ANAGEMENT

A publication from the
IRISH INSTITUTE OF CREDIT MANAGEMENT
SUMMER
EDITION
2012
IRISH
INSTITUTE of
T
CREDIT M ANAGEMENT
A
EM
2 0 1 2
IICM - Best Practice Initiative
Competency - Education - Legal Topics

CREDIT MANAGEMENT
M
Contents
IICM Welcomes 2
President’s Foreword 3
IICM Corporates 4-5
Examining Saddam Hussein 6
IICM Convention & Showcase 7
Developing a Cash Target 8-9
Best Practice 10-12
IICM Members Committee 13
Personal Insolvency Bill 14
IICM Nominations 16
IRISH
INSTITUTE of
2 0 1 2
26
WEDNESDAY
SEPTEMBER
IICM CONVENTION
17-20 IICM Annual Awards
22 Pension Trustee
23-25 AGM & Student Awards
26-27 Bankruptcy . . .
28-30 Paula’s Page
30-31 Business Lending
33 Credit Information
34 Recruitment / Staff
35 Diary Dates
36 Book Reviews
President: SHAY WALDRON M.I.I.C.M., B.Sc. Mgt. of Credit, Vice-President: PAULA CARNEY M.I.I.C.M. Cert.,
Treasurer: TREVOR MURPHY F.C.C.A., F.I.A.T.I., M.I.I.C.M., Secretary: MARY KEARY M.I.I.C.M., B.Sc. Mgt. Credit,
Communications Officer: NEIL CURRAN M.I.I.C.M., Training & Examinations: JIM LOGUE F.I.I.C.M.,
Regulation, Policy & International Relations: SEÁN MAC MAHON F.I.I.C.M., Project Co-Ordinator: BRENDAN COGHLAN M.I.I.C.M.,
Office Manager & Event Co-Ordinator: Ellen Brophy M.I.I.C.M.
Published by: Irish Institute of Credit Management (IICM), 17 Kildare Street, Dublin 2,Tel: 01 609 9444, Fax: 01 609 9445
Email: info@iicm.ie - Web: www.iicm.ie
Opinions expressed in CREDIT FOCUS do not, unless stated, reflect those of the Council or the
Irish Institute of Credit Management (IICM).
cAll rights reserved. (2012)
All articles, including intellectual property rights, photographs, logos or other, may not be copied, edited, reproduced or transmitted in any form or by any means, electronic,
mechanical, or otherwise, without prior written permission of the Owner or the Irish Institute of Credit Management.
Design & Print: Salient Print Management. Tel 045 866057 / 087 2543463 - Fax: 045 866810 - E mail: salient@eircom.net

IICM Welcomes
COMPANY
COMPANY
VHI
Accenture
Morgans Fine Fish
O'Brien Ingredients
D & B
Hibernia
Glanbia
A&L Goodbody
Cabot Financial
3 Mobile
Dun Laoghaire - Rathdown Co. Council
D&B
BCW
Deirdre K. Ryan & Co.
Aspect Software
NEW MEMBERS
Maureen Barrett
Alicia Boivin
Bronagh Barry
Michelle Burke
Amanda Phelan
Robert Carey
Mo Cooling
Audrey Doocey
Claire Gaughan
Rory Hanley
Claire Slaney
Ellen Hennessy-Costello
Maria Ward
Martina Kehoe
Sasha Mike
Bernard Kelly
CORPORATE MEMBERS
Deirdre Ryan
Máiréad Henehan
Apology
IICM ANNUAL AWARDS 2011
In the Spring Edition of the Credit Focus Magazine the incorrect category and Sponsor was inserted beside
the photographs below, we apologise profusely for any upset this caused and are delighted to correct the
error below and extend our congratulations once again to the Winners and look forward to all
Nominations coming forward for 2012. More information can be found in the centre pages of this edition.
Consumer Credit Team of the Year 2011 –
Collection Team – Cabot Financial. Sponsored by: Creditsafe
Trade Credit Team of the Year 2011 –
Eircom Account Receivable Team SouthWestern.
Sponsored by: Hugh J. Ward & Co.
2

President’s Foreword
Welcome to the summer edition of Credit Focus,
our dedicated Credit Management magazine. In this
edition we introduce the new members’ committee and
provide some initial feedback on our online polls. In
addition we hear from our corporate members who
provide feedback on the marketplace at this time. It is
heartening to hear that there appears to be signs of
improvement in the area of credit management, with a
decrease in the number of creditors meetings and those
corporates members with payment performance
programmes reporting a slight reduction in days
beyond terms (DBT). As always the standard of
contributions for the magazine is incredibly high and I
am most grateful to the people who have taken the time
from their busy schedules to create this edition.
The level of interest in IICM itself from media
circles has exploded in recent weeks and our opinion is
being sought in all areas relevant to credit. This is a very
important step forward in acknowledging the role credit
managers have as experts in their field. Apart from
Industry statistics information is required on the
members’ opinions in credit.
I would like now to share with you some results
from recent polls we have conducted on our linked in
Group site. Don’t forget to link in with us.
These polls show that
our members have a part
to play in influencing the
future landscape of the
Shay Waldron MIICM, President
laws and policies that we
will be bound by. IICM has listened to the views of our
members and have set up a lobbying group comprising
of some of the most respected corporate members and
have already met with the CLRG to put forward our
views.
As your president I look forward to what lies ahead.
Current Projects include:
Best Practice Initiative - CPD Vault
Competency Centre - IICM Factsheet
New Website - Surveys
Enjoy the summer- hopefully we will get to see
more than one or two days of sun!
I look forward to seeing you all at the Credit
Convention in the RDS in September.
Shay Waldron MIICM,
President
Poll 1.
Result.
Poll 2.
Result.
Poll 3.
Result.
Poll 4.
Result.
Should directors of companies have to
prove their identity and principal
address?
100% in favour of changing the law to
allow this.
What information would members like
to see on our linked in Site?
50% voted for Law, 30% voted for Credit
Policy and Credit Reports and 20% Excel
reporting.
Are our members in favour of the
Company Law Review Group (CLRG)
proposal to cap the term to 2 years to
initiate civil action?
100% voted not to favour this course of
action.
Should Consumer Credit Reports &
Ratings be available to all in Ireland as in
the UK?
100% voted in favour of having the same
information in Ireland as in the UK.
3

