 15.5 -1.6<br />

West Midlands 14.6 2.5<br />

Scotland 14.3 1.7<br />

Top Five Prompter Payers<br />

Sector April 22 Change from March 22<br />

Real Estate 3.4 -11.3<br />

Business from Home 8.4 1.6<br />

Agriculture, Forestry and Fishing 9.8 0.9<br />

Construction 11.5 -0.1<br />

Energy Supply 12.2 -2.4<br />

Bottom Five Poorest Payers<br />

Sector April 22 Change from March 22<br />

International Bodies 24.2 9.3<br />

Mining and Quarrying 23.6 6.6<br />

Education 20.8 7.4<br />

Health & Social 20.6 5<br />

Other Service 20.5 5<br />

Getting better<br />

Real Estate -11.3<br />

Energy Supply -2.4<br />

Business Admin & Support -1.3<br />

Dormant -0.4<br />

Professional and Scientific -0.4<br />

Construction -0.1<br />

Getting worse<br />

International Bodies 9.3<br />

Education 7.4<br />

Transportation and Storage 7.3<br />

Mining and Quarrying 6.6<br />

Hospitality 5.9<br />

Public Administration 5.5<br />

Entertainment 5.3<br />

Health & Social 5<br />

Other Service 5<br />

Financial and Insurance 4.3<br />

IT and Comms 4.3<br />

Water & Waste 3.5<br />

Wholesale and retail 3.5<br />


1.7 DBT<br />

Manufacturing 1.7<br />

Business from Home 1.6<br />



-0.5 DBT<br />

SOUTH<br />

WEST<br />

2.6 DBT<br />

WALES<br />

1.2 DBT<br />

NORTH<br />

WEST<br />

2.4 DBT<br />

WEST<br />


2.5 DBT<br />



1.6 DBT<br />

EAST<br />


2.1 DBT<br />

LONDON<br />

-1.6 DBT<br />

SOUTH<br />

EAST<br />

-0.5 DBT<br />

EAST<br />

ANGLIA<br />

1.8 DBT<br />

Agriculture, Forestry and Fishing 0.9<br />

Region<br />

Getting Better – Getting Worse<br />

-1.6<br />

-0.5<br />

-0.5<br />

2.6<br />

2.5<br />

2.4<br />

2.1<br />

1.8<br />

1.7<br />

1.6<br />

1.2<br />

London<br />

Northern Ireland<br />

South East<br />

South West<br />

West Midlands<br />

North West<br />

East Midlands<br />

East Anglia<br />

Scotland<br />

Yorkshire and Humberside<br />

Wales<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 33


Getting worse / no change<br />


14.3 DBT<br />

SLIGO<br />

-0.2 DBT<br />


6.8 DBT<br />

GALWAY<br />

0 DBT<br />


0 DBT<br />


0 DBT<br />


0 DBT<br />

CARLOW<br />

0 DBT<br />

ULSTER<br />

13.6 DBT<br />


4.4 DBT<br />


0 DBT<br />


53.5 DBT<br />

DUBLIN<br />

15.6 DBT<br />


4.4 DBT<br />

Water & Waste 56<br />

Business Admin & Support 17.7<br />

Entertainment 17.2<br />

Wholesale and retail 10.4<br />

Professional and Scientific 10.1<br />

Health & Social 5.8<br />

Financial and Insurance 3.3<br />

IT and Comms 2.3<br />

Hospitality 2<br />

Education 0<br />

Top Five Prompter Payers – Ireland<br />

Region April 22 Change from March 22<br />

Donegal 0 0<br />

Leitrim 0 0<br />

Longford 0 0<br />

Sligo 0 -0.2<br />

Westmeath 0 0<br />

Energy Supply 0<br />

International Bodies 0<br />

Mining and Quarrying 0<br />

Other Service 0<br />

Public Administration 0<br />

Bottom Five Poorest Payers – Ireland<br />

Region April 22 Change from March 22<br />

Wexford 101.6 53.4<br />

Kildare 81.4 60.1<br />

Laois 67.5 62.5<br />

Carlow 65 0<br />

Dublin 28.4 15.6<br />

Top Four Prompter Payers – Northern Ireland<br />

Region April 22 Change from March 22<br />

Connacht 11.6 6.8<br />

Ulster 13.6 13.6<br />

Leinster 14.6 4.4<br />

Munster 31.9 14.3<br />

Over in Ireland, the overall<br />

picture isn’t perhaps as<br />

dreary with just under half<br />

(nine) of the 20 sectors<br />

on the slide. However, the<br />

sheer scale of some of the<br />

increases is possibly more<br />

alarming.<br />

Top Five Prompter Payers – Ireland<br />

Sector April 22 Change from March 22<br />

International Bodies 0 0<br />

Other Service 0 0<br />

Transportation and Storage 0.1 -3.3<br />

Hospitality 2 2<br />

Financial and Insurance 3.7 3.3<br />

Bottom Five Poorest Payers – Ireland<br />

Sector March 22 Change from Feb 22<br />

Water & Waste 90 56<br />

Business Admin & Support 45.7 17.7<br />

Real Estate 35.7 -12.1<br />

Energy Supply 26 0<br />

Public Administration 25.5 0<br />

Getting better<br />

Construction -16.8<br />

Real Estate -12.1<br />

Agriculture, Forestry and Fishing -12<br />

Manufacturing -6.9<br />

Transportation and Storage -3.3<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 34


Strengths and weaknesses<br />

Advice on how to tackle the common<br />

interview questions.<br />

AUTHOR – Natascha Whitehead<br />

WHAT are your strengths<br />

and weaknesses? It is<br />

a common interview<br />

question, but one which<br />

many professionals<br />

may find daunting.<br />

When discussing your weaknesses, whilst<br />

you don’t want to undersell yourself,<br />

you’re equally conscious to convey a level of<br />

self-understanding.<br />

Comparatively, articulating your strengths<br />

may be easier than talking about weaknesses,<br />

but it can be tempting to reel off qualities you<br />

feel might make you look good, even if they<br />

are not necessarily relevant to the role or<br />

industry itself.<br />

To be clear, there is no correct answer to<br />

this question, however, there are certain tips<br />

I can share which should help you approach<br />

and structure your answer in a way that will<br />

show to a hiring manager that you’re the credit<br />

professional that they should hire.<br />

I would highly recommend planning for<br />

this type of interview question as it’s one<br />

that employers use regularly; self-awareness<br />

is a desirable trait for employers, and if<br />

you’re hesitant this may translate as a lack of<br />

preparation.<br />

Let’s divide up the question and start with<br />

how to successfully communicate your<br />

strengths to an employer.<br />

This can be an exciting moment in an<br />

interview to show off the attributes and skills,<br />

you might have not been able to get across in<br />

previous points.<br />

However, I’d ensure that you use the job<br />

specification as a reference to link where your<br />

technical and transferable skills, as well as<br />

personality traits, will highlight that you can<br />

be a success in the credit management role.<br />

This part of the interview is also an<br />

opportunity to stand out from other applicants<br />

so refrain from generic jargon, such as ‘I’m<br />

a hard worker’, as this should naturally be<br />

somewhat of a given.<br />

Finally, my last point on strengths is to be<br />

specific – I’d focus on a specific area of credit<br />

management where you can explain with<br />

sturdy examples that you excel in, drawing<br />

attention to those soft and hard skills.<br />

Now, when discussing weaknesses, I would<br />

suggest communicating a weakness that<br />

you’re currently working on – to break this<br />

down, provide an example of a previous work<br />

or academic issue that you had, and how you<br />

went about learning or upskilling as a result.<br />

For example, within credit management if<br />

this is negotiating change to payment terms<br />

When discussing<br />

weaknesses, I<br />

would suggest<br />

communicating a<br />

weakness that you’re<br />

currently working on<br />

– to break this down,<br />

provide an example<br />

of a previous work<br />

or academic issue<br />

that you had, and<br />

how you went<br />

about learning or<br />

upskilling as a result.<br />

with clients you may recognise that you were<br />

previously not the most outgoing person<br />

naturally, but you made a conscious effort<br />

to work on your confidence, and as a result,<br />

were granted with additional opportunities to<br />

become more client-facing.<br />

In addition to the above, I’d avoid using<br />

words that can be deemed as ‘too negative’, for<br />

example ‘failed’ or ‘unsuccessful’. Instead, you<br />

can use phrases such as the ‘results of the task/<br />

project could have been improved by X’. Not<br />

only does this show that you’ve understood<br />

where you can develop, but it also depicts that<br />

you hold yourself to a high standard.<br />

Another important tip is to avoid showcasing<br />

any weaknesses that form a large part of<br />

the role – this is where research around the<br />

company is important.<br />

For example, if the role doesn’t require<br />

you to speak on stage or camera too often,<br />

admitting that you’re working on your public<br />

speaking skills, as you believe it to be one of<br />

your weaknesses, should not be as detrimental<br />

in comparison to not having the necessary<br />

software or hardware knowledge.<br />

Next time you are preparing for an<br />

interview, remember that interviewers choose<br />

this question frequently as it often gives them<br />

an insight into an applicant’s personality,<br />

skills, and self-awareness. Taking the time to<br />

structure your answer will help to provide a<br />

desired outcome, enhancing your chances of<br />

being hired.<br />

Natascha Whitehead is Business Director<br />

& UK Channel Lead of Hays Credit<br />

Management.<br />

Brave | Curious | Resilient / www.cicm.com /<strong>June</strong> <strong>2022</strong> / PAGE 35

Apprentice profile<br />

TELFORD Whitfield started his career<br />

at United Utilities in August 2014 as a<br />

young, enthusiastic and keen customer<br />

advisor on the billing department. He<br />

was a permanent agent by March 2015.<br />

Since August 2018, he has been<br />

working in the Income Department as an Advanced<br />

Customer Advisor: “In the multiple years of customer<br />

services and collections experience, I have developed<br />

a wide range of interpersonal and negotiation skills<br />

which allows me to provide an excellent customer<br />

experience whilst achieving our main goal of collecting<br />

cash,” he explains.<br />

“I joined the apprenticeship scheme in <strong>June</strong> 2021<br />

as I wanted to progress further in my career in credit<br />

and collections. The new skills and learning which I<br />

have already received in the apprenticeship have been<br />

brilliant. I have always been eager to learn new things<br />

and didn’t hesitate when the opportunity of joining the<br />

apprenticeship came about.”<br />

The way which the apprenticeship has been<br />

delivered including the ‘on the job’ learning time<br />

Telford has received has been a great way to link his<br />

working day with his apprenticeship: “I believe the<br />

apprenticeship is helping me strive to greater things<br />

in my work. My communication techniques, customer<br />

satisfaction feedback and confidence has hugely<br />

increased.”<br />

The first part of the apprenticeship was about<br />

consumer collections: “I thoroughly enjoyed learning<br />

about the principles and regulations involved in debt<br />

collections,” he continues. “The support I am receiving<br />

from my employer, United Utilities, our Collections<br />

Manager Paul Taylor FCI<strong>CM</strong> and Kaplan has been<br />

outstanding. Everyone involved has made it very easy<br />

to learn and for that I am truly thankful.<br />

“Over the next ten to twelve months, I am determined<br />

to achieve my Level 3 Diploma and earn the coveted<br />

letters ACI<strong>CM</strong>,” he concludes.<br />

Latest in a new series<br />

of how CI<strong>CM</strong>-led<br />

Apprenticeships are<br />

supporting professional<br />

development.<br />

Telford Whitfield<br />

United Utilities<br />

Advanced Customer Advisor<br />

“I joined the apprenticeship scheme in <strong>June</strong><br />

2021 as I wanted to progress further in my<br />

career in credit and collections. The new<br />

skills and learning which I have already<br />

received in the apprenticeship have been<br />

brilliant. I have always been eager to learn<br />

new things and didn’t hesitate when the<br />

opportunity of joining the apprenticeship<br />

came about.”<br />

Apprenticeships in Credit<br />

Control and Collections<br />

There are five apprenticeships for those working in the credit<br />

profession. At each Level of apprenticeship you will be able to<br />

gain professional CI<strong>CM</strong> qualifications<br />

• Credit Controller/Collector<br />

• Advanced Credit Controller and Debt Collection Specialist<br />

Apprenticeship<br />

• Compliance/Risk Officer Apprenticeship<br />

• Senior Compliance/Risk Specialist Apprenticeship<br />

• Financial Services Degree Apprenticeship<br />

For more details on how CI<strong>CM</strong> can help you start your<br />

apprenticeship journey, visit cicm.com/apprenticeships<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 36


Energy poverty<br />

– the looming debt crisis<br />

High energy prices have been<br />

hitting the news headlines for<br />

several months now. There are<br />

a number of factors in play – low<br />

gas reserves in the UK, lower wind<br />

generation over recent months,<br />

delays to Nord Stream 2, now<br />

frozen by Germany due to the<br />

war in Ukraine.<br />

Impact on households<br />

This is already having a significant impact<br />

on household expenditure, particularly<br />

among lower income households in<br />

“energy poverty”.<br />

The energy cap for households has been<br />

increased twice, first in October 2021<br />

and then April <strong>2022</strong>, pushing energy<br />

bills far higher. The cap increase in October<br />

resulted in an average increase of £139<br />

for direct debit customers and £153 for<br />

pre-payment customers, but April’s was<br />

far higher with average increases of £693<br />

and £708 respectively, according to Ofgem.<br />

It is highly likely that the cap will rise yet<br />

again this October.<br />

Impact on business customers<br />

The situation is as bad, if not worse,<br />

for business customers, where there<br />

is no price cap. Businesses, especially<br />

high energy users such as manufacturing<br />

and hospitality, are seeing such large<br />

increases that it may become unviable<br />

to continue operating.<br />

Business energy consultants, Control<br />

Energy Costs, are seeing a six-fold increase<br />

in gas and a four-fold increase in electricity<br />

prices compared with those available<br />

12 months ago. For any business, that<br />

is an enormous increase, particularly in<br />

manufacturing where profit margins are<br />

generally very slim and energy use is high.<br />

To make matters worse, there are<br />

several energy suppliers either pulling<br />

out of the retail market altogether or<br />

temporarily putting a hold on taking on<br />

new business until the markets settle,<br />

which limits options.<br />

Challenge for credit management<br />

Potentially this leaves utility companies<br />

with an alarming level of both consumer<br />

and business debt, where lower income<br />

households simply cannot pay and<br />

businesses close, leaving creditors in<br />

their wake.<br />

The credit management systems in place<br />

may be put under considerable pressure<br />

by a significant increase in the volume<br />

of energy debt across both consumer and<br />

business customers.<br />

The ideal is for customers in financial<br />

difficulty to engage with their provider<br />

to find a mutually agreeable approach.<br />

However, many do not engage, meaning<br />

that there is very little that can be done,<br />

other than pursuing and escalating the debt<br />

through normal channels.<br />

We think it very likely that there will be an<br />

increase in judgments and subsequently<br />

enforcement instructions, over the coming<br />

months and years, as a result of the<br />

significant increases in energy prices.<br />

If enforcement is part of your approach<br />

to debt management, you may want<br />

to consider how you work with your<br />

enforcement partner, to explore ways<br />

to improve early engagement and obtain<br />

payment arrangements that provide a<br />

manageable solution for the customer,<br />

whilst also reducing the negative impact<br />

on the organisation.<br />

As High Court Enforcement Officers<br />

(HCEO), HCE Group approaches all<br />

enforcement action from a starting point<br />

of engaging with the customer to resolve<br />

the debt as quickly as possible.<br />

Sometimes, the fact that the debt has been<br />

escalated to a judgment and an HCEO<br />

instructed can make engagement attempts<br />

more successful, as the customer realises<br />

the seriousness of the matter and the need<br />

to address it to prevent further fees being<br />

added to the debt.<br />

We use a systematic approach to customer<br />

engagement, using technology based on<br />

behaviour analysis to find the channel and<br />

timing that is best suited to that customer.<br />

We use tools including SMS, automated<br />

call backs, email, live chat and have<br />

developed a debtor app to make payment<br />

as easy as possible.<br />

We also can develop our systems and<br />

procedures to align with our clients and<br />

can integrate our reporting into their case<br />

management system, to make the process<br />

smooth and seamless.<br />

In conclusion<br />

The combined impact of high inflation,<br />

rising energy prices and the resulting<br />

cost of living increase, will mean that<br />

many consumers and businesses will<br />

struggle financially.<br />

Whilst the impact may be first felt in the<br />

utility sector, this is likely to spread over<br />

into other sectors. Enhancing the tools to<br />

encourage engagement is the starting point<br />

that will deliver better outcomes.<br />

Alan J. Smith<br />

Authorised HCEO and Director<br />

of Corporate Governance at<br />

High Court Enforcement Group<br />

If you would like to learn more, you can<br />

download our eBook guides from the CI<strong>CM</strong><br />

members' area or call us on 08450 999666.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 37

