CM December 2023

CREDIT MANAGEMENT 

CM 

DECEMBER 2023 £13.00 

THE CICM MAGAZINE FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

INSIDE 

2024 DESKTOP 

CALENDAR 

KEYBOARD 

WARRIOR 

Tackling the threat 

of Ransomware 

Insolvencies, AI and 

the outlook for 2024. 

Page 12 

Regulation in the 

Buy Now Pay Later sector. 

Page 14

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SEAN FEAST FCICM 

MANAGING EDITOR 

Editor’s column 

Aeroplane pictures, 

fast drivers and awards 

I 

love this time of year. There is 

so much going on, and so many 

plans being made. We’re planning 

to move editorial offices, and 

that’s exciting in itself, although 

my idea for filling the wall space 

with pictures of aeroplanes was kiboshed 

by my Deputy. It was a very definite ‘no’ in 

that way that really means ‘no’ and there’s 

no point in arguing. A tactical withdrawal 

is always preferred to a strategic defeat. 

One of the reasons I love this time 

of year is that it is awards season. I was 

once again delighted to be asked to judge 

certain categories within the CICM British 

Credit Awards. 

I enjoy it on several levels. Firstly, a 

purely personal one, interacting with my 

fellow judges, initially in small teams and 

then with the whole crowd on ‘judgment 

day’, making sure your own thoughts and 

opinions are aired but without ever dying 

in a ditch (Sue Chapple FCICM, take note). 

Secondly, at a professional level, getting 

to read and learn more about what some 

of the true thought leaders in the credit 

industry are doing and the progress they 

are making through innovation, business 

success or personal development. 

Indeed, it is the personal categories that 

are without question the most difficult to 

judge. With a product innovation or team 

category, what an organisation claims 

can easily be supported by hard facts to 

evidence success. (And a note for all future 

awards submissions – always support 

your entry with data!). But when it comes 

to a rising star, or credit professional 

of the year, that’s often where the real 

fun begins. I don’t think I’ve ever read a 

nomination in either category where I 

haven’t thought that half a dozen or more 

didn’t equally deserve to win. Maybe I’m 

just going a bit soft in my old age, which 

is why the judging panel is comprised 

of wiser heads and informed counsel to 

ensure we arrive at a consensus decision. 

Now I know that everyone always says 

that just to be shortlisted is an achievement 

in itself (see shortlist on page 18). And I’ve 

been to enough awards ceremonies over 

the years to know that ‘second place’ is 

often scoffed at by the comedian host. But 

I can only say that in the case of the CICM 

British Credit Awards, coming second, 

being Highly Commended or even just 

making it through this far is no mean 

feat. This isn’t a modern-times school 

sports day where everyone gets a prize. 

If you win, fabulous. If you don’t, you 

have the satisfaction of knowing you’re 

benchmarking yourself against the best 

the industry can offer, and your turn will 

undoubtedly come. 

Stirling Moss, who I once had the 

privilege of interviewing, was one of the 

greatest racing drivers of all time but 

never won the world championship title. 

My point? True class is always recognised 

in the end. 

Brave | Curious | Resilient / www.cicm.com / December 2023 / PAGE 3

CONTENTS 

December 2023 issue 

10 – TIMED OUT 

Can a company really go into liquidation 

in a matter of days? 

12 – FORWARD MARCH 

Insolvencies, Artificial Intelligence and the 

outlook for 2024. 

14 – BNPL 

The good, the bad and the unknown. 

20 – HELD TO RANSOM 

Ransomware is a growing concern. So what can 

you do about it? 

24 – ECO WARRIOR 

Invoice Finance can support both the customer and 

the supplier in the credit ecosystem. 

26 – SCHOOL’S OUT 

Collecting debt in the education sector. 

28 – THE SCORES ARE IN 

Current credit scoring systems are failing those 

they are meant to protect. 

34 – KOREA OPPORTUNITIES 

South Korea is a destination worthy of any 

corporate agenda. 

55 – LET’S TALK ABOUT PAY RISES 

How and when to request a salary increase. 

14 

BUY NOW 

PAY LATER 

10 

TIMED OUT 

Can a company really go into 

liquidation in a matter of days? 


28 

THE SCORES ARE IN 

CICM GOVERNANCE 

President: Stephen Baister FCICM 

Chief Executive: Sue Chapple FCICM 

Executive Board: Chair Debbie Nolan FCICM(Grad) 

Vice Chair: Phil Rice FCICM / Treasurer: Glen Bullivant FCICM 

Larry Coltman FCICM /Neil Jinks FCICM / Allan Poole MCICM 

Advisory Council: Caroline Asquith-Turnbull FCICM 

Laurie Beagle FCICM / Glen Bullivant FCICM 

Brendan Clarkson FCICM / Larry Coltman FCICM 

Peter Gent FCICM(Grad) / Victoria Herd FCICM(Grad) 

Andrew Hignett MCICM(Grad) / Laural Jefferies FCICM 

Neil Jinks FCICM/ Martin Kirby FCICM 

Charles Mayhew FCICM / Hans Meijer FCICM 

Debbie Nolan FCICM(Grad) / Amanda Phelan MCICM(Grad) 

Allan Poole MCICM / Phil Rice FCICM / Phil Roberts FCICM 

Chris Sanders FCICM / Paula Swain FCICM 

Jamie Thornton MCICM / Mark Taylor MCICM 

Atul Vadher FCICM(Grad) 

20 

HELD TO 

RANSOM 

26 

SCHOOL’S OUT 

Collecting debt in the 

education sector. 

View our digital version online at www.cicm.com. 

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

tab labelled ‘Credit Management magazine.’ 

Credit Management is distributed to the entire 

UK and international CICM membership, as well 

as additional subscribers 

Publisher 

Chartered Institute of Credit Management 

1 Accent Park, Bakewell Road, Orton Southgate, 

Peterborough PE2 6XS 

Telephone: 01780 722900 

Email: editorial@cicm.com 

Website: www.cicm.com 

CMM: www.creditmanagement.org.uk 

Managing Editor: Sean Feast FCICM 

Deputy Editor: Iona Yadallee 

Art Editor: Andrew Morris 

Telephone: 01780 722910 

Email: andrew.morris@cicm.com 

Editorial Team 

Joe Clarkson, Rob Howard and Melanie York 

Advertising 

Paul Heitzman 

Telephone: 01727 739 196 

Email: paul@centuryone.uk 

Printers 

Stephens & George Print Group 

2023 subscriptions 

UK: £129 per annum 

International: £160 per annum 

Single copies: £13.00 

ISSN 0265-2099 

Reproduction in whole or part is forbidden without specific permission. 

Opinions expressed in this magazine do not, unless stated, reflect those 

of the Chartered Institute of Credit Management. The Editor reserves 

the right to abbreviate letters if necessary. The Institute is registered as a 

charity. The mark ‘Credit Management’ is a registered trade mark of the 

Chartered Institute of Credit Management. 

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


CMNEWS 

A round-up of news stories from the 

world of consumer and commercial credit. 

Written by – Sean Feast FCICM 

Experts warn of reduced appetite 

for lending from high street banks 

FEARS expressed in a CICM 

Think Tank in November that 

some high street banks were 

withdrawing their lending 

‘wholesale’ from certain 

sectors appear to be confirmed 

in new research. 

Over eight in ten SME finance experts 

(83 percent) believe that high street 

banks are reducing their appetite to fund 

the UK’s 5.5m small and medium-sized 

businesses, and the drop in lending is set 

to worsen. 

According to iwoca’s latest Quarterly 

SME Expert Index, three quarters of 

brokers (75 percent) predict that high 

street banks will continue to reduce their 

access to working capital over the next 

twelve months. 

Eight in 10 brokers (82 percent) also 

predict that SME demand for capital will 

rise in the next six months, widening the 

financing gap business owners are already 

experiencing. As traditional routes for 

small business financing reduce and are 

unable to meet the needs of SMEs, more 

than half of brokers (51 percent) report a 

negative view of high street banks. 

Data from brokers comes as the Office 

for National Statistics revealed that 

inflation remains stubborn at 6.7 percent 

in the year leading up to September. Three 

in five SME financing experts (61 percent) 

say that SME demand for loans has been 

driven by the need to manage cash flow 

rather than to fund company growth – up 

a quarter in just three months. 

This comes as iwoca’s latest figures 

show that six in ten (58 percent) believe 

the Prime Minister won’t meet his target 

to halve inflation by the end of the year. 

Colin Goldstein, Commercial Growth 

Director at iwoca, says that sticky 

inflation means SMEs are focussed on 

short-term funding to help them 

through this period: “This research 

demonstrates in the clearest possible 

terms that SME funding options are being 

stripped back – better suited lenders 

can and must step into the place of 

traditional banks. Small and mediumsized 

businesses need our vital financial 

support on the long road to economic 

recovery.” 

iwoca’s data appears to reflect 

comments in the CICM Think Tank where 

experts from Experian and Company 

Watch among others warned of a 

noticeable lack of desire within 

high street banks to lend to SMEs, and 

one senior credit manager remarked 

that some banks were withdrawing 

their lending from certain sectors 

altogether. 

Mark England, Head of Commercial 

Insight at Experian, noted that ‘traditional’ 

bank lending was falling, and their space 

being filled by Fintechs and Challenger 

Banks. There has also been a significant 

rise in asset finance in recent quarters. 

Meanwhile, one Challenger bank, Allica, 

has launched a new £10m fund to support 

businesses with the purchase of electric 

vehicles (EVs), part of a wider initiative 

to help businesses reduce their carbon 

footprint and achieve sustainability 

targets. 

The new fund has been introduced 

following Allica’s latest broker survey of 

its asset finance brokers, in which more 

than half (54 percent) of respondents 

stated the main reason for their clients 

seeking sustainability-based finance was 

to purchase electric vehicles. 

Allica has also discounted rates to fund 

electric vehicles, with the bank offering 

a 50-basis point (bps) reduction on its 

standard hard asset pricing, available for 

a limited time from the 1st of November 

through to the 31st of December this year. 

Brandon Hall, Head of Sales – Asset 

Finance at Allica Bank, says forwardthinking 

banks need to place added 

emphasis on making sustainability 

targets an easier task to reach: “Our 

latest survey of the broker community 

highlighted the growing demand from UK 

businesses looking for funding support to 

help improve sustainability, with making 

the switch to EVs top of the agenda. 


NEWS ROUNDUP 

Seven million adults forced to 

borrow to pay bills this winter 

AS UK households begin switching 

the heating on, seven million people 

are reliant on credit to pay their bills 

this winter according to research from 

Creditspring. 

Despite a slight dip in inflation, 

Creditspring warns that many people 

are set to enter winter with no financial 

buffer and could be forced to turn to 

credit they cannot afford in order to 

survive. Nearly eight million people (15 

percent of the adult population) admit 

they’ll be forced to borrow to get by in 

the next six months. 

A quarter (25 percent) of UK adults 

are forced to dip into their savings each 

month just to make ends meet, however 

the ongoing cost-of-living crisis has 

depleted this financial cushion for 

many households. In fact, one in five 

people (18 percent) say they’ll need a 

loan once their savings run out. Even 

more worryingly, the research shows 

that one in five (21 percent) of adults 

don’t have any savings to fall back on 

at all. 

Three in 10 (30 percent) of people 

say they are terrified for their financial 

future and a third (33 percent) feel stuck 

believing there is nothing they can do 

to improve their financial situation. In 

total, almost four in 10 (38 percent) – or 

20m people – say their financial future 

is unpredictable and they’re uncertain 

about their future position in six 

months. 

Neil Kadagathur, Co-Founder and 

CEO of Creditspring, says that although 

last year was tough, millions of people 

are in an even worse situation now: 

“For many, it is a question of not just 

eat or heat – but how to ensure they 

can do either. As we approach another 

winter of high energy costs, many 

households have nothing left to fall 

back on and are hugely concerned 

about how they will survive the next 

few months. 

£32 billion hole in UK savings pots 

as cost-of-living crisis continues 

NEW Cost of Living research from Royal 

London, the pensions and investments 

mutual, suggests UK consumers have 

raided their savings to cover the rising 

cost of living. The cost of housing, 

food and energy bills have risen by an 

average of £494 a month by September 

this year when compared with August 

2022. 

The survey of 4,000 adults found 

that more than one in five people (23 

percent) have dipped into their savings 

as a direct result of rising living costs. 

The average amount that people have 

had to take out of their savings is £2,623, 

which equates to a staggering £32bn 

being used to counter rising household 

bills. 

There was positive news as overall 

savings levels were up amongst those 

surveyed, but this was largely driven by 

mortgage-free homeowners, who have 

double the average amount in savings 

of the sample as a whole (£33,858 vs. 

£17,575). Renters, especially those who 

live in social housing, have £3,642 

in savings compared to those with a 

mortgage who have £11,601 – which is 

over three times as much. Worryingly, 

one in five people (21 percent) have less 

than £100 in savings, a figure that has 

been consistent since March. 

The research also found that 

three quarters of UK consumers (76 

percent) were concerned about rising 

interest rates, following 14 consecutive 

rises in Bank of England Base Rate 

since December 2021. More than 

eight in ten renters (82 percent) said 

they are worried about rising rental 

payments, with the same proportion 

of homeowners with a mortgage (80 

percent) stating they were worried about 

mortgage costs. This compares to four in 

10 renters and a third of mortgage payers 

being worried a year earlier. 

While the rising base rate has resulted 

in improved savings one in six people (16 

percent) state that they intend to cover 

future rising bills with money from their 

short-term savings, meaning they’ll 

benefit less from the higher interest 

rates now on offer as they draw out their 

savings to cover rising bills. Almost 

half of people (46 percent) who have or 

plan to take money from their savings 

have focused on their ‘rainy day funds’, 

proving that the sentiment of putting 

some contingency aside has served 

many people well. 

>NEWS 

IN BRIEF 

Managing risk 

LENVI, a leading provider of 

commercial lending software and 

solutions to the factoring and 

receivables finance market, has been 

appointed by BNP Paribas, to support 

its European risk management and 

operations functions through its risk 

management software Riskfactor. 

Lenvi will support BNP Paribas 

in reducing risk and improving 

operational efficiency. Through the 

implementation of the full-service 

risk management and fraud analytics 

software for receivables finance, 

Lenvi says Riskfactor will enable BNP 

Paribas to better prevent and manage 

risk and fraud. 

Women’s Lib 

SECURITY, openness and inclusion are 

the most crucial factors that women 

look for when obtaining financial 

services in their daily lives, a report 

produced by Futura, Solaris’s network 

for women in fintech has discovered. 

When it came to evaluating what 

women typically want from financial 

services, building financial security 

was the main factor noted by 77 

percent of respondents ahead of 

wanting to grow their money in the 

long term. Saving for retirement was 

third most popular at 68 percent with 

protecting themselves from inflation 

and other crises being acknowledged 

by 47 percent. By contrast, just eight 

percent of respondents said they’re 

motivated by increasing social status. 

Artificial Intelligence 

MORE than a third (38 percent) of 

small businesses have used, or are 

considering using, AI according to new 

research from Small Business Britain. 

However, the research also found 

signs that entrepreneurs will need 

support to upskill in this area, as only 

22 percent of small businesses say 

they understand how to best deploy AI 

within their business. Only six percent 

of business owners say they have cut 

staff due to new technology, a statistic 

that is more than balanced out by the 

ten percent who have created new 

roles to manage digital projects. 


NEWS ROUNDUP 

Concerns mount over Buy Now Pay 

Later as its use mushrooms 

MORE than a quarter 

(27 percent) 

of UK adults 

(approximately 14 

million) have used 

Buy Now Pay Later 

at least once in the six months prior 

to January 2023. This is up from 17 

percent who said they had used it in 

the preceding 12 months in May 2022, 

raising serious concerns within the 

debt advice community 

Research from the Financial 

Conduct Authority (FCA) also found 

that frequent users of BNPL are more 

likely to be in financial difficulty. They 

were over twice as likely as those who 

have not used BNPL to also have a 

high-cost credit product, almost twice 

as likely to have increased the amount 

of debt on credit products over the 

last year, and over four times as likely 

to have missed a payment of a bill or 

credit commitment in three of the 

last six months. 

Sheldon Mills, Executive Director 

of Consumers and Competition at the 

FCA, says that while the FCA does 

not have regulatory oversight over 

BNPL products, it is determined to 

protect consumers using financial 

services where it can: “Our research 

shows a significant increase in the 

use of BNPL over the past year. When 

used appropriately, the product 

provides valuable benefits, 

but we want to ensure that 

consumers, particularly those 

in vulnerable circumstances, 

have adequate protections 

and are given sufficient 

information.' 

Richard Lane, 

Director of External 

Affairs at StepChange 

Debt Charity, says the 

figures are alarming 

but no surprise: 

“Given the immense financial strain 

so many people have been under for 

the past two years, it’s no surprise 

to see the use of BNPL on the rise. 

While we know that these products 

work well for millions of consumers, 

for those who are struggling to make 

ends meet it is an unregulated line of 

credit which can all too easily result in 

people borrowing to pay bills or make 

other repayments. 

“It’s encouraging to see that 

the FCA has secured changes 

to potentially unfair and 

unclear BNPL contract terms, 

as we have long-held concerns 

that current policies vary 

significantly between 

providers. However, 

only proportionate 

regulation will improve 

RICHARD LANE 

– StepChange. 

Sparks fly for Utility providers 

over poor customer service 

DESPITE best efforts by 

utility providers, 25 

percent of people report to 

be receiving more than 10 

incorrect utility bills when 

moving home. This is 

causing a knock-on effect in the industry 

as one in five customers would consider 

leaving their utility provider if they were 

billed incorrectly, and more than one in 10 

people have already pulled the trigger and 

left their supplier due to being chased for 

an incorrect bill or debt that didn’t belong 

to them. 

The matter of misplaced debt is often 

out of the hands of utility providers, as 

almost one in five people don’t update 

their supplier at all when they move 

home, either because they don’t know 

how to, or they wrongly think the council, 

or their supplier does it for them. Of those 

that do know how to inform their supplier 

of their new details or have tried to notify 

their supplier of an incorrect bill arriving 

at their address, 20 percent said they 

would rather switch provider than try to 

fix the issue with their existing one. 

The study, conducted by credit 

reference agency, Equifax, found that 27 

percent of customers making the switch 

felt that suppliers who chased for or sent 

incorrect bills, were incompetent with 

their data, while 17 percent were ignored 

when they tried to inform their supplier 

of an issue with their bill. 

The issue of misplaced debt and 

incorrect occupant identification, fueled 

by a growing generation of renters and 

frequent movers, is continuing to grow. 

To support utility companies, Equifax has 

partnered with Sagacity to offer Occupier 

ID. With the help of Equifax data, Occupier 

ID improves data quality and converts 

unknown and void properties into 

genuine customers. This in turn improves 

billing accuracy, reduces returned 

mail and eliminates the need for mail 

addressed to 'The Occupier'. 

Incorrect occupant data is causing 

utility providers to lose out on customers, 

and potential revenue, but also has an 

impact on customers – 30 percent of 

occupants admit to feeling stressed due 

to being wrongly chased for a utility 

bill. In January 2023 alone, over 270,000 

people moved home, and a further 

308,000 planned to, meaning there could 

be over half a million incorrect bills sent 


NEWS ROUNDUP 

“It’s encouraging to see that the FCA has 

secured changes to potentially unfair and 

unclear BNPL contract terms, as we have 

long-held concerns that current policies 

vary significantly between providers.’’ 

>NEWS 

IN BRIEF 

these products for millions of 

customers, which is why we’ve been 

disappointed to see delays to the 

implementation of new rules that have 

been promised since 2019. We urge the 

Government to stick to its guns and 

bring about this regulation as soon as 

possible. Putting struggling consumers 

first is the right thing to do.” 

Sarah Coles, Head of Personal 

Finance, Hargreaves Lansdown, is 

concerned that very regular users run a 

risk that it could take a stranglehold on 

their finances, squeezing the life out of 

their financial resilience: “On paper, the 

fact there’s no interest to pay on money 

borrowed this way makes it a very 

sensible option to help us manage our 

budgets. There’s no doubt that millions 

of people are taking advantage of 

BNPL in a way that works for them. 

However, for others it becomes a 

dangerous habit – encouraging them 

to buy things they don’t really need and 

can’t afford. 

