Credit Management November 2023

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Fill your vacancy or find your next career move at www.portfoliocreditcontrol.com RECRUITING FROM YOUR OFFICE... Portfolio Credit Control, part of the Portfolio Group, are proud to be the only true specialist Credit Control recruitment agency in the UK. Specialising in solely recruiting for Credit Controllers and Credit professionals since 2008. We place permanent, temporary and contract credit professionals at all levels. Our expert market knowledge & industry experience is trusted by SME’s through to Global Blue Chip businesses including FTSE 100 companies across the UK for all their Credit Control hiring needs. We recruit for: Credit Manager / Head of Credit Control; (Senior) Credit Controller / Team Leader / Supervisor; Credit and Billing Manager; Sales Ledger / Accounts Receivable (Manager); Credit Analyst. ...OR REMOTELY Contact us to hire the best Credit Control talent Scan with your phone to fill your vacancy or find your next career move at www.portfoliocreditcontrol.com Contact one of our specialist recruitment consultants to fill your vacancy or find your next career move! LONDON 020 7650 3199 1 FINSBURY SQUARE, 3 RD FLOOR, LONDON EC2A 1AE MANCHESTER 0161 836 9949 THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FB www.portfoliocreditcontrol.com recruitment@portfoliocreditcontrol.com theportfoliogroup portfolio-credit-control portfoliocredit Brave | Curious | Resilient / www.cicm.com / November / PAGE 16 Rated as Excellent
HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION Bolstering the UK Economy The pivotal role High Court enforcement plays in supporting a fair and efficient economic environment. AUTHOR – Alan J. Smith FCICM HIGH Court enforcement is a critical component of the United Kingdom's legal and financial infrastructure. Its role extends far beyond settling disputes; it actively contributes to the stability, growth, and prosperity of the UK economy. It is not just huge corporations recovering large debts. Small businesses, sole traders and individuals all rely on High Court enforcement to recover money owed to them and prevent them – as todays creditors – from becoming the debtors of tomorrow. Preservation of small businesses When businesses are not paid for goods or services provided, their cashflow suffers, limiting their ability to invest, expand, and create jobs, or even meet their day to day running costs. With the cost-of-living crisis the impact on small businesses is more noticeable than ever. The backlog of cases in the County Courts is making it difficult for the businesses and individuals who are relying on this income to recover the money owed to them. While judgments for debts over £600 can be transferred up to the High Court for efficient recovery, smaller debts that can make a real difference between a business staying open or facing insolvency are taking much longer to recover. By successfully recovering debts, businesses can maintain liquidity, meet their financial obligations, and reinvest in their operations, which is why we’re committed to campaigning for freedom of choice for court users. A simple change to legislation would allow them to choose a High Court Enforcement Officer to help recover debts under £600, increasing their viability and preventing them from falling into debt of their own. Reinforcement of Contractual Commitments The UK economy thrives on a robust legal system that enforces contractual commitments. High Court enforcement plays a vital role in upholding these commitments, reinforcing the principle that agreements must be honoured. This commitment to enforcing contracts promotes trust and confidence in business transactions, encouraging investors and businesses to engage in economic activities with the assurance that their rights and agreements will be protected. Encouragement of Responsible Borrowing and Lending When debtors know that unpaid debts can lead to legal consequences, they are incentivised to fulfil their financial obligations. It can also deter potential debtors from engaging in non-payment or defaulting on financial obligations, as they are aware of the potential legal consequences. This deterrence contributes to a more efficient and responsible economic ecosystem. On the lender side, the knowledge that there is a mechanism for debt recovery reinforces responsible lending practices, discouraging the extension of credit to individuals or businesses with a history of non-payment. This fosters a healthier credit market and reduces the risk of financial instability. As an Association we work closely with the newly formed Enforcement Conduct Board to ensure High Court enforcement is carried out flexibly and responsibly, particularly in cases involving vulnerable debtors. High Court Enforcement Officers have a role in ensuring that the vulnerable and socially excluded are protected and that the recovery process includes procedures agreed between HCEOs and creditors about how such situations should be dealt with. Support for Landlords The property sector is a significant contributor to the UK economy. High Court enforcement plays a crucial role in supporting this by assisting in the enforcement of Orders of Possession and eviction proceedings. This is particularly important in cases where tenants fail to pay rent or breach tenancy agreements. By helping landlords regain control of their properties, High Court enforcement ensures that rental income is protected, preventing financial losses and disruptions in property management. A stable property sector positively impacts property values, property tax revenue, and associated industries, such as construction and property management. With the recent suspension of County Court bailiff appointments, it is High Court enforcement that has been able to continue to provide support for landlords looking to recover their property or rent arrears. A vital role for UK plc No system is perfect, but we’ve been working hard with Government and other stakeholders to make High Court enforcement more accessible through digitisation and ensure that standards are maintained through appropriate funding. Our members perform a vital role for UK plc – while they are doing the work that no one really thinks about, High Court enforcement preserves the financial health of businesses, encourages responsible financial behaviour, and reinforces contractual commitments. Its role in maintaining a fair and efficient economic environment underscores its significance as a cornerstone of the UK economy. Alan J. Smith FCICM is Chairman of the High Court Enforcement Officers Association. Brave | Curious | Resilient / www.cicm.com / November / PAGE 17
Page 1 and 2: CREDIT MANAGEMENT CM NOVEMBER 2023
Page 3 and 4: SEAN FEAST FCICM MANAGING EDITOR Ed
Page 5 and 6: CICM GOVERNANCE President: Stephen
Page 7 and 8: Higher mortgage rates put a new coh
Page 9 and 10: NEWS ROUNDUP “We’re earning les
Page 11 and 12: INSOLVENCY Another factor to weigh
Page 13 and 14: INSOLVENCY AUTHOR - David Kerr clas
Page 15: INSOLVENCY IN the complex world of
Page 20 and 21: CONSUMER CREDIT Driven to default?
Page 22 and 23: CONSUMER CREDIT AUTHOR - Heather Gr
Page 24 and 25: MOOVING UPWARDS Scottish farmer sho
Page 26 and 27: EYE OF THE BEHOLDER Equality, preju
Page 28 and 29: OPINION It is clear that while ther
Page 30 and 31: HR MATTERS STRESS AND YOU What are
Page 32 and 33: HR MATTERS AUTHOR - Gareth Edwards
Page 34 and 35: International Trade Monthly round-u
Page 36 and 37: COUNTRY FOCUS The Netherlands may b
Page 38 and 39: COUNTRY FOCUS AUTHOR - Adam Bernste
Page 40 and 41: LEGAL MATTERS SAFETY IN NUMBERS Gro
Page 42 and 43: CICM TRAINING Training courses that
Page 44 and 45: Introducing our CORPORATE PARTNERS
Page 46 and 47: CCeeer ttiiiffiiiccaatteee ooff CCo
Page 48 and 49: STATISTICS Data supplied by the Cre
Page 50 and 51: LOOKING FOR YOUR NEXT CAREER MOVE?
Page 52 and 53: RISING STAR A Cut Above How a forme
Page 54 and 55: BRANCH NEWS NEW NORMS CICM East of
Page 56 and 57: Cr£ditWho? CICM Directory of Servi
Page 58 and 59: Cr£ditWho? CICM Directory of Servi
Page 60: Screen your clients against 1,100 w

Credit Management November 2023

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