ESG<br />

Between the Lines<br />

What is meant by Intersectional Equity<br />

and why does it matter?<br />

AUTHOR – Aniela Unguresan<br />

TECHNOLOGY is everywhere,<br />

from playrooms to boardrooms.<br />

But people – individuals – are<br />

the hands, hearts, and minds of<br />

an organisation. Every person<br />

is unique and has a distinct<br />

identity with defined characteristics. As a<br />

result, workplace life is not homogenous,<br />

but beautifully and richly heterogenous. It is<br />

certainly rarely, if ever, binary where choices<br />

can be said to be either one way or its direct<br />

opposite.<br />

Years ago, conversations tended to revolve<br />

solely around workplace gender equality. But<br />

times and perspectives have moved on and we<br />

need to no longer think of the workplace as<br />

being staffed by homogenous groups of ‘men’<br />

and homogenous groups of ‘women’ with those<br />

in either grouping being identical in every way.<br />

It is logical that for practical reasons<br />

organisations consider and categorise people by<br />

their sex at birth – their gender. HR systems in<br />

organisations are set to manage this binary view<br />

and people can be lawfully tracked accordingly,<br />

regardless of geographical location or industrial<br />

sector. It’s fair to say that statistical analysis by<br />

gender is universal.<br />

But the realisation is dawning on organisations<br />

that the terms ‘male’ and ‘female’ oversimplify<br />

matters, and that those within these two<br />

groups have very diverse cognitive identities,<br />

behaviours and expectations.<br />

Put simply, in addition to physical gender,<br />

each one of us possesses individual identifiers<br />

based on, for example, gender identity, sexual<br />

orientation, ethnic background and origin, age,<br />

abilities and disabilities, as well as nationality.<br />

Each of these traits makes it a nonsense to<br />

consider a workforce as being homogenous<br />

precisely because the identity of each one of us is<br />

wonderfully complex and clearly differentiated.<br />


We think it important to acknowledge all<br />

components of an individual’s identity as each<br />

can shape a contribution to the workplace just<br />

as much it can shape an employee’s experience<br />

of the workplace. By removing homogeneity and<br />

looking at an individual’s own and unique traits<br />

– known conceptually as ‘intersectional equity’<br />

– we can expressly recognise the differences<br />

that determine how a person experiences their<br />

time in, and contribution to, the workplace.<br />

But in recognising individual uniqueness,<br />

we should not be restricted to looking at each<br />

one of us through one defined prism at a time<br />

(e.g age, sex, skin color and nationality for<br />

example) either. Rather, we should consider all<br />

The UK Government,<br />

for example, has<br />

moved from a stance<br />

of not seeking to<br />

have organisations<br />

measure gaps in pay<br />

relating to gender,<br />

race, and ethnicity to<br />

the exact opposite – a<br />

legally prescribed<br />

requirement to<br />

measure and disclose.<br />

of our traits in their dynamic interaction.<br />

So, how do we consider what makes up our<br />

amazingly complex and phenomenally rich<br />

identities?<br />

It is interesting that gender at birth is usually<br />

disclosed by default, but that other elements<br />

that make up an individual’s identity are not as it<br />

might be natural to consider it an imposition to<br />

ask an individual, in the context of a professional<br />

environment, about elements of their identity<br />

that may be perceive as being very intimate and<br />

private to them.<br />

It makes sense there are many areas of<br />

a person’s life that they may wish to keep<br />

private – their socio-economic background and<br />

religion, for example, as well as those previously<br />

highlighted as our individual ‘identifiers’.<br />

But beyond the desire to maintain privacy is<br />

the very real concern held by some of us that<br />

the more an employer knows about such aspects<br />

of our identity, the higher the risk of a potential<br />

discrimination to occur. And in some cases –<br />

still too many, and still too often – this is exactly<br />

what happens.<br />

However, that doesn’t have to be so, and<br />

change can and shall happen.<br />


We have now moved away from the worry<br />

of workplace discrimination to a belief in<br />

information being used to create a more<br />

personalised workplace experience. The UK<br />

Government, for example, has moved from<br />

a stance of not seeking to have organisations<br />

measure gaps in pay relating to gender, race,<br />

and ethnicity to the exact opposite – a legally<br />

prescribed requirement to measure and<br />

disclose.<br />

The beauty of this concept – this<br />

intersectionality – is that it considers people<br />

holistically and has the power to change the<br />

moral contract that individuals maintain with<br />

their employer. They see that disclosure of<br />

this information can lead to the customisation<br />

of careers and more personalised workplace<br />

experiences. Rather than holding them back, it is<br />

something that can support their advancement<br />

and development in a highly personalised way.<br />

So, armed with an understanding of<br />

how important intersectionality is in the<br />

workplace, EDGE now invites organisations to<br />

add additional layers, based on diversity, to the<br />

analysis of their workplaces. This adds depth<br />

and completes the binary view based on gender<br />

– which is, as we have said, universal and can<br />

be measured in the same way across the globe.<br />

It’s essential to recognise that while aspects<br />

of diversity may be important, they do differ<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 38

ESG<br />

AUTHOR – Aniela Unguresan<br />

according to operational geography, specificities<br />

of the available talent pool, and business focus.<br />

By extension, some personality traits may be<br />

perceived as more pressing to organisations than<br />

others, but for best results, the whole spectrum of<br />

traits should be analysed.<br />


Practically speaking, the starting point for<br />

determining intersectional equity is to ask<br />

employees across the whole diversity spectrum<br />

for their opinions about their experience of the<br />

workplace. But it should be done in such a way as<br />

to be anonymous so that all can participate freely.<br />

Organisations may find it interesting to see who<br />

engages and who shares both their frustrations<br />

and positive thoughts.<br />

Organisations will find it highly relevant on which<br />

topics the views or experiences of different groups<br />

converge and where they diverge. And, needless<br />

to say, organisations will need to customise their<br />

questions according to geographical location and<br />

to account for local specificities as responses<br />

will differ across the world. The results have the<br />

potential to be very illuminating.<br />

Consider gender identity. There are unique<br />

layers of complexity in relation to gender identity<br />

and non-binary gender identity in the Silicon<br />

Valley compared to that found in the rest of<br />

the US, or elsewhere in the world for example.<br />

This makes it critically important to make the<br />

discovery process very personal. Success very much<br />

depends on choosing the identity categories that<br />

matter and examining the results for similarities<br />

and differences. Organisations armed with such<br />

knowledge, can review their policies and practices<br />

to craft a highly tailored and highly inclusive<br />

approach.<br />

Obviously, employees need to be assured that<br />

this disclosed information about their identities<br />

is protected so that, for example, personal selfdisclosed<br />

aspects of their identity is only accessible<br />

by a chief diversity officer, CHRO, and maybe one<br />

other person.<br />

Indeed, it is fundamental that employees<br />

feel that those who make day-to-day decisions<br />

on matters such as salary, promotions, and on<br />

leadership trajectories, cannot access this sensitive<br />

information and that it is only used to define their<br />

experience in the workplace and for no other<br />

purpose.<br />

Aniela Unguresan is the Founder<br />

of the EDGE Certified Foundation.<br />

Practically<br />

speaking, the<br />

starting point<br />

for determining<br />

intersectional<br />

equity is to<br />

ask employees<br />

across the<br />

whole diversity<br />

spectrum for<br />

their opinions<br />

about their<br />

experience of<br />

the workplace.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 39

Introducing our<br />


For further information and to discuss the opportunities of entering into a<br />

Corporate Partnership with the CI<strong>CM</strong>, please contact corporatepartners@cicm.com<br />

High Court Enforcement Group is the largest<br />

independent and privately owned High Court<br />

enforcement company in the country, with more<br />

authorised and experienced officers than anyone<br />

else. This allows us to build and manage our<br />

business in a way that puts our clients first.<br />

Clients trust us to deliver and service is paramount.<br />

We cover all aspects of enforcement –writs of<br />

control, possessions, process serving and landlord<br />

issues - and are committed to meeting and<br />

exceeding clients’ expectations.<br />

T: 08450 999 666<br />

E: clientservices@hcegroup.co.uk<br />

W: hcegroup.co.uk<br />

YayPay makes it easy for B2B finance teams to stay<br />

ahead of accounts receivable and get paid faster –<br />

from anywhere.<br />

Integrating with your ERP, CRM, and billing<br />

systems, YayPay presents your real-time data<br />

through cloud-based dashboards. Automation<br />

improves productivity by 3X and accelerates<br />

collections by up to 34 percent. Predictive analytics<br />

provide insight into payor behavior and an online<br />

portal enables customers to access their accounts<br />

and pay at any time.<br />

T: +44 (0)7465 423 538<br />

E: marketing@yaypay.com<br />

W: www.yaypay.com<br />

HighRadius provides a cloud-based Integrated<br />

Receivable Platform, powered by machine learning<br />

and AI. Our Technology empowers enterprise<br />

organisations to reduce cycle time in the order-tocash<br />

process and increase working capital availability<br />

by automating receivables and payments processes<br />

across credit, electronic billing and payment<br />

processing, cash application, deductions, and<br />

collections.<br />

T: +44 (0) 203 997 9400<br />

E: infoemea@highradius.com<br />

W: www.highradius.com<br />

Bottomline Technologies (NASDAQ: EPAY) helps<br />

businesses pay and get paid. Businesses and banks<br />

rely on Bottomline for domestic and international<br />

payments, effective cash management tools, automated<br />

workflows for payment processing and bill review<br />

and state of the art fraud detection, behavioural<br />

analytics and regulatory compliance. Every day, we<br />

help our customers by making complex business<br />

payments simple, secure and seamless.<br />

T: 0870 081 8250<br />

E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Our Creditor Services team can advise on the best<br />

way for you to protect your position when one of<br />

your debtors enters, or is approaching, insolvency<br />

proceedings. Our services include assisting with<br />

retention of title claims, providing representation at<br />

creditor meetings, forensic investigations, raising<br />

finance, financial restructuring and removing the<br />

administrative burden – this includes completing<br />

and lodging claim forms, monitoring dividend<br />

prospects and analysing all Insolvency Reports and<br />

correspondence.<br />

T: +44 (0)2073 875 868 - London<br />

T: +44 (0)2920 495 444 - Cardiff<br />

W: menzies.co.uk/creditor-services<br />

Key IVR provide a suite of products to assist companies<br />

across Europe with credit management. The<br />

service gives the end-user the means to make a<br />

payment when and how they choose. Key IVR also<br />

provides a state-of-the-art outbound platform<br />

delivering automated messages by voice and SMS.<br />

In a credit management environment, these services<br />

are used to cost-effectively contact debtors and<br />

connect them back into a contact centre or<br />

automated payment line.<br />

T: +44 (0) 1302 513 000<br />

E: sales@keyivr.com<br />

W: www.keyivr.com<br />

With 130+ years of experience, Graydon is a leading<br />

provider of business information, analytics, insights<br />

and solutions. Graydon helps its customers to make<br />

fast, accurate decisions, enabling them to minimise<br />

risk and identify fraud as well as optimise opportunities<br />

with their commercial relationships. Graydon<br />

uses 130+ international databases and the information<br />

of 90+ million companies. Graydon has offices in<br />

London, Cardiff, Amsterdam and Antwerp. Since 2016,<br />

Graydon has been part of Atradius, one of the world’s<br />

largest credit insurance companies.<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

Tinubu Square is a trusted source of trade credit<br />

intelligence for credit insurers and for corporate<br />

customers. The company’s B2B Credit Risk<br />

Intelligence solutions include the Tinubu Risk<br />

Management Center, a cloud-based SaaS platform;<br />

the Tinubu Credit Intelligence service and the<br />

Tinubu Risk Analyst advisory service. Over 250<br />

companies rely on Tinubu Square to protect their<br />

greatest assets: customer receivables.<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com.<br />