“As a result, those who lean heavily 

on BNPL are far more likely to stray 

into other worrying types of borrowing 

– from taking out high-cost credit to 

letting debts mount up, and missing 

repayments.” 

The FCA has used its powers under 

the Consumer Rights Act 2015 to help 

bring changes to potentially unfair and 

unclear contract terms, addressing 

thorny issues like continuous payment 

authority terms easier and your 

cancellation rights. 

Open all hours 

ONE in five Brits are now making 

regular payments via Open Banking 

(21 percent) according to research 

carried out by Moneyhub. Open 

Banking payments allow users to 

make a payment directly through 

their phone’s banking app or online 

banking account to another account, 

which can be a quicker and more 

cost-effective alternative to other 

payment options such as card 

payments, standing orders or direct 

debits. Open Banking payments hit 

a milestone earlier this year, hitting 

11.8m transactions in September, with 

the number of active payment users 

surging by 68 percent in July 2023 

compared to the same month the 

previous year. 

CICMQ RE-ACCREDITATION 

The matter of 

misplaced debt is 

often out of the 

hands of utility 

providers, as almost 

one in five people 

don’t update their 

supplier at all when 

they move home. 

by utility companies this year. 

Craig Tebbutt, Chief Strategy and 

Innovation Officer, at Equifax UK 

says that misplaced debt is not only 

causing financial issues for suppliers 

but also an undue amount of stress for 

customers: “Occupier identification 

is a very real issue when it comes 

to misplaced debt and potentially 

damaged credit. It is for this reason 

that Equifax are proud to partner with 

Sagacity to offer businesses the benefit 

of Occupier ID.” 

Team receive a hat-trick award 

The Hays Specialist Recruitment Team welcomed CICM Head of Accreditation, Karen 

Tuffs FCICM(Grad) to their UK Finance Share Service Centre in New Malden, Surrey 

on 20 October to receive their third CICMQ Best Practice Award. Head of Credit, Jamie 

Ditch and Credit Manager, Mark Phillips MCICM were joined by Paul Schofield, FSSC 

Director, Andy Davis, Client Liaison Manager, Harpreet Sandhu-McDonough, Talent 

& Development Director and members of their award winning credit control team to 

celebrate the team’s successful re-accreditation. First accredited in 2016, and renewing 

in 2018, the team, lead by Jamie and Mark worked diligently through the refreshed 

programme to secure re-accreditation in June 2023, achieving a “Good” pass. Many 

congratulations to Hays Specialist Recruitment! 


INSOLVENCY 

TIMED OUT 

Can a company really go into liquidation 

in a matter of days? 

AUTHOR – Giuseppe Parla 

IF Directors of an insolvent 

business wish to initiate a 

Creditors’ Voluntary Liquidation 

(CVL), the first step will be for the 

board to engage an insolvency 

practitioner. However, there are 

clearly defined procedures that must be 

followed. So what do creditors need to 

know? 

Most credit managers are familiar 

with this type of insolvency scenario. A 

business that owes them money is on the 

brink of insolvency and the Directors want 

to wind up the company. An insolvency 

practitioner is appointed to manage the 

liquidation process and creditors are 

informed of the proposed CVL. However, 

creditors do not get much time – so it 

could be a case of blink, and you could 

miss it. 

Decision Procedure or Deemed 

Consent 

In 2016, the Insolvency Act 1986 was 

amended to include the new Decision 

Procedures for use in all insolvency 

situations. The aim was to streamline 

and expedite the liquidation process by 

eliminating the need for unnecessary 

in-person meetings and using virtual 

meetings as the alternative. 

Creditors are invited to attend the 

virtual meeting on a minimum of three 

business days’ notice. This meeting must 

be advertised in the London Gazette. The 

appointment of the member’s nominated 

insolvency practitioner is then ratified 

by a majority of creditors who attend the 

meeting in person or by proxy. 

The other route into a CVL is the 

Deemed Consent process. In this 

scenario, creditors receive the same 

notice period, but this route indicates 

that if no objections are received within 

the specified time, then the CVL goes 

ahead as planned with the nominated 

insolvency practitioner. There is 

no requirement to advertise the 

Deemed Consent and there is no 

requirement for creditors to ratify 

the appointment. The Deemed 

Consent can be objected to, but 

this can only happen if sufficient 

creditors agree. 

Whilst creditors can object 

and request a physical meeting, 

there are pros and cons. For 

There is no 

requirement to 

advertise the 

Deemed Consent 

and there is no 

requirement for 

creditors to ratify 

the appointment. 

The Deemed 

Consent can be 

objected to, but 

this can only 

happen if sufficient 

creditors agree. 

example, if a late penalty notice for 

a large sum of money was sent to the 

failing business several months earlier, 

the creditor affected may want to 

understand more about the sequence 

of events leading to the Directors’ 

decision to liquidate the business at a 

later stage. They might wish to ask the 

Directors whether the decision could 

have been taken sooner. The best way 

to achieve this would be to object to the 

Deemed Consent and request a physical 

meeting. However, such a meeting is 

likely only to delay the inevitable, that the 

company will still end up in a CVL. 

The 10/10/10 rule 

In a situation where Deemed Consent 

is being sought and questions need 

answering, creditors must request 

a meeting quickly – ie. within three 

business days of receiving notice 

of the Deemed Consent. They can 

only do this by following the ‘10/10/10 

rule’, which requires either 10 percent 

of all creditors in value, 10 percent 

by number or 10 individual creditors 

requesting a meeting. 

Even if creditors do not want a meeting, 

it is best practice to check the Statement 

of Affairs to establish the likelihood of a 

return to creditors and always file a Proof 

of Debt. 

In certain situations, credit managers 

will have little choice but to accept that 

the unpaid invoices will probably have 

to be written off. However, there may 

be good reason to intervene, and they 

should avoid being timed out. Therefore, 

robust postal processes will be required, 

to ensure that notices arrive with decision 

makers in good time. 

In summary, whether you see a notice of 

Decision Procedure or a Deemed Consent 

CVL, it is likely that the convening 

insolvency practitioner will be 

relying on the postal system to 

make the initial contact with the 

company’s creditors, so make sure 

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LLP. 


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CEO CHRISTMAS MESSAGE 

Forward March 

Insolvencies, Artificial Intelligence and the outlook for 2024 

AUTHOR – Sue Chapple FCICM 

WHILE the difficult days of the 

pandemic are now thankfully 

long behind us, the fall-out in 

terms of a stuttering, stumbling 

global economy perseveres 

and has very much been 

a theme of the last 12 months. 

Uncertainty still appears to hang over businesses. 

Every bright glimmer of hope or faltering green shoot 

seems to be snuffed out before they can become a 

full sunrise or more firmly take root, mainly as a 

result of global challenges. As if the pandemic wasn’t 

enough, we then had (and still have) the conflict in 

Ukraine, and now the troubles in the Middle East, 

none of which bode well for the future, unless you 

happen to work in defence. 

This uncertainty, of course, is manifesting 

itself in the UK and globally in insolvencies 

and business failures. Recent articles have 

highlighted some disturbingly high volumes and 

values, and as with 2008/9, certain big names have 

either already gone to the wall or soon will. But like 

the last grand economic downturn, many of those 

that failed were already failing businesses and the 

same is almost certainly the case today. 

For the last three years we have spoken 

about companies being artificially kept alive by 

Government loans and subsidies and a reluctance 

from high street lenders to pull the plug. It would be 

interesting to analyse how many recent failures are 

of businesses that were effectively in a Zombie state, 

and their demise was always more a matter of ‘when’ 

and not ‘if’. It would be similarly interesting, and 

perhaps more productive, to understand the volume 

of businesses that are now becoming insolvent for 

whom there has been no warning, and no previous 

signs of trouble. That would give us a much clearer 

view of whether the much talked about ‘Tsunami’ 

of insolvencies is truly a concern, or nature’s way of 

flushing out the old to make way for the new. 

Artificial Intelligence 

I have been following closely the rise of another 

potential threat, Artificial Intelligence (AI). 

Now in fairness, AI is not universally seen as 

a problem. Opinion seems to be fairly evenly 

split down the middle, for there are as many 

people out there talking about the opportunity it 

presents, as there are the danger to future civilization 

(as anyone who has read Louis de Berniere’s latest 

book, Lights over Liskeard, will attest. Ed.). 

Those for whom the glass is half empty, see only 

how AI will ultimately take over our lives and our 

livelihoods, doing in fractions of a second what it 


Whatever the next 12 months has in store, 

good people will always be much in demand 

and good credit managers will know their worth 

and the value they bring in protecting and 

growing the organisations they work for. 

would take the human mind years to accomplish and 

rendering us all worthless and unemployable. Those 

for whom the glass if half full, see how AI accelerates 

processes, learning and discovery in ways that can 

transform our lives for the good, and create new jobs 

in roles that don’t yet exist. 

Perhaps the truth is somewhere in the middle, 

and certainly the recent conference at Bletchley 

Park highlighted the good, the bad and the ugly on 

all sides of the divide, and the need for controls to 

be put in place before we find ourselves once again 

asking Quis custodiet Ipsos custodes? Who will 

indeed guard the guards themselves. 

Closer to home, and there is plenty happening that 

also deserves our attention. Buy Now Pay Later (BNPL) 

is a particular challenge and it will be interesting to 

see how this plays out in 2024. The BNPL providers, 

I have noted, have been especially quiet on the 

issue, especially around future regulation, whereas 

the advice sector has been understandably more 

vocal. BNPL is, of course, nothing new. Many of us 

will have had a Store Card in the 80s and 90s, and 

used to paying it off at the end of every month. BNPL 

clearly has a place for those with a similar mindset, 

but it only takes a slight change in circumstance 

for the house of cards to come crashing down. The 

same is true of the automotive sector, and the 

inexorable rise of Personal Contract Purchase (PCP) 

to acquire a new car. Credit is fundamentally a good 

thing, but it needs to be understood and it needs to 

be managed. 

Exciting year ahead 

There are other challenges but also plenty to get 

excited about in the year ahead. Within the CICM we 

will be making a number of major announcements 

in the months to come, some of which we believe 

will be transformative to your Institute and to our 

profession. 

We are delighted with the huge strides some of our 

members are taking in advancing their organisations 

through CICMQ and becoming Corporate Partners, 

and through their engagement in our local branches, 

awards, Think Tanks and events. The work of our 

Board and our Advisory Council helps us to continue 

to steer a sure and steady path, and I thank them as 

always for their wise counsel and support. 

Whatever the next 12 months has in store, good 

people will always be much in demand and good 

credit managers will know their worth and the 

value they bring in protecting and growing the 

organisations they work for. I wish them, and I wish 

you all, the very best Christmas and a prosperous 

New Year. 


CONSUMER CREDIT 

BNPL: the good, the bad 

and the unknown? 

Buy Now Pay Later has become a significant and 

dynamic part of the lending industry, but, in the absence 

of long-awaited regulation, it remains controversial. 

AUTHOR – Steve Kiely 

“There’s no one-size-fits-all approach when it 

comes to how people manage their finances. Many 

people are looking for flexible payment options 

– Jennifer Bailey, Apple Pay and Apple Wallet 


“We are proud to be the first BNPL service to join 

forces with MAN and give customers a simplified route to 

debt advice, and are calling on other BNPL providers to join 

us in providing the same access to advice and support, to 

ensure that customers’ interests are always put first.” 

– Flora Coleman, Klarna 

acknowledged past two years, it’s no surprise to see the 

A 

commonly 

fact, is it not? Buy Now 

Pay Later or BNPL is an 

unfortunate development 

of the modern business 

environment. An unneeded 

facility, illegitimately interspersing 

itself between customer and retailer? 

The message seemed to be confirmed 

when analysts Hargreaves Lansdown 

commented on Financial Conduct 

Authority (FCA) findings suggesting that 

27 percent of people used BNPL in the 

six months to January 2023 (14 million 

people). In the year to May 2022 the figure 

was just 17 percent. 

Those w ho used it more than 10 times 

in the previous 12 months were twice as 

likely to have high-cost credit (48 percent), 

twice as likely to have taken on more debt 

in the past year (51 percent) and more than 

four times as likely to have missed a bill or 

debt repayment (27 percent). 

Tendrils 

Sarah Coles, Hargreaves Lansdown’s 

head of personal finance, said: “As BNPL 

spreads its tendrils into the finances of 14 

million people, it feels like a flourishing 

business, helping us spread the cost of 

purchases and manage our finances 

sensibly. However, there’s a much darker 

side to it. Very regular users run a risk 

that it could take a stranglehold on their 

finances, squeezing the life out of their 

financial resilience. 

“On paper, the fact there’s no interest 

to pay on money borrowed this way 

makes it a very sensible option to help 

us manage our budgets. There’s no 

doubt that millions of people are taking 

advantage of BNPL in a way that works 

for them. However, for others it becomes 

a dangerous habit – encouraging them 

to buy things they don’t really need and 

can’t afford. As a result, those who lean 

heavily on BNPL are far more likely to 

stray into other worrying types of 

borrowing – from taking out high-cost 

credit to letting debts mount up, and 

missing repayments.” 

And this negative view is not uncommon. 

Richard Lane, Director of External Affairs 

at StepChange Debt Charity, agrees: 

“Given the immense financial strain so 

many people have been under for the 

use of BNPL on the rise. While we know 

that these products work well for millions 

of consumers, for those who are struggling 

to make ends meet, it is an unregulated 

line of credit which can all too easily result 

in people borrowing to pay bills or make 

other repayments.” 

Proportionate regulation 

According to Richard: “Only proportionate 

regulation will improve these products 

for millions of customers which is why 

we’ve been disappointed to see delays to 

the implementation of new rules that have 

been promised since 2019. We urge the 

Government to stick to its guns and bring 

about this regulation as soon as possible. 

Putting struggling consumers first is the 

right thing to do.” 

But there is more of a story to tell. Earlier 

this year, the FCA insisted that significant 

new regulation would be forthcoming: 

• Lenders will need to ensure BNPL 

advertising is clear, fair and not 

misleading. 

• Customers will get Section 75 protection 

on purchases made using BNPL. 

• Customers will have the right to 

complain to the Financial Ombudsman 

Service. 

Similarly, even before the full 

implementation of regulation, the 

regulator is pushing the industry to 

improve. The FCA has used its powers 

under the Consumer Rights Act 2015 to 

secure changes to what it considers to be 

potentially unfair and unclear contract 

terms in this sector, building on the FCA’s 

work with other BNPL providers last year 

and the guidance that was issued at the 

time. 

The FCA was concerned that PayPal 

and QVC customers were at risk of harm 

because of how some of the contract 

terms were drafted. As a result of the FCA’s 

continued focus in this area, both firms 

have voluntarily made their continuous 

payment authority terms easier to 

understand – and PayPal has made terms 

relating to what happens when a consumer 

cancels the purchase funded by the loan 

clearer and fairer. 

Money advice 

And the industry is obviously working 

to improve its own standards. In July, 

the industry’s biggest player, Klarna, 

announced a partnership with the 

Money Adviser Network (MAN) to help its 

consumers access free and impartial debt 

advice quickly. 

Through the partnership, Klarna 

will signpost debt advice services from 

members of the Money Adviser Network to 

its customers. This will enable individuals 

who are concerned about their finances 

or would like independent and free credit 

advice to access 24/7 support. Klarna is also 

trialling Open Banking data to improve its 

affordability assessments. 

Flora Coleman, director of global policy 

and government relations at Klarna, said: 

“We are proud to be the first BNPL service 

to join forces with MAN and give customers 

a simplified route to debt advice, and are 

calling on other BNPL providers to join 

us in providing the same access to advice 

and support, to ensure that customers’ 

interests are always put first.” 

No one-size-fits-all 

And there is no shortage of proponents for 

the market. Technology giant Apple has 

introduced Apple Pay Later and Jennifer 

Bailey, Apple’s vice president of Apple 

Pay and Apple Wallet is excited for the 

prospects: “There’s no one-size-fits-all 

approach when it comes to how people 

manage their finances. Many people are 

looking for flexible payment options, 

which is why we’re excited to provide our 

users with Apple Pay Later. 

“Apple Pay Later was designed with our 

users’ financial health in mind, so it has 

no fees and no interest, and can be used 

and managed within Wallet, making it 

easier for consumers to make informed 

and responsible borrowing decisions.”Of 

course, the unknown factor over the hill is 

next year’s General Election, with Labour 

quick out of the blocks to promise that, 

under their government, BNPL providers 

will be subject to absolutely the same 

regulatory requirements as any other 

consumer lenders. 

So, possibly it is not fair to assess BNPL 

as either good or bad just yet, rather it is 

a work in progress. A part of the industry 

that still has some growth to achieve. 


HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION 

Accreditation, 

accreditation, accreditation 

A firm step towards improved collaboration between 

the enforcement profession and the debt advice sector. 

AUTHOR – Alan J. Smith FCICM 

AS part of our pursuit of a just and fair 

society, the legal system relies heavily 

on the enforcement of writs. High 

Court Enforcement Officers play a 

pivotal role in ensuring that these 

judgments are carried out efficiently 

and ethically. 

In a ground-breaking move toward enhancing 

the oversight of enforcement in England and Wales, 

the Enforcement Conduct Board (ECB) has taken 

significant steps to introduce a comprehensive 

accreditation scheme. 

A register of accredited enforcement firms has 

now been published on the ECB’s website for the first 

time. It marks an important step for the ECB, which 

was set up in 2022 to provide independent oversight 

to the debt enforcement sector in England and Wales. 

Accreditation for each firm lasts for a year, after 

which it will need to be renewed. 

Since the launch of the scheme in September 2023 

there has been an excellent response from High Court 

enforcement businesses, with the firms accredited 

making up 97.5 percent of the market share of High 

Court Writs of Control. 

In order to become accredited, firms must comply 

with the ECB’s accreditation framework, including 

meeting the following criteria: 

• Complying with the requirements of the current 

Ministry of Justice National Standards 

• Providing the ECB with Quarterly Data Returns 

• Providing information to the ECB on request 

• Payment of the ECB levy (which funds its operation) 

in a timely fashion. 

As a matter of course, our members already agree 

to follow the National Standards and our own Code 

of Best Practice when they become authorised. We 

welcome the transparency that accreditation offers in 

providing the ECB with copies of the Quarterly Data 

Returns that High Court enforcement businesses 

have already been submitting to the Ministry of 

Justice, alongside any other information deemed 

necessary to ensure accountability and good practice 

are maintained. 

The heart of the matter 

At the core of this transformative initiative lies 

the ECB and its partners’ dedication to ensuring 

that enforcement officers continue to operate 

within a framework of strict ethical guidelines and 

professional competence. This move not only aligns 

with the Association’s own Code of Best Practice, 

but also echoes the sentiments of those who seek 

justice and fairness. The announcement signifies the 

initiation of the ECB’s aims to ensure that everyone 

who experiences enforcement action is treated fairly. 

Transparency and Credibility 

One of the most commendable aspects of the ECB's 

accreditation scheme is its emphasis on transparency. 

The creation of an online register of accredited 

firms, as outlined in the official ECB announcement, 

promotes openness and accessibility. This online 

repository will serve as a valuable resource for legal 

professionals, litigants, and the general public, 

providing them with easy access to information 

about accredited civil and High Court enforcement 

firms. Such transparency not only fosters trust but 

also empowers individuals with knowledge, ensuring 

they make informed decisions about the enforcement 

services they seek. 

The Road Ahead 

The ECB has outlined its operational plan to develop 

the accreditation scheme and evolve its activities 

next year to include complaints handling, and active 

monitoring of a new set of standards which it will 

be developing in consultation with the debt advice 

sector and the enforcement industry (including 

HCEOA) over the next few months. 

I know our members are very much looking 

forward to seeing the results of this work, including a 

standardised approach to dealing with vulnerability 

and affordability. As we stand on the threshold 

of independent oversight for the enforcement 

profession, it is imperative that all stakeholders rally 

behind the ECB's accreditation scheme. By working 

together towards standardisation of guidelines and 

processes, we are collectively endorsing a legal 

system that prioritises fairness, transparency, and 

ethical conduct. As the accreditation scheme unfolds 

and more firms join the ranks of the accredited, we 

can anticipate a positive transformation in the way 

enforcement services are perceived. 