IICM
Corporate Members
COMPANY CONTACT PHONE BUSINESS
AB Wolfe & Co. Eddie Barron 01 775 1900 Solicitors
Aspect Software Máiread Hénehan 091 660 420 Software
Airtricity Seán Mac Mahon 01 655 6400 Energy
Atradius Stuart Ramsden 01 242 0100 Credit Insurance
Ballincollig Credit Union Colin Irwin 021 487 2305 Credit Union
BCW Group James Williamson 01 803 5100 Outsourcing & Collections
Bibby Financial Services Graham Byrne 01 297 4901 Invoice Financing
BT Tanya Lonergan 01 432 5000 Telecoms
Bureau van Dijk Dan McGovern 004420 7549 5000 Credit Information
BusinessPro James Treacy 01 672 5939 Credit Information
Cabot Financial Sean Webb 01 660 8011 Debt Purchase & Collections
CIMCO Jim Browne 01 886 650 Credit Insurance
Coface Roslyn Keogh 01 214 5043 Credit Insurance
Creditsafe Ireland Ltd. Billy Spence 01 898 3200 Credit Information
Coolock Artane Credit Union John Phillips 01 851 3450 Credit Union
Croskerrys Solicitors Dorothy Van Belle 01 662 0099 Solicitors
Deirdre K. Ryan & Co. Deirdre Ryan 0505 24616 Solicitors
Dublin Airport Authority Kieran Kirby 061 71 2068 Airport Management
D&B Paula Carney 01 256 6200 Credit Information
Emerald Isle Collections Gavin Ritchie 0141 243 4874 Collections
ESB Customer Supply Andrew Giles 01-6765831 Energy
Euler Hermes Ireland Dean O’Brien 01 200 0400 Credit Insurance
Experian Ireland Limited Ciaran Canning 01 846 9200 Credit Information
FEXCO Maria Tobin 066 976 1258 Financial Services
Fiach Financial Ltd. John A. Hurley 01 822 2250 Debt Purchase & Collections
Flogas Mary McNally 041 983 1041 Energy
GE Money Paul Woods 061 705 772 Financial Services
Grant Thornton Aengus Burns 01 6805 805 Financial Consultants
Hays Recruitment Richie Smith 086 829 1392 Recruitment Company
Heineken Ireland Fabiola Lobo 021 428 6090 Beverages
4

COMPANY CONTACT PHONE BUSINESS
Hevac Colm Somers 01 419 1956 Heating & Plumbing Products
Hugh J Ward & Co Hugh Ward 01 819 7010 Solicitors
Institute of International Trade of Irl. John Whelan 01 661 2182 Institute
Intrum Justitia Mark Ridout 01 869 2222 Outsourcing & Collections
ISME Mark Fielding 01 6622755 Independent Bus. Organisation
Ivor Fitzpatrick & Co Clara Scully 01 632 7543 Solicitors
Juniper Networks Aisling O'Sullivan 01 890 3625 Electronic/Computer
Kavanagh Fennell David Van Dessel 01 668 0288 Insolvency
Kingston & Co. Gary Kingston 062 61762 Solicitors
KPMG Ciaran Kirk 01 410 1000 Insolvency
Lavelle Coleman Ciaran Leavy 01 644 5800 Solicitors
LCMS Ltd Patrick Nolan 045 431143 Outsourcing & Collections
McEnroe Solicitors Donal Carroll 071 915 0555 Solicitors
Marsh Brendan Gannon 01 604 8100 Insurance and Risk
Mason Hayes & Curran Colman Curran 01 614 5000 Solicitors
Meridian Services Frank Byrne 01 878 7999 Tracing Agents
O2 Cecilia McGrath 061 203 314 Telecoms
Paul W Tracey Sharon Tracey 01 874 5656 Solicitors
Pierse & Fitzgibbon Riobard Pierse 068 509 27 Solicitors
Porter Morris & Co Nicole Dillon 01 676 1185 Solicitors
Ronan Daly Jermyn Fergal Dennehy 021 480 2700 Solicitors
Slainte Healthcare Andrew Murphy 01 485 2632 Healthcare Services
Tazbell Charlie Fitzgerald 01 542 5600 Outsourcing & Collections
Ulster Bank Invoice Financing Eddie Brown 01 608 4823 Invoice Financing
Vision-Net Ian Finnie 01 664 1111 Credit Information
UPC Ireland Anna Coyle 01 245 8625 Communications
William J Brennan & Co. William Brennan 01 849 9310 Solicitors
William Fry & Co. Delia McMahon 01 639 5000 Solicitors
Yahoo Richard Davitt 01 866 3100 Service Industry
5

Examining Saddam Hussein . . .
Ensuring a bigger dividend for hard pressed creditors
Mark Fielding
Influence on Irish Company Law
How did Saddam Hussein have an influence on Irish
company law might be a good pub quiz question and for
those of us old enough to remember the Gulf crisis and
Saddam’s invasion of Kuwait the answer may be easier.
Back in 1989 the Goodman Group was in danger of total
collapse as a result of a new coalition government
cancelling an agreement to underwrite a beef contract with
Iraq by providing the companies with €130m export credit
insurance for the deal. This deal subsequently collapsed
when the Iraqi customers defaulted on the debt.
As the collapse of this group would have had a
devastating effect on Irish agriculture and the economy,
legislation was rushed through to allow the group go into
Examinership. The Companies (Amendment) Act 1990
first introduced the concept of the Examiner in Irish
company law.
The concept is to place a company under the
protection of the court for a period of up to 100 days, to
allow the examiner to put a plan together, so that the
business can survive as a going concern.
Justice Clarke put it succinctly in Re Traffic Group Ltd
explaining that the purpose of examinership is to allow:
“... [i]n an appropriate case, an enterprise to continue in
existence for the benefit of the economy as a whole and, of
equal, or indeed greater, importance to enable as many as
possible of the jobs which may be at stake in such enterprise
to be maintained for the benefit of the community in which
the relevant employment is located. It is important both
for the court and, indeed, for examiners, to keep in mind
that such is the focus of the legislation. It is not designed
to help shareholders whose investment has proved to be
unsuccessful. It is to seek to save enterprise and jobs.” (My
emphasis).
The Examinership process is seen as a positive, proactive
step for a company as it attempts to restructure
following a period of difficult trading conditions. The
process usually results in creditor balances being written
down, while allowing the business image and goodwill to
be protected and investment obtained to secure the future
viability of the business, assuming that the enterprise has
a reasonable prospect of survival.
While the process has been used for various
companies including some SME’s, it is mainly only
affordable for large companies and public limited
companies. The reason that it is so expensive is mainly
because it is a court process with all the significant
formality, fees and numerous expensive visits to the
courts, driving costs to north of €150k for the process.
That amount of money alone could save many
troubled SMEs, without going near a court, as a result
Examinership is the road less travelled. The question
remains, can we change the system to allow for a less
expensive process, without court involvement but with the
opportunity for the assistance of the court.
What I advocate is “Examinership Lite”
If we consider that the ‘voluntary’ liquidation system
has operated for almost a century with few problems. In
fact, entrusting a ‘liquidation’ to practitioners, without
court involvement, is a much greater leap of faith than an
Examinership.
In addition, the general consensus on the other type
of liquidation, ‘court liquidations’, is that the court’s
involvement should be reduced to almost nil, which gives
more power to the creditors. A concept to be welcomed,
as it also reduces costs, leaving more for the hard done
creditors.
So the company in distress could resolve to take
protection, the creditors would be notified and a meeting
convened at which the reporting accountant confirms a
reasonable possibility of survival and a suitably qualified
examiner is appointed. The same time limits can apply
and, should the creditors not like what is happening, they
can apply to the court to bring the process to a close,
similar to the liquidation process.
If the creditors are willing to allow the process, then
the examiner sets about the task, reports to the creditors
and produces a proposal to be approved or rejected, at all
times with the court in the background available, if
required.
The basic facts are that small and medium companies
are not availing of the current examinership process
because it is too expensive. The ‘non-court involvement’
proposal is more cost effective and time efficient and
‘SME friendly’. More importantly it provides a better
option for an enterprise to continue in existence for the
benefit of the economy as a whole and, of equal, or indeed
greater, importance to enable as many as possible of the
jobs which may be at stake in such enterprise to be
maintained for the benefit of the community in which the
relevant employment is located.
The bottom line is “Examinership Lite” can work for
business both large and small, ensuring a bigger dividend
for creditors and if something goes wrong, the courts can
intervene.
Mark Fielding, CEO,
ISME, the Irish Small & Medium Enterprises Association.
6