Building on our mature and hugely successful<br />

product and world class support service, we are<br />

re-imagining our risk awareness module in 2019 to<br />

allow for hugely flexible automated worklists and<br />

advanced visibility of areas of risk. Alongside full<br />

integration with all credit scoring agencies (e.g.<br />

Creditsafe), this makes Credica a single port-of-call<br />

for analysis and automation. Impressive results<br />

and ROI are inevitable for our customers that also<br />

have an active input into our product development<br />

and evolution.<br />

T: 01235 856400<br />

E: info@credica.co.uk<br />

W: www.credica.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 40

Each of our Corporate Partners is carefully selected for<br />

their commitment to the profession, best practice in the<br />

Credit Industry and the quality of services they provide.<br />

We are delighted to showcase them here.<br />

They're waiting to talk to you...<br />

Hays Credit Management is a national specialist<br />

division dedicated exclusively to the recruitment of<br />

credit management and receivables professionals,<br />

at all levels, in the public and private sectors. As<br />

the CI<strong>CM</strong>’s only Premium Corporate Partner, we<br />

are best placed to help all clients’ and candidates’<br />

recruitment needs as well providing guidance on<br />

CV writing, career advice, salary bench-marking,<br />

marketing of vacancies, advertising and campaign<br />

led recruitment, competency-based interviewing,<br />

career and recruitment trends.<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Court Enforcement Services is the market<br />

leading and fastest growing High Court Enforcement<br />

company. Since forming in 2014, we have managed<br />

over 100,000 High Court Writs and recovered more<br />

than £187 million for our clients, all debt fairly<br />

collected. We help lawyers and creditors across all<br />

sectors to recover unpaid CCJ’s sooner rather than<br />

later. We achieve 39 percent early engagement<br />

resulting in market-leading recovery rates. Our<br />

multi-award-winning technology provides real-time<br />

reporting 24/7.<br />

T: +44 (0)1992 367 092<br />

E: a.whitehurst@courtenforcementservices.co.uk<br />

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

Shoosmiths’ highly experienced team will work<br />

closely with credit teams to recover commercial<br />

debts as quickly and cost effectively as possible.<br />

We have an in depth knowledge of all areas of debt<br />

recovery, including:<br />

• Pre-litigation services to effect early recovery and<br />

keep costs down • Litigation service • Insolvency<br />

• Post-litigation services including enforcement<br />

As a client of Shoosmiths, you will find us quick to<br />

relate to your goals, and adept at advising you on the<br />

most effective way of achieving them.<br />

T: 03700 86 3000<br />

E: paula.swain@shoosmiths.co.uk<br />

W: www.shoosmiths.co.uk<br />

Forums International has been running Credit and<br />

Industry Forums since 1991 covering a range of<br />

industry sectors and international trading. Attendance<br />

is for credit professionals of all levels. Our forums<br />

are not just meetings but communities which<br />

aim to prepare our members for the challenges<br />

ahead. Attending for the first time is free for you to<br />

gauge the benefits and meet the members and we<br />

only have pre-approved Partners, so you will never<br />

intentionally be sold to.<br />

T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Data Interconnect provides corporate Credit Control<br />

teams with Accounts Receivable software for bulk<br />

e-invoicing, collections, dispute management and<br />

invoice finance. The modular, cloud-based Corrivo<br />

platform can be configured for any business model.<br />

It integrates with all ERP systems and buyer AP<br />

platforms or tax regimes. Customers can self-serve<br />

on mobile friendly portals, however their invoices are<br />

delivered, and Credit Controllers can easily extract<br />

data for compliance, audit and reporting purposes.<br />

T: +44 (0)1367 245777<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

Serrala optimizes the Universe of Payments for<br />

organisations seeking efficient cash visibility<br />

and secure financial processes. As an SAP<br />

Partner, Serrala supports over 3,500 companies<br />

worldwide. With more than 30 years of experience<br />

and thousands of successful customer projects,<br />

including solutions for the entire order-to-cash<br />

process, Serrala provides credit managers and<br />

receivables professionals with the solutions they<br />

need to successfully protect their business against<br />

credit risk exposure and bad debt loss.<br />

T: +44 118 207 0450<br />

E: contact@serrala.com<br />

W: www.serrala.com<br />

American Express® is a globally recognised<br />

provider of business payment solutions, providing<br />

flexible capabilities to help companies drive<br />

growth. These solutions support buyers and<br />

suppliers across the supply chain with working<br />

capital and cashflow.<br />

By creating an additional lever to help support<br />

supplier/client relationships American Express is<br />

proud to be an innovator in the business payments<br />

space.<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

The Company Watch platform provides risk analysis<br />

and data modelling tools to organisations around<br />

the world that rely on our ability to accurately predict<br />

their exposure to financial risk. Our H-Score®<br />

predicted 92 percent of quoted company insolvencies<br />

and our TextScore® accuracy rate was 93<br />

percent. Our scores are trusted by credit professionals<br />

within banks, corporates, investment houses<br />

and public sector bodies because, unlike other credit<br />

reference agencies, we are transparent and flexible<br />

in our approach.<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

Esker’s Accounts Receivable (AR) solution removes<br />

the all-too-common obstacles preventing today’s<br />

businesses from collecting receivables in a<br />

timely manner. From credit management to cash<br />

allocation, Esker automates each step of the orderto-cash<br />

cycle. Esker’s automated AR system helps<br />

companies modernise without replacing their<br />

core billing and collections processes. By simply<br />

automating what should be automated, customers<br />

get the post-sale experience they deserve and your<br />

team gets the tools they need.<br />

T: +44 (0)1332 548176<br />

E: sam.townsend@esker.co.uk<br />

W: www.esker.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 41

Introducing our<br />


Each of our Corporate Partners is carefully selected for their commitment<br />

to the profession, best practice in the Credit Industry and the quality of<br />

services they provide. We are delighted to showcase them here.<br />

For further information and to discuss the opportunities of entering into a<br />

Corporate Partnership with the CI<strong>CM</strong>, please contact corporatepartners@cicm.com<br />

Chris Sanders Consulting – we are a different<br />

sort of consulting firm, made up of a network of<br />

independent experienced operational credit and<br />

collections management and invoicing professionals,<br />

with specialisms in cross industry best practice<br />

advisory, assessment, interim management,<br />

leadership, workshops and training to help your<br />

team and organisation reach their full potential in<br />

credit and collections management. We are proud to<br />

be Corporate Partners of the Chartered Institute of<br />

Credit Management and to manage the CI<strong>CM</strong> Best<br />

Practice Accreditation Programme on their behalf.<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

VISMA | Onguard is a specialist in credit management<br />

software and market leader in innovative solutions for<br />

order-to-cash. Our integrated platform ensures an optimal<br />

connection of all processes in the order-to-cash<br />

chain. This enhanced visibility with the secure sharing<br />

of critical data ensures optimal connection between<br />

all processes in the order-to-cash chain, resulting<br />

in stronger, longer-lasting customer relationships<br />

through improved and personalised communication.<br />

The VISMA | Onguard platform is used for successful<br />

credit management in more than 70 countries.<br />

T: 020 3868 0947<br />

E: edan.milner@onguard.com<br />

W: www.onguard.com<br />

The CI<strong>CM</strong> Benevolent Fund is<br />

here to support members of<br />

the CI<strong>CM</strong> in times of need.<br />

Some examples of how CI<strong>CM</strong> have helped our members are:<br />

• Financed the purchase of a mobility scooter for a disabled member.<br />

• Helped finance the studies of the daughter of a member who<br />

became unexpectedly ill.<br />

• Financed the purchase of computer equipment to assist an<br />

unemployed member set up a business.<br />

• Contributed towards the purchase of an orthopaedic bed for one<br />

member whose condition was thereby greatly eased.<br />

• Helped with payment for a drug, not available on the NHS, for<br />

medical treatment of another member.<br />

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

help. (Your application will then be reviewed by the CI<strong>CM</strong> Benevolent Fund committee and<br />

you will be advised of their decision as quickly as possible)<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 42


Controversial practices<br />

Clamping down on fire and rehire tactics, and<br />

questioning bonus schemes for notice periods.<br />

AUTHOR – Gareth Edwards<br />

THE UK Government has<br />

announced that a new<br />

Statutory Code of Practice<br />

will be published on the<br />

use of 'fire and rehire'<br />

practices following the<br />

mass redundancies carried out by P&O<br />

Ferries in March.<br />

A Statutory Code of Practice is a<br />

written code approved by the Secretary<br />

of State and laid before Parliament. It<br />

contains guidance rather than strict<br />

legal obligations, but tribunals and<br />

courts are required to take compliance<br />

with a code into account in determining<br />

relevant legal proceedings, including<br />

unfair dismissal claims. They will have<br />

the power to apply an uplift of up to 25<br />

percent of an employee's compensation<br />

if a code applies and the employer had<br />

unreasonably failed to follow it.<br />

To recap, on 17 March <strong>2022</strong>, P&O<br />

Ferries fired 800 seafarers via a prerecorded<br />

message to replace them<br />

with lesser paid agency staff. The CEO<br />

admitted the company decided not to<br />

follow any sort of consultation process<br />

prior to firing its staff, stating the<br />

decision was necessary for the business<br />

to survive. The company offered<br />

enhanced payments to redundant<br />

employees if they enter into settlement<br />

agreements.<br />

As for the obligation to inform and<br />

consult, if 20 or more employees are to<br />

be made redundant within any 90-day<br />

period at a single establishment, the<br />

employer is under a duty to collectively<br />

consult with recognised trade unions, or<br />

employee representatives if there is no<br />

recognised union.<br />

Although there are no set rules to<br />

follow if there are a smaller number<br />

of redundancies planned, employers<br />

should also consult individually with<br />

staff before any redundancy.<br />

The Government has previously<br />

confirmed it has no plans to legislate<br />

against fire and rehire. Given this, it is<br />

likely that the emphasis of the new code<br />

will not be on preventing employers<br />

from taking action, but on adding extra<br />

protection for staff who might suffer<br />

unfair treatment.<br />

Resignation, bonus and PILON<br />

CAN a pay in lieu of notice (PILON) clause<br />

exercised after an employee has already<br />

resigned, change a resignation into a<br />

dismissal? It cannot according to the<br />

Employment Appeal Tribunal (EAT).<br />

In the case of Fentem v Outform EMEA<br />

Ltd, Mr Fentem resigned on nine months’<br />

notice which was due to expire on 16<br />

January 2020. His contract of employment<br />

contained a PILON clause and provided<br />

that he needed to work his entire notice<br />

period in order to receive his bonus.<br />

On 19 December 2019, his employer<br />

decided to bring his employment to an<br />

end with immediate effect, making a<br />

payment in lieu of the outstanding period<br />

of notice as permitted under the PILON<br />

clause.<br />

Section 95 of the Employment Rights Act<br />

1996 sets out the circumstances in which<br />

an employee will be treated as dismissed<br />

for the purposes of unfair dismissal. One<br />

of those circumstances is if ‘‘the contract<br />

under which (the employee) is employed<br />

is terminated by the employer (whether<br />

with or without notice)’’. On the face of<br />

it, this would appear to apply when an<br />

employer exercises a contractual PILON<br />

clause, even if the employee has already<br />

resigned.<br />

However, in the 1994 case of Marshall<br />

(Cambridge) Ltd v Hamblin the EAT held<br />

that an employee's resignation was not<br />

subsequently converted into a dismissal<br />

under Section 95 when the employer<br />

exercised its contractual right to make a<br />

PILON.<br />

Fentem sought to bring an unfair<br />

dismissal claim in light of his termination<br />

date having been brought forward. The<br />

tribunal, being bound by the Marshall<br />

case, found that there had also been no<br />

dismissal in Fentem, and his employment<br />

had terminated by reason of resignation.<br />

Fentem appealed unsuccessfully to the<br />

EAT. The EAT found that the effect of a<br />

PILON in cases where the employee has<br />

already resigned will be to alter the date<br />

on which the resignation takes effect,<br />

rather than to replace the resignation<br />

with a dismissal in law.<br />

The EAT remarked that it found fault<br />

with some of the reasoning in the Marshall<br />

case. However, despite there being flaws<br />

in the reasoning of the Marshall case,<br />

the EAT found the outcome of the case<br />

was not 'manifestly wrong'. This meant<br />

the EAT was bound by the Marshall case<br />

when considering Fentem's claim. His<br />

appeal was dismissed.<br />

Fentem is seeking permission to<br />

apply to the Court of Appeal against the<br />

decision.<br />

The learning point for employers is to<br />

consider whether to make bonus schemes<br />

accessible to staff working out their<br />

notice periods. In Fentem's case, if no<br />

bonus was due because he was working<br />

out his notice, his employer might not<br />

have invoked the PILON clause, and might<br />

have avoided the dispute altogether.<br />

Gareth Edwards is a partner in<br />

the employment team at VWV<br />

www.gedwards@vwv.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 43


Opportunity knocks<br />

First time exporters need to plan for the basics.<br />

AUTHOR – Adam Bernstein<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 44


AUTHOR – Adam Bernstein<br />

THE eighteenth century saw<br />

Britain termed a ‘nation of<br />

shopkeepers’. But now, more<br />

than two centuries on, the<br />

country has transformed<br />

into a nation of exporters.<br />

So great is the change that a February <strong>2022</strong><br />

House of Commons research briefing,<br />

Trade: Key Economic Indicators, noted<br />

that the total value of the UK’s exports of<br />

goods and services in 2021 stood at £619bn,<br />

with 42 percent of that value heading<br />

toward the European Union.<br />

Using World Bank Data for 2020, it’s<br />

possible to see just how well the UK is<br />

doing. For a country so diminutive in size,<br />

the UK is the world’s fifth largest exporter<br />

and is placed behind – in reverse order<br />

– Japan, Germany, the US and first place<br />

China.<br />

But the Government wants, and is<br />

encouraging, more. Consider what it’s<br />

done for agriculture. In <strong>June</strong> 2021, the<br />

Department for International Trade<br />

announced a mentorship programme<br />

in partnership with the Agriculture and<br />

Horticulture Development Board and<br />

the National Farmers Union to help UK<br />

farmers and food producers boost their<br />

exports.<br />

According to the Government, the UK<br />

exported £21.7bn worth of food and drink<br />

in 2020 and it says that within the next<br />

decade: “two-thirds of the world’s middle<br />

classes will be in Asia, creating new<br />

export opportunities for British farming”.<br />

By pairing farmers and other food<br />

producers with experienced exporters,<br />

the Government hopes that this will lead<br />

to an increase in sales for UK agricultural<br />

businesses and the chance to open new<br />

customer bases abroad.<br />

For many businesses seeking to take<br />

advantage of this scheme, and others<br />

that serve different sectors, this could<br />

be the first time they have contemplated<br />

exporting their goods abroad. But what<br />

are the basics that they should consider?<br />

Patrick McCallum, an associate at<br />

Wright Hassall outlines several key<br />

considerations.<br />


One of the first things Patrick discusses is<br />

the importance of knowing the territory,<br />

that is, the destination for exported goods.<br />

“It involves a considerable amount of<br />

market research to identify, for example,<br />

in which countries and regions there is<br />

a particular demand for products,” he<br />

explains.<br />

He talks also of recent opportunities that<br />

post-Brexit trade deals may have created for<br />

UK businesses, as well as those countries<br />

and regions it is cheaper to export to.<br />

“Exporters would do well to think if they<br />

have existing contacts in any territories<br />

that could help get an initial foothold<br />

quicker than they otherwise could<br />

achieve.”<br />


With targets pinpointed, Patrick turns next<br />

to the need to appoint a representative<br />

in the chosen territory – someone who<br />

possesses all the local knowledge,<br />

networks, and commercial standing to<br />

help an exporter market and sell goods.<br />

As to whom is picked to carry out this<br />

task, “they will play a massive part in the<br />

success of a firm’s sales abroad, so due<br />

diligence is key,” he says. “Once identified,<br />

thought will need to be given to the basis<br />

on which they are to be appointed – are<br />

they to be an agent or a distributor?”<br />

There are pros and cons to both<br />

approaches.<br />

“An agent will seek out customers in<br />

the territory and, where they have been<br />

granted authority to do so, enter into<br />

contracts on the exporter’s behalf.”<br />

This means that an exporter would have<br />

a direct contractual relationship with<br />

customers in the agent’s territory. In most<br />

cases, the agent will receive a commission<br />

based on a fixed percentage of all fees<br />

generated from sales within their territory.<br />

Patrick cautions, however, that an agent<br />

would be entitled to compensation on<br />

termination of their contract to reflect the<br />

goodwill it has generated for the exporter.<br />

In contrast, while a distributor will also<br />

seek out customers in their territory, they<br />

purchase goods from the exporter to resell.<br />

“It is the distributor that has the<br />

contractual relationship with customers<br />

in their territory,” he explains. “The<br />

exporter would not pay a distributor<br />

any commission on sales they generate.<br />

Instead, they would look to apply a markup<br />

to the goods when they sell them on.”<br />


Another element that Patrick draws<br />

attention to is logistics and transport. And<br />

post-Brexit, he says that exports and legal<br />

responsibility is no longer a simple matter.<br />

He points out that if an agent or<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 45<br />