The introduction of the ECB's accreditation scheme 

is a cause for optimism. It signifies a firm step towards 

improved collaboration between the enforcement 

profession and debt advice sector. As members of the 

legal community and as individuals who believe in 

the power of fairness, we welcome the accreditation 

scheme and are looking forward to working closely 

with the ECB as it continues to develop its operations. 

Alan J. Smith FCICM is Chairman 

of the High Court Enforcement Officers Association. 


Thursday 1st February 2024 

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INFORMATION SECURITY 

Held to ransom 

Ransomware is a growing concern. 

So what can you do about it? 

AUTHOR – Andrew Northage 

IN a recent joint blog post, 

representatives from the 

National Cyber Security Centre 

(NCSC) and the Information 

Commissioner’s Office (ICO) 

explained their increasing 

concern about what happens behind 

the scenes when ransomware attacks go 

unreported. 

The blog debunked a number of 

common myths relating to ransoms 

that invariably lead to trouble. Common 

misunderstandings included ‘if I cover 

up the attack, everything will be ok,’ 

‘reporting to the authorities makes it 

more likely your incident will go public,’ 

and ‘paying a ransom makes the incident 

go away.’ In reality, the truth couldn’t be 

more distant. 

The financial sector a risk 

In July 2022, TechCrunch reported that a 

‘ransomware attack on a debt collection 

firm is one of 2022’s biggest health data 

breaches.’ As the story outlined, a USbased 

professional finance company, 

which contracts with organisations to 

process customer and patient unpaid bills 

and outstanding balances, disclosed that 

month that it had been hit by ransomware 

the prior February. 

TechCrunch noted that the company 

said in its data breach notice that more 

than 650 healthcare providers were 

affected by its ransomware attack, adding 

that the attackers took patient names, 

addresses, their outstanding balance and 

information relating to their account. It 

said that in some cases dates of birth, social 

security numbers and health insurance 

and medical treatment information were 

also taken by the attackers. 

Overall, the U.S. Department of Health 

and Human Services reckoned that more 

than 1.91m patients were affected by the 

cyberattack. 

And a year later, to the day, Comparitech 

published research that detailed that 

since 2018, ransomware attacks on 

the finance sector have cost the world 

economy $32.3bn in downtime alone. It 

stated that from 2018 to June 2023, 225 

financial organisations had been hit by a 

ransomware attack. It added that ransom 

demands varied from $180,000 to $40m 

but on average, hackers demanded $6.9m; 

and that downtime varied from one day to 

The regulations 

provide for the 

imposition of asset 

freezing and travel 

bans on persons 

involved in relevant 

cyberactivity. Other 

UK sanctions, 

known as sectoral 

sanctions, can 

restrict and prohibit 

certain activities, 

such as the transfer 

of funds to or from 

other jurisdictions. 

52 days, but the average downtime from 

attacks varied from 10 days to 14 days. 

If it’s scant relief, 2021 was the worst 

year for attacks on financial services 

organisations with 86 attacks. However, in 

2022 there were still 39 attacks and to June 

2023, 24 thus far. 

One of the biggest, albeit unconfirmed, 

ransoms was against Bank Syariah 

Indonesia’s (BSI) $20m in May 2023. BSI 

was targeted by LockBit who demanded 

$20m in ransom. The bank refused to 

pay and LockBit has since leaked 1.5TB 

of data which is alleged to include the 

personal and financial information of 

15m customers. 

And then there was UK-based insurance 

company, One Call, that was hit by a £15m 

ransom from DarkSide in May 2021. No 

confirmation was given as to whether 

the company paid the ransom but it did 

take around 12 days for systems to be 

restored. With ransomware attacks on 

the rise within the financial sector, what 

are the risks and how should financial 

services organisations respond? 

The risks outlined 

Ransomware is malicious software – also 

known as malware – which prevents 

a victim from accessing their devices 

and data. Ransomware usually involves 

encryption of a victim’s files and extortion 

of a ransom payment in return for a 

decryption key to release the seized 

data. Ransomware attacks can involve 

exfiltration of a victim’s sensitive data, 

the threat of leaking information and 

contacting the victim’s customers, 

associates or employees. Ransomware 

can also be used to manipulate victims 

into complying with demands for other 

criminal purposes, or to advance personal 

or political agendas. Ransomware 

therefore represents risks to individuals, 

to businesses, and even to national 

security. 

The UK Government doesn’t condone 

the making of ransomware payments – 

because there’s no guarantee payment 

will result in release in any event; and, 

perhaps even more crucially, because 

such payments perpetuate the threat. 

Under current English law it’s not illegal 

to pay a ransom per se. However, making 

a payment in response to a ransomware 

attack can expose the victim and any 


Ransomware can also be used to manipulate victims into 

complying with demands for other criminal purposes, or 

to advance personal or political agendas. Ransomware 

therefore represents risks to individuals, to businesses, 

and even to national security. 

organisation involved in facilitating the payment (such as 

a financial institution acting in its transactional capacity on 

behalf of the victim) to other civil and criminal liability. 

The distinction may be subtle, but it’s crucial. Civil liability 

could include breaches of data protection legislation, 

contractual breaches (financial institutions may have 

contractual obligations with customers or business partners 

that require them to maintain certain security standards and 

promptly report security incidents) and regulatory breaches. 

Criminal liability, such as money laundering offences, could 

arise if the ransomware attack involves the receipt or transfer 

of funds that are the proceeds of criminal activity. Deliberately 

concealing a ransomware attack or impeding a criminal 

investigation could amount to obstruction of justice. And, in 

some case, failing to report a ransomware attack that affects 

the financial institution's customers or ongoing operations 

could result in the commission of a fraud or misrepresentation. 

It should be remembered that every ransomware attack that 

is hushed up – with no investigation, information-sharing or 

lesson-learning – makes other attacks more likely; that as well 

as the risk of civil and criminal liability, financial institutions 

involved in ransomware attacks or making ransom payments 

could be under a regulatory obligation to report cyberattacks; 

and liability for financial services organisations can result from 

ransomware even where, on the face of it, data may not (yet) 

have been stolen or leaked. The NCSC and ICO recommend 

that as soon as there is any intimation of a ransomware attack, 

organisations should assume that data has been compromised. 

Ransomware and sanctions 

The UK operates a cyber sanctions regime that includes 

regulations such as the Cyber (Sanctions) (EU Exit) Regulations 

2020, aimed at furthering the prevention of cyberthreats like 

ransomware. The regulations provide for the imposition of 

asset freezing and travel bans on persons involved in relevant 

cyberactivity. Other UK sanctions, known as sectoral sanctions, 

can restrict and prohibit certain activities, such as the transfer 

of funds to or from other jurisdictions. 

continues on page 22 > 



AUTHOR – Andrew Northage 

Financial sanctions prohibit making 

funds or economic resources available to 

an individual or entity subject to an asset 

freeze; that includes making a ransomware 

payment. Breaching financial sanctions is 

a serious criminal offence. It can carry 

a custodial sentence and the imposition 

of a monetary penalty of up to £1m or 

50 percent of the value of the breach. 

Other enforcement options open to HM 

Treasury’s Office of Financial Sanctions 

Implementation (OFSI) include issuing a 

warning, referring regulated entities to 

their professional body or regulator and 

publishing information pertaining to the 

breach. 

Earlier this year (2023), OFSI published 

Ransomware and Sanctions: Guidance on 

Ransomwre and Financial Sanctions. The 

guidance applies not only to victims and 

potential victims of ransomware attacks. 

It also applies to those who engage with 

victims to facilitate or process ransomware 

payments, for example financial 

institutions or cryptoasset businesses. 

OFSI and the National Crime Agency 

(NCA) say that, if the mitigating steps 

outlined in the guidance are followed, 

they will be more likely to resolve a breach 

case involving a ransomware payment 

through means other than a monetary 

penalty or criminal investigation. 

Advice and consequences 

Commercial, operational, financial and 

reputational consequences of responding 

inadequately to a ransomware attack, or 

of breaching the regulations or another 

sanctions regime, can be devastating. So, 

what should organisations do? There are a 

number of steps. 

Become cyber resilient 

Taking proactive cyber resilience measures 

is key. This means adopting and fostering 

a security culture which includes cyber 

security governance; the identification 

and protection of key assets; putting in 

place fit-for-purpose IT capabilities and 

business continuity plans; and having a 

comprehensive understanding of data 

storage and security. 

The NCSC’s CEO said in NCSC Annual 

Review 2022 that ransomware remains 

the most acute threat that businesses 

and organisations in the UK face. 

Implementing the NCSC’s advice and 

guidance drastically reduces the risk of 

a successful ransomware attack. OFSI 

guidance lists links to various tools and 

resources available, including the recently 

updated Cyber Security Toolkit for Boards. 

OFSI guidance sets out some basic 

practical steps for organisations to follow 

if they do fall victim to a ransomware 

attack. This includes disconnecting 

Organisations need 

to implement clear 

cyber security and 

internal sanctions 

policies with 

supporting guidance 

and compliance 

manuals tailored to 

the business and the 

level of risk it faces. 

any infected device from all network 

connections and attempting to restore 

from back-ups, which may result in there 

being no need to consider a payment. 

Run sanctions due diligence 

Organisations should routinely consider 

whether sanctions might affect their 

transactions, contracts, products or 

policies. They should also put in place 

appropriate due diligence measures to 

manage any identified or anticipated risks 

of breaching financial sanctions. 

The probability and potential impact of 

sanctions risk will be specific to individual 

businesses, even within the financial 

services sector. But as an initial step, 

organisations should think about how the 

business is organised, where it is located, 

where it trades and the nationality of 

employees, shareholders and directors. 

Obvious questions to consider are: Where 

are goods or services coming from or going 

to, who are they from or who is receiving 

them? Who is transporting them, how and 

via what routes? Where have products 



been sourced? What currency is being 

dealt in? Are there parts of the business 

that are more exposed than others? 

Know your suppliers and customers 

Organisations should know who they 

are doing business with, directly and 

indirectly. Screening parties against 

restricted lists is central to a sanctions 

compliance programme and risk 

mitigation. Similarly, organisations 

should screen information in their 

possession and that which is publicly 

available while applying greater due 

diligence when dealing with high-risk 

parties and jurisdictions. Organisations 

should also register to receive online 

alerts. 

Designated persons 

It should be remembered that asset 

freezes apply to entities that are directly 

or indirectly owned or controlled by a 

sanctioned individual or organisation – 

known as a ‘designated person’. Those 

entities may not appear on the official 

sanctions lists in their own right. This 

makes it important to identify and 

screen all parties to transactions, not just 

the direct counterparty. Organisations 

shouldn’t assume that one-time screening 

is enough. 

Internal risk management 

Organisations need to implement clear 

cyber security and internal sanctions 

policies with supporting guidance and 

compliance manuals tailored to the 

business and the level of risk it faces. 

This also means ensuring that staff 

understand the standards expected of 

them and that these are reflected in the 

conduct of senior management. Staff 

should be providing with regular training 

while policies need to be integrated with 

the organisation’s wider financial crime 

compliance programme. 

Allied to this is ongoing monitoring 

with appropriate systems in place for 

monitoring cyber security risk and 

financial sanctions, as well as good recordkeeping. 

Having in place appropriate 

record-keeping procedures that document 

the organisation’s cyber resilience and 

sanctions reviewing, reporting, decisionmaking, 

due diligence and mitigation 

measures, will go some way to reducing 

risk. 

Cooperation with law enforcement 

Where an organisation suspects a 

ransomware payment has been made to 

a designated person or entity subject to 

an asset freeze, it must report the matter 

to OFSI as soon as practicable. Reporting 

to the relevant organisations through 

the portal, and a prompt and complete 

voluntary disclosure of a breach to OFSI, 

will be mitigating factors on assessment. 

OFSI assesses each case on its own 

merits, taking into account both mitigating 

and aggravating factors. Aggravating 

factors include regulated professionals 

not complying with regulatory standards; 

and repeated, persistent or extended 

breaches. 

OFSI will also consider if there was 

engagement with law enforcement both 

during and after an attack, and whether all 

relevant information (including technical 

details, information on the ransom 

payment and accompanying instructions) 

was provided. OFSI says it’s very unlikely 

that the NCA will start an investigation 

into a victim or third-party facilitator that 

has proactively engaged with the relevant 

bodies. 

Report ransomware incidents 

Lastly, organisations that have been 

subject to a ransomware attack must 

use the Government’s Where to Report a 

Cyber Incident portal on gov.uk as soon as 

possible. This portal directs users to the 

relevant authority to which to report the 

incident. It should be remembered that 

the organisation may also be required to 

report to the ICO if a breach of the UK 

GDPR or Data Protection Act 2018 has 

occurred. 

Summary 

It’s very clear that the threat of 

ransomware from malevolent actors is 

not going to reduce anytime soon. It’s just 

as apparent that while paying a ransom 

isn’t illegal, the authorities have made it 

clear that doing so could lead a payee into 

the realms of illegality. Proper advanced 

planning combined with good advice is 

essential if organisations want to both 

reduce this risk of a successful attack 

and regulatory action being taken against 

them. 

Andrew Northage is a regulatory and 

compliance partner at Walker Morris. 


ECO 

WARRIOR 

Invoice Finance can support both 

the customer and the supplier in the 

credit ecosystem. 

AUTHOR – Sean Feast FCICM 

Credit managers are invariably trying to be constructive 

in their dealings with customers. If a customer tells a 

credit manager they have a cashflow problem then the 

first thing the credit manager wants to know is how bad 

and how long. 

– Nick King FCICM 


INVOICE FINANCE 

It’s not untypical, especially in the current economic 

uncertainty, for a business to be contacted by a customer 

who says they are experiencing financial difficulties and are 

talking to people.’ 

– Bryony Crossland FCICM 

TIMES are changing and attitudes are 

shifting in the supplier/customer 

relationship. In the old days, a 

customer who called a business to say 

it was struggling to pay for the goods 

supplied would have sent alarm bells 

ringing loudly around the building. It still does, but 

the response today is changing. 

Today it is no longer about winding up petitions, 

administration or insolvency. Bryony Crossland 

FCICM, says it is increasingly about working with 

that customer to find a way through its difficulty. 

“It’s not untypical, especially in the current 

economic uncertainty, for a business to be contacted 

by a customer who says they are experiencing 

financial difficulties and are talking to people. Our 

members might then ask whether they are going 

into administration, or are planning to restructure, 

or occasionally they might ask for an introduction 

to someone who can help them with their cashflow, 

such as an Invoice Finance provider. 

“What credit managers often find is that it’s their 

customer’s customer that is causing the difficulty. 

They may hear that their customer has not been 

paid by company x, and they give you a name, and 

it transpires it’s the same name you’ve heard three 

times in the last month. 

“So what if the credit manager introduces an 

Invoice Finance provider to company x? Because 

it’s they who are having the problem and the knockon 

effect is impacting three other customers that 

the credit manager is dealing with. Peeling back 

the layers and understanding where the working 

capital issue is actually coming from is key, and the 

skill of the credit manager is in understanding this 

challenge and making the right introductions where 

appropriate.” 

Bryony says she is disappointed but not 

surprised that Invoice Finance is not better 

understood: “There are many businesses who 

just don’t know where to start to restructure their 

finances,” she says. “They may go to their banks, 

but they don’t seem to know about all of the other 

options available to them.” 

Partnership relationships 

Credit managers treating their organisation’s 

customers as partners, especially in difficult times, 

is something of a mindset shift. From the credit 

manager’s perspective, however, it helps retain a 

potentially valuable relationship: “It helps them 

survive, which in turn helps the credit manager to 

get paid, but more importantly it addresses the root 

cause issue. It prevents another failure which also 

helps other suppliers. 

“Restructuring is not a bad thing,” she continues. 

“It means we want your business to succeed. Today 

it’s about identifying there is a problem and working 

together to help businesses come out of the other 

end. 

Invoice Finance is, of course, not the only cashflow 

show in town. Supply Chain finance is another 

option, and credit managers are constantly looking 

at ways of helping customers as opposed to closing 

them down. 

Nick King FCICM has at various stages in his career 

looked at different ways of supporting customers, 

including spot Invoice Finance: “This allowed 

customers to submit individual invoices via a portal 

for Invoice Finance providers to bid for,” he explains. 

“It was short-term way of helping smaller businesses 

receive an immediate injection of cash but without 

having to enter a long-term relationship.” 

Nick says he also has experience of supply chain 

finance, though has never been a particular fan: “I’m 

never quite sure why I should pay more to get paid 

on time,” he laughs. 

Whatever cashflow solution a business is looking 

at, Nick says it is important they understand what 

they are letting themselves in for: “Whatever finance 

you choose, you need to be very clear what you are 

hoping to get out of it. There are various options out 

there, but you need to be clear on the consequences 

and clear what your exit plan is. Is it a short-term 

issue you have or an ongoing challenge you are 

looking to address.” 

He agrees with Bryony that credit managers are 

invariably trying to be constructive in their dealings 

with customers: “If a customer tells a credit manager 

they have a cashflow problem then the first thing the 

credit manager wants to know is how bad and how 

long. Keeping a customer over the longer term has 

to be a good thing so it’s about finding the right fit.” 

Ant Persse FCICM, Chief Executive of Optimum 

Finance, recently addressed some of the challenges 

at a CICM Think Tank. He not only sees how Invoice 

Finance supports businesses with cashflow issues, 

but also how it can support both the customer and 

the supplier in the credit ecosystem: “Sometimes 

a customer is not having issues beyond having 

reached the limit of the credit that the supplier will 

extend,” Ant explains. 

“The risk then is that they take their business to a 

competitor, and the existing supplier misses out. By 

recommending Invoice Finance to them, however, 

and receiving funds upfront, they can use that cash 

to pay the balance that is outstanding. That means 

that as the supplier, you can free up more credit for 

them to buy more goods, and prevent them from 

looking elsewhere. It’s a ‘win win’ for everyone.” 



SCHOOL’S OUT 

Collecting debt in the education sector. 

AUTHOR – Giles Parry 

FOR some parents who choose 

to send their children to 

private, fee-paying schools, 

the cost-of-living crisis has 

led to financial worries and 

hardship. For example, it 

has been reported earlier this year that 

some parents have been taking out loans 

to cover the costs of private schooling – 

with the average day pupil now costing an 

average of £20,480 and boarders costing 

around £37,729. 

As you can imagine, deciding to pull a 

child out of a school where they’re settled, 

doing well and have a group of friends is 

a decision not taken lightly by parents, 

so they can turn to potentially expensive 

loans to cover the cost instead. 

For credit managers in this sector, 

there are understandably difficulties too 

in addressing payment issues, when the 

costs – both literally and figuratively – are 

so high for a family. In order to commit to 

such fees, stable income and inflationary 

salary rises are needed – both of which 

look increasingly shaky in the current 

economic climate. 

In addition to the cost-of-living crisis, 

another potential issue on the horizon is 

Labour’s pledge that, if they are to come 

into power in the next election, private 

schools will likely see VAT charged on the 

fees, potentially increasing the cost for 

parents by around 20 percent. Further 

studies have predicted the cost increases 

over time could be much greater, with 

a study by Weatherbys Private Bank 

predicting that under Labour’s plans, 

the average cost of sending a student to 

boarding school will be £688,000 by 2036. 

Stressed parents 

No matter what the situation, those 

looking at chasing unpaid bills in 

these education settings often face the 

unenviable task of dealing with stressed 

parents suffering from financial hardship 

and worried about the future of their 

children’s education and wellbeing. In 

these situations, from a debt collection 

perspective, a few golden rules apply 

in my experience of supporting private 

schools looking to recover tuition fees. 

The first is constant and clear 

communication about fees and the 

options available to parents before any 

financial issues arise. Many schools will 

have a number of scholarships, grants 

and means-tested bursaries on offer (it is 

part of their charitable obligation) and it’s 

According to 

Government 

figures, the higher 

education entry 

rate among UK 18 

year olds increased 

from 24.7 percent 

in 2006 to 30.7 

percent in 2015 

and peaked at 38.2 

percent in 2021. 

important these are clearly signposted. 

Equally, other discounts can be made 

available – if a sibling already attends 

the school for instance. Many schools 

will also offer monthly payment plans, 

which can be a huge help for families 

looking to manage their budgets and 

cashflow. 