CONVENTION
& SHOWCASE
26th September 2012
Building on the success of the IICM Convention and Showcase last
year the Irish Institute of Credit Management (IICM) is delighted to
hold the Convention in the RDS Concert Hall again this year.
Our Members are once again supporting IICM by showcasing and
promoting their business throughout the day, offering advice and
information on how best to deal with the current credit climate.
We are delighted to say bookings are going well and and we are looking
forward to meeting our Exhibitors old and new this September.
IICM Credit Management
Convention & Showcase
RDS Concert Hall
26th September 2012
This year, instead of a Guest Speaker we are holding a Debate entitled ‘Are we Over
Regulated’ chaired by Miriam O’Callaghan. This Debate will cover a number of areas
very relevant to all businesses small and large and also to individuals involved in any
area of credit. Our panel will, no doubt, keep the discussion very lively with their own
points of view.
We are delighted to have some Sponsors already
confirmed - for all enquiries regarding sponsorships
available please contact:
Ellen at info@iicm.ie or 01 609 9444
If you are interested in booking your Exhibition Stand - please email Ellen on info@iicm.ie
or phone 01 609 9444.
Open to all that register on the ‘Convention link’ on the web

Developing a Cash Target Model
There are numerous ways to develop a cash target model, the important
principle is that the model should be fair, explained and accepted by the Credit
Department and measured at the same point in time.
Method 1
Simple Mode.
Example
Current Aged Debt at month end 5,500,000
Monthly Sales 2,000,000
Days in the Month 30
Dso calculated in months 2.75 = [5,500,000 / 2,000,000]
Dso calculated in Daysb(1) 82.5 = [2.75 * 30]
Shay Waldron MIICM,
President
Target DSO 60
So 60 days of average sales would be outstanding at month end
Average Sales Per Day 66,667 = [2,000,000 / 30 ]
So to give a DSO 60
66,667 x 60 days would be outstanding
Yielding an Aged Debt List
4,000,00 at month end
Cash Target
Aged Debt at month end with current DSO 82.5 (1)
DSO to bridge 22.5 [ 82.5 – 60 ] in excess of current cash target
Extra cash to target on top of existing target 1,500,000 = [ 22.5 * 66,667]
Total Cash Target
Current Aged Debt at month end 5,500,000
Sales Expected in month +2,000,000
7,500,000 Projected Debt if no cash collected
Required Month end balance -4,000,000 = [ 60 x 66,667]
Cash Target for DSO of 60 3,500,000
Method 2
Ageing Bucket Cash Target Method.
Example
Current Aged Debt at month end 5,500,000
Monthly Sales 2,000,000
Days in the Month 30
Figure A
30/12/11 0 30 60 90 M.e. Aged Debt
Balance 2,000,000 2,000,000 800,000 700,000 5,500,000
% Sales 100% 100% 40% 35%
Day Sales
Outstanding 30 30 12 10.5 = 82.5 days
As 2 m/2 m = 1 month or 30 days
Bucket 0 represents 1 months or 30 days
Bucket 30 represents 1 months or 30 days
Bucket 60 represents .4of a month or 12 days
Bucket 90 represents 0.35 of a month or 10.5 days
Target DSO 60
This requires only 4,000,000 being outstanding at month end so a total of 4,000,000 can only be outstanding
Including the sales in the month that have not been invoiced yet.
DSO 60 does not mean only Buckets 0 and 30 are outstanding as DSO does not measure where the
debt is outstanding from, just the numbers of days owing represented in Average Days Sales.
From the example above we need to plan for the sales in the month
8

Figure B
If no cash is received from 1st to 30th of a month
31/1/12 0 30 60 * 90 * M.e. Aged Debt
Balance 2,000,000 2,000,000 2,000,000 1,500,000 7,500,000
So a cash target of 3,500,000 would be required or 100% of 60* and 90* buckets at projected balances
at 31/1/12 if no cash was received from 1/1/12. Or 100% from 30,60 and 90 buckets from actual balance
at 30/12/12
Resulting in an ageing of the buckets as follows
0 30 60 90 M.e. Aged Debt
2,000,000 2,000,000 - - 4,000,000
The ageing of the buckets are not always as simplified as the example above so following aging would still
result in a balance of 4,000,000 so a DSO 60 if sales were static at 2,000,000 a month.
Figure C
0 30 60 90 M.e. Aged Debt
Balance 2,000,000 1,200,000 500,000 300,000 4,000,000
% Sales 100% 60% 25% 15%
DSO 30 18 7.5 4.5 60
So if the Projected closing balance at the 31/1/2012 is 7,500,000 before any cash is applied in Jan
The aging of the ledger would be as follows. In otherwise the ageing buckets move over 1 to the right
And 0 becomes the current month.
Figure B
0 30 60 90 M.e. Aged Debt
2,000,000 2,000,000 2,000,000 1,500,000 7,500,000
Figure C
0 30 60 90 M.e. Aged Debt
2,000,000 1,200,000 500,000 300,000 4,000,000
Figure D
0 30 60 90 Cash Target
- 800,000 1,500,000 1,200,000 3,500,000
IE
Figure B less Figure C by Ageing Bucket
So the cash required to reach your DSO of 60 would require 3,500,000 as a cash target and an indicative
remaining balance in the ageing buckets as per Figure D.
It is always recommended to plan your cash target against the ageing buckets and not just a numeric cash
value based on DSO as the longer a debt remains the lower the chances of its recovery.
Next edition of the Credit Focus will show how to analyse your ledger to show your own performance.
9