distributor is to take the lead, the exporter<br />

will need to clarify “who will bear the<br />

cost of transportation, insurance during<br />

transit, and import and export duties.”<br />

With a multitude of international rules<br />

and regulations to comply with – along<br />

with different languages to contend with<br />

– it can be time consuming and expensive<br />

to negotiate the various commercial<br />

issues involved in the international<br />

transportation of goods.<br />

This is why, to save time, he recommends<br />

the use of one of 11 sets of Incoterms<br />

(which can be found on https://iccwbo.<br />

org/) that set out default positions for<br />

the parties to adopt. There are multiple<br />

sets of Incoterms because, as Patrick<br />

says: “each strikes a different balance of<br />

responsibilities between the parties. But as<br />

to which set are adopted, this will depend<br />

on who has more bargaining power and<br />

who wants to accept responsibility for<br />

what.<br />

“Ultimately, if the exporter is to be<br />

responsible for transporting goods to<br />

their destination, it may want to engage<br />

a third-party logistics services provider<br />

(3PL). It’s possible that delivery may need<br />

to take place in stages for which there may<br />

be a need to engage multiple 3PLs and<br />

warehousing providers.”<br />


Not as obvious as it might appear, but<br />

exporters need to consider the branding<br />

that should appear on goods, along with<br />

how they are packaged and promoted.<br />

A distributor is likely to want to attach<br />

its own branding as well as the exporter’s<br />

own. This may not be a bad thing as Patrick<br />

explains: “Given that the distributor will<br />

have an established reputation in the<br />

territory, their branding may help increase<br />

sales as customers are more likely to<br />

respond positively to their branding than<br />

the exporter’s.”<br />

But it’s just as important to consider<br />

what should happen if a distributor<br />

wants to remove an exporter’s branding<br />

entirely as this will prevent them gaining<br />

a market presence in the territory. For<br />

Patrick, “this may be acceptable so long as<br />

the distributor is purchasing a sufficient<br />

quantity of goods to make up for the<br />

demand.”<br />

Beyond this is the question of how<br />

exporters control the promotion of their<br />

goods. Will agents or distributors be<br />

required to only use marketing materials<br />

continues on page 46 >


AUTHOR – Adam Bernstein<br />

provided by the exporter? Is there to be a brand<br />

guideline that needs to be followed? If agents<br />

or distributors are going to be permitted to<br />

produce their own marketing, will this need<br />

exporter sign off before use in any campaign?<br />


Where an agency is the chosen route,<br />

commercial consideration will need to be<br />

given as to what rate of commission that will<br />

be paid on sales generated in the territory.<br />

Here Patrick says that an option is to “offer a<br />

higher rate of commission on all sales over a<br />

minimum number within a specified period<br />

or where they secure particularly large orders.”<br />

When it comes to distributors, a similar<br />

consideration will need to be given to price<br />

charged by the exporter to enable profits for<br />

both parties. It may be, as Patrick says, that<br />

a distributor is offered discounts on goods<br />

ordered above a minimum number placed<br />

within a specified period.<br />

But no matter the deal struck, Patrick says<br />

that payment terms are crucial. He adds<br />

that for agents: “exporters need to think how<br />

frequently they will account for commission<br />

agents will have earned. And for distributors,<br />

the same thought will need to be applied to<br />

how many days they will be granted to pay<br />

invoices.”<br />

Currency is another key term to discuss,<br />

regardless of whether an agent or distributor<br />

is used, for exchange rates fluctuate and can<br />

turn thin margins into a large loss. “It will need<br />

to be agreed as to which party will bear the<br />

risk of any significant fluctuations between<br />

sterling and the agent’s or distributor’s<br />

currency,” he says. “This can be problematic if<br />

the negotiating power of the parties is unequal<br />

- one party may end up bearing all the risk.”<br />

It may be possible for the parties to<br />

eventually agree that each accepts a degree of<br />

risk within specified parameters, but that one<br />

bears the risk if there is a currency fluctuation<br />

outside of these parameters.<br />


In any sales agreement – agency or<br />

distributorship – it’s logical that there need to<br />

be incentives for the representative to want to<br />

maximise sales in the territory.<br />

While high rates of commission on sales<br />

generated can spur on agents, and competitive<br />

prices for goods drive distributors, further<br />

inducements may be necessary. On this<br />

Patrick thinks minimum sales targets can<br />

have a positive effect. “They reward the agent<br />

or distributor by offering extra commission<br />

on goods sold or greater discounts on goods<br />

purchased above a minimum sales target.”<br />

Conversely, he has seen such targets used<br />

“to penalise poor performance through<br />

the termination of an agreement and/or<br />

withdrawing any exclusivity rights they may<br />

enjoy within the territory where they fail to<br />

meet such minimum sales target.”<br />

Allied to this is the option to grant<br />

exclusivity to an agent or distributor as an<br />

added incentive. “However, if an agent or<br />

distributor is appointed on an exclusive basis,<br />

no one else – not even the exporter – can sell<br />

or promote in the territory. This gives the<br />

agent or distributor complete control over<br />

customers in their territory and removes the<br />

risk of any of their competitors stealing their<br />

commission or undercutting their prices,”<br />

Patrick warns.<br />

It shouldn’t be forgotten that there is an<br />

element of risk in appointing on an exclusive<br />

basis – the exporter will be completely<br />

beholden to them for sales in the territory.<br />

This is why he says that “if considering an<br />

appointment on an exclusive basis, exporters<br />

should include a minimum sales target and<br />

other triggers which allow the withdrawal<br />

of exclusivity if they are not performing as<br />

expected.”<br />


The last area that Patrick discusses relates to<br />

trust – that appointing an agent or distributor<br />

means placing faith in that business to act in<br />

the exporter’s best interests.<br />

As such, he says that “it is wise to put in<br />

place a governance structure whereby each<br />

party will have a designated representative<br />

to deal with the day-to-day running of the<br />

relationship. Further, the agent or distributor<br />

should be obliged to regularly report on<br />

concluded sales, potential sales, the success of<br />

marketing campaigns, issues with the goods<br />

and other important information.”<br />

Outside of this, it makes sense for both<br />

sides to hold regular meetings to assess the<br />

relationship, resolve any ongoing issues, and<br />

plans for the future.<br />


Choosing to export for the first time is a big<br />

step for any organisation. Profitable as it may<br />

be, it is important to be aware of the issues<br />

involved and to record what all have agreed in<br />

the contract. Parties can refer to this as and<br />

when any dispute arises.<br />

Adam Bernstein is a freelance<br />

business writer.<br />

“Ultimately, if the exporter is to be responsible for<br />

transporting goods to their destination, it may want to<br />

engage a third-party logistics services provider (3PL). It’s<br />

possible that delivery may need to take place in stages for<br />

which there may be a need to engage multiple 3PLs and<br />

warehousing providers.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 46

ig thank you to everyone who came to our<br />

recent CI<strong>CM</strong> North East Branch Quiz, we are<br />

so happy to be back with our first face-to-face<br />

event after two years! Sustained by excellent<br />

food and drink served up by the staff at the<br />

A.. prestigious city venue at St James Park, the<br />

Quiz-Mistress and Branch Chair, Angie Deverick, dusted off the<br />

notorious green folder and put 40 hardy souls through some<br />

fun paces, ably assisted by Paul Card's tricky music round. The<br />

victorious ‘Muckle 1’ (Muckle LLP) beat off stiff competition<br />

from teams representing local businesses, ‘Muckle 2’, James<br />

Burrell Builders Merchants, Interpath Advisory and Paul Card<br />

Recruitment, Hays Accountancy, Frank Recruitment Group,<br />

Sintons Law Firm, Darchem Engineering, Inchcape and<br />

Robson Laidler, to take the title back from FRG, and claim the<br />

pick of the team prizes.<br />

No-one went home empty-handed: the originally intended<br />

Chocolate Santas mysteriously morphed into Easter Bunnies<br />

but the legendary Christmas mugs made it unscathed! Thanks<br />

also to generous spot prizes donated by Hays Accountancy &<br />

Finance, Global Credit Recoveries Ltd., Paul Card Recruitment,<br />

and Muckle LLP – their support is much appreciated.<br />

Keep posted on all of our branch events in the upcoming<br />

events section of the website at www.cicm.com and make sure<br />

you are signed up for CI<strong>CM</strong> emails to receive your invitations!<br />


Return of the Quiz<br />

North East Branch<br />

AUTHOR – Angie Deverick<br />

ANNUAL<br />


The eighth Annual General Meeting of the Chartered<br />

Institute of Credit Management will be held on<br />

Thursday, 16 <strong>June</strong> <strong>2022</strong> at 1 Accent Park, Bakewell<br />

Road, Orton Southgate, Peterborough PE2 6XS at<br />

13:00 (or at the rising of the Advisory Council from<br />

its preceding meeting, whichever is later).<br />

If you plan to attend, please advise via email to<br />

governance@cicm.com as soon as you are able, and<br />

no later than 13:00 on Wednesday, 15 <strong>June</strong> <strong>2022</strong>.<br />

By order of the Executive Board<br />

Sue Chapple FCI<strong>CM</strong><br />

Chief Executive<br />

To read the Notice, visit:<br />

http://www.cicm.com/about-cicm/governance/<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 47



menzies.co.uk/creditor-services<br />

ust as the challenges brought on positions offering higher salaries. open and transparent way helps them<br />

Just as the challenges brought on positions offering higher salaries. open and transparent way helps them<br />

y the global pandemic began to Employers that are unable to meet to feel more accountable to the<br />

by the global pandemic began to Employers that are unable to meet to feel more accountable to the<br />

ane, economic sanctions<br />

employees’ salary expectations are business,” commented Sue Chapple.<br />

wane, economic sanctions<br />

employees’ salary expectations are business,” commented Sue Chapple.<br />

troduced in response to Russia’s experiencing debilitating worker<br />

introduced in response to Russia’s experiencing debilitating worker<br />

vasion of Ukraine and persisting shortages.<br />

In an attempt to beat worker shortages<br />

invasion of Ukraine and persisting shortages.<br />

In an attempt to beat worker shortages<br />

upply chain disruption have piled<br />

and recruit talented people, a growing<br />

supply chain disruption have piled<br />

and recruit talented people, a growing<br />

et more pressure on businesses. Yvette Gray, Collections Country number of businesses are looking<br />

yet more pressure on businesses. Yvette Gray, Collections Country number of businesses are looking<br />

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Some have been pushed to the Director for the UK and Ireland at further afield. Prior to the pandemic,<br />

rink of insolvency, but should we trade credit insurer, Atradius, said: many employers may not have<br />

brink of insolvency, but should we trade credit insurer, Atradius, said: many employers may not have<br />

xpect things to get worse before<br />

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expect things to get worse before<br />

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they start to get better?<br />

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become a major challenge for many common. James Armitage, Chief<br />

become a major challenge for many common. James Armitage, Chief<br />

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businesses, particularly small and Operating Officer at Zero Deposit,<br />

Rising energy and fuel prices,<br />

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ombined with the soaring cost of medium-sized enterprises that struggle which offers deposit-free renting, said:<br />

combined with the soaring cost of medium-sized enterprises that struggle which offers deposit-free renting, said:<br />

ommodities such as grain,<br />

to match the remuneration and reward<br />

commodities such as grain,<br />

to match the remuneration and reward<br />

edstocks, sunflower oil, and a host of packages of larger companies. Worker “Developers are among those workers<br />

feedstocks, sunflower oil, and a host of packages of larger companies. Worker “Developers are among those workers<br />

re earth elements used in the<br />

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rare earth elements used in the<br />

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roduction of semiconductors and performances, particularly in sectors currently employ staff based in Spain<br />

production of semiconductors and performances, particularly in sectors currently employ staff based in Spain<br />

thium-ion batteries, are causing that offloaded staff in large numbers at and Poland. Flying them in for key<br />

lithium-ion batteries, are causing that offloaded staff in large numbers at and Poland. Flying them in for key<br />

ignificant disruption across many the height of the pandemic, such as meetings is more affordable than many<br />

significant disruption across many the height of the pandemic, such as meetings is more affordable than many<br />

dustries. The fact that many<br />

hospitality & leisure and non-food employers might think and this way we<br />

industries. The fact that many<br />

hospitality & leisure and non-food employers might think and this way we<br />

usinesses are facing demands to start retail.”<br />

gain access to a wider talent pool.”<br />

businesses are facing demands to start retail.”<br />

gain access to a wider talent pool.”<br />

paying pandemic-related business<br />

repaying pandemic-related business<br />

ans is adding to the financial<br />

When it comes to managing debt at a<br />

loans is adding to the financial<br />

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ressures.<br />

time of rising inflation, businesses in<br />

pressures.<br />

time of rising inflation, businesses in<br />

sectors worst affected by the fallout<br />

sectors worst affected by the fallout<br />

ome businesses are being forced to<br />

from the Ukraine conflict are taking a<br />

Some businesses are being forced to<br />

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ass on price increases to their<br />

cautious approach. Many<br />

pass on price increases to their<br />

cautious approach. Many<br />

ustomers, despite understanding the<br />

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customers, despite understanding the<br />

are choosing not to increase credit<br />

eed to stay competitive to protect<br />

limits in line with inflation and the<br />

need to stay competitive to protect<br />

limits in line with inflation and the<br />

eir market position. In some cases, Employers are trying new things to increased cost of commodities, and<br />

their market position. In some cases, Employers are trying new things to increased cost of commodities, and<br />

is is having a negative impact on attract and retain employees. Menzies most have credit insurance in place.<br />

this is having a negative impact on attract and retain employees. Menzies most have credit insurance in place.<br />

emand and revenues are entering a LLP has implemented ‘Make a<br />

However, collection issues are<br />

demand and revenues are entering a LLP has implemented ‘Make a<br />

However, collection issues are<br />

ownward spiral.<br />

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downward spiral.<br />

Difference Week’ where staff are becoming more prevalent for those<br />

encouraged to spend a day of the businesses that are reliant on<br />

encouraged to spend a day of the businesses that are reliant on<br />

peaking at a roundtable hosted by firm’s time making a difference in their commodities or other supplies typically<br />

Speaking at a roundtable hosted by firm’s time making a difference in their commodities or other supplies typically<br />

ccountancy firm, Menzies LLP, Sue local communities by supporting a sourced from Ukraine or Russia. The<br />

accountancy firm, Menzies LLP, Sue local communities by supporting a sourced from Ukraine or Russia. The<br />

happle, Chief Executive of the charitable initiative or environmental products in short supply include<br />

Chapple, Chief Executive of the charitable initiative or environmental products in short supply include<br />

hartered Institute of Credit<br />

project. “It’s a great way of giving feedstocks, grain, sunflower oil and<br />

Chartered Institute of Credit<br />

project. “It’s a great way of giving feedstocks, grain, sunflower oil and<br />

anagement (CI<strong>CM</strong>), said:<br />

people something more than a<br />

certain rare earth metals and gases,<br />

Management (CI<strong>CM</strong>), said:<br />

people something more than a<br />

certain rare earth metals and gases,<br />

financial rewards package that enables such as palladium and neon, which are<br />

financial rewards package that enables such as palladium and neon, which are<br />

or credit managers and finance them to make a difference locally, and used in the production of<br />