But it’s when a payment is missed, or a 

family indicates it’s going through a tricky 

financial situation that clear and open 

channels of communication are most 

important. In my experience, not just in 

education but across the sectors, so many 

problems related to credit collection 

arise because the debtor essentially 

buries their head in the sand. This can 

be particularly prevalent in a private 

school setting, where parents can feel 

shame and embarrassment that their 

personal financial issues are being made 

more public than they are comfortable 

with – failure to pay could be linked to 

divorce, or business failure, for example. 

Fostering an understanding attitude 

and ensuring parents feel psychologically 

safe to discuss any financial issues earlyon 

is often vital in ensuring the situation 

doesn’t worsen and is carefully and 

sensitively managed, keeping the school’s 

valuable reputation intact. Encouraging 

parents to engage with the process earlier 

can also keep legal costs down and boosts 

the chances that a realistic repayment 

plan can be settled on quickly. An 

element of relationship management and 

preservation is of course important too – 

many parents will try hard to keep their 

children in the school and you don’t want 

to cut any ties. 

Bearing in mind the mostly high-net 

worth individuals who can afford to send 

their children to private school, a bespoke 

approach to debt collection is also often 

required, with many of the parents 

potentially living abroad or travelling 

regularly for instance, with multiple 

properties and addresses. Personal 

circumstances, and the source of wealth, 

also vary hugely. It has been reported 

recently for instance, that lots of parents 

who are struggling with the rising cost 

of school fees are relying on their own 

parents to help pay the bills. 

There’s no doubt that with high-profile 

redundancies regularly making the 

headlines and the cost-of-living crisis 

showing no signs of abating, private 

schools and their credit professionals will 

continue to face difficult times. 


The Independent Schools Council trade 

body estimates that around 5.9 percent of 

UK children attend private schools, and 

this equates to around 620,000 children 

being educated in 2,500 private schools. 

On the other end of the scale, I am also 

seeing more and more issues related to 

chasing down university tuition debt. 

And like private education, this is an area 

which has its own unique challenges. 

Higher education 

According to Government figures, the 

higher education entry rate among UK 18 

year olds increased from 24.7 percent in 

2006 to 30.7 percent in 2015 and peaked 

at 38.2 percent in 2021. It fell back to 37.5 

percent, its second highest ever level, 

in 2022. 

Like private education, the costs are 

also going up. This September, the average 

student graduating from an English 

university will have £44,940 of debt. For 

universities, recouping this money is 

usually relatively straight-forward thanks 

to the loans most students take out. 

However, issues can arise either when 

UK-based students have not taken out the 

loans (and this can be down to a variety 

of reasons from incorrect paperwork or 

missed deadlines), or overseas students, 

who have significantly higher fees, have 

missed payments. 

For universities and other FE 

institutions significant challenges can 

present themselves when dealing with 

students – not least because the university 

experience is often a young person’s first 

time living independently and managing 

their money. It’s really typical, in 

instances where fees haven’t been paid, 

to see students simply burying their head 

in the sand. Students are generally not 

used to having financial independence 

and it can be particularly daunting when 

they’re dealing with significant sums of 

money. 

Ultimately, similar to the solutions for 

private schools, it is important universities 

ensure they don’t have a one-size-fits 

all approach to debt recovery, when in 

reality, a bespoke approach to recovering 

money must be taken, taking into account 

people’s individual circumstances. This 

is particularly important when you’re 

dealing with young people who may be 

vulnerable. As with private schools, and 

indeed most forms of debt collection, 

clear channels of communication are also 

vital. Information must be easy to digest, 

and quick solutions should be prioritised 

– not least because the longer the process, 

the more the costs increase. 

I’ve often seen systems which mean the 

credit control process takes around sixto 

nine-months – which is far too long. 

Considering students in particular – a 

transient population who may be living 

between their parent’s home, student 

accommodation or could have moved 

elsewhere, a lengthy process to recover 

Many schools will have a number of 

scholarships, grants and means-tested 

bursaries on offer (it is part of their 

charitable obligation) and it’s important 

these are clearly signposted. 

debt could mean that contact information 

is quite quickly out of date. A much 

swifter response is needed. 

Debt recovery is a sensitive business, 

no matter the sector but in education a 

particularly expert, carefully-managed 

and sensitive approach is needed to 

ensure both parents and students are 

supported through the process. 

Giles Parry, is Litigation Legal Assistant 

at Shakespeare Martineau. 



The scores are in 

And the current credit scoring system is failing people. 

AUTHOR – Emma Steeley 

THE cost of living crisis 

continues to squeeze 

households up and down 

the country. While UK 

inflation may have steadied 

at 6.7 percent in recent 

weeks, consumer wallets remain under 

pressure as prices of goods and services 

continue to rise. In fact, 93 percent of 

people in the UK reported their cost of 

living had increased compared with a year 

ago, and 14.2 million households consider 

their financial situation to be worse than 

pre-pandemic times. 

What is clear is people need credit now 

more than ever before. Having access to 

credit allows businesses and individuals 

the flexibility to cover an unexpected cost, 

smooth out cashflow or help them plan 

their spending to support a big purchase, 

such as buying a house. 

Credit scoring systems and the 

broader financial infrastructure have 

undoubtedly served the majority of 

people well, providing a standardised way 

to assess creditworthiness and enable 

access to lending facilities. However, as 

homeownership becomes increasingly 

out of reach for many, it is essential that 

the credit industry adapts and evolves. 

As demand for credit has increased, 

cracks in the lending system have revealed 

themselves, seeing many locked out of 

loans for arbitrary reasons. Research 

shows, since the pandemic, 65 percent of 

first time buyers have been unsuccessful 

in securing a mortgage, with the most 

common reason being a poor credit 

history. 

While we can place blame somewhat 

on the state of the economy, this shouldn’t 

act as a smokescreen for systematic flaws 

in the current lending market. When it 

comes to finance, there’s no one-sizefits 

all solution given everyone’s cash 

flow, spending habits and lifestyles are 

different. But currently, old fashioned 

credit models do not accurately represent 

the full view of an individual’s credit 

history, and they are failing millions 

of credit worthy people. All too often, 

people who can actually afford credit, are 

discounted at the very first stage of the 

application process. 

To increase accessibility and provide 

individuals with more tailored credit 

solutions that truly meet their needs, 

lenders need to understand borrowers 

and this begins with leveraging more 

comprehensive and real-time financial 

Emma Steeley 

– CEO at Aro. 

While we can place 

blame somewhat 

on the state of 

the economy, this 

shouldn’t act as a 

smokescreen for 

systematic flaws in 

the current lending 

market. 

data about them. This will enable lenders 

to assess and build a more accurate 

picture of a individuals’ creditworthiness. 

The pitfalls of current credit 

scoring models 

From a creditworthiness point of view, 

bureau data is reliable. It tells lenders 

who has a good credit score, who has little 

to no debt and who has the longest credit 

history. While these are all important 

factors, bureau data isn’t enough in today’s 

digital world. With more data available on 

individuals, it’s vital it’s made use of to 

make better data-driven decisions. 

In addition, some traditional 

underwriting still relies on one-sizefits-all 

calculations and unintentional 

bias assumptions around an individual’s 

lending ability based on their gender or 

address. This not only excludes thousands 

of people from the world of finance, 

but it can inadvertently perpetuate 

socioeconomic disparities. 

What’s more, certain negative circumstances 

that are reflected in an individual’s 

credit score can unduly leave them 

locked out of accessing credit. A single 

financial misstep can lead to a significant 

decrease in a credit score. For instance, a 

late repayment can have a long-lasting impact 

on someone’s creditworthiness, even 

after they have significantly improved 

their financial habits. 

Ultimately, the world has moved on 

since these models were created, and 

bureau data used in isolation without 

the full context of a person’s financial 

responsibilities, can be harmful to their 

ability to access credit or find the right 

solution for them. The system hasn’t kept 

pace with today’s data-driven world. These 

are issues that can be solved if lenders are 

embracing the right data sets and seizing 

the opportunities of open banking. 

The benefits of open banking 

Open banking allows individuals to 

give permission to temporarily share 

information about their finances that 

were previously hidden. It’s promised 

to transform the industry, but since its 

introduction in 2018, uptake has been 

slower than expected. However, there is 

progress and the number of active open 

banking users in the UK reached the 

milestone of seven million users earlier 

this year – a significant increase on the 

five million users at the start of 2022. 

While there remains a nervousness 


What is clear is people need credit now more than ever 

before. Having access to credit allows businesses and 

individuals the flexibility to cover an unexpected cost, 

smooth out cashflow or help them plan their spending to 

support a big purchase, such as buying a house. 

Brave | Curious | Resilient / www.cicm.com / December 2023 / PAGE 29 continues on page 30 >


AUTHOR – Emma Steeley 

around sharing of personal information with 

third parties, there are many benefits that open 

banking provides across multiple industries. 

Real use cases continue to arise, such as offering 

personalised shopping recommendations and 

tailored insurance policies, which are helping to 

grow confidence in data sharing. 

However, the real and transformative potential 

of open banking can be found in the lending 

industry. By allowing lenders to view an 

individual’s financial data, they can get a much 

clearer picture of the consumers’ financial habits 

and circumstances. For example, mortgage 

providers and landlords can use open banking 

data to assess the creditworthiness of potential 

buyers or tenants more accurately – and even 

speed up the credit approval process. 

With improved risk assessment, lenders can 

offer loans to borrowers with a higher likelihood 

of repayment. This can result in lower default 

rates and reduced losses for the lender. This 

opens the doors to a whole new world of credit 

products, enhancing competition in the market 

and giving rise to more innovative and tailored 

financial products that will better serve the need 

of consumers. 

All the while, this will help level the playing field 

for those looking to access credit. Ultimately, open 

banking puts the power back in the consumers’ 

hands, as they gain more control of their financial 

data and expands opportunities for those who 

have been historically underserved. 

The hidden biases in accessing credit 

Financial inclusion stands as a pivotal aspect 

of reshaping the credit landscape through 

open banking. Its implications resonate most 

profoundly among financially underserved and 

marginalised communities, where access to 

traditional credit can feel like an elusive dream. 

It offers an opportunity to break down longstanding 

barriers that have perpetuated financial 

disparities. 

Take for example, gender biases when it comes 

to accessing credit. If we go back to the 1980s, it was 

not uncommon for lenders to require a husband's 

or male relative’s signature, or consent when a 

married or unmarried woman applied for credit. 

This practice was rooted in historical gender bias 

and societal norms that considered women as 

financially irresponsible and dependent on men. 

Fortunately, laws such as the Equal Credit 

Opportunity Act (ECOA) in the United States, 

passed in 1974, made it illegal for creditors to 

discriminate on the basis of sex or marital status 

in any aspect of a credit transaction, including 

during the application processes. Though ECOA 

and similar legislation in other countries marked 

substantial progress in eliminating overt gender 

bias in credit applications, discrimination still 

exists and there can still be instances of implicit 

bias or lingering gender-related challenges in the 

financial industry. 

It’s about time we removed 

rigid credit evaluation processes 

and harnessed open banking 

to assess creditworthiness. By 

allowing for more accurate 

insights into an individual's 

financial behaviour, these 

innovations can provide a more 

nuanced and fair assessment. 

In the world of credit, data reigns supreme, 

but many credit scoring systems continue to rely 

heavily on traditional credit data, which may 

disadvantage individuals, especially women, who 

lack extensive credit histories. 

Addressing these issues requires a concerted 

effort by governments, financial institutions, 

and a revamp of how we assess affordability with 

a system that promotes fair lending practices, 

eliminates gender bias, and considers open 

banking for assessing creditworthiness. 

Final Words 

While most people are conscious – if not anxious 

– about their credit score over their lifetime, the 

system is not without its flaws. The enduring 

cost of living crisis and the challenges it poses 

to individuals and households have shed light 

on the urgent need for a fairer, more inclusive 

credit landscape. The outdated models, which 

have hindered countless creditworthy individuals, 

must give way to a more comprehensive, 

data-driven approach. 

It’s about time we removed rigid credit evaluation 

processes and harnessed open banking to assess 

creditworthiness. By allowing for more accurate 

insights into an individual’s financial behaviour, 

these innovations can provide a more nuanced and 

fair assessment. The potential for open banking to 

level the financial playing field, foster economic 

equality, and provide opportunities for all is 

boundless. It's a transformation that can redefine 

access to credit, improve financial inclusion, and 

create a future where individuals can seize their 

financial goals with confidence. In this evolving 

landscape, open banking is the bridge to a more 

equitable and prosperous financial future for all. 

Emma Steeley is CEO at Aro. 



Towering 

above the 

competition 

At Wilson & Roe, our USP is our people. We are proud to have 

the strongest leaders in the industry. 

Our team of highly trained and passionate 

enforcement professionals work on 

behalf of law firms, businesses, lenders, 

local authorities and landlords to collect 

outstanding debt and regain control 

of property. 

We are driven by results and 

client service. 

Contact us today to discuss how we can 

help you with: 

• Enforcement of High Court & County 

Court Judgments 

• Residential & Commercial Evictions 

• Commercial Rent Arrears Recovery 

eric.roe@wilsonandroe.com 0161 925 1800 

Wilson & Roe | 26 Missouri Avenue, Salford, Manchester M50 2NP wilsonandroe.com 


Michael Whitaker Completes Leadership Lineup 

Taking on the role of Director and 

Head of Business Development, 

Michael joins Wilson & Roe’s board 

as a seasoned industry leader with a 

career spanning 30 years. 

His extensive experience in the 

debt collection, legal recovery and 

enforcement fields means that 

Michael was a perfect fit for Wilson 

& Roe with a shared ethos and focus 

on credibility, respect and results. 

Michael will use his relationshipdriven 

approach to nurture and 

grow Wilson & Roe’s client base, 

which includes a wide range of 

law firms, debt collection agencies 

and creditor businesses. His prior 

experience working within the legal 

sector as a Debt Recovery Manager 

has given him a holistic view of 

the enforcement process from the 

clients’ side, which undoubtedly 

proves beneficial. 

I have experienced 

enforcement from the 

perspective of our clients, 

so I understand what’s 

really important to them, 

and above all, how we can 

provide them with the 

best service. 

If you are looking to work with a market-leading High Court enforcement 

team or would like to discuss our services, please contact us on: 

07866 840 983 

or email 

michael.whitaker@wilsonandroe.com 

Wilson & Roe | 26 Missouri Avenue, Salford, Manchester M50 2NP 


COUNTRY FOCUS 

South Korea is a 

destination worthy 

of any corporate 

agenda. 

KOREA OPPORTUNITY 

AUTHOR – Adam Bernstein 

CINEMA, K-POP, Cosmetics, 

Samsung and Chaebols. 

Just some of the things that 

South Korea in sixty years 

has become known for. 

Its creation followed a 

three-year war that not only redrew the 

geopolitical map of the Korean Peninsula, 

but which was never officially concluded. 

Winding the clock back somewhat, 

and looking at South Korea in particular, 

there are Chinese records of a 7th century 

BC first kingdom and more ‘recently’, 

the unification of three kingdoms into a 

single entity ruled by the Goryeo dynasty 

(918-1392), the Joseon dynasty (1392- 

1897), a Korean Empire (1897-1910) and 

the Japanese Empire from 1910 until its 

surrender at the end of World War Two. 

Just like Germany, post-war Korea was 

divided into a northern zone occupied by 

the Soviets and a southern zone occupied by 

the Americans. Reunifications talks failed 

in 1948 leading to the creation of the states 

we see today – South Korea, or officially 

the Republic of Korea, which occupies the 

southern part of the Korean Peninsula, 

and North Korea which itself is known as 

the Democratic People’s Republic of Korea. 

It should be noted that the two Koreas are 

located north of Japan – across the Yellow 

Sea, south of China and east across the East 

China Sea, and south-west of Russia. 

In 1950 the North invaded South Korea to 

unify the peninsula under the communist 

North Korean regime. The war from 1950 to 

1953 became a proxy fight for supremacy 

between the US and Soviets. 

Geography and demographics 

South Korea is not big and measures just 200 

miles wide and 300 miles long. It’s separated 

from its northern neighbour by a 151 mile 

long and 2.4-mile-wide demilitarised zone 

– known as the DMZ – that was created 

following the 1953 ceasefire. Its landmass 

is 100,210 km2 compared to 120,540 km2 

occupied by North Korea and 242,495 km2 

by the UK. 

South Korea claims to be the only 

legitimate Government for the whole of the 


COUNTRY FOCUS 


Korean Peninsula; a point that the North 

Korean Government would disagree with. 

South Korea, post ceasefire, allied with 

the US which is still the case today; North 

Korea, however, tied its future to the 

Soviet Union and communist bloc, and 

subsequently Russia – more so following 

the invasion of Ukraine. 

The country is largely mountainous and 

was formed from prior volcanic activity. 

While activity has ceased South Korea 

suffers tectonic movements and strong 

earthquakes. With four distinct seasons 

and a temperate climate, it has enough 

rainfall to sustain agriculture and is less 

vulnerable to typhoons. 

As for population, according to World 

Bank data growth has been on a gentle 

upward incline from 25.01m in 1960 

to 42.87m in 1990 and 51.74m in 2021. 

Interestingly, Worldpopulationreview. 

com, in extrapolating data from the UN, 

believes that South Korea’s population 

can be best shown as a bell curve with 

peak expected in 2023. It also states that 

the population should decline at the same 

rate that it grew by so that by 2053 it'll sit 

at 44.4m and 30.2m by 2083. 

But for the moment, considering its 

population size and landmass South Korea 

is densely populated with 516 people per 

km2 (it’s ranked 15th reckons the United 

Nations World Population Prospects). In 

comparison, North Korea is ranked 49th 

with 217 people per km2 and the UK is 

34th with 277 people per km2. 

As to where most live, GeoNames 

names the largest population centre as 

Seoul (10.3m) which is followed by Busan 

(3.6m), Incheon (2.6m), Daegu (2.5m), 

But beyond car 

manufacturing, 

Invest Korea points 

to ten Korean car 

parts companies 

being listed on the 

world's top 100 

automotive parts 

producers in 2021 

(by sales). These 

firms achieved 

sales of $65.1bn 

and accounted for 

8.2 percent of the 

sales of top 100 

parts producers. 

Brave | Curious | Resilient / www.cicm.com /December 2023 / PAGE 35 

Daejeon (1.4m), Gwangju (1.4m), Suwon 

(1.2m), Goyang-si (1m) and Ulsan (0.9m). 

There are another 16 cities with more 

than 500,000 residents, 38 with 100,000 to 

500,000, and 11 with 40,000 to 100,000. 

It’s notable that, as the Asian News 

Network commented in March 2023 that 

there’s an imbalance in the ratio of male to 

female at birth in 20222 with 104.7 males 

to every 100 females. This, however, is 

the nearest to gender balance that South 

Korea has witnessed since records began 

to be kept in 1990; back then then were 

116.5 males to every 100 females born. 

The network also wrote that ‘extreme 

preference for boys has led to social 

problems and conflict within the family, 

in some cases, leading to a divorce over 

the lack of a son’ and that even the written 

law in Korea has outlined specific roles 

designated for males. It added, however, 

that in a 2021 survey by Hankook 

Research, 57 percent of the respondents 

said they need at least one daughter. 

Economy 

Santander Trade says that South Korea 

ranks 12th among the world’s largest 

economic powers and 4th in Asia in 

2023. It noted that ‘South Korea is famous 

for its spectacular rise from one of 

the poorest countries in the world to a 

developed, high-income country in just 

one generation’ and that during the global 

financial crisis of 2007-2008, the country 

maintained a stable economy and even 

experienced economic growth during the 

peak of the crisis. 

And World Bank data bears this out 

noting that GDP per capita has grown 

continues on page 22 >

COUNTRY FOCUS 


from $158 in 1960, to $1,720 in 1980, 

$12,300 in 2000, and $31,700 in 2020. Gross 

National Income has seen a similar rise 

(albeit with data only from 1990) from 

$358bn, to $866bn in 2000, $1.58tn in 2010 

and $2.34tn in 2020. 

However, South Korea’s economy has 

suffered recently as China’s economy 

has slowed and both the US and China 

are involved in trade war uncertainties, 

specifically in terms of chip production 

and exports. 