Best Practice
– From ‘Good’ to ‘Smart’ to ‘Best’
Regardless of your business sector, industry,
business model, scale or location, if you have credit
management activities, then you have a place in our
Best Practice Initiative.
If, like us, you recognise that a valuable lesson for
all of us in the current business climate, worldwide,
is an orientation of attitudes and skills toward strong
credit management, then you will clearly see the
benefits of adopting a pro-active stance to ensure
your credit management activities are optimised.
Going beyond quality initiatives that focus on
process, we recognise that Best Practice is the
product of process, people and performance and the
benefits of that Best Practice are tangible business
gains, operating efficiencies, skilled resources and
recognition.
You are busy, you have a lot of responsibility, and
there are constant business pressures. But can you
afford to pass on an opportunity to make all of that
activity part of a continuous improvement process ?.
In creating the Best Practice Initiative we made a
choice to recognise both people and organisations
who make a conscious decision to continuously
improve and who seek to demonstrate that
commitment. With organisational goals typically
embracing business development, career
development, skill assessment, skill improvement,
process improvement and business continuity
initiatives, we provide a framework in which these
goals take on a specific relevance to credit
management.
If you feel your current credit management
practices are ‘Good’ or ‘Smart’, then why not make
them ‘Best’?. If you feel they are already ‘Best’, then
why not have that recognised?
Challenging Best Practice as a final destination,
guide yourself, your department and your company
to new levels using Best in Class, where your
continuous improvements seek more ambitious
targets and goals. Best in Class is a challenge your
business should welcome as an element of business
strategy and here at IICM, we are pleased to be your
partners to navigate through Best Practice and Best
in Class.
Best Practice – Introduction
Having represented credit professionals in Ireland
for 40 years, we have helped our members face many
economic challenges through good times and bad
times. The current difficulties facing business,
globally as well as nationally, present a unique
combination of opportunities
and threats while testing our
capabilities and vision in terms
of strengths and weaknesses.
Whether your current mode of operation is
‘survival’, ‘steady as she goes’ or ‘growth’, there are
some inevitable lessons from the current downturn
that we all have to take on board to help us emerge
from the present situation with a positive and
progressive outlook. As professionals we have an
obligation to put in place people and practices that
help our businesses deal with difficult times as well
as good times.
At IICM we recognise our continuing role in
helping you find a balance between ‘doing the job’
and ‘growing the function’. We all see how our roles
are impacted by a number of inevitable and
challenging situations including:
✦ Lengthening payment cycles
✦ Failing/faltering businesses
✦ Cash management pressures
✦ Increasing regulatory obligations
✦ Changing legal and compliance environment
✦ Increased focus on social responsibility
Frank Moroney MIICM
In designing our Best Practice Initiative we chose
a balance that we believe allows you to be part of, and
help shape, the credit functions we all aspire to. Our
emphasis is on the following:
IRISH
INSTITUTE of
CREDIT MANAGEMENT
2 0 1 2
1. Continuous Improvement.
2. Commitment to quality.
3. Diligence Framework.
4. Education and Training.
5. Affiliation with a professional body.
6. Career progression.
A
M
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10

Regardless of the scale of your operation or the
sector in which you operate, the challenges are the
same; – Join the Best Practice Initiative –
Use our Best Practice logo on your website and
communications.
Best Practice - Join our Initiative
The Best Practice Initiative welcomes
organisations of all sizes, skill levels and business
sectors. Our goal is to advance the skills of people
and the quality of processes, in credit management
and to provide organisations with a support
framework to measure their activities and to feed
into their development plans.
How does the application process work?
Our aim is to facilitate your entry to the initiative.
We have a realistic view of how various organisations
operate. When you apply we ask for the following to
be reviewed by our Best Practice panel:
✦ Brief description of your credit management
function covering indicative information on
accounts under management, nature of
accounts (Commercial, consumer, export,
large value, large volume), organisation
structure, senior management reporting,
escalation.
✦ Staff levels and skill levels indicating number
of people, part-time/full-time, length of
service in credit management, in-house or
outsourced, training methods (on the job
training, formal courses, professional
qualifications), performance appraisal
process.
✦ Processes indicating written or verbal
processes, induction process for new
employees, checklists,
✦ Quality process indicating if credit
management is included in quality initiatives,
internal/external audit.
How does the initiative help me?
We provide a framework to help you help yourself
by choosing elements that are appropriate to your
needs. As a minimum you achieve the following:
✦ Skill assessment. At an overall or individual
level you can take stock of the skill levels in
place and design a programme to develop
people and skills to enhance their roles.
✦ Process assessment and improvement.
Access to sample documents and process
flows together with access to specialist
resources allow you to selectively take
process improvements on board.
✦
✦
✦
Information access. Our various teams
publish information on developments
including legal, compliance, regulatory,
trends and general information you need to
keep abreast of.
Representation. As part of the initiative you
have the benefit of an affiliation with a
professional body which lobbies on behalf of
credit management.
Career progression. Skill assessment
statements, competency courses,
professional qualifications and official
certifications combine to provide a tailored
approach to career advancement.
How long does the process take?
You join the Initiative for a minimum of one year
to give yourself time to benefit fully from the services
available. We envisage an ongoing involvement from
organisations wishing to remain at the forefront of
skills and process. Additionally any organisation in
the Best Practice Initiative can apply for Best in
Class.
Best in Class
Progressing to Best in Class indicates your
organisation has successfully enhanced the activities
of the Best Practice Initiative resulting in an
advanced level of quality, skills and business
achievement. Best in Class can be achieved by any
organisation regardless of scale, and is based solely
on achievement of advanced best practice and
commitment to continuous improvement.
IRISH
2 0 1 2
INSTITUTE of
CREDIT MANAGEMENT
ES
E
A
BEST IN CLASS
T
EM
S
continued on page 12
11

Best Practice
– From ‘Good’ to ‘Smart’ to ‘Best’
. . . . .continued
How does the application process work?
As credit professionals accustomed to rewarding
excellence among our members and students, we
recognise the need to apply rigorous criteria to the
awarding of a Best in Class status. However, we also
recognise that excellence comes in many shapes
and forms and our Best in Class panel apply their
experiences to your situation to arrive at a balanced
view. Key to a successful application for Best in
Class are:
✦ Detailed description of your credit
management function covering information
on accounts under management, nature of
accounts (Commercial, consumer, export,
large value, large volume), organisation
structure, staff levels, length of service,
senior management reporting, level of
autonomy, metrics.
✦ Skill level statements demonstrating
suitability for role and development plan for
ongoing career development.
✦ Audited processes including induction,
measurement, corrective actions, exception
handling and documented compliance.
✦ Business contribution indicating how
activities increase cash flow and profitability.
Recognition of the importance of the credit
management functions through its
organisation structure positioning, reporting
to Senior Management and involvement in
external bodies representing credit
management.
How does Best in Class help me?
While you continue to avail of the benefits of the
Best Practice Initiative, achieving Best in Class
indicates you have achieved a high level of quality in
your processes, trained your staff to a high level of
competency/professional status and delivered value
to your business. As key to achieving and retaining
Best in Class is a demonstrated commitment to
continuous improvement, you have the added
benefit of the ongoing efforts of your organisation to
ensure it retains its Best in Class status.
Like any recognised quality initiative, displaying
the Best in Class award in your communications,
enhances your credentials for potential customers
and business partners.
How long do I retain my Best in Class?
Best in Class applies on an annual basis. Subject
to annual assessment, you may continue to use the
Best in Class logo and certificates until you elect to
terminate the status.
We envisage your ongoing retention of your Best
in Class status and to that aim we ensure your reassessment
criteria each year are mutually
manageable and relevant to changing business
levels, structures and business imperatives.
Frank Moroney MIICM
Speed. Reliability. Trust.
Phone & Broadband
for work & play
Magnet Networks
Official Partner &
Telecoms provider
to Munster Rugby
www.magnet.ie
Call 1800 819 900