“For credit managers and finance them to make a difference locally, and used in the production of<br />

aders, balancing the need to recover more than half of the firm’s employees semiconductors. In some cases, prices<br />

leaders, balancing the need to recover more than half of the firm’s employees semiconductors. In some cases, prices<br />

ebts with maintaining supply lines and have opted into the scheme in its first have more than doubled since Russia<br />

debts with maintaining supply lines and have opted into the scheme in its first have more than doubled since Russia<br />

elping to keep the business on an year,” said Bethan Evans, Business invaded Ukraine.<br />

helping to keep the business on an year,” said Bethan Evans, Business invaded Ukraine.<br />

ven keel has never been more Recovery Partner at the firm. Other<br />

even keel has never been more Recovery Partner at the firm. Other<br />

hallenging.<br />

popular strategies that businesses are<br />

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popular strategies that businesses are<br />

o some extent, businesses have introducing include a greater focus on<br />

“To some extent, businesses have introducing include a greater focus on<br />

een held in aspic during the<br />

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been held in aspic during the<br />

flexible working, childcare support and<br />

andemic, but the removal of<br />

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pandemic, but the removal of<br />

optional benefits intended to promote<br />

andemic support measures, including work-life balance. More sabbaticals,<br />

pandemic support measures, including work-life balance. More sabbaticals,<br />

oronavirus Bounce Back Loans, has paid and unpaid, are among the With large numbers of container ships<br />

Coronavirus Bounce Back Loans, has paid and unpaid, are among the With large numbers of container ships<br />

iven way to a complex web of global benefits on offer.<br />

currently held up in ports and no<br />

given way to a complex web of global benefits on offer.<br />

currently held up in ports and no<br />

conomic and geopolitical constraints.”<br />

indication of when the situation might<br />

economic and geopolitical constraints.”<br />

indication of when the situation might<br />

“Pay and benefits are important when it start to improve, supply chain<br />

“Pay and benefits are important when it start to improve, supply chain<br />

ith inflation at a 30-year high, one of comes to keeping talented people, but disruption is expected to stay. The<br />

With inflation at a 30-year high, one of comes to keeping talented people, but disruption is expected to stay. The<br />

e key problems many businesses are employers should aim to give<br />

longer this situation continues, the<br />

the key problems many businesses are employers should aim to give<br />

longer this situation continues, the<br />

cing is unrealistic salary<br />

individuals greater sense of ownership greater the financial pressure it will<br />

facing is unrealistic salary<br />

individuals greater sense of ownership greater the financial pressure it will<br />

xpectations. The buoyant job market, by ensuring they understand what the place on UK-based businesses. The<br />

expectations. The buoyant job market, by ensuring they understand what the place on UK-based businesses. The<br />

riven by low unemployment and business does, how it makes money number of corporate insolvencies in<br />

driven by low unemployment and business does, how it makes money number of corporate insolvencies in<br />

creases in the cost of living is<br />

and how it is performing.<br />

March rose by 39.4%, according to the<br />

increases in the cost of living is<br />

and how it is performing.<br />

March rose by 39.4%, according to the<br />

ncouraging workers to pursue<br />

Communicating with workers in a more insolvency body R3, up by 111.6% on<br />

encouraging workers to pursue<br />

Communicating with workers in a more insolvency body R3, up by 111.6% on<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 48

March 2021. The majority of these<br />

insolvencies are Company Voluntary<br />

Liquidations (CVLs), which are<br />

initiated by directors who have made<br />

the difficult decision to wind up the<br />

business because it is no longer<br />

viable.<br />

Bethan Evans, Business Recovery<br />

Partner at Menzies LLP, said:<br />

“We have been expecting a<br />

spike in corporate<br />

insolvencies coming out of the<br />

pandemic and the numbers are<br />

starting to rise.<br />

“Few businesses have<br />

managed to survive the<br />

pandemic unscathed - many<br />

have loans that need repaying<br />

and reduced cash reserves<br />

and revenues available to<br />

them. HMRC is also petitioning<br />

more in cases where there is<br />

significant underpayment.<br />

“Compounding this situation,<br />

the impact of Russian<br />

sanctions and ongoing supply<br />

chain disruption has<br />

depressed economic growth<br />

forecasts and businesses are<br />

facing significant cost<br />

inflation, and in some<br />

instances, they are no longer<br />

viable. More insolvencies are<br />

already coming through in the<br />

construction, manufacturing<br />

and retail sectors, and it is<br />

important that finance teams<br />

seek advice as soon as they<br />

can.”<br />

Following Russia’s invasion of<br />

Ukraine, the Bank of England was the<br />

first central bank to tighten monetary<br />

policy by raising interest rates from<br />

0.5% to 0.75% in March <strong>2022</strong>.<br />

Tommaso Aquilante, Associate<br />

Director of economic research at<br />

Dun & Bradstreet, commented:<br />

“The Bank of England was the first<br />

major central bank to take steps<br />

against rising inflation. The US Federal<br />

Reserve also increased interest rates<br />

for the first time since 2018 in March<br />

<strong>2022</strong> and the European Central Bank<br />

(ECB) has yet to do so, despite<br />

soaring inflation in Europe.<br />

“In terms of where we are heading, the<br />

UK economy is less reliant on Russian<br />

gas than some other European<br />

countries, such as Germany or Italy,<br />

for example. As such, it is unlikely we<br />

will see negative growth in Q1 and Q2.<br />

However, whether central banks will<br />

HOW WE CAN CI<strong>CM</strong> HELP MEMBER YOU<br />


reviewing paperwork and beginning a process that you may not have<br />

When a customer fails to pay and enters liquidation, administration or<br />

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

experience of or the time for. However, before simply discarding the<br />

debt, why not consider utilising our Creditor Services offering.<br />

Our award winning team can help you to remove the administrative<br />

burden and can assist with the following:<br />

Reviewing and analysing all<br />

Insolvency Reports and<br />

correspondence<br />

Fully explaining the process,<br />

your rights and likely outcomes<br />

in user friendly terms<br />

Completing and lodging your<br />

claim forms and proxy forms<br />

Furthermore, if you believe any financial<br />

misconduct has taken place, our specialist in<br />

house forensics team can assist.<br />

menzies.co.uk/creditor-services<br />

be able to prevent inflation from<br />

becoming engrained hinges critically<br />

on their ability to influence<br />

expectations. Inflation has two<br />

engines. One has to do with energy<br />

prices and supply bottlenecks, for<br />

example, and the other has to do with<br />

how firms and households think prices<br />

will evolve - their expectations. Central<br />

banks can decisively affect the latter if<br />

they act in a timely and credible way.”<br />

For credit managers and finance<br />

teams, there is light at the end of the<br />

tunnel, although careful management<br />

to help businesses to stay cashflow<br />

positive is going to be critical in the<br />

short to medium term. For those<br />

businesses with Coronavirus Bounce<br />

Back Loans, the option to take a<br />

six-month payment holiday was<br />

granted in February 2021, which<br />

means that some businesses will have<br />

capital repayments falling due for the<br />

first time in May this year. The term<br />

over which the loans can be repaid<br />

was also extended from six to ten<br />

years.<br />

In the coming months, credit<br />

managers will need to focus more<br />

closely than ever on managing<br />

internal stakeholders and supporting<br />

their decision making. Getting the right<br />

information to the right people at the<br />

right time and working with them to<br />

deliver changes that will de-risk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 49<br />

Representing you at Creditor<br />

Meetings and on Creditors'<br />

Committees<br />

Assisting you with any<br />

Retention of Title Claims<br />

Providing you with our expert<br />

advice<br />

Your CI<strong>CM</strong> lapel badge<br />

demonstrates your commitment to<br />

professionalism and best practice<br />



If you haven’t received your badge<br />

contact: cicmmembership@cicm.com<br />

operations, could enable businesses<br />

to thrive in turbulent times.<br />

This report is based on a<br />

roundtable event for employers and<br />

credit management professionals,<br />

chaired by the CI<strong>CM</strong> and hosted by<br />

accountancy firm, Menzies LLP.<br />

Menzies LLP’s Business Recovery<br />

team offers practical support and<br />

advice to credit managers and<br />

businesses of all sizes, across all<br />

industry sectors. Where possible,<br />

the firm’s experts provide practical<br />

solutions for improving cash<br />

management and operational<br />

resilience and early engagement is<br />

key to improving outcomes.<br />


Partner<br />

bevans@menzies.co.uk<br />

+44 (0)2920 447 512<br />


Director<br />

gparla@menzies.co.uk<br />

+44 (0)20 7465 1919

POETRY<br />


How a lover of language fell for numbers.<br />

AUTHOR – Sam Wilson<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 50


AUTHOR – Sam Wilson<br />

NUMBERS by day and<br />

words by night. That’s the<br />

way Anita Foxall describes<br />

her passions. Her love<br />

of language is so great<br />

that after leaving The<br />

University of Lisbon, she began teaching<br />

English and German during the day and<br />

engrossed herself in writing poetry at<br />

night.<br />

‘‘I love writing poetry. It’s a hobby I’ve<br />

managed to turn into a social event after<br />

moving to the UK through a spoken<br />

word open mic night I organise in<br />

Southampton.”<br />

However, numbers captivated Anita so<br />

much that she turned a similar passion<br />

into a career.<br />

‘‘After leaving school and studying<br />

languages, I began teaching English and<br />

German, but quickly realised it wasn't<br />

the career I wanted. Instead, I started<br />

working for a company helping people in<br />

financial difficulty. We would help them<br />

develop financial plans and provide debt<br />

advice to help stabilise their situation as<br />

much as possible.’’<br />

After her brief fling with debt advice<br />

and financial planning, Anita moved<br />

into credit control with one of Europe's<br />

biggest insurers. She began her journey to<br />

discovering her passion for credit control.<br />

‘‘After I moved into credit control, I<br />

realised I really enjoyed it – it became a<br />

career, not a job. After working at a few<br />

different companies in similar positions, I<br />

decided to train for a formal qualification.’’<br />


After choosing to ‘go back to school’ and<br />

study credit management, Anita decided<br />

that an apprenticeship was the right route<br />

forward, thanks to the support of her<br />

colleagues.<br />

‘‘I mentioned to my line manager that<br />

I'd always wanted to do an apprenticeship.<br />

She became this great force behind it,<br />

helping me get things started, contacting<br />

the right people, and always giving me<br />

time to study and make sure my workload<br />

was balanced, which was helpful.”<br />

The balance between work and study<br />

was extremely important for Anita. She<br />

admits her way of studying often involves<br />

plenty of detailed note-taking and editing,<br />

so time to focus on her studies was crucial<br />

to her success.<br />

‘‘I began the course in lockdown, so it<br />

kept me busy at a time when there wasn’t<br />

much to do. I was, however, working<br />

throughout, so I really needed to structure<br />

my day and make sure I had time outside,<br />

away from my desk before I began<br />

studying, so that support enabled me to<br />

get the best of my studies.’’<br />

The benefit of working and studying<br />

at the same time was evident to Anita.<br />

Whilst the work-load was challenging, the<br />

benefits of learning new skills allowed<br />

her to create different ways of solving<br />

complex problems: ‘‘Learning really<br />

helped clarify some things – the why’s of<br />

what we do - and it raised questions that<br />

I could discuss with my managers and<br />

wider team. It complemented our day-today<br />

process.<br />

‘‘Even when I wasn't working at home,<br />

I could just log in and attend classes,” she<br />

adds. “The freedom of learning virtually<br />

reduced the stress of having to be<br />

somewhere at a certain time. Of course,<br />

you have to focus and adapt to a new<br />

style, but that suits me, it was strange not<br />

seeing classmates or your tutors, but the<br />

few zoom classes we did were really fun.’’<br />

‘‘I mentioned to my line manager that I'd always<br />

wanted to do an apprenticeship. She became this<br />

great force behind it, helping me get things started,<br />

contacting the right people, and al-ways giving<br />

me time to study and make sure my workload was<br />

balanced, which was helpful.”<br />

But for Anita, it was her fellow students<br />

and her tutors that were the best part of<br />

her apprenticeship: ‘‘It was really helpful<br />

to study alongside other people and<br />

engage with tutors when possible. All of<br />

the tutors made the classes interactive,<br />

starting discussions and debates to make<br />

you think about different scenarios. Most<br />

importantly, your opinion mattered and<br />

seeing how other people think changes<br />

the way you look at things.’’<br />

Anita’s apprenticeship has helped her<br />

learn new skills and meet new people.<br />

It has also enabled her to take on new<br />

responsibilities at work: ‘‘One of the<br />

sections I liked was credit risk, and now<br />

my line managers are happy for me to<br />

start doing little bits of credit risk here<br />

and there for the team I work with. It's<br />

allowing me to use the new skills I've<br />

learned and develop my career further,<br />

and that's the most exciting thing about<br />

completing the course.’’<br />

So, what advice does Anita have for<br />

potential apprenticeship candidates?<br />

‘‘Learning takes time and dedication<br />

but it's really rewarding. If you are going<br />

to begin studying for a qualification,<br />

regardless of what it is, I would advise<br />

dedicating a little bit of time each day<br />

to learning. That's when you don't find<br />

yourself constantly playing catch up. Most<br />

importantly, enjoy it!’’<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 51