South Korea reeled from inflation like 

other nations around the world, but not 

to the same extent that many western 

countries – especially the UK – have. In 

detail, inflation stood at 0.50 percent in 

2020, 2.50 percent in 2021, 5.09 percent in 

2022 and is likely to end up at 3.54 percent 

for 2023 before falling to 2.30 percent in 

2024 (Statista). 

Unemployment is generally low, 

according to Macrotrends citing World 

Bank Data. For most of the 1990s it sat 

around two percent, spiked at nearly 

seven percent in 1998 before coming 

down to hover around 3.50 percent since 

2002. 

KORE 

Business sectors 

Santander, using World Bank data, states 

that industry represented 32.4 percent of 

GDP and employed 25.0 percent of the 

workforce in 2022 with the main focus 

on textile, steel, car manufacturing, 

shipbuilding and electronics. 

Technology 

According to Asia Fund Managers, 

South Korea has transformed from an 

agricultural country to a highly industrialised 

one over some 60 years and is now 

recognised as the largest semiconductor 

producer in the world. Invest Korea, however, 

places the country first for memory 

semiconductor production and second 

for all semiconductors produced. More 

specifically, Korea accounted for 60.5 percent 

of the global memory semiconductor 

market, and they are ‘one of Korea’s principal 

export items, accounting for 18.9 

percent of total exports as of 2022.’ Total 

exports in this sector were worth around 

$129.2bn in the year. As a result, South 

Korea is one of the world's most active 

investors in semiconductor facilities and 

has a vast semiconductor equipment and 

materials market. 

Beyond semiconductors is TV and 

display panel manufacturing which, 

Invest Korea states was worth 4.3 

percent of GDP in 2021 (KRW 76.3 tn) and 

employed 2.1 percent of the workforce. 

The majority of exports are to Vietnam 

(58.0 percent) and China (34.0 percent) 

where display module factories and 

producers of TVs and mobile phones are 

located. The Korean Display Industry 

Association notes that manufacturing is 

based around two centres at Paju (LG) and 

Asan Tangjeong (Samsung). 

There’s also the growth of the South 

Korean battery industry which is now said 

to be the world’s second largest after China 

with around 20 percent of global output 

compared to nearly 70 percent from 

China. It’s interesting that Invest Korea 

records that ‘the Inflation Reduction Act 

introduced by the US Government also 

poses a good opportunity to raise the 

profile of Korean-made batteries.’ The 

Government wants Korea to be world 

leader of the secondary battery market 

by 2030. A total of KRW 20.5tn will be 

invested by 2030 in the sector – mostly 

from the private sector to be fair. At the 

time of writing, 25 October, $1 was worth 

KRW1351 and £1 bought KRW1638. 

Steel 

The World Steel Association maintains 

data on global steel production. Top of the 

table is China with, in 2022, some 1018m 

metric tons produced. In second place is 

India with 154.06m metric tons and the EU 

with 136.7m metric tons. But in 6th place 

is South Korea with a volume of 65.9m 

metric tons. South Korea’s production is 

expected to rise according to the Korea 

Economic Daily which talked of ‘steel 

output set to top 70m metric tons on 

supercycle’ in 2021. This follows on from 

major industries such as the automobile, 

shipbuilding and construction sectors 

reviving to ramp up steel demand. Statista 

reckons that demand now sits at around 

77m metric tons. The so called Big Three 

of the South Korean steel industry are 

POSCO, Hyundai Steel, and Dongkuk 

Steel. 

Shipbuilding 

The Ministry of Trade, Industry and 

Energy detailed, in 2023, that the 

Korean shipbuilding sector is doing 

proportionately well compared to rivals. 

It said that the country won 70.0 percent 

of global orders for large LNG carriers 

(117 ships) and won 58.0 percent of global 

orders for high-value-added ships (167 

vessels). 

From what has been written, the 

sector is fully working toward more 

environmentally sound ships which 

reduce carbon emissions. Shipbuilders 

are compliant with the Energy Efficiency 

Design Index, IMO 2020, the Existing 

Ship Energy Efficiency Index and 

Carbon Intensity Index.It helps that 

the Government has various strategies 

in place to boost the sector under the 

heading, ‘Strategy for Securing a Super 

Gap in the Shipbuilding Industry’. The 

sector benefits from financial assistance. 


COUNTRY FOCUS 

A 

As Lloyd’s List wrote in September 

2021, ‘South Korea aims to dominate 

shipbuilding within a decade…The 

Government has set a target for the 

country's shipbuilders to take 75 percent 

and 55 percent of market share in ecofriendly 

vessels and autonomous ships, 

respectively, by 2030.’ 

Car manufacturing 

Data from the International Organization 

of Motor Vehicle Manufacturers shows 

that in 2022, South Korea was the world’s 

fifth largest producer of cars having made 

nearly 3.8m vehicles. In comparison, 

India made 5.5m cars, Japan 7.8m, the US 

10m and China 27m. 

What once started as an assemblybased 

sector has transformed into one 

using advanced production techniques. 

Key producers are Hyundai, Kia, General 

Motors Korea, KG Mobility, Renault Korea 

Motors, Tata Daewoo, Edison Motors, Asia 

Motors and Proto Motors. But it’s not all 

sun and roses: Nikkei Asia wrote in May 

2022 that ‘automobile production in South 

Korea has retreated to the lowest in nearly 

two decades, on the struggles of smaller 

carmakers and the offshoring of capacity 

by the dominant Hyundai Motor group.’ It 

added, though, that ‘hopes for reversing 

this decline are blooming.’ Part of the 

problem was a function of COVID-related 

semiconductor shortages. 

But beyond car manufacturing, Invest 

r 


Korea points to 10 Korean car parts 

companies being listed on the world's top 

100 automotive parts producers in 2021 

(by sales). These firms achieved sales of 

$65.1bn and accounted for 8.2 percent of 

the sales of top 100 parts producers. 

Textiles 

Textile manufacturing is another large 

part of the South Korean economy which, 

says fibre2fashion.com, was worth, in 

terms of exports, $13.30bn in 2016 and 

$13.70bn in 2018. Statista reported, at 

the start of 2023, that in 2020, the textile 

production amounted to about KRW 

37.83tn. It’s relevant that production value 

was highest in 2012 at more than KRW 

45tn but has been falling continuously 

since then. 

Globaldata considers that the overall 

apparel market in South Korea will reach 

KRW 111.4tn by 2027. 

Tourism 

Tourism is a sector that appears to be 

growing in South Korea and it’s one that 

the World Travel & Tourism Council 

(WTTC) reckoned, in July 2022, will create 

nearly half a million jobs over the next 

decade. It said that the forecast from 

WTTC’s latest Economic Impact Report, 

which shows an average of nearly 49,000 

new jobs every year, to reach nearly 

1.8m by 2032, also reveals the sector will 

outpace the overall economy for the next 

10 years. According to the report, travel 

and tourism’s contribution to GDP is 

forecasted to grow at an average rate of 

4.8 percent annually between 2022-2032, 

significantly outstripping the 1.8 percent 

growth rate of the national overall 

economy. And this could be worth KRW 

116.9tn – about 4.6 percent of the total 

economy. 

It should be noted, though, that in terms 

of the numbers of tourists and value in 

revenue, COVID has a serious impact on 

the sector. Invest Korea wrote that in 2018 

there were 15.3m arrivals and 17.5m the 

year after. But with COVID that number 

fell to 2.5m in 2020, 967,000 in 2021, but 

rose to 3.2m in 2022. There’s still quite a 

way to get back to pre-COVID levels. 

And as to origination of the traveller, 

where once 6m Chinese and 3.2m 

Japanese visited South Korea (in 

2019), over the first eight months of 

2022, 281,000 Americans made up 

the largest contingent followed 

by just 123,000 Chinese visitors. 

Personal income tax 

South Korea considers as an 

individual resident taxpayer 

any individual having a 

domicile in Korea or having a residence 

within Korea for 183 days or more. 

There are eight bands that range from 

six percent on income up to KRW 14m, 

to 15.0 percent (KRW 14m to KRW 50m), 

24.0 percent (KRW 50m to KRW 88m), 35.0 

percent (KRW 88m to KRW 150m), 38.0 



percent (KRW 500m to KRW 1bn) and 45.0 

percent on income of over KRW 1bn. 

Beyond that is a local income tax 

surcharge that uses the same bandings 

but at rates of 0.6 percent, 1.5 percent, 

2.4 percent, 3.5 percent, 3.8 percent, 4 

percent, 4.2 percent and 4.5 percent. 

And there is a minimum income tax 

of the greater of 45.0 percent of income 

tax liability (with 35.0 percent applied to 

income tax liabilities of up to KRW 30m) 

before exemptions or the actual tax after 

exemptions. 

Summary 

It’s abundantly clear that in sixty plus 

years that South Korea has moved on 

from its agrarian background to one 

that is firmly in bed with technology and 

manufacturing. 

However, there are challenges to 

overcome such as unique industry 

standards, less than transparent 

regulations, resistance to foreign business 

models, and competition and price 

pressures from domestic manufacturers. 

And beyond that is the latent problem of 

South Korea’s proximity to sabre rattling 

nations – namely North Korea and China. 

But we need to live for the moment and 

to any valiant globetrotter, South Korea 

is a destination worthy of any corporate 

agenda. 

Adam Bernstein is a freelance 

finance writer for CM magazine. 


International Trade 

Monthly round-up of the latest stories 

in global trade by Andrea Kirkby. 

UK Export Finance 

helps cleantech firm 

A 

small cleantech firm in Surrey has 

secured a £4m order to supply its 

technology to a 2.0-gigawatt solar 

facility in India with support from 

UK Export Finance (UKEF). 

Gas Recovery and Recycle Limited 

(GR2L) is a micro-SME business which 

has developed, patented and exported 

technology to reduce the energy 

consumption, carbon footprint and cost of 

manufacturing solar panels. 

Makers of solar panels use argon gas to 

purify silicon crystals which are then used 

in solar cells. This process requires vast 

amounts of argon, with some producers 

needing to ship in multiple tankers of the 

gas each day. 

GR2L’s ArgonØ machinery which allows 

solar cell production – as well as other 

advanced manufacturing activities like 

microelectronics production, 3D metals 

printing and aerospace heat treatments 

– to recycle up to 95 percent of the argon 

used. 

GR2L wanted to supply its argon 

recycling technology to Mundra Solar 

Technology to support a solar facility being 

built in Mundra, India. But the firm needed 

to obtain payments in advance of making 

any deliveries to Mundra. To secure these 

payments, it had to issue a guarantee 

to assure the buyer that it could deliver, 

which would have meant making a cash 

deposit through its bank. This however 

would have restricted the funds which the 

company needed for delivering the very 

same orders which it wanted to secure. 

A £475,000 guarantee issued under 

UKEF’s Bond Support Scheme meant that 

GR2L could instead reclaim this portion 

of the cash deposit; this allowed GR2L to 

access crucial funds needed to deliver the 

Mundra contract and secure this major 

exporting opportunity. 

GERMANY INVITES 

UK TO TRADE 

AS detailed on various sites, including 

the BBC, Germany’s finance minister 

invited the UK to move on post-Brexit 

trade relations with the European 

Union. 

During an interview with the BBC, 

Christian Lindner said: “If you want to 

intensify your trade relationship with 

the EU – call us!” He added that the 

UK had a standing invitation on future 

talks aimed at reducing trade barriers, 

or obstacles in daily business life that 

had arisen, adding that ‘in the daily life 

of German corporates, there are new 

obstacles since Brexit... I don’t think 

the United Kingdom is benefitting 

from Brexit.’ 

In response, a Government 

spokesperson said the UK was open 

to new opportunities across the globe. 

Cynics might suggest that Germany 

needs the UK more than it’s letting 

on. According to the German Chamber 

of Industry and Commerce, German 

goods exports to the UK were 14.1 

percent less in 2022 than in 2016 – 

the year of the Brexit referendum – 

and the UK slipped from third most 

important export partner to eighth. 

Further, car exports from the EU to 

the UK have nearly halved in number 

since Brexit, falling by €10bn in value. 

So – could Germany be leading the 

vanguard for a warming of UK and EU 

relations? 

Businesses unaware of changes to future regulations 

RESEARCH by the BCC, Business in 

the dark over regulatory avalanche for 

EU trade, has reported that the vast 

majority of businesses are unaware 

and unprepared for many forthcoming 

changes in EU/UK regulations. 

When asked about their knowledge 

of the changes, a survey of more than 

700 firms found that 84 percent of 

manufacturers did not know about 

new reporting requirements on 

exports of goods to the EU containing 

high-carbon steel, and selected other 

products, starting in October; 87 percent 

of exporters were either unaware or 

unprepared for new EU VAT requirements 

due in January 2025; and 43 percent 

of manufacturers were still unaware 

of the UK’s, now voluntary, alternative 

product safety marking system to 

the EU’s CE mark. 

The lack of knowledge and preparation 

for the changes, mean that some trading 

with the EU could face a whole range 

of new delays and unexpected costs. In 

some cases, exporters could also find 

their goods unable to be transited to EU 

customers. 

While not all of the incoming changes 

to regulations will impact every firm, the 

range of new rules, and the complexity of 

their requirements, means many will face 

new obstacles. 


The rise of the Middle East? 

NIKKEI Asia recently covered the economic 

transformations in the Middle East, 

specifically Saudi Arabia whose Vision 2030 

transformation plan, launched in 2016, is 

proving rather successful. 

As the publication noted, the country 

is not only pivoting to reduce its heavy 

reliance on petroleum exports but also 

to restructure an economy built on 

layers of generous subsidies, monopolies 

and patronage. And it is working because 

the withdrawal of such subsidies along 

with new taxes on consumption initially 

‘squeezed’ budgets which were ‘offset by 

fiscal expansion and general economic 

Chill runs through China’s 

overseas business community 

MoneyWeek recently reported on Charles 

Wang Zhonghe, a senior banker with 

Japan’s Nomura, who was banned from 

leaving mainland China in a move that 

will reportedly send a chill through China’s 

overseas business community. Quoting the 

Financial Times, the publication said that 

those familiar with the matter reckon that 

the move is connected to a long-running 

investigation into Bao Fan, founder of 

investment group China Renaissance, who 

along with the firm’s former chairman and 

CEO, Cong Lin, disappeared months ago. 

Wang’s exit ban is said to be linked to 

the time he worked at state-run bank ICBC 

STAINLESS STEEL FIRM 

£26M EXPORT FINANCE 

PACKAGE 

A Government credit guarantee has 

allowed Teesside stainless steel alloy 

inventor and manufacturer Paralloy to 

secure up to £26m of a Santander UK 

bank guarantee facility to help its export 

business. 

A new guarantee from UK Export 

Finance allows Santander UK to increase 

the amount of facility available to 

Paralloy from £17m to £26m. This will 

allow Paralloy to pursue an even greater 

range of high-value export contracts and 

enter new markets, partly because the 

funding will help the business procure 

inputs whose prices have risen sharply 

amid global economic challenges. 

As a result, the company anticipates 

creating 75 new jobs by 2024. 

buoyancy’. Unemployment has fallen, 

wages are rising, the non-oil sector is 

growing. 

Next, despite the country being 

conservative at heart, there is ‘broad 

support’ for reform, particularly among the 

young. Beyond that, the public sector has 

proved dynamic and eager to lead with 

all Government institutions and agencies 

placing Vision 2030 at the ‘core of their 

respective missions.’ 

Nikkei Asia commented that none of this 

guarantees success, but economists are 

already taking note; it thinks that this could 

turn out to be the Gulf’s golden age. 

International between 2011 and 2016, when 

he ‘overlapped with Cong.’ As part of a 

‘strategic partnership’ between ICBC and 

China Renaissance, the former provided 

the latter with a $200m credit line. 

China has a “long history of unexplained 

detentions of senior people and officials” 

and this has extended, in recent months, 

to the country’s foreign and defence 

ministers. 

There is some sense, then, in being 

cautious when travelling to China due to 

the arbitrary enforcement of local laws, 

including in relation to exit bans, and the 

risk of wrongful detentions. 

NEW DATA SHOWS UK 

EXPORTS ON THE RISE 

REVISED figures from the Office for 

National Statistics (ONS) have indicated 

that the UK's total exports in 2022 were 

worth £834bn, up from £815bn. 

2022 was a record year for the UK’s 

services exports in particular as they rose 

to £411bn in total last year – £10bn higher 

than originally estimated. The increase, 

says the ONS have said this is due to 

more data becoming available and more 

accurate methodologies being used to 

calculate export values. 

For those interested, the ONS has 

published an article setting out a detailed 

assessment of its changes to the export 

stats, available online on its website under 

the snappy title, Detailed assessment of 

changes to balance of payments annual 

estimates: 1997 to 2021. 

RULES OF ORIGIN TO 

SOUTH KOREA EXTENDED 

THE UK has secured a two-year 

extension to rules which help British 

companies access lower or zero tariffs 

when selling goods to South Korea and 

it’s expected that the manufacturing 

sector, including automotive and food 

and drink, will benefit. 

South Korea has a burgeoning middle 

class with an import market expected to 

grow 45 percent by 2035. The UK’s trade 

with Korea has more than doubled since 

the original FTA was negotiated. Goods 

make up the majority of UK exports to 

South Korea, with £7.3bn worth exported 

last year. 

AMBITIOUS 

EXPORTS TARGET 

THE Institute of Directors (IoD) has 

urged the Government to increase its 

goal for its strategy for export growth. 

The IoD thinks that current target of £1tn 

of exports in current prices by 2030 is not 

sufficiently stretching. Instead, it wants a 

target of £900bn of exports in 2019 prices 

by 2030 with a second target of 15 percent 

of all businesses exporting either goods or 

services by 2030. 

And to help achieve the second target, 

the IoD reckons that there should be a 

focus on the UKs individual regions and 

nations. 

SELLING ONLINE 

TO THE USA 

THE Department for Business and Trade 

has updated a publication for those 

firms wanting to sell online in the US – 

E-commerce for UK small businesses 

selling online to the USA. 

As the press release notes, the 

document includes ‘practical advice, 

information and useful links for UK 

businesses looking to access the US 

market by selling online.’ It includes 

detail on US rules and regulations and 

links to guidance for UK companies 

looking to export. 

For the latest exchange rates visit 

www.currenciesdirect.com or call 020 7874 9400 

HIGH LOW TREND 

GBP/EUR 1.15533 1.14123 Down 

GBP/USD 1.25040 1.20754 Up 

GBP/CHF 1.11431 1.07855 Up 

GBP/AUD 1.93393 1.89148 Flat 

GBP/CAD 1.71312 1.65663 Up 

GBP/JPY 188.252 180.876 Up 

Currency Exchange Rates for the previous month: 

15th October to 15th November. 


INSOLVENCY 

Downward Spiral 

Are the latest insolvency figures the start 

of a Tsumani or a wet weekend? 

AUTHOR – Les Clisby 

THE number of registered 

company insolvencies in Q3 

2023 fell two percent on the 

previous quarter, according 

to figures released in 

November, and some expect 

that number to continue falling towards 

the end of 2023. 

The figures show between 1 July and 

30 September 2023, there were 6,208 

company insolvencies, made up of 

4,965 creditors’ voluntary liquidations 

(CVLs), 735 compulsory liquidations, 466 

administrations, 41 company voluntary 

arrangements (CVAs) and one receivership 

appointment. The number of insolvencies 

in Q3 2023 was 10 percent higher than Q3 

2022. 

Gareth Harris, partner at RSM UK 

Restructuring Advisory, expresses 

little surprise or alarm: “A small drop 

in insolvencies is a step in the right 

direction, with the majority of the fall 

from lower levels of ‘shut down’ creditors’ 

voluntary liquidations at the smaller end 

where the catch-up from COVID and 

Government support has been flushed 

out,” he explains. 

“Sticky inflation, high interest rates and 

the cost of living are still making it tough 

for businesses to recover post-COVID, but 

we are entering a new phase, as business 

confidence recovers, we are already seeing 

an increase in corporate rescues and 

businesses bought from administration. 

High debt levels are really starting to bite 

but there is increased appetite to invest and 

save those businesses that ought to have a 

future.” 

Gareth says that the flip side of this is that 

whilst creditors have been supportive of 

businesses as they recover post-pandemic, 

this patience has now run out: “The stance 

on forbearance has hardened, leading to 

an increase in compulsory liquidations, 

which points to the need to engage with 

all stakeholders to find a solution. Whilst 

this is a small fall in overall insolvency 

numbers, we expect insolvencies to return 

to more normal long-term levels over the 

next few years.” 