IICM Members Committee
IICM is delighted to announce the formation of
the 2012 IICM Members Committee, a dedicated
team of credit professionals available to assist
upcoming Credit Managers or Credit Controllers.
Our value statement to you as an IICM member -
✦ To provide operational support and query
resolution.
✦ To be a conduit for the continuous
development of IICM.
✦ To promote the role of Credit Management
within organisations.
✦ To listen to the needs and requirements of all
IICM Members at a Corporate or Individual
capacity.
Let us introduce you to...
Louise Farrell - Credit Manager with Atlas Copco
Ireland Ltd with responsibility for Southern Ireland
and Northern Ireland. Louise is currently studying
the IICM Certificate in Credit Management. Her
support areas are law and complex reporting
elements in credit management and she is our “Tech
Savvy” Credit Manager.
Fiona Fitzgibbon - Credit Manager with OSB Group in
Cork, has years of experience as a Credit Manager in
the Construction sector. Fiona is the person who can
support you if you have a query in relation to Credit
Insurance.
Jane Humphries - Credit Manager - currently completing
the IICM Certificate in Credit Management and plans to
proceed to Diploma level. With expertise in the
FMCG sector-Jane’s forte is the administration and
delivery of credit management ERP and ARP
systems.
Kieran Kirby - Credit Manager with Dublin Airport
Authority. He holds the IICM Certificate in Credit
Management and is completing his Diploma. Kieran
can provide the insight you need to understand the
complexity of policy preparation and the behaviours
on how to implement change.
Claire Murray - Credit Controller with Keelings Ltd.,
holds the IICM Certificate in Credit Management and
her experience lies in managing Credit in the FMCG
sector.
Hilda Nicell - Credit Manager with Allied Foods Ltd.
Hilda holds a BBS Degree and Diploma in
Management and also holds the IICM Certificate in
Credit Management. B2B Credit Management is
Hilda’s forte with sound knowledge of the FMCG
sector.
Paula Carney - Market Manager and Development
Leader with D&B Ireland holds a Certificate in Credit
Management and International Trade Finance and a
Diploma in Company Law. Her fortes are policy
preparation, risk strategy, business information of all
types and Company Law. “I also make it a habit to
network credit managers and credit controllers”.
If you need support or to chat about things
credit related and beyond contact the Members
Committee at memberscommittee@iicm.ie or join
our discussions on the IICM Linkedin Group.
Louise Farrell Fiona Fitzgibbon Jane Humphries
Kieran Kirby Clare Murray Hilda Nicell Paula Carney
13

The Personal Insolvency Bill 2012
Unmanageable Situation.
We believe this bill will be very important in helping
people come to grips with an otherwise unmanageable
situation. It is very important however that it does not
become too easy for people with debt to avail of debt
write off. The system needs creditability and must work
for those in greatest need.
The proposal to establish an independent body to be
known as the Insolvency Service must be afforded
adequate funding so that it does not become another
roadblock to resolving the personal debt issue in
Ireland. There has to be sufficient resource with
appropriate experience and training to review
applications for debt write off.
Most importantly there must be some agreed
method of checking the financial data that is provided
by the debtor in debt write off applications. There
should also be criminal sanctions for those who
knowingly provide inaccurate and misleading financial
information and they should be barred from applying
again for further debt relief.
Four Options.
1. Debt Relief Certificates for Unsecured Debts
2. Debt Settlement Arrangements for Unsecured Debts
3. Personal Insolvency Arrangements for Secured and
Unsecured Debts
4. Judicial Bankruptcy for Secure and Unsecure Debts
1. Debt Relief Certificates for Unsecured Debts
a. Unsecured Debts under €20,000.
b. No assets worth more than €400 apart from car
worth no more than €1,200
c. Net monthly disposable income is below €60
d. Applies to Insolvency Service through MABS type
body for Debt Relief Cert.
e. If successful debts are frozen for a year and creditors
are not able to pursue debts
f. Details of debts recorded on an Insolvency register
and cannot apply for further credit
g. If still unable to pay after a year then debt is written
off.
h. Cannot get a debt relief certificate if you own your
own home
i. Cannot apply for another cert within 6 years and
cannot get more than two certs in lifetime
c. Prevents Creditor action for 30 days
d. Creditors sent a debt settlement arrangement
detailing a proposed percentage of the debt to be
repaid over a 5 year period
e. 65% of the creditors must agree to it
f. If agreement is reached and adhered to over 5 years
then all debts covered under the arrangement will be
discharged
3. Personal Insolvency Arrangements for Secured
and Unsecured Debts
a. Secured and unsecured debts over €20,000 and less
than €3,000,000
b. Applies through a Personal Insolvency Trustee to the
Insolvency Service for a Personal Insolvency
Arrangement
c. Protection Certificate is issued preventing action by
creditors for up to 60 days
d. Unsecured creditors are offered an agreed
percentage of debt owed to be repaid over 6 years
e. If family home in negative equity that part of the debt
in negative equity will be written off
f. If there is any investment properties they are sold
and a percentage of any monies still due after the
sale is repaid over 6 years
g. 55% of unsecured creditors and 75% of secured
creditors must agree
h. Registered on the Personal Insolvency Register
4. Judicial Bankruptcy for Secure and Unsecure Debts
a. If debtor cannot agree the arrangements under the
options above or failed to make payments under the
arrangements made then the fourth option can apply
b. Secure and unsecure debts over €20,000
c. Property comes under control of Official Assignee
d. Can include the family home
e. After reasonable living expenses deducted then
income is used to pay creditors
f. Automatic discharge from bankruptcy after 3 years
g. Court can order payments to creditors for a further 5
years
h. Official assignee can prevent discharge for
uncooperative or dishonest behaviour.
Our thanks to Hugh J Ward & Co. Solicitors in helping to produce this information
2. Debt Settlement Arrangements for Unsecured Debts
a. Unsecure debts over €20,000
b. Applies through a Personal Insolvency Trustee to the
Insolvency Service for a Protection Certificate
14

RECRUITING EXPERTS IN
CREDIT MANAGEMENT
The right job can transform a person’s life. The right person can transform a business.
That’s the magic of recruiting. At Hays we are experts in recruiting credit managers
and credit controllers.
We have the depth of expertise and industry insights to offer advice to our clients
and candidates. We are fuelled by energy and passion to look beyond skills and
experience to find the right cultural fit. It allows us to find this special match that
makes individuals, companies and industries flourish.
Devoted to jobseekers and employers all
over Ireland, we power the world of work.
We are Hays.
If you would like to discuss any of our
recruitment services in detail call
Richie Smith on 086 829 1392 or
email richie.smith@hays.com.
hays.ie