Disparately<br />

seeking answers<br />

Meeting the industry challenge of customer<br />

onboarding, credit risk and ‘disparate data’.<br />

AUTHOR – Alastair Nicholas<br />

THE last two years has demonstrated<br />

just how quickly businesses can be<br />

thrown into significant disruption<br />

and uncertainty.<br />

While some customers saw little<br />

change to their operations, others<br />

were heavily impacted. The unique response to the<br />

pandemic caused flourishing businesses to shut<br />

their doors and cease operations, almost overnight.<br />

Certain industries, such as food distributors<br />

and retailers, did better in the crisis and struggled<br />

to meet unprecedented levels of demand. Others<br />

were relatively unscathed. But as we all know,<br />

certain sectors such as commercial aviation, tourism,<br />

and hospitality have been severely affected.<br />

The crisis was a game-changer for credit<br />

management practices; whilst conventional sources<br />

of data remain vital, credit managers quickly needed<br />

to source and analyse a whole new range of<br />

information to accurately determine customer<br />

credit risk. Any existing financial or market data<br />

that had previously been relied upon could no<br />

longer help in assessing the creditworthiness of<br />

new, or existing, customers.<br />

Credit teams had to adapt – and fast to source<br />

real-time credible data to employ in decision<br />

making and risk assessments. As we begin to<br />

emerge from the effects of the pandemic, it is<br />

evident there are economic challenges ahead and<br />

many teams will look to further improve their<br />

practices.<br />

At a recent Esker and CI<strong>CM</strong> panel event Sarah<br />

Cook, Director at FRP Advisory Services shared<br />

her insight: “Whilst winding up petitions are still<br />

relatively low; the majority of insolvencies are<br />

instigated by the Directors of companies in<br />

financial distress on a consensual basis and these<br />

are already starting to rise. The rise in cost of<br />

living and inflation is also expected to hit companies<br />

already facing financial distress and push them<br />

‘over the edge’.”<br />

In the face of an ongoing economic crisis, how<br />

can credit teams equip themselves to manage<br />

inflated, and often opaque risks? Martyn Brooke,<br />

Credit Management Process Specialist at Esker<br />

believes that the answer lies in digging deeper to<br />

acquire insights on sectors and financial data to<br />

further inform the credit assessment processes.<br />

Consider these factors:<br />

Financial data – the latest management accounts<br />

will reveal critical detail of the cash position,<br />

liabilities, and debt-servicing capacity.<br />

Transaction data – internal data should be<br />

increasingly drawn upon and monitored including<br />

payment trends, requests for increased credit, or<br />

changes in supply frequencies.<br />

Industry data – to augment financial data, source<br />

data on the pandemic impacts, insolvency rates,<br />

unemployment statistics, and other key industry<br />

indicators.<br />

Subsector data – portfolio monitoring should<br />

include an assessment of your customers’ growth<br />

potential. Consider how your customer’s key<br />

markets are affected.<br />

Credit Application Form – a complete credit<br />

application form is vital for all new customers,<br />

even if it’s a cash sale. Simplified and customisable<br />

templates will help speed up the process of<br />

approval.<br />

Ongoing monitoring of existing customers is<br />

vital, Martyn says, to measure and anticipate risks<br />

but also crucially to realise opportunities: “It’s<br />

critical for credit teams to employ a regular credit<br />

review process, to react as quickly as possible,<br />

drive amendments to your credit policy and better<br />

target your actions. In searching for red flags<br />

make sure you don’t overlook positive indicators –<br />

regular monitoring can often reveal opportunities<br />

to offer more attractive credit terms to encourage<br />

more business from growing customers.”<br />


One of the major challenges of a manual credit<br />

application process is the sheer volume of<br />

paper that teams are required to obtain, track and<br />

maintain at each stage of the process. Enhanced<br />

portfolio management across the customer base<br />

further increases volume and complexity so<br />

requires improvement of the quality and coverage of<br />

your data. And rigorous documentation and<br />

auditability is essential to avoid potential legal<br />

pitfalls.<br />

Digital transformation of the credit function<br />

ensures that all relevant customer data is<br />

always instantly accessible and easily manageable.<br />

Third-party data integration retrieves key scoring<br />

data from your preferred credit bureaus.<br />

When coupled with an automated receivables<br />

solution, an AR automation platform offers a<br />

360-degree view of critical customer information,<br />

empowering credit teams with actionable data to<br />

make the best credit decisions possible.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 52


AUTHOR – Alastair Nicholas<br />

Crucially, real-time internal customer account<br />

data (such as, open invoices, total outstanding,<br />

pending orders, payments, receivables<br />

history and aging graphs) can be viewed<br />

and assessed as part of the customer credit<br />

review process.<br />

With an ever-growing scope of data to keep<br />

on top of, teams can be assured that no major<br />

credit event will go unnoticed and put revenue<br />

at risk, as today’s automation solutions<br />

are packaged with fully customisable dashboards,<br />

counters, and alerts to keep credit<br />

managers fully aware of the credit activity<br />

and potential risks with alerts including<br />

credit limit utilisation, credit review reminders<br />

and blocked orders.<br />

“It’s critical for credit teams to employ a regular<br />

credit review process, to react as quickly as<br />

possible, drive amendments to your credit policy<br />

and better target your actions. In searching for<br />

red flags make sure you don’t overlook positive<br />

indicators – regular monitoring can often reveal<br />

opportunities to offer more attractive credit<br />

terms to encourage more business from growing<br />

customers.”<br />


Customer onboarding is often the first postsales<br />

customer interaction, so it is essential<br />

to offer a streamlined process that balances<br />

customer expectations with the need to<br />

prove creditworthiness in a compliant manner.<br />

As customer expectations grow, it is vital<br />

to ensure account specifics such as shipping/<br />

billing information and contact details are<br />

accurate, as errors can have catastrophic<br />

consequences and severely impact the customer<br />

relationship.<br />

A digital credit application process utilises<br />

fully customisable templates and sends them<br />

via email or embedded link (included in sales<br />

quotes or communications) to get the most<br />

complete and accurate information from<br />

the customer ahead of the first order. This<br />

speeds up customer creation in the ERP and<br />

ensures data accuracy right from the outset.<br />

Credit score and credit limits can be calculated<br />

automatically, while workflows are<br />

assigned to all necessary stakeholders to review<br />

and approve the data to which they are<br />

responsible for, ensuring a fully traceable<br />

and cohesive approval process.<br />

As the current pressures on supply chains,<br />

interest rates and inflation show no signs of<br />

abating the future is about building a complete<br />

digital infrastructure that can support<br />

efficient, customisable digital journeys for<br />

onboarding that can gather and maintain information<br />

as smoothly as possible. Efficient<br />

and flexible systems that are accessible via<br />

multiple channels are important to allow<br />

credit teams to adapt quickly to fast-changing<br />

situations and place the customer and<br />

business needs at the heart of the process.<br />

The ability to create and sustain a single,<br />

comprehensive customer view will be vital<br />

for any organisation to ensure robust, agile,<br />

and thorough customer onboarding and<br />

portfolio management processes.<br />

Alastair Nicholas is Managing Director of<br />

Esker Northern Europe.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 53




Central London, up to £30,000 pro rata<br />

This is an opportunity to join an exciting and growing talent<br />

agency, that represents some outstanding creative and artistic<br />

personnel. The role will be 3 days a week in the office, and you will<br />

be working alongside the finance manager to ensure the credit<br />

process runs smoothly. You will be the main point of contact for<br />

credit queries so will need to have confidence in the wider finance<br />

functions and operations. Ref: 4201356<br />

Contact Daniel Lee on 020 3465 0020<br />

or email daniel.lee1@hays.com<br />


Basildon, up to £30,000<br />

A well-established financial services business, with exciting growth<br />

plans are looking for an experienced credit professional to join<br />

their team. This company is relatively new to the market but has a<br />

team of staff with a wealth of experience within the industry and<br />

has seen extensive success over the past 6 years. You will take a<br />

lead on managing the AR and credit function from end to end and<br />

work in close partnership with the Collections Manager. Experience<br />

with FCA regulations, knowledge of different leases and an<br />

understanding of CAIS would be advantageous. Ref: 4312502<br />

Contact Will Plom on 01603 760141<br />

or email william.plom@hays.com<br />


Huddersfield, up to £24,000 + annual bonus<br />

An exciting and challenging opportunity for a Credit Controller<br />

to join a leading UK national plumbing company. Must have<br />

experience managing over a 3 million+ aged debt ledger. Full time<br />

office based in a brand new state of the art office in the heart of<br />

Huddersfield. Ref: 4208848<br />

Contact Emma Thornton on 01484 432211<br />

or email emma.thornton@hays.com<br />


Colchester, up to £34,000<br />

A leading and highly successful publishing and production<br />

business are expanding their team and currently seeking an<br />

experienced credit professional to lead part of their credit function.<br />

This organisation support their staff with personal development<br />

and take a ‘people first’ approach in everything they do. This role<br />

will lead the credit risk function of the team and will oversee a<br />

team of 6 in their day to day operations. You will be able to take an<br />

active role in various automation projects and be able to input into<br />

the functional improvement of the credit cycle. Ref: 4209517<br />

Contact Will Plom on 01603 760141<br />

or email william.plom@hays.com<br />

hays.co.uk/creditcontrol<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 54



My Learning – free skills<br />

training from Hays<br />

To find out more visit<br />

hays.co.uk/mylearning<br />


Southampton, up to £50,000<br />

An excellent opportunity has arisen for a skilled Credit Control<br />

Manager to join a consultancy firm on a permanent basis. This<br />

role will manage a team of four credit controllers on a day to day<br />

basis, and will be the go to person within the firm for any credit<br />

management issues. Excellent customer service and relationship<br />

skills are required for this position, as is a proven track record of<br />

successfully managing a team of credit controllers. Ref: 4212340<br />

Contact Jack Bailey on 02382 020104<br />

or email jack.bailey1@hays.com<br />


Farnham, up to £30,000<br />

Working in a sole charge capacity, this role covers the entire<br />

order to cash cycle, with the post holder being responsible for<br />

minimising aged debt and maximising cash flow. Duties will include<br />

running credit checks, cash collection, query resolution, allocating<br />

payments and aged debt reporting. This opportunity will suit a<br />

skilled credit professional, who has worked in a similar role, within<br />

an SME business. Hybrid working available. Ref: 4203852<br />

Contact Natascha Whitehead on 07770 786433<br />

or email natascha.whitehead@hays.com<br />

This is just a small selection of the many opportunities we<br />

have available for credit professionals. To find out more<br />

visit us online or contact Natascha Whitehead, Hays Credit<br />

Management UK Lead on 07770 786433<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 55


Unexplained Wealth<br />

How the Ukraine invasion is driving reforms in the UK.<br />

AUTHOR – Robert Lee<br />

THE impact of the Russian invasion<br />

of Ukraine will reverberate<br />

through Europe and across the<br />

rest of the world for years, if not<br />

decades, to come.<br />

While some questions have<br />

been asked about the speed and effectiveness<br />

of the UK Government’s response, the changes<br />

that have been introduced will not only impact<br />

the Russian economy but will also alter the<br />

legislative landscape of the UK, with particular<br />

reference to the regime around ‘persons with<br />

significant control’ of a company.<br />

The Economic Crime (Transparency and<br />

Enforcement) Act, fast tracked through the<br />

Houses of Parliament in response to the war<br />

in Ukraine, became law on 15 March <strong>2022</strong> and<br />

represents the culmination of a shift which<br />

has been on-going for several years but which<br />

– until now – was proceeding at a somewhat<br />

stately pace.<br />


Although much of the conversation around the<br />

new laws will centre upon the impact they are<br />

likely to have on the many Russian oligarchs<br />

with strong financial and business links to the<br />

UK, the laws introduced will apply across the<br />

board, and represent a genuine bolstering of –<br />

amongst other things – the legal instruments<br />

known as Unexplained Wealth Orders (UWOs).<br />

UWOs were originally introduced by the<br />

Criminal Finances Act 2017 and were intended to<br />

make it easier to deal with the problem of ‘dirty<br />

money’ being laundered through the purchasing<br />

of assets. In simple terms, the UWOs switched<br />

the traditional burden of proof around; if a law<br />

enforcement agency suspected that assets had<br />

been purchased through criminal activity then<br />

the onus was on the owner to explain how they<br />

had been obtained.<br />

A failure to provide such an explanation<br />

would, in theory, lead to the property in<br />

question being confiscated. Despite the stated<br />

intention to use UWOs in the fight against<br />

money laundering, only nine UWOs have been<br />

obtained since 2017, and no orders whatsoever<br />

have been made in the last two years.<br />

Upon their introduction as part of civil rather<br />

than criminal law, UWOs were hailed as being<br />

a game changing tool, although they could only<br />

be issued by the High Court in response to an<br />

application from a UK enforcement authority in<br />

the following circumstances:<br />

• The recipient of the UWO is a ‘Politically<br />

Exposed Person’ and there are reasonable<br />

grounds for suspecting that they have been<br />

guilty of committing serious crime in the UK or<br />

Only in the months<br />

going forward will<br />

it become clear<br />

whether the new<br />

register, as well as<br />

the other measures<br />

contained in the Act,<br />

will have the impact<br />

the Government<br />

presumably intends.<br />

elsewhere, or of being connected to someone<br />

who has done so.<br />

• The property to which the UWO relates is<br />

worth more than £50,000.<br />

• There are reasonable grounds to suspect that<br />

the lawfully obtained income of the recipient<br />

of the UWO, from known and verified sources,<br />

would be insufficient on their own to have<br />

enabled the recipient to obtain the property.<br />

One of the main flaws of the original UWO<br />

legislation, and a major reason why they have<br />

been used so sparingly, is that a successful<br />

challenge by the recipient of the UWO could,<br />

when the normal civil rules on costs were<br />

applied, lead to the enforcement agency in<br />

question having to pay not only their own legal<br />

fees but also those of the recipient. In one<br />

particular case – involving the daughter and<br />

grandson of a former president of Kazakhstan<br />

– the National Crime Agency (NCA) used a UWO<br />

to freeze London properties worth £80m, on<br />

the basis of suspicions that the money used to<br />

purchase them had come from criminal sources.<br />

When the recipients of the UWOs applied to the<br />

High Court to have them dismissed they won<br />

their case, leaving the NCA facing a legal bill of<br />

£1.5m.<br />

A result like this would be bound to make<br />

other enforcement agencies think twice about<br />

reaching for UWOs, particularly given the<br />

complex – but still legal – nature of the financial<br />

arrangements of the kind of ultra-high networth<br />

individuals such orders would be used<br />

against.<br />

The new legislation seeks to eliminate the risks<br />

of a hefty legal bill by stating that a court cannot<br />

order costs against an enforcement authority<br />

following an unsuccessful application for a<br />

UWO, except in highly limited circumstances<br />

which include the enforcement agency having<br />

acted unreasonably in making the application<br />

or dishonestly, or improperly, over the course of<br />

the proceedings.<br />

At the same time, the scope of UWOs will be<br />

extended to cover UK properties which are held<br />

in trusts, while enforcement authorities will<br />

now have an increased time period of up to 186<br />

days to review any material which is provided in<br />

response to a UWO.<br />


Another part of the Act relates to the imposition<br />

of sanctions on Russia (or any other country<br />

going forward), and the treatment meted out to<br />

those organisations which breach any sanctions<br />

put in place. Under the new legislation, the<br />

test for liability will have a significantly lower<br />

threshold than is now the case, with the<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 56


