Credit Management September 2023

CICM East of England
Branch webinar on 12
July 2023 was delivered by
Monica Kapur, a Partner
in the Restructuring and
A. Insolvency team at Harrison
Clark Rickerbys Solicitors who has
over seventeen years experience as an insolvency
solicitor.
Monica detailed the benefits and
drawbacks of the options to recover debt,
summarised the legal processes available,
talked through a case study, and suggested
steps to best utilise debt recovery processes
and minimise risk. Slido.com was used for
immediate audience feedback.
Negotiating with the debtor yourself to
understand the reason for non payment,
resolving queries etc; was the first step
and the best way to obtain payment, but
mediation was an option that could bring
satisfactory results, with payment being
received on the day, or soon afterwards, in
70 percent of cases.
Apart from reviewing your credit control
processes (including whether your terms
of payment reflected the contract) Monica
suggested looking again at key contracts
or agreements with customers; checking
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East of England branch
whether your terms of payment could be
tightened; or whether retention of title
clauses could be added.
It was a good idea to audit customers’
health by checking credit ratings, seeking
guarantors, or trying to obtain security that
you could enforce, and to consider credit
insurance. Supply chain mapping of your
business suppliers, and their suppliers was
also recommended.
Litigation should not be undertaken
lightly without regard to the chances of
success, and the costs and delays of CCJs
and enforcement were also emphasised. In
Monica’s opinion the insolvency processes
– statutory demands, winding up petitions
and bankruptcy petitions –was a last
resort.
Monica welcomed, and answered,
many questions. CICM East of England
Branch would like to thank Monica for her
outstandingly comprehensive webinar;
Branch member Andy Moylan of EFCIS Ltd
who mediated the webinar; and Branch
committee member Steve Walsh of RSM
Credit Solutions who arranged it.
Richard Brown, CICM East of England
Vice Chairman.
The CICM Benevolent Fund
is here to support members
of the CICM in times of need.
Some examples of how CICM have helped our members are:
• Financed the purchase of a mobility scooter for a disabled
member.
• Helped finance the studies of the daughter of a member who
became unexpectedly ill.
• Financed the purchase of computer equipment to assist an
unemployed member set up a business.
• Contributed towards the purchase of an orthopaedic bed for one
member whose condition was thereby greatly eased.
• Helped with payment for a drug, not available on the NHS, for
medical treatment of another member.
If you or any dependants are in need or in distress, please apply today – we are here to
help. (Your application will then be reviewed by the CICM Benevolent Fund committee
and you will be advised of their decision as quickly as possible)
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 55