IICM Annual Credit Awards
Liam Reddy
CONSIDER OUR NOMINATIONS
It is that time of the year again when we have to
consider our nominations in the various categories for
the Irish Institute of Credit Management Annual Awards.
This year’s event will be held on the 23rd November
2012 in the Conrad Hotel.
This is the one event in the Institute (IICM) Calendar
where you do not have to be a member to nominate
or be nominated.
We have seven categories which are listed below together
with a brief outline:
✦ Trade Credit Manager of the Year - Nominees may
work in any credit discipline; however, the successful
nominee is likely to be working in an organisation,
which deals primarily with businesses rather than
consumers. Nominees should normally have
responsibility for staff and for credit policy.
✦ Consumer Credit Manager of the Year - Nominees
may work in any credit discipline in the consumer
sphere, for example in credit/collections/telecommunications
sector/debt collection agencies/retail
banking sector/credit card sector. Nominees should normally
have responsibility for staff and/or credit
management policy.
✦ Trade Credit Team of the Year - Teams nominated
may work in any credit discipline, but must be working
in an organisation, which deals primarily with
businesses rather than consumers.
✦ Consumer Credit Team of the Year - Teams
nominated may work in any credit discipline in the
consumer sphere, for example in
credit/collections/telecommunications sector/debt
collection agencies/retail banking sector/credit card
sector. In order to qualify for this category, the business
in which the nominee works must deal primarily with
consumers.
✦ Credit Management Executive - Nominees will be
employed by an organisation in either the Trade or
Consumer sectors and will report directly to the Credit
Manager. Nominees will have worked to strict
deadlines and will be regarded as reliable and
progressive in the performance of their duties.
Nominees are also likely to be employed in their
positions for over two years and during that time have
proved to be positive team players resulting in an
improved financial performance, which can be
measured, for their organisations. Nominees will not
normally have responsibility for staff or credit policy but
will however, play an important role and would be
considered suitable for appointment for more senior
credit management positions following appropriate
experience in the future.
✦ Best Newcomer to Credit Management - Nominees
will have joined a credit management team within the
past two years. This award is open to nominees
working in the trade and consumer sectors and can be
either a Credit Manager or a person who reports to the
Credit Manager.
✦ Litigation Specialist/s - This award is open to
individuals or teams involved in the active legal pursuit
of outstanding debts on behalf of clients. The
nominee(s) may also be involved in the provision of
associated legal services. Nominee(s) for this category
must have a proven track record in legal debt collection
and each nomination should be supported with details
of achievements and results.
Please note the change in the Litigation Specialist
Category. In past years this category was only for an individual.
However, we have broadened the outline to
include individuals or teams as appropriate.
We would urge you to please read the brief outlined
in the Application Brochure for each category to
ensure that your nomination is for the correct category
and meets the appropriate criteria. The adjudicating
panel want to be in a position to consider every nomination.
However, in past years applicants may have
lost out on an opportunity to be considered and win
in a category either because they were nominated in
the incorrect category or the supporting documentation
was insufficient to enable the judges to consider the
application.
The aim of these awards is to recognise success. In
these challenging times that can be difficult, however
your people are still performing their role to the best of
their ability and negotiating with customers / clients for
the best possible outcome on both sides. It is important
to reward the achievements and recognise where your
people have had to adapt, change and deliver results in
the current environment.
We look forward to receiving your nomination and
seeing you at the dinner dance.
If you have any feedback we would be delighted to
hear from you. You can contact Ellen on e-mail at
info@iicm.ie or by phone on 01-6099444.
Liam Reddy FIICM,
Chairman of the Fellows Committee
16

Consumer Credit Manager of the Year
2011 – Elaine Goggins, Intrum Justitia
Ireland Ltd.
Sponsored by Euler Hermes
Litigation Specialist(s) of the Year 2011
AB Wolfe & Co. Team
Sponsored by Intrum Justitia

Are You a Pension
Scheme Trustee ?
It’s probably George . . . .
If so you may wish to read on. In my role, I am
constantly meeting Company Boards and Senior
Executives who, when asked who the pension
scheme trustees are, will answer, “Oh I think it’s John
in Accounts, if not it’s probably Bill ...well, we know
it’s someone in the finance function anyway”.
I never cease to be amazed at how little thought
goes into trustee selection, or indeed how unaware
some boards of directors are, as to who performs
which function with regard to their company pension
scheme. If I were to ask you be my guarantor for a
loan of €2.5 Million, you would probably need some
time to think about it…right? You might consult with
family, perhaps even call a board meeting to make
sure the other directors were alright with your doing
so, and you should definitely consider the financial
implications of what you are doing in terms of your
own financial well-being.
Whilst not exactly the same situation, a trustee
who is responsible (that’s right responsible) for a 50
member scheme with say assets invested of €50,000
per member, should think twice about the
responsibility that he or she is shouldering. Perhaps
a quick look at the legal responsibilities of trustees
may illustrate the point. So what are the main duties
of a pension scheme trustee under trust law?
There is a very useful guide published by the
pensions board entitled “The Trustee Handbook”
(4th Edition) and although a 200 page document,
this is a highly recommended read for anyone who is
a pension scheme trustee. There are far too many
areas to cover in a short article however you may be
interested in the following:
A pension scheme trustee is responsible for -
● Administering the trust in accordance with trust
law.
● Considering other applicable law and the terms
of the trust deed and rules.
● Acting in the best interests of beneficiaries.
● Acting fairly between beneficiaries.
● Acting prudently and diligently.
● Exercising care and utmost good faith in all
trustee duties.
● Seeking professional advice as necessary.
● Supervising those to whom functions have been
properly delegated.
● Not making personal profit from the trust.
● Being aware of possible conflicts of interest.
Ciaran Blackall
A trustee, who is negligent, does not act in good
faith, or breaks the rules of the trust can be sued by
the beneficiaries. They can be held personally liable
for the entire amount of any loss that has occurred.
Even when the day-to-day administration is
delegated, the trustees are still responsible for the
scheme. They must ensure that all the above duties
and many more set out in the Pensions Act are
carried out, including appropriate trustee training
where applicable
As a result of the above factors, many pension
scheme trustees are choosing to effect trustee
liability insurance, (a type of insurance similar to
professional liability insurance), or in more cases
they are choosing to outsource the function
altogether to a professional trustee or a trust
company who can then fulfil the role and thus
remove any further personal liability for existing
directors.
Change has been fluid and constant with regard
to pension governing legislation over the last five
years, and both advisors and trustees expect that the
rate of change will accelerate as we go forward.
Trustees must be prepared to adapt to these changes
by making themselves fully familiar with the
changing investment and legislative landscape, and
by either embracing the processes required to be
wholly compliant, or else taking the necessary steps
to ensure that they are removed from the process
completely.
About the author:
Ciaran Blackall, QFA. is the principal of Blackall Financial, a Financial
Brokerage specialising in independent financial advice on pension and
investment management, asset management, income continuance
policies, assurance and deposits.
Ciaran Blackall is a member of PIBA & the Insurance Institute of Ireland.
Ciaran is also the Chairman for the Dublin Region of the LIA for 2012.
He can be contacted at ciaran@blackallfinancial.ie.
22