AUTHOR – Robert Lee<br />

The Act creates<br />

a beneficial<br />

ownership register<br />

designed to level<br />

the playing field<br />

between UK<br />

companies which<br />

already must report<br />

on beneficial<br />

ownership to<br />

Companies House,<br />

and those based<br />

overseas, by<br />

identifying the<br />

beneficial owners<br />

of overseas entities<br />

with interests in UK<br />

properties.<br />

requirement for the organisation in question to<br />

have either knowledge or ‘a reasonable cause to<br />

expect’ that sanctions are being breached, no<br />

longer forming part of the law.<br />

Under the new legislation, the Office for<br />

Financial Sanctions Implementation (OFSI)<br />

will be expected to impose more fines on more<br />

organisations. In addition, OFSI will have the<br />

legal right to identify any organisations which<br />

have breached sanctions without being fined,<br />

while the NCA has announced the creation of<br />

a new ‘kleptocracy’ unit to investigate breaches<br />

of sanctions. However, the fact that, to date, no<br />

new funding has been earmarked for the unit,<br />

means that its effectiveness may be minimal.<br />


One of the issues which has caused concern for<br />

many people before being pushed to the top of<br />

the agenda by the invasion of Ukraine, was the<br />

lack of transparency which surrounds overseas<br />

ownership of UK property. The Act creates a<br />

beneficial ownership register designed to level<br />

the playing field between UK companies which<br />

already must report on beneficial ownership to<br />

Companies House, and those based overseas,<br />

by identifying the beneficial owners of overseas<br />

entities with interests in UK properties.<br />

The register will be maintained by Companies<br />

House and will be publicly available and<br />

follows the template of the register of ‘persons<br />

with significant control’ of a UK company,<br />

which was introduced in 2016. Every overseas<br />

entity featured on the new register will have<br />

to supply information including the details<br />

of its registrable beneficial owners and any<br />

‘managing officers’ such as a director, manager,<br />

or secretary.<br />

Anyone submitting information which<br />

is false or misleading to the register could<br />

potentially find themselves facing a fine, a twoyear<br />

prison sentence or a combination of both.<br />

The information contained on the register will<br />

have to be updated annually and if it isn’t, then<br />

the entity and its officers will be liable for a fine.<br />

If the situation persists, this will lead to a daily<br />

default fine of not more than £500.<br />

It will not be legal for an overseas entity to own<br />

property in the UK without being entered on the<br />

register, and this will be applied retrospectively<br />

to any properties purchased by overseas entities<br />

in England and Wales after 1st January 1999.<br />

If the overseas entity doesn’t retrospectively<br />

place themselves on the register, they<br />

will face restrictions when selling the<br />

property. A transition period of 18<br />

months, starting from 15 March <strong>2022</strong>, will enable<br />

any historic transactions to be placed on the<br />

register before any restrictions are enforced.<br />

These restrictions will first take the form<br />

of a Government notice requiring the entity to<br />

register within six months, and if this doesn’t<br />

have the desired effect, a fine will be levied<br />

on the overseas entity and every officer of that<br />

entity will find themselves facing a two-year<br />

prison sentence, a fine, or a combination of the<br />

two punishments.<br />

The definition of ‘beneficial owners’ in the<br />

Act will be based on the criteria already set out<br />

in Schedule 1 of the Companies Act 2006, to<br />

define a ‘person with significant control’ of a UK<br />

company. In order to be deemed a ‘beneficial<br />

owner’ of an overseas entity for the purposes of<br />

the register, a person or entity will have to meet<br />

at least one of the following conditions:<br />

• They hold, directly or indirectly, more than 25<br />

percent in the overseas entity.<br />

• They hold, directly or indirectly, more than<br />

25 percent of the voting rights in the overseas<br />

entity.<br />

• They hold the right, directly or indirectly, to<br />

appoint or remove a majority of the board of<br />

directors of the overseas entity.<br />

• They have the right to exercise, or actually<br />

exercise, significant influence or control over<br />

the overseas entity.<br />

• They are trustees of a trust, members of a<br />

partnership, unincorporated association or<br />

other entity which is not a legal person under<br />

the law by which it is governed; and they have<br />

the right to exercise, or actually exercise,<br />

significant influence or control over the<br />

activities of that trust or entity.<br />


Despite the seemingly good intentions of this<br />

new register, questions have been asked about<br />

how it will be enforced. In its current form a<br />

register of this kind would impose significant<br />

extra work on Companies House and the Land<br />

Registry and would require extra funding to<br />

make enforcement a practical reality.<br />

Only in the months going forward will it<br />

become clear whether the new register, as well<br />

as the other measures contained in the Act, will<br />

have the impact the Government presumably<br />

intends.<br />

Robert Lee is a corporate partner at<br />

Wright Hassall LLP.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 57


Do you know someone who would benefit from CI<strong>CM</strong> membership? Or have<br />

you considered applying to upgrade your membership? See our website<br />

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


Shaun Edwards<br />

Subashnie Mols<br />

Chloe Oddi<br />

Kim Hunter<br />

Scott Price<br />

Justin Peters<br />

James Purveur<br />

Janice Kirby<br />

Samantha Clem<br />

Jennifer Boultbee<br />

Yasmin Elson<br />

Jekaterina Radisevica<br />

Matthew Widdicombe<br />

Bianca Cohen - Powell<br />

William O'Brien<br />

Kenya Garvey<br />

Spencer Norwell<br />

James Thompson<br />

Desmond Dallas<br />

Mohammad Ramzan<br />

Sam Chapman<br />

John Brooker<br />

Katrina Mabbutt<br />

Cheyanne Jane<br />

Sarah Walsh<br />

Vicky Berry<br />

Tonika Pettman<br />

Cameron - James Richards<br />

Giuseppe Catalanotto<br />

Max Whipp<br />

Sarah Carder<br />


Oumar Barry<br />

Mark Kelly<br />

Megan Carson<br />

Andrew Walker<br />

Javier Lopez<br />

Giancarlo Di Fresco<br />

Darren Wooding<br />

Andy Summers<br />

Elina Mirjami<br />

MCI<strong>CM</strong><br />

Benjamin James Lee MCI<strong>CM</strong><br />

Toni Oyedele MCI<strong>CM</strong><br />

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

Steven McAllister FCI<strong>CM</strong><br />

Congratulations to our current members who have upgraded their membership<br />

Kadri Merila MCI<strong>CM</strong><br />



Congratulations to all our current members that<br />

have been with CI<strong>CM</strong> for more than 50 years<br />

David Hunter FCI<strong>CM</strong><br />

Christopher Gait MCI<strong>CM</strong><br />

Robert Jones FCI<strong>CM</strong><br />

Newton Shipley FCI<strong>CM</strong><br />

Michael Walshaw FCI<strong>CM</strong><br />

Anthony Robinson MCI<strong>CM</strong><br />

Brian O'Leary FCI<strong>CM</strong><br />

Alan Irving MCI<strong>CM</strong><br />

Terence Robinson FCI<strong>CM</strong><br />

Eardley De Doncker FCI<strong>CM</strong><br />

Graham Morgan FCI<strong>CM</strong><br />

Harold Jacobs FCI<strong>CM</strong><br />

John Rycroft FCI<strong>CM</strong><br />

John Roberts FCI<strong>CM</strong><br />

Neil Hamilton FCI<strong>CM</strong><br />

Peter Sutherland FCI<strong>CM</strong><br />

Ronald Blandford FCI<strong>CM</strong><br />

Terence Saunders FCI<strong>CM</strong><br />

Anthony John Armitage FCI<strong>CM</strong><br />

Anthony John FCI<strong>CM</strong><br />

Anthony Wilding FCI<strong>CM</strong><br />

Truman Bodden FCI<strong>CM</strong><br />

Paul Riley MCI<strong>CM</strong><br />

Colin Hingston FCI<strong>CM</strong><br />

Raise your credibility and boost your career prospects<br />

– Apply for your upgrade today<br />

Contact: info@cicm.com for more details<br />


Congratulations to the following, who successfully achieved Diplomas<br />

Level 3 Diploma in Credit Management (ACI<strong>CM</strong>)<br />

Sharon Costello Kelly Booth David Rudkin Ashling Leatherland<br />

Level 3 Diploma in Credit & Collections (ACI<strong>CM</strong>)<br />

Chi Hung Luk<br />

Level 5 Diploma in Credit & Collections Management MCI<strong>CM</strong> (Grad)<br />

Jasmin Stopford MCI<strong>CM</strong>(Grad)<br />

Komal Patel MCI<strong>CM</strong>(Grad)<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 58

CI<strong>CM</strong> MEMBER<br />


Save this<br />

diary date<br />

Kent Branch – The <strong>2022</strong> Credit Management Review<br />

Wednesday, 15 <strong>June</strong> : 11:00 – 13:00<br />

The Law Society in London,<br />

113 Chancery Lane, London WC2A 1PL<br />

Networking<br />

Back to basics and training your teams<br />

Building your career from Credit Controller to Credit Manager<br />

Importance of Credit Risk<br />

Court Enforcements<br />

Q&A Session<br />

Your CI<strong>CM</strong> lapel badge<br />

demonstrates your commitment to<br />

professionalism and best practice<br />



If you haven’t received your badge<br />

contact: cicmmembership@cicm.com<br />

Register Today!<br />

CPD<br />

2<br />

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

Credit Management magazine for<br />

consumer and commercial credit professionals<br />




IN DEPTH<br />


ASK THE<br />


GLOBAL<br />

NEWS<br />

LEGAL<br />



TRADE<br />



HR<br />







TO SUBSCRIBE CONTACT: T: 01780 722903 | E: MEMBERENGAGEMENT@CI<strong>CM</strong>.COM<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 59

Cr£ditWho?<br />

CI<strong>CM</strong> Directory of Services<br />




Controlaccount Plc<br />

Address: Compass House, Waterside, Hanbury Road,<br />

Bromsgrove, Worcestershire B60 4FD<br />

T: 01527 386 610<br />

E: sales@controlaccount.com<br />

W: www.controlaccount.com<br />

Controlaccount plc has been providing efficient, effective and<br />

ethical pre-legal debt recovery for over forty years. We help our<br />

clients to improve internal processes and increase cashflow,<br />

whilst protecting customer relationships and established<br />

reputations. We have long-standing partnerships with leading,<br />

global brand names, SMEs and not for profits. We recover<br />

over 30,000 overdue invoices each month, domestically and<br />

internationally, on a no collect, no fee arrangement. Other<br />

services include credit control and dunning services, international<br />

and domestic trace and legal recoveries. All our clients have<br />

full transparency on any accounts placed with us through our<br />

market leading cloud-based management portal, ClientWeb.<br />

BlaserMills Law<br />

High Wycombe | Amersham | Marlow | Silverstone<br />

Rickmansworth | London<br />

Jackie Ray : 07802 332104 | 01494 478660<br />

jar@blasermills.co.uk<br />

Nina Toor : 01494 478661 nit@blasermills.co.uk<br />

Edward Bible : 07766 013352 ceb@blasermills.co.uk<br />

www.blasermills.co.uk<br />

Commercial Recoveries & Insolvency<br />

Blaser Mills Law’s commercial recoveries team is internationally<br />

recognised, regularly advising large corporations, multinationals<br />

and SMEs on pre-legal collections, debt recovery, commercial<br />

litigation, dispute resolution and insolvency. Our legal services<br />

are both cost-effective and highly efficient; Our lawyers are also<br />

CI<strong>CM</strong> qualified and ranked in the industry leading law firm rankings<br />

publications, Legal 500 and Chambers UK.<br />

CoCredo<br />

Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />

T: 01494 790600<br />

E: customerservice@cocredo.com<br />

W: www.cocredo.co.uk<br />

Celebrating its 20th year in business, CoCredo has extensive<br />

experience in providing online company credit reports and<br />

related business information within the UK and overseas. In 2014<br />

and 2019 we were honoured to be awarded Credit Information<br />

Provider of the Year at the British Credit Awards and have been<br />

finalists every other year. Our company data is continually updated<br />

throughout the day and ensures customers have the most current<br />

information available. We aggregate data from a range of leading<br />

providers across over 235 territories and offer a range of services<br />

including the industry first Dual Report, Monitoring, XML Integration<br />

and DNA Portfolio Management.<br />

We pride ourselves in offering award-winning customer service and<br />

support to protect your business.<br />

Global Credit Recoveries<br />

GCR 20-22 Wenlock Road,<br />

London N1 7GU<br />

Charles Mayhew FCI<strong>CM</strong> or Joshua Mayhew ACI<strong>CM</strong><br />

T: +44 (0) 203 368 8630<br />



Shortlisted as DCA of the Year, by the CI<strong>CM</strong>, for the British Credit<br />

Awards, Global Credit Recoveries Ltd are specialists in Arbitration<br />

and Debt Collection globally.<br />

We specialise in the UK, Europe, The Middle East and the U.S.A,<br />

working as an extension of many CI<strong>CM</strong> members companies for<br />

over 28 years.<br />

Speak with us today in our London or Dubai offices, to see how<br />

we can assist you.<br />

We have the ability, and network, to have someone visiting your<br />

debtors offices, throughout EMEA, within 72 hours.<br />

Recovering funds globally, on a No-Recovery, No-Fee basis.<br />

Lovetts Solicitors<br />

Lovetts, Bramley House, The Guildway,<br />

Old Portsmouth Road,<br />

Guildford, Surrey, GU3 1LR<br />

T: 01483 347001<br />

E: info@lovetts.co.uk<br />

W: www.lovetts.co.uk<br />

With more than 25yrs experience in UK & international business<br />

debt collection and recovery, Lovetts Solicitors collects £40m+<br />

every year on behalf of our clients. Services include:<br />

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

of cases)<br />

• Advice and dispute resolution<br />

• Legal proceedings and enforcement<br />

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

CaseManager<br />

Don’t just take our word for it, here’s some recent customer<br />

feedback: “All our service expectations have been exceeded.<br />

The online system is particularly useful and extremely easy to<br />

use. Lovetts has a recognisable brand that generates successful<br />

results.”<br />

Company Watch<br />

Centurion House, 37 Jewry Street,<br />

LONDON. EC3N 2ER<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

Organisations around the world rely on Company Watch’s<br />

industry-leading financial analytics to drive their credit risk<br />

processes. Our financial risk modelling and ability to map medium<br />

to long-term risk as well as short-term credit risk set us apart<br />

from other credit reference agencies.<br />

Quality and rigour run through everything we do, from our unique<br />

method of assessing corporate financial health via our H-Score®,<br />

to developing analytics on our customers’ in-house data.<br />

With the H-Score® predicting almost 90 percent of corporate<br />

insolvencies in advance, it is the risk management tool of choice,<br />

providing actionable intelligence in an uncertain world.<br />


Guildways<br />

T: +44 3333 409000<br />

E: info@guildways.com<br />

W: www.guildways.com<br />

Guildways is a UK & International debt collection specialist with over<br />

25 years experience. Guildways prides itself on operating to the<br />

highest ethical standards and professional service levels. We are<br />

experienced in collecting B2B and B2C debts. Our service includes:<br />

• A complete No collection, No Fee commission based service<br />

• 10% plus VAT commission for UK debts<br />

• Commission from 22% plus VAT for International debts<br />

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

• Direct online account-to-account payments, to speed up<br />

collections and minimise costs<br />

If you are unable to locate your customer, we also offer a no trace, no<br />

fee, trace and collect service.<br />

For more information, visit: www.guildways.com<br />

Cr£ditWho?<br />

CI<strong>CM</strong> Directory of Services<br />

Chris Sanders Consulting<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Chris Sanders Consulting – we are a different sort of consulting<br />