A perfect storm 

Christina Fitzgerald, Immediate Past 

President of R3, the UK’s insolvency and 

restructuring trade body, is perhaps a 

little more concerned: “A perfect storm of 

economic issues has led to the highest Q3 

‘‘The earlier you 

begin dealing with 

any issues, the 

more options you 

will have available 

and more time to 

make decisions 

while concerns are 

new, rather than 

when they have 

spiralled.” 

corporate insolvency figures in more than 

two decades,” she says. 

“A combination of rising costs, director 

fatigue and increased creditor pressure 

mean more firms are turning to a 

corporate insolvency process to resolve 

their financial issues. 

“The key driver of the numbers is the rise 

in CVLs, which have reached their second 

highest figure on record and the highest 

number ever recorded in Q3. After years 

of battling through the pandemic, supply 

chain issues, increasing costs, rising 

inflation and requests for higher wages, 

many directors have simply had enough 

and are calling it a day while that choice is 

still theirs. 

“Compulsory liquidation numbers have 

reached a four year high – partly because 

of legislation preventing them and then 

making the winding-up petition threshold 

higher in the aftermath of the pandemic, 

but also because these firms are now under 

their own pressures, and are calling in 

debts in the hope of balancing their own 

books. 

“Trading conditions are tough right 

now. People are worried about money and 

reluctant to spend on anything other than 

the basics – and even then, are looking 

for the best deal possible – while costs are 

rising and the economy remains turbulent.” 

Christina believes that the Christmas 

period could be make or break for many, 

especially those in retail and hospitality: 

“It remains to be seen whether this year’s 

Christmas trading period will be the shot 

in the arm or the final blow for those that 

are struggling, and we may see a surge 

in insolvencies in the New Year if it’s the 

latter.” 

Jonathan Andrew, Global CEO of Bibby 

Financial Services, also believes that the 

combination of high interest rates, inflation 

and market uncertainty is undoubtedly 

beginning to bite: “The cost-of-doingbusiness 

crisis is a very real threat to the 

UK’s economic recovery and, in particular, 

the UK’s SME community,” he says. 

“The construction, hospitality and retail 

sectors have been the first to feel the pinch, 

but the full picture of SMEs’ viability will 

become clearer after Christmas. By then, 

we could be staring down the barrel of a gun 

for insolvencies. Without further support 

from both the private and public sectors, 

it’s possible we could see insolvencies 

exceed the last financial crisis." 


“It remains to be seen whether this year’s Christmas trading 

period will be the shot in the arm or the final blow for those that 

are struggling, and we may see a surge in insolvencies in the 

New Year if it’s the latter.” – Gareth Harris, RSM UK 

Devastating impact 

Brendan Clarkson FCICM, Business 

Advisory Director at restructuring and 

insolvency firm, PKF GM, says that 

insufficient help from the Government 

and continued inflation have had 

devastating impacts on businesses’ bottom 

lines. He says that business owners who 

think they may be struggling should reach 

out for support as soon as possible. 

“The evidential Tsunami of insolvencies 

is now becoming a reality,” he says, “and 

there is no doubt that continued high 

inflation coupled with a lack of support 

from the Government since its own 

bailout post-COVID has led us to where 

we are. 

“The unfortunate fact is that businesses 

are being hit from a variety of angles – and 

all these blows have an effect on bottom 

lines. Firms are operating in a climate 

where consumers are reducing their 

spending on non-essential items, while 

at the same time, the costs of operating a 

business remain high. Inflation has been 

a problem for some time, and while this 

is expected to ease, it is still sitting higher 

than many have predicted. 

“Our message to company directors is 

straightforward: if you are at all worried 

about your business, seek advice. It is a 

difficult conversation to have, let alone 

to start, but the earlier you begin dealing 

with any issues, the more options you will 

have available and more time to make 

decisions while concerns are new, rather 

than when they have spiralled.” 

Simon Edel, UK Turnaround and 

Restructuring Strategy Partner at EY- 

Parthenon, is similarly concerned that 

company insolvencies in Q2 and Q3 2023 

reached their highest level since Q2 2009, 

whilst administrations saw a 58 percent 

year-on-year uplift. 

“Since the pandemic, insolvency 

activity had been heavily focused among 

smaller companies, but we are now seeing 

increased activity in the mid-market as 

macro-economic and financing stresses 

build. 

“These mid-market companies – 

whose balance sheets had previously 

been cushioned by extended maturities 

and COVID support measures – are now 

facing several liabilities, including the 

repayment of pandemic loans, higher 

refinancing hurdles and ongoing, supply, 

cost and interest rate pressures. 

“This stress is manifesting in rising 

profit warnings and mid-market 

administration appointments.” 

Profit warnings 

EY-Parthenon’s latest Profit Warning 

report for Q3 found that a third (33 percent) 

of profit warnings during the quarter 

came from mid-market listed companies 

– the highest proportion of warnings 

from this group in almost thirteen 

years. 

“The rise in corporate-led restructuring 

activity is also significant among ‘large 

cap’ companies, where the focus is still 

largely on refinancing and liability 

planning. 

“It is critical that companies adapt their 

financial and operating structures to 

fundamental changes in their market and 

the rising cost of capital by contingency 

planning and seeking board advice – 

delaying action risks affecting value.” 


CICM TRAINING 

Training courses that offer high-quality approaches 

to credit-related topics and practical skills 

Now, more than ever, the Credit Management and Collections industry 

is seeing drastic changes and impacts that affect the day-to-day roles of 

Credit and Collections teams. 

CICM Training offers high-quality approaches to credit-related topics. 

Granting you the practical skills and necessary tools to use in your 

workplace and the ever-changing industry. A highly qualified trainer, with 

an array of credit management experience, will grant you the knowledge, 

improved results, and greater confidence you need for your teams to 

succeed in the Credit Management profession. 

Get trained with your 

professional body and the only 

Chartered organisation that delivers 

Credit Management training 


On-Demand | Online | Face-to-Face 

METHODS OF DELIVERY 

CICM Training courses can be delivered through a variety 

of options, ensuring a range of opportunities for your 

teams to be trained on the most up-to-date methods in 

CICM On-Demand 

Training 

CICM Online 

Training 

CICM Face-to-Face 

Training 

On-Demand training can be viewed anytime, anywhere with our downloadable 

training videos. 

Online training will be for those who find it easy to learn from the space 

of their home or office. 

Face-to-face training It’s been a long time coming but now you can mingle and 

learn together in the same room as your colleagues and peers. 

TRAINING COURSES 

CICM have a collection of training courses to meet the needs of your Credit and 

Collections’ teams. Take a look at the courses below and start training towards 

the CICM Professional Standard. 

Advanced Skills in Collections • Best Practice Approach to Collections 

Best Practice Skills to Assess Credit Risk • Collect that Cash • Credit Bootcamp 

Effective Communication in the Credit Role • Emergency Guide to Credit 

Harness your leadership Style • Know Your Customer • Managing Insolvency 

Reflect and Develop • Set Targets that Work 

For more details, visit our website, scan the 

barcode or contact us at info@cicm.com 


Introducing our 

CORPORATE PARTNERS 

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

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

My DSO Manager is an intelligent SaaS AR and 

credit management solution for SMEs to international 

enterprises, helping AR analysts manage risk, 

maximize cash collection and streamline the credit-tocash 

cycle, by a real-time insight to KPIs. 

Due to its inventive in-house IT teams and their tight 

collaboration with support staff, many of whom were 

credit managers at large firms, it can quickly integrate 

any ERP data and customize as needed. 

T: +33 (0)458003676 

E: contact@mydsomanager.com 

W: www.mydsomanager.com 

Quadient AR by YayPay makes it easy for B2B 

finance teams to stay ahead of accounts receivable 

and get paid faster – from anywhere. 

Integrating with your ERP, CRM, and billing 

systems, YayPay presents your real-time data 

through cloud-based dashboards. Automation 

improves productivity by 3X and accelerates 

collections by up to 34 percent. Predictive analytics 

provide insight into payor behavior and an online 

portal enables customers to access their accounts 

and pay at any time. 

T: +44 (0)7465 423 538 

E: marketing@yaypay.com 

W: www.quadient.com/en-gb/ar-automation 

Esker’s Accounts Receivable (AR) solution removes 

the all-too-common obstacles preventing today’s 

businesses from collecting receivables in a 

timely manner. From credit management to cash 

allocation, Esker automates each step of the orderto-cash 

cycle. Esker’s automated AR system helps 

companies modernise without replacing their 

core billing and collections processes. By simply 

automating what should be automated, customers 

get the post-sale experience they deserve and your 

team gets the tools they need. 

T: +44 (0)1332 548176 

E: sam.townsend@esker.co.uk 

W: www.esker.co.uk 

Reduce or eliminate manual tasks, allowing AR 

teams to focus on actions that drive results, and 

strengthen decision intelligence to deliver significant 

value to the organisation. Cash Application / Credit 

& Risk Management / Collections Management / 

Disputes and Deductions Management / Team & Task 

Management and AR Intelligence. 

Optimise working capital by driving world-class 

order-to-cash processes and leveraging decision 

intelligence to drive better business outcomes. 

To learn more visit www.blackline.com/solutions/ 

accounts-receivable-automation/ 

T: +44(0) 203 318 5941 

E: sales@blackline.com 

W: www.blackline.com 

Our Creditor Services team can advise on the best 

way for you to protect your position when one of 

your debtors enters, or is approaching, insolvency 

proceedings. Our services include assisting with 

retention of title claims, providing representation at 

creditor meetings, forensic investigations, raising 

finance, financial restructuring and removing the 

administrative burden – this includes completing 

and lodging claim forms, monitoring dividend 

prospects and analysing all Insolvency Reports and 

correspondence. 

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

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

W: menzies.co.uk/creditor-services 

ContactEngine is a proactive customer engagement 

platform which connects organizations to its 

customers through AI powered digital conversations. 

ContactEngine enables collections treatment 

automation using conversational AI, dynamic 

engagement strategies, and easy-to-trigger payment 

transactions that help organisations collect debt 

faster. ContactEngine anticipates the need to interact 

with customers and fully automates personalized, 

multichannel, multi-day conversations to achieve 

specific milestones and trigger next steps. 

E: info@contactengine.com 

W: www.contactengine.com 

American Express® is a globally recognised 

provider of business payment solutions, providing 

flexible capabilities to help companies drive 

growth. These solutions support buyers and 

suppliers across the supply chain with working 

capital and cashflow. 

By creating an additional lever to help support 

supplier/client relationships American Express is 

proud to be an innovator in the business payments 

space. 

T: +44 (0)1273 696933 

W: www.americanexpress.com 

Tinubu Square is a trusted source of trade credit 

intelligence for credit insurers and for corporate 

customers. The company’s B2B Credit Risk 

Intelligence solutions include the Tinubu Risk 

Management Center, a cloud-based SaaS platform; 

the Tinubu Credit Intelligence service and the 

Tinubu Risk Analyst advisory service. Over 250 

companies rely on Tinubu Square to protect their 

greatest assets: customer receivables. 

T: +44 (0)207 469 2577 / 

E: uksales@tinubu.com 

W: www.tinubu.com. 

Building on our mature and hugely successful 

product and world class support service, we are 

re-imagining our risk awareness module in 2019 to 

allow for hugely flexible automated worklists and 

advanced visibility of areas of risk. Alongside full 

integration with all credit scoring agencies (e.g. 

Creditsafe), this makes Credica a single port-of-call 

for analysis and automation. Impressive results 

and ROI are inevitable for our customers that also 

have an active input into our product development 

and evolution. 

T: 01235 856400 

E: info@credica.co.uk 

W: www.credica.co.uk 


Each of our Corporate Partners is carefully selected for 

their commitment to the profession, best practice in the 

Credit Industry and the quality of services they provide. 

We are delighted to showcase them here. 

They're waiting to talk to you... 

Hays Credit Management is a national specialist 

division dedicated exclusively to the recruitment of 

credit management and receivables professionals, 

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

the CICM’s only Premium Corporate Partner, we 

are best placed to help all clients’ and candidates’ 

recruitment needs as well providing guidance on 

CV writing, career advice, salary bench-marking, 

marketing of vacancies, advertising and campaign 

led recruitment, competency-based interviewing, 

career and recruitment trends. 

T: 07834 260029 

E: karen.young@hays.com 

W: www.hays.co.uk/creditcontrol 

Court Enforcement Services is the market 

leading and fastest growing High Court Enforcement 

company. Since forming in 2014, we have managed 

over 100,000 High Court Writs and recovered more 

than £187 million for our clients, all debt fairly 

collected. We help lawyers and creditors across all 

sectors to recover unpaid CCJ’s sooner rather than 

later. We achieve 39 percent early engagement 

resulting in market-leading recovery rates. Our 

multi-award-winning technology provides real-time 

reporting 24/7. 

T: +44 (0)1992 367 092 

E: a.whitehurst@courtenforcementservices.co.uk 

W: www.courtenforcementservices.co.uk 

Shoosmiths’ highly experienced team will work 

closely with credit teams to recover commercial 

debts as quickly and cost effectively as possible. 

We have an in depth knowledge of all areas of debt 

recovery, including: 

• Pre-litigation services to effect early recovery and 

keep costs down • Litigation service • Insolvency 

• Post-litigation services including enforcement 

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

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

most effective way of achieving them. 

T: 03700 86 3000 

E: paula.swain@shoosmiths.co.uk 

W: www.shoosmiths.co.uk 

Forums International has been running Credit 

and Industry Forums since 1991 covering a range 

of industry sectors and international trading. 

Attendance is for credit professionals of all levels. 

Our forums are not just meetings but communities 

which aim to prepare our members for the 

challenges ahead. Attending for the first time is 

free for you to gauge the benefits and meet the 

members and we only have pre-approved Partners, 

so you will never intentionally be sold to. 

T: +44 (0)1246 555055 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

Invevo is a cloud-based platform specialising 

in credit management and accounts receivable 

process automation. It streamlines operational 

tasks, offers in-depth analytics via dashboards, 

and allows quick workflow adjustments at zero 

cost. Integrated with existing systems like ERP 

and CRM, Invevo serves as a single source for 

key insights, helping you make data-driven 

decisions to improve cash and operational 

performance. 

T: +44 7817 613 825 

E: info@invevo.com 

W: www.invevo.com 

FIS GETPAID solution is a fully integrated, webbased 

order-to cash (O2C) solution that helps 

companies improve operational efficiencies, lower 

DSO, and increase cash flow. The solution suite 

includes strategic risk-based collections, artificial 

intelligence, process automation, credit risk 

management, deduction and dispute resolution and 

cash application. FIS is a global leader in financial 

services technology, providing software, services 

and outsourcing of the technology that empowers 

the financial world. 

T: +447730500085 

E: getinfo@fisglobal.com. 

W: www.fisglobal.com 

Key IVR provide a suite of products to assist companies 

across Europe with credit management. The 

service gives the end-user the means to make a 

payment when and how they choose. Key IVR also 

provides a state-of-the-art outbound platform 

delivering automated messages by voice and SMS. 

In a credit management environment, these services 

are used to cost-effectively contact debtors and 

connect them back into a contact centre or 

automated payment line. 

TCN is an industry leader in call centre technology 

with offices around the world including, the United 

Kingdom, the United States, Romania, Canada, 

India and Australia. TCN has met the global 

communication needs of its diverse customers. 

Utilising best-practice solutions and 24/7 technical 

support, TCN empowers clients to drive consumer 

interactions through omni-channel, inbound and 

outbound communications. TCN’s call centre 

platform is entirely web-based and available 

on-demand with unlimited capacity. 

The UK’s No1 Insolvency Score, available as a 

platform to help businesses manage risk and 

achieve growth. The only independently owned 

UK credit referencing agency for businesses. We 

have modernised the way companies consume 

data, to power businesses decisions with the most 

important data taken in real-time feeds, ensuring 

our customers are always the first to know. Enabling 

them to deliver best in class sales, credit risk 

management and compliance. 

T: +44 (0) 1302 513 000 

E: sales@keyivr.com 

W: www.keyivr.com 

T: +44 (0) 800-088-5089 

E: spencer.taylor@tcn.com 

W: www.tcn.com 

T: +44 (0)330 460 9877 

E: sales@redflagalert.com 

W: www.redflagalert.com 


Introducing our 

CORPORATE PARTNERS 

Each of our Corporate Partners is carefully selected for their commitment 

to the profession, best practice in the Credit Industry and the quality of 

services they provide. We are delighted to showcase them here. 

HighRadius provides a cloud-based Integrated 

Receivable Platform, powered by machine learning 

and AI. Our Technology empowers enterprise 

organisations to reduce cycle time in the order-tocash 

process and increase working capital availability 

by automating receivables and payments processes 

across credit, electronic billing and payment 

processing, cash application, deductions, and 

collections. 

T: +44 (0) 203 997 9400 

E: infoemea@highradius.com 

W: www.highradius.com 

Our Corporate Partnerships give organisations 

a unique opportunity to work with us and 

demonstrate their commitment to professionalism 

and best practice in the Credit industry. 

We have combined a number of compelling features 

that will deliver great value through sustained 

exposure to our membership of over 7,000 credit 

professionals, decision-makers and key industry 

figures. 

For further information please contact the Head of 

Strategic Relationships, luke.sculthorp@cicm.com 

CM 

CREDIT MANAGEMENT 

THE CICM'S HIGHLY ACCLAIMED MAGAZINE 

Credit Management, the magazine of the Chartered Institute of Credit 

Management (CICM), is the leading publication in its field. The magazine 

includes full coverage of consumer and trade credit, export and company 

news, as well as in-depth features, profiles and opinions. To receive the free 

magazine you must be a member of the CICM or subscribe. 

SPECIAL 

FEATURES 

IN DEPTH 

INTERVIEWS 

ASK THE 

EXPERTS 

GLOBAL 

NEWS 

LEGAL 

MATTERS 

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CURRENCY 

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THE LEADING JOURNAL FOR CONSUMER AND COMMERCIAL CREDIT PROFESSIONALS 

TO SUBSCRIBE CONTACT: T: 01780 722903 


EXCLUSIVE PAYMENT TRENDS 

ONE-WAY TRAFFIC 

Late payments across UK and Irish regions 

and sectors continue to rise. 

AUTHOR – Rob Howard 

THE latest late payment statistics show things are continuing 

to move in the same direction.Unfortunately, it’s the wrong 

direction, with late payments on the rise across the board in 

the UK and in Ireland. The average Days Beyond Terms (DBT) 

across UK regions and sectors increased by 0.4 and 2.2 days 

respectively. Over in Ireland, the average DBT figure rose 

by 1.6 and 0.7 days respectively. Average DBT across the four provinces of 

Ireland dropped by 2.1 days. 

SECTOR SPOTLIGHT 

For the most part, the UK sector standings don’t make for pleasant reading, 

with 15 of the 22 sectors going the wrong way. Two sectors in particular have 

seen a significant hit to late payments. The Other Services sector (which 

includes dry cleaners, hairdressers and other beauty services through to 

membership organisations), saw the biggest rise, an increase of 22.4 days 

taking its overall DBT to 37.7 days, meaning it is now the worst performing 

UK sector. It is closely followed by the International Bodies sector, with a 

sharp increase of 22.2 days taking its overall DBT to 36.2 days. On a more 

positive note, although the Financial and Insurance sector remains towards 

the bottom of the standings with an overall DBT of 27.0 days, it is, at least, 

making strides in the right direction, cutting its DBT by 16.0 days. 

The picture over in Ireland isn’t too dissimilar, with just three of the 20 

sectors making improvements to late payments. It’s worth noting that five 

sectors saw no change whatsoever to DBT, but the remaining 12 sectors are 

all going backwards. The IT and Comms sector saw the biggest jump, with an 

increase of 18.5 days. Elsewhere, the Transportation and Storage (+15.3 days) 

and Wholesale and retail trade; repair of motor vehicles and motorcycles 

(+14.4 days) sectors also saw steep increases to DBT. Of the three sectors 

making progress, the Real Estate deserves a mention. Although it remains 

at the bottom of the Irish sector standings, it has cut the deficit, reducing 

its DBT by a noteworthy 60.0 days, takings its overall figure to 34.0 days. 