IICM AGM &
Annual Student’s Awards
IICM AGM
On Wednesday, March 28th 2012, the AGM of the
Irish Institute of Credit Management and its regional
areas was held in the Royal College of Physicians, No.
6 Kildare Street, Dublin 2.
Southern Region
The Southern Region AGM was chaired by Shay
Waldron and for 2012 will be chaired by Paula Carney.
The Committee members for the Southern
Region are: Paula Carney, Shay Waldron, Fiona
Fitzgibbon and Hilda Nicell, who has taken up
responsibility as Secretary for the Southern Region.
Eastern Region
The Eastern Region AGM was chaired by Neil
Curran and for 2012 will be chaired by Mary Keary.
The Committee members for the Eastern Region
are: Mary Keary, John Dillon, Brendan Coghlan, and
Claire Murray.
There were two resignations from Council, Eric
Sheppard and Leona Clarke.
Our thanks to Eric and Leona for their many years
of commitment to Council
Brendan Coghlan and Mary Keary were elected to
Council.
Paula Carney was elected as Vice-President.--
The outgoing President, Jim Logue FIICM handed
the President’s Chain of Office” to the new President
of IICM, Mr. Shay Waldron MIICM
Annual Student Awards
The Student Awards had the perfect setting, a
warm sunny evening, the historical Royal College of
Physicians and our Students eagerly anticipating the
walk to the Stage to receive their IICM Certificates or
Diplomas in Credit Management.
We, at the Institute look at this evening as one of
the highlights of our year, we Congratulate all the
Students and wish them well in their future careers.
We hope they continue as Members of IICM and
become involved at some level in helping to promote
the Institute.
We could not hold such a deserving event without
our Sponsors, Mark Ridout, Managing Director of
Intrum Justitia, James Treacy, Managing Director of
BusinessPro/Stubbs Gazette and Paula Carney,
Markets Manager and Development Leader Ireland,
D&B who realise the importance and necessity of
qualified staff in credit management in the
workplace.
On behalf of IICM and the Students we would like
to thank them for making this evening possible.
We would also like to thank Councillor Dermot
Lacey, who attended on behalf of the Minister for
Education, Ruairi Quinn.

Intra Jurisdictional Bankruptcy
and IBRC v Quinn
OPPRESSIVE AND ARCHAIC
The adjudication of bankruptcy made in The
High Court of Justice in Northern Ireland in
November 2011 against Sean Quinn former Chief
Executive of the Quinn Group, following the
presentation of his own petition, was successfully set
aside through a subsequent application brought by
The Irish Bank Resolution Corporation (formerly
Anglo Irish Bank Plc) in December 2011. This was an
important and encouraging decision for financial
institutions across Ireland, who have been left to deal
with the bad loans of some of Ireland’s most wellknown
and formerly very high net worth individuals,
many of whom have begun to make their way outside
of this jurisdiction to present bankruptcy petitions
elsewhere.
The incentive lies in the fact that Bankruptcy Law
in this country in its present state is generally viewed
as oppressive and archaic. The governing legislation
in this area has remained relatively unchanged since
it was enacted in 1988, and the eventual possibility of
discharge is far less optimistic here than in the UK.
In Ireland, a bankrupt cannot apply for automatic
discharge until a period of 12 years has elapsed since
the date of adjudication under Section 85(1) of the
Bankruptcy Act 1988. This is a recent provision
introduced by Part 7 of the Civil Law (Miscellaneous
Provisions) Act 2011, which at least permits the
possibility of discharge for unsatisfied bankrupts
(which had not been present before then). The same
2011 Act also provided for the possibility of discharge
after 5 years at the discretion of the High Court in the
event that all preferential creditors have been paid
along with the Official Assignee’s Expenses. 1
In the UK automatic discharge from bankruptcy
is possible after just 12 months, and while it often
takes longer, this is usually the result of noncooperation
by the debtor. Bankruptcy
administration is also far better resourced and
staffed in the UK, which is an incentive for a debtor
as the prospects of rebuilding a life financially are far
better if the process takes less time to complete.
IBRC v Quinn: Case background
Sean Quinn filed a debtor’s petition before the
High Court of Justice in Northern Ireland on the 10th
November 2011 seeking that he be declared a
bankrupt pursuant to the UK Insolvency Order 1989.
Around this time Mr Quinn was also the subject of
Commercial Court applications for judgments by the
Irish Bank Resolution Corporation Limited (IBRC) in
the Republic of Ireland.
The law relating to Intra Jurisdictional
Bankruptcy is governed by EC Regulation 1346/2000
26
Una Leavy
of 29th May 2000 which contains a direct reference
in recital 4 of the preamble to the need for incentives
for legal forum hopping within the EU to be avoided,
for the proper function of the internal market.
Notwithstanding this, the Master in Bankruptcy
accepted that despite Quinn’s habitual residence in
the Republic, his ‘centre of his interest’, (often
referred to as ‘COMI,’) being the place where he
carried out economic activity on a regular basis, was
in Northern Ireland, when the principles of the
Regulation were applied.
As anticipated on the 17th November 2011, the
IBRC filed an application to annul the order pursuant
to Article 256(1) (a) of the 1989 Insolvency Order on
the basis that, inter alia, the court in Northern
Ireland lacked jurisdiction to open the proceedings
under Article 3(1) of the EC Regulation 1346/2000 as
Mr Quinn’s COMI was actually in the Republic.
IBRC v Quinn: The Legal Challenge
The matter of The Irish Bank Resolution
Corporation [Limited] v John Ignatius Quinn (DEE
8396 2011 No.133303) came before Mr. Justice Deeny
in the High Court in Northern Ireland for hearing on
24th November 2011. Mr. Justice Deeny stated that
in determining the matter of jurisdiction, he would
be applying the criteria set out in the EC Insolvency
Regulation which states that proceedings against a
person or company can only be brought in the
jurisdiction where the person or company has their
COMI 2 , and that this place must be ascertainable by
third parties 3 at the time of the presentation of the
petition.
There is no definition of COMI in the Regulation;
however the concept has been examined in the
courts across Europe and before the European Court
of Justice on a number of occasions. In arriving at his
decision, Mr. Justice Deeny also had regard to an
explanatory report written by Professors Miguel
Virgos and Etienne Schmit (“The Virgos-Schmit
Report”) 4 often referred to in the cases before the ECJ.
In 2004 The Irish Supreme Court made a
preliminary reference to the European Court of
Justice regarding the definition of COMI In re Euro
foods IRSC Limited 5 , a case involving a corporate
insolvency. It was held that the concept of COMI
must be interpreted in a uniform way under the
Regulation and therefore outside of interpretation
under national laws, and that COMI must be
identified in a way that is certain and foreseeable and
objectively ascertainable by creditors. In other words
the business activity should be continuous and there
should be a large degree of stability and certainty as
to the location of the trade for potential creditors and
others.