firm, made up of a network of independent experienced<br />

operational credit & collections management and invoicing<br />

professionals, with specialisms in cross industry best practice<br />

advisory, assessment, interim management, leadership,<br />

workshops and training to help your team and organisation<br />

reach their full potential in credit and collections management.<br />

We are proud to be Corporate Partners of the Chartered Institute<br />

of Credit Management. For more information please contact:<br />

enquiries@chrissandersconsulting.com<br />

identeco – Business Support Toolkit<br />

Compass House, Waterside, Hanbury Road, Bromsgrove,<br />

Worcestershire B60 4FD<br />

Telephone: 01527 386 607<br />

Email: info@identeco.co.uk<br />

Web: www.identeco.co.uk<br />

identeco Business Support Toolkit provides company details<br />

and financial reporting for over 4m UK companies and<br />

business. Subscribers can view company financial health and<br />

payment behaviour, credit ratings, shareholder and director<br />

structures, detrimental data. In addition, subscribers can also<br />

download unlimited B2B marketing and acquisition reports.<br />

Annual subscription is only £79.95. Other services available<br />

to subscribers include AML and KYC reports, pre-litigation<br />

screening, trace services and data appending, as well as many<br />

others.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 60



paul@centuryone.uk 01727 739 196<br />

continues on page 62 ><br />




HighRadius<br />

T: +44 (0) 203 997 9400<br />

E: infoemea@highradius.com<br />

W: www.highradius.com<br />

HighRadius provides a cloud-based Integrated Receivable<br />

Platform, powered by machine learning and AI. Our Technology<br />

empowers enterprise organisations to reduce cycle time in the<br />

order-to-cash process and increase working capital availability by<br />

automating receivables and payments processes across credit,<br />

electronic billing and payment processing, cash application,<br />

deductions, and collections.<br />

Tinubu Square UK<br />

Holland House, 4 Bury Street,<br />

London EC3A 5AW<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com<br />

Founded in 2000, Tinubu Square is a software vendor, enabler<br />

of the Credit Insurance, Surety and Trade Finance digital<br />

transformation.<br />

Tinubu Square enables organizations across the world to<br />

significantly reduce their exposure to risk and their financial,<br />

operational and technical costs with best-in-class technology<br />

solutions and services. Tinubu Square provides SaaS solutions<br />

and services to different businesses including credit insurers,<br />

receivables financing organizations and multinational corporations.<br />

Tinubu Square has built an ecosystem of customers in over 20<br />

countries worldwide and has a global presence with offices in<br />

Paris, London, New York, Montreal and Singapore.<br />

Credica Ltd<br />

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT<br />

T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk<br />

Our highly configurable and extremely cost effective Collections<br />

and Query Management System has been designed with 3 goals<br />

in mind:<br />

•To improve your cashflow • To reduce your cost to collect<br />

• To provide meaningful analysis of your business<br />

Evolving over 15 years and driven by the input of 1000s of<br />

Credit Professionals across the UK and Europe, our system is<br />

successfully providing significant and measurable benefits for our<br />

diverse portfolio of clients.<br />

We would love to hear from you if you feel you would benefit from<br />

our ‘no nonsense’ and human approach to computer software.<br />

Data Interconnect Ltd<br />

45-50 Shrivenham Hundred Business Park,<br />

Majors Road, Watchfield. Swindon, SN6 8TZ<br />

T: +44 (0)1367 245777<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

We are dedicated to helping finance teams take the cost,<br />

complexity and compliance issues out of Accounts Receivable<br />

processes. Corrivo is our reliable, easy-to-use SaaS platform<br />

for the continuous improvement of AR metrics and KPIs in a<br />

user-friendly interface. Credit Controllers can manage more<br />

accounts with better results and customers can self-serve on<br />

mobile-responsive portals where they can query, pay, download<br />

and view invoices and related documentation e.g. Proofs of<br />

Delivery Corrivo is the only AR platform with integrated invoice<br />

finance options for both buyer and supplier that flexes credit<br />

terms without degrading DSO. Call for a demo.<br />

ESKER<br />

Sam Townsend Head of Marketing<br />

Northern Europe Esker Ltd.<br />

T: +44 (0)1332 548176 M: +44 (0)791 2772 302<br />

W: www.esker.co.uk LinkedIn: Esker – Northern Europe<br />

Twitter: @EskerNEurope blog.esker.co.uk<br />

Esker’s Accounts Receivable (AR) solution removes the all-toocommon<br />

obstacles preventing today’s businesses from collecting<br />

receivables in a timely manner. From credit management to cash<br />

allocation, Esker automates each step of the order-to-cash cycle.<br />

Esker’s automated AR system helps companies modernise<br />

without replacing their core billing and collections processes. By<br />

simply automating what should be automated, customers get the<br />

post-sale experience they deserve and your team gets the tools<br />

they need.<br />


Serrala UK Ltd, 125 Wharfdale Road<br />

Winnersh Triangle, Wokingham<br />

Berkshire RG41 5RB<br />

E: r.hammons@serrala.com W: www.serrala.com<br />

T +44 118 207 0450 M +44 7788 564722<br />

Serrala optimizes the Universe of Payments for organisations<br />

seeking efficient cash visibility and secure financial processes.<br />

As an SAP Partner, Serrala supports over 3,500 companies<br />

worldwide. With more than 30 years of experience and<br />

thousands of successful customer projects, including solutions<br />

for the entire order-to-cash process, Serrala provides credit<br />

managers and receivables professionals with the solutions they<br />

need to successfully protect their business against credit risk<br />

exposure and bad debt loss.<br />

FOR<br />





paul@centuryone.uk<br />

01727 739 196<br />


T: 020 3966 8324<br />

E: edan.milner@onguard.com<br />

W: www.onguard.com<br />

VISMA | Onguard is a specialist in credit management software<br />

and market leader in innovative solutions for order-to-cash. Our<br />

integrated platform ensures an optimal connection of all processes<br />

in the order-to-cash chain. This enhanced visibility with the secure<br />

sharing of critical data ensures optimal connection between all<br />

processes in the order-to-cash chain, resulting in stronger, longerlasting<br />

customer relationships through improved and personalised<br />

communication. The VISMA | Onguard platform is used for<br />

successful credit management in more than 70 countries.<br />

Court Enforcement Services<br />

Adele Whitehurst – Client Relationship Manager<br />

M: +44 (0)7525 119 711 T: +44 (0)1992 367 092<br />

E : a.whitehurst@courtenforcementservices.co.uk<br />

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

Court Enforcement Services is the market leading and fastest<br />

growing High Court Enforcement company. Since forming in 2014,<br />

we have managed over 100,000 High Court Writs and recovered<br />

more than £187 million for our clients, all debt fairly collected. We<br />

help lawyers and creditors across all sectors to recover unpaid<br />

CCJ’s sooner rather than later. We achieve 39% early engagement<br />

resulting in market-leading recovery rates. Our multi-awardwinning<br />

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

close partnership to expertly resolve matters with a fast, fair and<br />

personable approach. We work hard to achieve the best results<br />

and protect your reputation.<br />

High Court Enforcement Group Limited<br />

Client Services, Helix, 1st Floor<br />

Edmund Street, Liverpool<br />

L3 9NY<br />

T: 08450 999 666<br />

E: clientservices@hcegroup.co.uk<br />

W: hcegroup.co.uk<br />

Putting creditors first<br />

We are the largest independent High Court enforcement company,<br />

with more authorised officers than anyone else. We are privately<br />

owned, which allows us to manage our business in a way that<br />

puts our clients first. Clients trust us to deliver and service is<br />

paramount. We cover all aspects of enforcement – writs of control,<br />

possessions, process serving and landlord issues – and are<br />

committed to meeting and exceeding clients’ expectations.<br />


Gravity Global<br />

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

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

W: www.gravityglobal.com<br />

Gravity is an award winning full service PR and advertising<br />

business that is regularly benchmarked as being one of the<br />

best in its field. It has a particular expertise in the credit sector,<br />

building long-term relationships with some of the industry’s bestknown<br />

brands working on often challenging briefs. As the partner<br />

agency for the Credit Services Association (CSA) for the past 22<br />

years, and the Chartered Institute of Credit Management since<br />

2006, it understands the key issues affecting the credit industry<br />

and what works and what doesn’t in supporting its clients in the<br />

media and beyond.<br />

Cr£ditWho?<br />

CI<strong>CM</strong> Directory of Services<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 61

Cr£ditWho?<br />

CI<strong>CM</strong> Directory of Services<br />



paul@centuryone.uk 01727 739 196<br />

FORUMS<br />


T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Forums International Ltd have been running Credit and Industry<br />

Forums since 1991. We cover a range of industry sectors and<br />

International trading, attendance is for Credit Professionals of all<br />

levels. Our forums are not just meetings but communities which<br />

aim to prepare our members for the challenges ahead. Attending<br />

for the first time is free for you to gauge the benefits and meet the<br />

members and we only have pre-approved Partners, so you will<br />

never intentionally be sold to.<br />


American Express<br />

76 Buckingham Palace Road,<br />

London. SW1W 9TQ<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

American Express is working in partnership with the CI<strong>CM</strong> and is a<br />

globally recognised provider of payment solutions to businesses.<br />

Specialising in providing flexible collection capabilities to drive a<br />

number of company objectives including:<br />

• Accelerate cashflow • Improved DSO • Reduce risk<br />

• Offer extended terms to customers<br />

• Provide an additional line of bank independent credit to drive<br />

growth • Create competitive advantage with your customers<br />

As experts in the field of payments and with a global reach,<br />

American Express is working with credit managers to drive growth<br />

within businesses of all sectors. By creating an additional lever<br />

to help support supplier/client relationships American Express is<br />

proud to be an innovator in the business payments space.<br />


Hays Credit Management<br />

107 Cheapside, London, EC2V 6DN<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Hays Credit Management is working in partnership with the CI<strong>CM</strong><br />

and specialise in placing experts into credit control jobs and<br />

credit management jobs. Hays understands the demands of this<br />

challenging environment and the skills required to thrive within<br />

it. Whatever your needs, we have temporary, permanent and<br />

contract based opportunities to find your ideal role. Our candidate<br />

registration process is unrivalled, including face-to-face screening<br />

interviews and a credit control skills test developed exclusively for<br />

Hays by the CI<strong>CM</strong>. We offer CI<strong>CM</strong> members a priority service and<br />

can provide advice across a wide spectrum of job search and<br />

recruitment issues.<br />


Menzies<br />

T: +44 (0)2073 875 868 - London<br />

T: +44 (0)2920 495 444 - Cardiff<br />

W: menzies.co.uk/creditor-services<br />

Our Creditor Services team can advise on the best way for you<br />

to protect your position when one of your debtors enters, or<br />

is approaching, insolvency proceedings. Our services include<br />

assisting with retention of title claims, providing representation<br />

at creditor meetings, forensic investigations, raising finance,<br />

financial restructuring and removing the administrative burden<br />

– this includes completing and lodging claim forms, monitoring<br />

dividend prospects and analysing all Insolvency Reports and<br />

correspondence.<br />

For more information on how the Menzies Creditor Services<br />

team can assist, please contact Bethan Evans, Licensed<br />

Insolvency Practitioner, at bevans@menzies.co.uk or call<br />

+44 (0)2920 447 512.<br />

LEGAL<br />

Shoosmiths<br />

Email: paula.swain@shoosmiths.co.uk<br />

Tel: 03700 86 3000 W: www.shoosmiths.co.uk<br />

Shoosmiths’ highly experienced team will work closely with credit<br />

teams to recover commercial debts as quickly and cost effectively<br />

as possible. We have an in depth knowledge of all areas of debt<br />

recovery, including:<br />

•Pre-litigation services to effect early recovery and keep costs<br />

down<br />

•Litigation service<br />

•Post-litigation services including enforcement<br />

•Insolvency<br />

As a client of Shoosmiths, you will find us quick to relate to your<br />

goals, and adept at advising you on the most effective way of<br />

achieving them.<br />

Cr£ditWho?<br />

CI<strong>CM</strong> Directory of Services<br />

Bottomline Technologies<br />

115 Chatham Street, Reading<br />

Berks RG1 7JX | UK<br />

T: 0870 081 8250 E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps businesses<br />

pay and get paid. Businesses and banks rely on Bottomline for<br />

domestic and international payments, effective cash management<br />

tools, automated workflows for payment processing and bill<br />

review and state of the art fraud detection, behavioural analytics<br />

and regulatory compliance. Businesses around the world depend<br />

on Bottomline solutions to help them pay and get paid, including<br />

some of the world’s largest systemic banks, private and publicly<br />

traded companies and Insurers. Every day, we help our customers<br />

by making complex business payments simple, secure and<br />

seamless.<br />

Key IVR<br />

T: +44 (0) 1302 513 000 E: sales@keyivr.com<br />

W: www.keyivr.com<br />

Key IVR are proud to have joined the Chartered Institute of<br />

Credit Management’s Corporate partnership scheme. The<br />

CI<strong>CM</strong> is a recognised and trusted professional entity within<br />

credit management and a perfect partner for Key IVR. We are<br />

delighted to be providing our services to the CI<strong>CM</strong> to assist with<br />

their membership collection activities. Key IVR provides a suite<br />

of products to assist companies across the globe with credit<br />

management. Our service is based around giving the end-user<br />

the means to make a payment when and how they choose. Using<br />

automated collection methods, such as a secure telephone<br />

payment line (IVR), web and SMS allows companies to free up<br />

valuable staff time away from typical debt collection.<br />

YayPay by Quadient<br />

T: + 44 (0) 7465 423 538<br />

E: r.harash@quadient.com<br />

W: www.yaypay.com<br />

YayPay by Quadient makes it easy for B2B finance teams to stay<br />

ahead of accounts receivable and get paid faster – from anywhere.<br />

Integrating with your existing ERP, CRM, accounting and billing<br />

systems, YayPay organizes and presents real-time data through<br />

meaningful, cloud-based dashboards. These increase visibility<br />

across your AR portfolio and provide your team with a single<br />

source of truth, so they can access the information they need to<br />

work productively, no matter where they are based.<br />

Automated capabilities improve team efficiency by 3X and<br />

accelerate the collections process by making communications<br />

customizable and consistent. This enables you to collect cash<br />

up to 34 percent faster and removes the need to add additional<br />

resources as your business grows.<br />

Predictive analytics provide insight into future payer behavior to<br />

improve cash flow management and a secure, online payment<br />

portal enables customers to access their accounts and pay at any<br />

time, from anywhere.<br />



Portfolio Credit Control<br />

1 Finsbury Square, London. EC2A 1AE<br />

T: 0207 650 3199<br />

E: recruitment@portfoliocreditcontrol.com<br />

W: www.portfoliocreditcontrol.com<br />

Portfolio Credit Control, a 5* Trustpilot rated agency, solely<br />

specialises in the recruitment of Permanent, Temporary & Contract<br />

Credit Control, Accounts Receivable and Collections staff<br />

including remote workers. Part of The Portfolio Group, an awardwinning<br />

Recruiter, we speak to Credit Controllers every day and<br />

understand their skills meaning we are perfectly placed to provide<br />

your business with talented Credit Control professionals. Offering<br />

a highly tailored approach to recruitment, we use a hybrid of faceto-face<br />

and remote briefings, interviews and feedback options.<br />

We provide both candidates & clients with a commitment to deliver<br />

that will exceed your expectations every single time.<br />

FOR<br />





paul@centuryone.uk<br />

01727 739 196<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 62

View our digital version online at www.cicm.com<br />

Log on to the Members’ area, and click on the tab labelled<br />

‘Credit Management magazine’<br />

Just another great reason to be a member<br />

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

CI<strong>CM</strong> membership, as well as additional subscribers<br />

Brave | Curious | Resilient<br />

www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 63

The software platform to automate and<br />

optimise your order-to-cash process<br />

Connect your organisation with your customers.<br />

Manage risks and decrease DSO by 20%.<br />

Connecting data. Connecting you.<br />

www.vismaonguard.com<br />

+44 (0) 20 396 683 24<br />

Brave | Curious | Resilient / www.cicm.com / <strong>June</strong> <strong>2022</strong> / PAGE 64

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