The picture over in 

Ireland isn’t too 

dissimilar, with just 

three of the 20 sectors 

making improvements 

to late payments. It’s 

worth noting that five 

sectors saw no change 

whatsoever to DBT, 

but the remaining 12 

sectors are all going 

backwards. 

REGIONAL SPOTLIGHT 

The latest UK regional data shows just over half (six) of the 11 regions 

are going backwards. London has slid down to the bottom of the 

standings, with an increase of 4.8 days taking its overall DBT to 

18.8 days. The West Midlands isn’t too far behind, an increase 

of 4.2 days taking its overall DBT to 14.5 days. At the other end 

of the scale, the North West made the biggest improvement 

and has shot up the standings following a reduction of 5.3 

days, taking its overall DBT to 11.2 days. Despite an increase of 

1.8 days, the South West remains the best performing region with 

an overall DBT of 10.4. 

Over in Ireland, just under half (12) of the 26 regions saw increases 

to DBT. The county of Wicklow saw the biggest rise and moves towards 

the bottom of the standings following an increase of 27.0 days to its DBT. 

Elsewhere, Carlow (+24.8 days), Tipperary (+11.0 days) and Limerick (+8.7 

days) also saw sharp increases to late payments. Looking at the positives, 

Kilkenny saw the biggest improvement, cutting its DBT by 27.0 days, and 

taking its overall DBT to 1.0 day. 

The four Irish provinces provide a positive, with three of the four moving 

in the right direction with reductions to DBT. Although Munster remains at 

the bottom of the standings, it did make the biggest improvement, cutting 

DBT by 7.4 days. Connacht reduced its DBT by 0.4 days, taking its overall DBT 

to 6.3 days overall. Leinster takes over as the best performing province with 

an overall DBT of 4.1 after cutting late payments by 5.2 days. 

Data provided to the CICM and its members exclusively 

by Creditsafe Group and with thanks to Jason Braidwood FCICM. 


STATISTICS 

Data supplied by the Creditsafe Group 

Top Five Prompter Payers 

Region Oct 23 Change from Sept 23 

South West 10.4 1.8 

East Anglia 10.6 -0.7 

Northern Ireland 10.9 0.8 

Yorkshire and Humberside 11 -1.9 

North West 11.2 -5.3 

Bottom Five Poorest Payers 


London 18.8 4.8 

West Midlands 14.5 4.2 

Scotland 13.7 0.7 

South East 12.5 0.2 

East Midlands 12 0 

Top Five Prompter Payers 

Sector Oct 23 Change from Sept 23 

Energy Supply 7.3 1.5 

Mining and Quarrying 8 -1.8 

Business from Home 8.6 2.2 

Education 8.6 -4.1 

Public Administration 9.9 2.4 

Bottom Five Poorest Payers 


Other Service 37.7 22.4 

International Bodies 36.2 22.2 

Financial and Insurance 27 -16 

Dormant 17.5 6.5 

Business Admin & Support 16 2.3 

Getting worse 

Other Service 22.4 

International Bodies 22.2 

Dormant 6.5 

Transportation and Storage 4.3 

Entertainment 4.1 

Water & Waste 4 

Manufacturing 2.5 

Public Administration 2.4 

Business Admin & Support 2.3 

Business from home 2.2 

Hospitality 2.2 

Energy Supply 1.5 

Wholesale and retail trade 0.4 

IT and Comms 0.3 

Agriculture Forestry and Fishing 0.1 

Getting better 

Financial and Insurance -16 

Health and Social -4.9 

Education -4.1 

Mining and Quarrying -1.8 

SCOTLAND 

0.7 DBT 

Real Estate -1.7 

Construction -1.2 

NORTHERN 

IRELAND 

0.8 DBT 

SOUTH 

WEST 

1.8 DBT 

WALES 

-0.4 DBT 

NORTH 

WEST 

-5.3 DBT 

WEST 

MIDLANDS 

4.2 DBT 

YORKSHIRE & 

HUMBERSIDE 

-19 DBT 

EAST 

MIDLANDS 

0 DBT 

LONDON 

4.8 DBT 

SOUTH 

EAST 

0.2 DBT 

EAST 

ANGLIA 

-0.7 DBT 

Professional and Scientific -0.3 

Region 

Getting Better – Getting Worse 

-5.3 

-1.9 

-0.7 

-0.4 

4.8 

4.2 

1.8 

0.8 

0.7 

0.2 

0 

North West 

Yorkshire and Humberside 

East Anglia 

Wales 

London 

West Midlands 

South West 

Northern Ireland 

Scotland 

South East 

East Midlands 


EXCLUSIVE PAYMENT TRENDS 

Getting worse 

CONNACHT 

-0.4 DBT 

ULSTER 

4.6 DBT 

MONAGHAN 

0 DBT 

LEITRIM 

0 DBT LEINSTER 

-5.2 DBT 

IT and Comms 18.5 

Transportation and Storage 15.3 

Wholesale and retail trade 14.4 

Water & Waste 7.7 

MUNSTER 

-7.4 DBT 

KERRY 

xx DBT 

LIMERICK 

0 DBT 

LONGFORD 

0 DBT 

TIPPERARY 

11 DBT 

CARLOW 

24.8 DBT 

KILKENNY 

0 DBT 

LOUTH 

0 DBT 

WICKLOW 

27.8 DBT 

Manufacturing 6.1 

Hospitality 6 

Other Service 4.1 

Health & Social 3.5 

Entertainment 3.4 

Financial and Insurance 2.6 

Top Five Prompter Payers – Ireland 

Business Admin and Support 0.1 

Construction 0.1 


Cavan 0 0 

Laois 0 0 

Leitrim 0 0 

Longford 0 0 

Monaghan 0 0 

Bottom Five Poorest Payers – Ireland 


Westmeath 120 0 

Donegal 80 0 

Carlow 32.3 24.8 

Wicklow 27.8 27.8 

Tipperary 17 11 

Getting better 

Real Estate -60 

Professional and Scientific -5 

Agriculture Forestry and Fishing -2.7 

Top Four Prompter Payers – Irish Provinces 


Leinster 4.1 -5.2 

Connacht 6.3 -0.4 

Ulster 7.4 4.6 

Munster 12.6 -7.4 

Top Five Prompter Payers – Ireland 


Education 0 0 

Hospitality 0 0 

International Bodies 0 0 

Mining and Quarrying 0 0 

Public Administration 0 0 

Bottom Five Poorest Payers – Ireland 


Real Estate 34 -60 

Energy Supply 28 0 

IT and Comms 18.6 18.5 

Water & Waste 18 7.7 

Transportation and Storage 16.6 15.3 

The four Irish 

provinces provide a 

positive, with three of 

the four moving in the 

right direction with 

reductions to DBT. 

Although Munster 

remains at the bottom 

of the standings, it 

did make the biggest 

improvement, cutting 

DBT by 7.4 days. 


LOOKING FOR 

YOUR NEXT 

CAREER MOVE? 

CREDIT CONTROLLER 

City of London, up to £42k 

A global law firm is seeking a Credit Controller to join their 

London office. The role would suit someone from a legal 

background who has experience working in a similar collections 

role. Your new role will involve liaising with Partners and 

Paralegals from a couple of service groups. You’ll be dealing 

with up to 700 active invoices at once, so excellent time 

management is crucial. 

Ref: 4486271 

Contact James Godden on 0203 465 0020 

or james.godden@hays.com 

CREDIT CONTROLLER/ 

ACCOUNTS RECEIVABLE 

West London, up to £35k + CICM study support 

A luxury brand in West London requires a Credit Controller/ 

Accounts Receivable Clerk to join their newly structured 

finance team. The job is 70-80% Credit Control/AR and 20-30% 

assisting with month end accounts. This is fast paced and 

busy role where you will provide first class support from a 

qualified Group Financial Controller. 

Ref: 4469343 

Contact Mark Ordona on 07565 800 574 

or mark.ordona@hays.com 

E-BILLING ADMINISTRATOR 

Southampton, up to £37k 

Southampton, up to £37,000 per annum 

As an e-billing administrator you’ll manage client onboarding 

and requirements relating to billing via e-billing platforms. 

The ability to liaise with both internal and external parties and 

facilitate issue resolution is essential. You’ll have the ability 

to use of Elite3e or similar to ensure that the full e-billing 

onboarding and billing processes are managed effectively. 

This role is based in Southampton and offers hybrid working 

alongside other great benefits. Ref: 4485605 

Contact Jack Bailey on 023 8202 0104 

or jack.bailey1@hays.com 

SENIOR CREDIT CONTROLLER 

Trafford Park, Manchester, £28k-£30k 

A global business based in Trafford Park (Manchester) are 

seeking an experienced Credit Controller due to company 

growth. Reporting to the Credit Manager you’ll work in a team 

of three Credit Controllers. You’ll be tasked with managing your 

own ledger, chasing overdue monies via phone, portal and email 

as well as allocating cash and dealing with customer query 

resolution. Proficiency in SAP would be advantageous. 

Ref: TP205412 

Contact Joanna Taylor-Coburn on 0161 926 8605 

or joanna.taylor-coburn@hays.com 

hays.co.uk/credit-control-jobs 

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The H devices are original designs protected by registration in many countries. All rights are reserved. CM-1318498050


Birmingham, £27k + £300 monthly bonus 

A large company based in Birmingham is recruiting a Credit 

Controller on a permanent basis. In the role, you’ll be joining a 

well-established credit team. You’ll be responsible for liaising 

with customers regarding overdue invoices and managing a 

ledger of over 500 accounts. 

Ref: 4490208 

Contact Henry Brook on 0333 010 7517 

or henry.brook@hays.com 


Falkirk, Scotland, £24k-26k 

+ monthly bonus based on performance 

An established business in the Energy and Renewables 

sector is looking for a Credit Controller to join their growing 

Credit Control function. This role would suit an individual 

with excellent customer service experience who’s looking to 

step into the world of finance. You’ll be responsible for bank 

reconciliations, chasing outstanding accounts and performing 

credit checks on customers. This is a hybrid role, with a 

generous holiday entitlement in a brand-new office. 

Ref: 4486027 

Contact Tanner Fernie on 0141 212 3665 

or tanner.fernie@hays.com 

This is just a small selection of the many opportunities 

we have available for credit professionals. To find out 

more, visit our website or contact Natascha Whitehead, 

Credit Management UK Lead at Hays on 07770 786433. 


HR MATTERS 

Love action 

Blowing the whistle on revenge, 

Love and Royal Assent. 

AUTHOR – Gareth Edwards 

IN Love v M B Farm Produce Ltd, a Tribunal 

has found that an employee’s entitlement 

to a statutory redundancy payment was not 

reinstated after they unreasonably rejected 

an offer of suitable alternative employment, 

and then changed their mind. 

As was reported, the claimant worked at a farm 

shop that was due to close. She was at risk of 

redundancy. Her employer offered her an alternative 

role at another farm shop. Love initially rejected the 

offer due to concerns about the commute to her 

new workplace. 

When her employer then confirmed she would 

no longer be entitled to a statutory redundancy 

payment, she reconsidered her position and 

asked to take up the vacancy on a trial period. 

Her employer rejected the request and made 

her redundant without a statutory redundancy 

payment. Love brought a claim for a statutory 

redundancy payment and for unfair dismissal. 

The Tribunal rejected the claim for a statutory 

redundancy payment. The relevant statutory 

provision confirms that the entitlement to a 

statutory redundancy payment will be lost if a 

suitable position is offered and unreasonably 

refused. It does not cater for a scenario whereby the 

entitlement to a statutory redundancy payment can 

be restored if the employee changes their mind. 

However, the Tribunal upheld the claimant's 

unfair dismissal claim. The employer should have 

explored the possibility of the claimant taking up 

the alternative role subject to a trial period as she 

ultimately suggested, albeit this would not have 

restored her entitlement to a statutory redundancy 

payment. 

This is a first instance decision and not binding 

on other tribunals. In addition, whilst the Tribunal 

found in favour of the employer in respect of the 

entitlement to a statutory redundancy payment, it 

is possible that the opposite conclusion might have 

been reached. Employers ought to think through the 

legal and commercial risks and benefits of refusing 

a statutory redundancy payment before deciding on 

next steps. 

The relevant statutory provision 

confirms that the entitlement to a 

statutory redundancy payment will 

be lost if a suitable position is 

offered and unreasonably refused. 


Workers will need a minimum length of service before 

qualifying for the right to request a more predictable 

working pattern which is expected to be 26 weeks but 

which will be confirmed in regulations. 

Bill for workers 

receives Royal Assent 

THE Workers (Predictable Terms and Conditions) Bill 

received Royal Assent on 18 September 2023. 

The new Act, which is expected to come into force around 

September 2024, will introduce a right for qualifying 

workers to request a more stable working pattern where 

there is a lack of predictability in relation to the work that 

the worker does for the employer; the change relates to the 

worker’s work pattern; and the worker’s purpose in applying 

for the change is to get a more predictable work pattern. 

Workers will need a minimum length of service before 

qualifying for the right to request a more predictable 

working pattern which is expected to be 26 weeks but 

which will be confirmed in regulations. It will be possible 

to make two requests per 12-month period and there will 

be a statutory framework for making and responding to a 

request. 

Workers will be able to bring claims against employers for 

procedural failings, as well as for unlawful detriment and 

automatic unfair dismissal in certain circumstances. 

Whilst this is a 

whistleblowing 

claim, the same 

issue could arise 

in respect of the 

assessment of 

compensation in 

unfair dismissal 

and discrimination 

claims. 

EAT considers whistleblowing 

and causation 

IN McNicholas v Care and Learning Alliance 

and another, the Employment Appeal 

Tribunal considered the losses flowing 

from whistleblowing detriment and the 

effect of intervening acts. 

McNicholas was a teacher who had 

made protected disclosures about 

practices at the nursery where she 

worked. In response, the nursery 

complained about the claimant’s fitness 

to teach to the General Teaching Council 

for Scotland (GTCS). However, after 

conducting an initial review, the GTCS 

decided to investigate the claimant. She 

brought Tribunal claims including a 

claim for unlawful detriment for making 

protected disclosures. The Tribunal found 

the referral was malicious and an act of 

‘revenge’. 

The Tribunal upheld her claim, making 

awards for past and future loss, injury to 

feelings and psychiatric injury. However, 

it calculated the awards to the date 

when the GTCS decided to investigate 

the Claimant’s fitness to teach after its 

initial review of the referral. The Tribunal 

found this was an intervening act which 

broke the chain of causation between the 

respondents' actions and McNicholas’s 

loss; she appealed to the Employment 

Appeals Tribunal. 

The EAT allowed the appeal and remitted 

the case for remedy to be re-assessed. The 

GTCS’s decision to investigate the claimant 

had not broken the chain of causation. 

Given that the referral was malicious, the 

decision to investigate was a natural and 

reasonable consequence of the wrongful 

act which remained the effective cause of 

the claimant's loss. 

This case serves as a useful 

demonstration of the factors that will be 

considered when determining whether a 

chain of causation is broken. Whilst this 

is a whistleblowing claim, the same issue 

could arise in respect of the assessment 

of compensation in unfair dismissal and 

discrimination claims. 


NEW AND UPGRADED MEMBERS 

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

you considered applying to upgrade your membership? See our website 

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

MEMBER 

Raimondo Orobello Darren Evans Thomas Senior 

AFFILIATE 

Samanatha Caylor 

Thomas Coyle 

Sameera Akthar 

Craig Bishop 

Stacy Eccleston 

Hema Johnson 

Katarzyna Matyaszek 

Wendy Overton 

ASSOCIATE 

Andrew Watson 

Kathryn Wegrzyn 

Michael Wild 

AWARDING BODY 

Congratulations to the following, who successfully achieved Diplomas 

Level 3 Diploma in Credit Management (ACICM) 

Sameera Akthar 

Craig Bishop 

Stacy Eccleston 

Hema Johnson 

Katarzyna Matyaszek 

Jenny Millington 

Wendy Overton 

Andrew Watson 

Kathryn Wegrzyn 

Michael Wild 

Level 3 Diploma in Credit & Collections (ACICM) 

Stella Lukste 

Holly Martin 

Harry Mole 

Olivia Reilly 

Jonathan Simms 

WE WANT YOUR BRANCH NEWS! 

Get in touch with the CICM by emailing branches@cicm.com with your branch news and event reports. 

Please only send up to 400 words and any images need to be high resolution to be printable, so 1MB plus. 


WORKING LIFE 

LET’S TALK 

ABOUT PAY RISES 

How and when to request a salary increase. 

AUTHOR – Natascha Whitehead 

ASKING for a pay rise 

is something every 

professional is likely to 

do at some stage in their 

career. However, many 

people still feel a sense of 

embarrassment or nervousness when it 

comes to requesting a higher salary, and 

apprehension around how to broach the 

topic could be holding some people back 

from earning what they’re worth. 

Although it can be daunting, being 

assertive about your needs and having the 

ability to negotiate will significantly boost 

your personal and professional growth. 

Particularly with the current cost of living 

crisis, it’s more important than ever for 

professionals to feel empowered to put 

their case forward for a pay rise. So, here 

are the main things to consider: 

Timing is key 

One of the most crucial questions 

to ask yourself is whether it’s a good 

time to ask for a pay rise. Often, salary 

rises come as a result of a promotion, 

from an Accounts Assistant to a Credit 

Controller for instance, so it’s important 

to consider whether you feel ready to take 

on additional responsibilities and more 

complex tasks. 

When reflecting on the timing of your 

request, take into account how long 

you’ve been at the organisation, if you’ve 

had any big achievements in your role 

recently and whether your organisation is 

performing well. If, for example, you have 

recently completed a training programme 

or secured a qualification, hone in on this 

to further articulate why you should be 

next in line for a pay rise. 

You may have reached a point in your 

career where progression feels natural 

and one way of measuring this is to 

have clear objectives agreed with your 

manager. With your goals in writing, you 

can use these to determine where you are 

on your career pathway, how exactly to go 

about moving on to the next stage and, 

crucially, to justify why a pay rise should 

be on the cards. 

Preparation is imperative 

Once you have contemplated whether 

it’s a suitable time to request a pay rise, 

schedule a meeting with your manager 

to discuss your salary and situation. This 

is your opportunity to present a strong 

business case as to why you deserve a 

higher salary, so being well prepared is 

vital. 

Ensure you identify the reasons why 

you believe a pay rise is in order and 

emphasise how you add value to your 

team and wider organisation. You could 

start by putting together a list of your 

accomplishments, including quantifiable 

evidence, from projects completed 

successfully to key things you’ve learnt 

along the way. Reflect on times when you 

may have gone above and beyond in your 

role, received impressive feedback from 

customers and clients or brought about 

positive change within your organisation. 

I recommend setting your sights on a 

specific figure, or percentage increase, 

before the meeting so that you clearly 

communicate what you want and 

can negotiate around this. In order to 

establish a realistic figure and ensure 

you back up your new salary expectation 

with evidence, research the typical 

salaries for your role through online job 

adverts, bearing in mind the location 

you work in as this can influence pay. 

You could also utilise tools such as Hays’ 

Salary Calculator to see how your salary 

compares to the current market. 

Be ready to discuss what you’ve prepared 

like you would for a job interview, whether 

that’s by drafting and learning a script 

or having bullet points to hand, to help 

prompt you as you present your pitch. 

Self-belief will get you far 

Although asking for a pay rise can be 

nerve-wracking, a strong business 

case will allow you to approach the 

conversation with confidence. It’s 

important to alter your perception by 

noticing any negative self-talk and making 

a conscious effort to maintain a positive 

mindset instead. For instance, rather than 

being concerned that asking for a pay rise 

will make you come across as too forward 

or greedy, reassure yourself that it shows 

you’re ambitious, tapped into the current 

market, confident about your abilities and 

committed to your career progression. 

Last but not least, be ready for all 

outcomes and consider your next steps. 

Would you be willing to leave your 

organisation if you’re not offered the salary 

you want, or open to a plan to support 

your professional development to work 

towards a pay rise in the near future? Keep 

the discussion polite and professional and 

avoid putting pressure on your employer 

to make a decision there and then as you 

may need to arrange another meeting to 

come to a final verdict. 

If your request isw unsuccessful, 

this could be for a number of reasons, 

including the financial state of the 

organisation at the time, and may not be 

a direct reflection of your capabilities, so 

keep your head held high and continue to 

believe in yourself. 

Natascha Whitehead is Business Director 

at Hays specialising in Credit Management. 

Be ready for all outcomes and consider your next steps. Would 

you be willing to leave your organisation if you’re not offered the 

salary you want, or open to a plan to support your professional 

development to work towards a pay rise in the near future? 


Cr£ditWho? 

CICM Directory of Services 

COLLECTIONS 

CREDIT MANAGEMENT SOFTWARE 


Guildways 

T: +44 3333 409000 

E: info@guildways.com 

W: www.guildways.com 

Guildways is a UK & International debt collection specialist with over 

25 years experience. Guildways prides itself on operating to the 

highest ethical standards and professional service levels. We are 

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

• A complete No collection, No Fee commission based service 

• 10% plus VAT commission for UK debts 

• Commission from 22% plus VAT for International debts 

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

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

collections and minimise costs 

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

fee, trace and collect service. 

For more information, visit: www.guildways.com 

COLLECTIONS LEGAL 

Blackline 

33 Charlotte St, London W1T 1RR 

T: +44 (0) 203 318 5941 

E: sales@blackline.com 

W:www.blackline.com/solutions/accounts-receivableautomation/ 

Transform and modernize your accounts receivable processes. 

Release cash from customers using next-generation intelligent 

AR automation. Optimize working capital by driving world-class 

order-to-cash processes and leverage 'decision intelligence' to 

drive better business outcomes. 

Reduce or eliminate manual tasks, and enable AR teams to 

focus on actions that drive results. Strengthen decision intelligence 

to deliver significant value to the organization by harnessing 

BlackLine’s ground-breaking AR Intelligence module 

- unlock hidden data in Accounts Receivable processes and 

understand customer behaviours in real time. 

For more information and a free instant ROI calculation for AR 

visit https://www.blackline.com/solutions/accounts-receivable-automation/ 

ContactEngine 

A NICE Company 

Email: info@contactengine.com 

Website: www.contactengine.com 

ContactEngine is a proactive customer engagement platform, 

which connects organizations to its customers through AI 

powered digital conversations, enabling fully automated 

customer journeys. The game changer for collections? 

Companies can now talk directly with tens of thousands of 

people simultaneously. This enables collections treatment 

automation using intelligent, natural language conversations, 

dynamic engagement strategies, and easy-to-trigger payment 

transactions that move the needle and help organisations collect 

outstanding debt faster. ContactEngine anticipates the need 

to interact with customers and fully automates personalized, 

multichannel conversations that engage customers over days, 

weeks, months and years to achieve specific milestones or 

trigger next steps based on customer responses. 

For more information, visit www.contactengine.com/solutions/ 

collections or email info@contactengine.com 

Lovetts Solicitors 

Lovetts, Bramley House, The Guildway, 

Old Portsmouth Road, 

Guildford, Surrey, GU3 1LR 

T: 01483 347001 

E: info@lovetts.co.uk 

W: www.lovetts.co.uk 

With more than 25yrs experience in UK & international business 

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

every year on behalf of our clients. Services include: 

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

of cases) 

• Advice and dispute resolution 

• Legal proceedings and enforcement 

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

CaseManager 

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

feedback: “All our service expectations have been exceeded. 

The online system is particularly useful and extremely easy to 

use. Lovetts has a recognisable brand that generates successful 

results.” 

CREDIT DATA AND ANALYTICS 

CoCredo 

Missenden Abbey, Great Missenden, Bucks, HP16 0BD 

T: 01494 790600 

E: customerservice@cocredo.com 

W: www.cocredo.co.uk 

For over 20 years, CoCredo, one of the UK's leading Credit Report 

companies, has helped thousands of business customers minimise 

their bad debt. Our data is compiled and constantly updated from 

various prominent UK and international suppliers, encompassing 

235 countries, so our clients can access the latest information in an 

easy-to-read report. Our product and service solutions are tailored 

to meet our clients' needs, including market-leading Dual Reports 

and integrated XML solutions, monitoring, and our D.N.A. Credit 

Risk Management tool that reduce costs and boost cashflow. 

Since 2014, we have been finalists and winners of Small Business 

and Credit Awards. Our clients appreciate our involvement in their 

customer journey, resulting in a 99% client retention rate. 

HighRadius 

T: +44 (0) 203 997 9400 

E: infoemea@highradius.com 

W: www.highradius.com 

HighRadius provides a cloud-based Integrated Receivable 

Platform, powered by machine learning and AI. Our Technology 

empowers enterprise organisations to reduce cycle time in the 

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

automating receivables and payments processes across credit, 

electronic billing and payment processing, cash application, 

deductions, and collections. 

Tinubu Square UK 

Holland House, 4 Bury Street, 

London EC3A 5AW 

T: +44 (0)207 469 2577 / 

E: uksales@tinubu.com 

W: www.tinubu.com 

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

of the Credit Insurance, Surety and Trade Finance digital 

transformation. 

Tinubu Square enables organizations across the world to 

significantly reduce their exposure to risk and their financial, 

operational and technical costs with best-in-class technology 

solutions and services. Tinubu Square provides SaaS solutions 

and services to different businesses including credit insurers, 

receivables financing organizations and multinational corporations. 

Tinubu Square has built an ecosystem of customers in over 20 

countries worldwide and has a global presence with offices in 

Paris, London, New York, Montreal and Singapore. 

Credica Ltd 

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

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

Our highly configurable and extremely cost effective Collections 

and Query Management System has been designed with 3 goals 

in mind: 

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

• To provide meaningful analysis of your business 

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

Credit Professionals across the UK and Europe, our system is 

successfully providing significant and measurable benefits for our 

diverse portfolio of clients. 

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

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

Cedar Rose Int. Services Ltd 

Tel: (+357) 25 346630 (Cyprus Office) 

(+971) 4 374 5758 (UAE Office) 

E: info@cedar-rose.com W: www.cedar-rose.com 

Follow us on LinkedIn 

Cedar Rose stands at the forefront of global leadership in the 

provision of premium compliance, due diligence investigations, 

and identity verification services for both individuals and 

companies. As a distinguished recipient of numerous awards, its 

reputation is founded on unparalleled excellence and precision. 

Originally specializing in the Middle East and North Africa, 

Cedar Rose has now expanded its horizons, offering insights 

on entities and persons across the globe. With its innovative 

CRiS Intelligence Platform, clients gain immediate access to an 

expansive database of over 384 million companies. 

Cedar Rose offers a holistic range of data-driven solutions tailored 

to meet diverse needs. Its offerings range from automation 

solutions that streamline onboarding and monitoring processes, 

to in-depth compliance investigations, and advanced electronic 

identity verification for KYC and KYB requirements. 

Data Interconnect Ltd 

45-50 Shrivenham Hundred Business Park, 

Majors Road, Watchfield. Swindon, SN6 8TZ 

T: +44 (0)1367 245777 

E: sales@datainterconnect.co.uk 

W: www.datainterconnect.com 

We are dedicated to helping finance teams take the cost, 

complexity and compliance issues out of Accounts Receivable 

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

for the continuous improvement of AR metrics and KPIs in a 

user-friendly interface. Credit Controllers can manage more 

accounts with better results and customers can self-serve on 

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

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

Delivery Corrivo is the only AR platform with integrated invoice 

finance options for both buyer and supplier that flexes credit 

terms without degrading DSO. Call for a demo. 


FOR ADVERTISING INFORMATION OPTIONS 

AND PRICING CONTACT 

paul@centuryone.uk 01727 739 196 



ENFORCEMENT 

ESKER 

Sam Townsend Head of Marketing 

Northern Europe Esker Ltd. 

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

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

Twitter: @EskerNEurope blog.esker.co.uk 

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

obstacles preventing today’s businesses from collecting 

receivables in a timely manner. From credit management to cash 

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

Esker’s automated AR system helps companies modernise 

without replacing their core billing and collections processes. By 

simply automating what should be automated, customers get the 

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

they need. 

Top Service Ltd 

Top Service Ltd, 2&3 Regents Court, Far Moor Lane 

Redditch, Worcestershire. B98 0SD 

T: +44 (0)1527 518800 

E: enquiries@top-service.co.uk 

W: www.top-service.co.uk 

Top Service Ltd: Trusted partner in construction credit information 

and debt recovery. For over 30 years, Top Service has been a 

cornerstone in the construction industry, providing expertise in 

credit information and effective debt recovery services. Described 

as a 'national grapevine of information' for the construction 

industry, members are able to stay one step ahead with access 

to upto the minute payment experiences shared from thousands 

of members allowing them to make the best, most informed 

credit decisions and have the ability to take swift action where 

necessary. Trust in experience. Trust in excellence. Trust in Top 

Service Ltd. 

CLOUD-BASED SOFTWARE 

Court Enforcement Services 

Samuel Evans, Director of Business Development 

M: 07759 122503 

E: s.evans@courtenforcementservices.co.uk 

W: www.CourtEnforcementServices.co.uk 

Court Enforcement Services is the market leading and fastest 

growing High Court Enforcement company. Since forming in 2014, 

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

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

help lawyers and creditors across all sectors to recover unpaid 

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

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

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

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

personable approach. We work hard to achieve the best results 

and protect your reputation. 

My DSO Manager 

22, Chemin du Vieux Chêne, 

Bâtiment D, Meylan, FRANCE 

T: +33 (0)458003676 

E: contact@mydsomanager.com 

W: www.mydsomanager.com 

My DSO Manager is an all-in-one intelligent SaaS accounts 

receivable and credit management system that provides realtime 

insight and scalability from SMEs to international multientity 

companies. It helps AR analysts, accounting or finance 

managers, and any client-facing employee, manage risk and 

maximize cash collection. 

It can swiftly integrate any kind of data from any ERP and 

implement any customization due to its creative, competent IT 

teams that are headquartered inside the firm and collaborate 

closely with support employees, many of whom were formerly 

credit managers at big corporations. 

The feature-rich functions, automated reminders, alerts, and 

numerous services connected to the solution, such as EDM/ 

CRMs/insurance/e-payment/BI platforms etc., along with a 

reasonable pricing system, have simplified the credit-to-cash 

cycle by monitoring daily KPIs like DSO, aging balance, overdues/ 

past-dues, customer behavior, and cash forecast. 

My DSO Manager's worldwide clientele are its real ambassadors, 

who assist the company in expanding on an ongoing basis. 

SERRALA 

Serrala UK Ltd, 125 Wharfdale Road 

Winnersh Triangle, Wokingham 

Berkshire RG41 5RB 

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

T +44 118 207 0450 M +44 7788 564722 

Serrala optimizes the Universe of Payments for organisations 

seeking efficient cash visibility and secure financial processes. 

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

worldwide. With more than 30 years of experience and 

thousands of successful customer projects, including solutions 

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

managers and receivables professionals with the solutions they 

need to successfully protect their business against credit risk 

exposure and bad debt loss. 

Invevo 

Damian Pickett, Head of Marketing 

10 Booth Street, Manchester, M3 5DG 

E: daniel@invevo.com 

W: www.invevo.com 

T: 07843591646 

Invevo is a fully integrated, cloud-based provider of credit 

management and accounts receivable automation solutions, 

offering dynamic features to optimise operational efficiency and 

improve cash performance. 

Our flexible platform empowers organisations to: 

• Automate the manual and repetitive work allowing your team to 

focus on the value-added activities 

• Discover financial and operational insights through beautiful, 

data-rich dashboards 

• Test and adjust workflow strategies immediately through zerocost 

configuration 

• Mitigate customer global risk through integrated credit reporting 

via credit agencies or open banking 

Invevo integrates with your existing systems (ERP, CRM, 

accounting, billing) to present the insights you need to make 

strategic decisions through one system that acts as a single 

source of truth. Access the undiscovered analytics and improve 

performance across your portfolio through data-driven actions. 

TCN 

T: +44 (0) 800-088-5089 

E : spencer.taylor@tcn.com 

W: www.tcn.com 

TCN is a leading provider of cloud-based call centre technology 

for enterprises, contact centres, BPOs, and collection 

agencies worldwide. Founded in 1999, TCN combines a deep 

understanding of the needs of call centre users with a highly 

affordable delivery model, ensuring immediate access to robust 

call centre technology, such as SMS, email, predictive dialler, 

IVR, call recording, and business analytics required to optimise 

operations while adhering to callers’ requests. 

Its “always-on” cloud-based delivery model provides customers 

with immediate access to the latest version of the TCN solution, as 

well as the ability to quickly and easily scale and adjust to evolving 

business needs. TCN serves various Fortune 500 companies and 

enterprises in multiple industries, including newspaper, collection, 

education, healthcare, automotive, political, customer service, and 

marketing. For more information, visit www.tcn.com or follow on 

Twitter @tcn. 

High Court Enforcement Group Limited 

Client Services, Helix, 1st Floor 

Edmund Street, Liverpool, L3 9NY 

T: 08450 999 666 

E: clientservices@hcegroup.co.uk 

W: hcegroup.co.uk 

Putting creditors first 

We are the largest independent High Court enforcement company, 

with more authorised officers than anyone else. We are privately 

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

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

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

possessions, process serving and landlord issues – and are 

committed to meeting and exceeding clients’ expectations. 

FINANCIAL PR 

Gravity Global 

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

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

W: www.gravityglobal.com 

Gravity is an award winning full service PR and advertising 

business that is regularly benchmarked as being one of the 

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

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

brands working on often challenging briefs. As the partner 

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

years, and the Chartered Institute of Credit Management since 

2006, it understands the key issues affecting the credit industry 

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

media and beyond. 

FORUMS 

FORUMS INTERNATIONAL 

T: +44 (0)1260 275716 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

Forums International Ltd have been running Credit and Industry 

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

International trading, attendance is for Credit Professionals of all 

levels. Our forums are not just meetings but communities which 

aim to prepare our members for the challenges ahead. Attending 

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

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

never intentionally be sold to. 


Cr£ditWho? 


FOR ADVERTISING INFORMATION 

OPTIONS AND PRICING CONTACT 


INSOLVENCY 

PAYMENT SOLUTIONS 

RECRUITMENT 

Menzies 

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

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

W: menzies.co.uk/creditor-services 

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

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

is approaching, insolvency proceedings. Our services include 

assisting with retention of title claims, providing representation 

at creditor meetings, forensic investigations, raising finance, 

financial restructuring and removing the administrative burden 

– this includes completing and lodging claim forms, monitoring 

dividend prospects and analysing all Insolvency Reports and 

correspondence. 

For more information on how the Menzies Creditor Services 

team can assist, please contact Bethan Evans, Licensed 

Insolvency Practitioner, at bevans@menzies.co.uk or call 

+44 (0)2920 447 512. 

Red Flag Alert Technology Group Limited 

49 Peter Street, Manchester, M2 3NG 

T: 0330 460 9877 

E: sales@redflagalert.com 

W: www.redflagalert.com 

The UK’s No1 Insolvency Score is available as platform 

designed to help businesses manage risk and achieve growth 

using real-time data. The only independently owned UK credit 

referencing agency for businesses. We have modernised the 

way companies consume data, via Graph QL API and apps for 

many CRM / ERP systems to power businesses decisions with 

the most important data taken in real-time feeds, ensuring our 

customers are always the first to know. 

Red Flag Alert has a powerful portfolio management tool 

enabling you to monitor all your customers and suppliers so 

you and your teams can receive email alerts on data events 

i.e. CCJ, Petitions, Accounts, Directors, amongst 84 alerts 

produced and tailored to your business. 

Red Flag Alert works towards growing and protecting 

businesses using advanced machine learning and AI technology 

data to provide businesses with information to deliver best in 

class sales, credit risk management and compliance. 

LEGAL 

Key IVR 

T: +44 (0) 1302 513 000 E: sales@keyivr.com 

W: www.keyivr.com 

Key IVR are proud to have joined the Chartered Institute of 

Credit Management’s Corporate partnership scheme. The 

CICM is a recognised and trusted professional entity within 

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

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

their membership collection activities. Key IVR provides a suite 

of products to assist companies across the globe with credit 

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

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

automated collection methods, such as a secure telephone 

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

valuable staff time away from typical debt collection. 

Quadient AR by YayPay 

T: +44 20 8502 8476 

E: r.harash@quadient.com 

W: www.quadient.com/en-gb/ar-automation 

Quadient AR by YayPay makes it easy for B2B finance teams 

to stay ahead of accounts receivable and get paid faster – from 

anywhere. Integrating with your existing ERP, CRM, accounting 

and billing systems, YayPay organizes and presents real-time data 

through meaningful, cloud-based dashboards. These increase 

visibility across your AR portfolio and provide your team with a 

single source of truth, so they can access the information they 

need to work productively, no matter where they are based. 

Automated capabilities improve team efficiency by 3X and 

accelerate the collections process by making communications 

customizable and consistent. This enables you to collect cash 

up to 34 percent faster and removes the need to add additional 

resources as your business grows. 

Predictive analytics provide insight into future payer behavior to 

improve cash flow management and a secure, online payment 

portal enables customers to access their accounts and pay at any 

time, from anywhere. 


Hays Credit Management 

107 Cheapside, London, EC2V 6DN 

T: 07834 260029 

E: karen.young@hays.com 

W: www.hays.co.uk/creditcontrol 

Hays Credit Management is working in partnership with the CICM 

and specialise in placing experts into credit control jobs and 

credit management jobs. Hays understands the demands of this 

challenging environment and the skills required to thrive within 

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

contract based opportunities to find your ideal role. Our candidate 

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

interviews and a credit control skills test developed exclusively for 

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

can provide advice across a wide spectrum of job search and 

recruitment issues. 

PORTFOLIO 

CREDIT CONTROL 

Portfolio Credit Control 

1 Finsbury Square, London. EC2A 1AE 

T: 0207 650 3199 

E: recruitment@portfoliocreditcontrol.com 

W: www.portfoliocreditcontrol.com 

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

specialises in the recruitment of Permanent, Temporary & Contract 

Credit Control, Accounts Receivable and Collections staff 

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

Recruiter, we speak to Credit Controllers every day and 

understand their skills meaning we are perfectly placed to provide 

your business with talented Credit Control professionals. Offering 

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

and remote briefings, interviews and feedback options. 

We provide both candidates & clients with a commitment to deliver 

that will exceed your expectations every single time. 

Shoosmiths 

Email: paula.swain@shoosmiths.co.uk 

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

Shoosmiths’ highly experienced team will work closely with credit 

teams to recover commercial debts as quickly and cost effectively 

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

recovery, including: 

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

down •Litigation service •Insolvency 

•Post-litigation services including enforcement 

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

goals, and adept at advising you on the most effective way of 

achieving them. 


American Express 

76 Buckingham Palace Road, 

London. SW1W 9TQ 

T: +44 (0)1273 696933 

W: www.americanexpress.com 

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

globally recognised provider of payment solutions to businesses. 

Specialising in providing flexible collection capabilities to drive a 

number of company objectives including: 

• Accelerate cashflow • Improved DSO • Reduce risk 

• Offer extended terms to customers 

• Provide an additional line of bank independent credit to drive 

growth • Create competitive advantage with your customers 

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

American Express is working with credit managers to drive 

growth within businesses of all sectors. By creating an additional 

lever to help support supplier/client relationships American 

Express is proud to be an innovator in the business payments 

space. 

FIS GETPAID 

25 Canada Square, London, GB E14 5LQ 

T: +447730500085 

E: getinfo@fisglobal.com. 

W: www.fisglobal.com 

The award-winning FIS GETPAID solution is a fully integrated, 

web-based order-to cash (O2C) solution that helps companies 

improve operational efficiencies, lower DSO, and increase cash 

flow. GETPAID provides process automation, artificial intelligence, 

and workflow across the O2C cycle, with detailed analysis and 

reporting for accurate cash forecasting. FIS is a global leader in 

financial services technology that empowers the financial world. 

For more information visit https://www.fisglobal.com/en/cashflowand-capital/credit-and-collections 

or email getinfo@fisglobal.com. 

Cr£ditWho? 


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Probably thebest debt collection network worldwide 

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Semnat digital de Razvan- 

Costin Ionescu 

Data: 2022.08.08 18:47:58 

+03'00' 

Moneyknows no borders—neither do we

CM December 2023

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