In the case of Susanne Staubitz-Schreiber 6
involving a German Debtor who moved to Spain in
2002 leaving substantial liabilities in Germany, the
European Court of Justice ultimately decided that
whilst the debtor had lived and worked and mounted
debts in Germany for a number of years, it was not
until after she moved to Spain to live and work, that
there was a second attempt to open main insolvency
proceedings in Germany. The ECJ stated that
historical events did not necessarily influence COMI
and the fact was that the debtor now resided in Spain
and thus the main proceedings would have to be
brought there. This was a direct interpretation of
Recital 13 of the Regulation, which states that COMI
must be established at the time of the presentation
of the petition. Timing was also a key factor in
preventing Mr Quinn establishing COMI in the UK;
his circumstances at the time of seeking a
declaration of bankruptcy were paramount, whereas
his history of business in Northern Ireland was only
partially taken into consideration.
Sean Quinn claimed in his petition that the place
where he conducted his business was Gortmullen,
Derrylin, County Fermanagh, Northern Ireland being
the registered place of business of the Quinn Group.
His case was that he had business interests in
Northern Ireland and could prove that his COMI was
there. However Mr. Justice Deeny in examining the
written evidence pointed out that despite Mr. Quinn
previously holding a senior office and shareholding
in the Quinn Group which had offices in Northern
Ireland, he lost this position and was induced to
resign from The Group in April 2010.
Further into the proceedings, Mr Quinn swore an
affidavit on 7th December 2011 in which he made
reference to another office in Northern Ireland in use
since 2nd May 2011 at Unit 1 Derrylin Enterprise Park,
where he claimed to be carrying out the
administration of his various business interests.
Although the lease was exhibited, Mr. Justice Deeny
had issues with its format and drafting. Mr Quinn
also exhibited an invoice from a print company in
Tallaght, Co Dublin purportedly requesting payment
for letterheads and business cards bearing the
address of the Derrylin Enterprise Park Unit which
were also exhibited. However Mr. Justice Deeny
questioned why no actual correspondence to or from
the office had been exhibited, and why in his petition
of 10th November, Mr Quinn had failed to mention
the office in the Enterprise Park. He concluded that
on the balance of probabilities, the office was not in
use on a regular basis in the months prior to 10th
November 2011.
In addition the Judge questioned whether Mr
Quinn had any business activity at all in Northern
Ireland in the months before he filed his petition, as
he was primarily involved in proceedings taken
against him by the IBRC, involving sums of money
specified in dollars and Euros, and no lawyer in the
UK had been instructed in relation to any of these
matters.
Mr Quinn also claimed that he had an interest in
some forestry land in County Fermanagh which he
was considering thinning and he said that this
project would be financed by his children who were
leasing the lands, but Mr. Justice Deeny felt this was
insufficient to establish general economic activity.
Taking everything into consideration, Mr. Justice
Deeny found that the centre of Mr Quinn’s main
interests was not in Northern Ireland. This decided,
there was little need to address the question as to
whether Mr Quinn’s COMI was ascertainable by
third parties pursuant to the EC Regulation.
Notwithstanding it was noted that the address and
telephone number of the Enterprise Park Office had
not appeared on the Internet or in any phone book or
trade directory.
Conclusion
Accordingly, the High Court of Justice in
Northern Ireland set aside its previous order ,
declaring Sean Quinn bankrupt and he faced
bankruptcy proceedings in the Republic once again.
On 16th January 2012, he was declared bankrupt by
the High Court in Dublin following a petition brought
by the IBRC. European Law has always stated the
importance of Freedom of Movement within the EU.
However, arguably, the focus of the case involving
Sean Quinn and the IBRC was to balance this right
against the need to prevent the practice of legal
forum shopping, specifically referred to by the EC
Insolvency Regulation. It will be interesting to see if
other Irish creditors seek to rely upon Mr. Justice
Deeny’s judgment in similar cases and the extent to
which they are permitted to do so.
Una Leavy, Solicitor,
Debt Recovery, Mason Hayes & Curran Solicitors
1 (Section 85(2) of the Bankruptcy Act 1988, as inserted by The Civil Law
(Miscellaneous Provisions) Act 2011
2 Article 3 (1) of Council Regulation (EC) No. 1346/2000
3 Recital 13 Council Regulation (EC) No. 1346/2000
4 Virgos, Miguel and Schmit, Etienne. (1996) Report on the Convention
5 on Insolvency Proceedings. [EU Council of the EU Document]
Eurofood IFSC Limited C-341/04; (2006) Ch.508
6. Case-1/104, judgement 17 January 2006
27

Paula’s
Page
Value Statement
In this day and age we hear the word Values uttered
in the meeting rooms of many companies- but how
many of us embrace our companies Value statement
and honour the promise and bring forth to our clients.
Today I would like to introduce you to a company
called SouthWestern and some of the team members
who live the values as simply as breathing air. Nestled
in the West of Cork, SouthWestern is market leader in
providing Business Process Services to leading edge
public and private sector clients in the Irish, UK and
European markets.
SWS deliver services to clients in Finance & HR
administration, Financial Services, Customer
Relationship Management and Public Sectors. They
employ 500 people at the Clonakilty based HQ and a
further 150 at their Polish base in Lodz. So here are the
values and behaviours that SWS promise-Innovation,
Respect, Customer Focus, Integrity and one that I
thought really expressed SWS was the Can Do attitude.
I arrived to SWS on a sunny morning with a journey
that led me through some wonderful views of Irish
countryside. Upon entering reception I was greeted by
one of the friendliest receptionist ever and with a
promise of freshly brewed coffee I was won over to the
initial atmosphere of customer focus.
I was then met by Lynda Healy Receivable Manager
and we headed off to the conference room where
Deirdre Houlihan Receivables Manager joins us for the
interview. Energy and enthusiasm exudes from them
both and a willingness to share their credit
management story and the success that is the SWS of
today.
My first question is to Lynda is of course about her
journey into the realm of Credit Management.
Lynda- I first dabbled with credit management when
I worked with TSB back in the 90's being part of the credit
card collections team. I spent five years with TSB moving
up into the professional services team and then becoming
a business analyst. I then decided to take a year out and
travel, so I headed of to Australia.
My first job in Australia was picking pears a far cry
from credit control. However the call of credit
management saw me then take a job with Coudert
Brothers in their credit control dept. I spent 6 months
there before heading back to Ireland. On my return I took
a position with Eagle Star now known as Zurich Insurance
.I then moved onto Carlson Wagonlit Travel to their credit
control dept. Having spent ten years in Dublin I decided
to bite the bullet and head back to Cork.
Q. So how long have you been with SWS?
Lynda- I am with SWS 6 years now and have held credit
management positions across various sections such as
media, distribution, insurance and Telco’s. In 2009 I took
the opportunity to support the growth of our operations
in Lodz, Poland where we now employee over 150 people.
I spent 2 years in Poland as the Operations Manager
working across our CRM and Finance Departments. The
common language at our site is English however I did do
evening classes to learn Polish from a practical perspective.
The conversation now moves across to Deirdre
Houlihan Receivables Manager and her journey to
Credit.
Deirdre- I started out in a very different sector. I studied
Graphic Design and upon completion I headed off to The
Netherlands and took up a position with American
Communication Network. They were looking for a credit
controller for their UK customer base and this is where my
career path changed into Credit control.
I stayed in Holland for 2 years and then decided I
would take a year out to travel. So like Lynda I headed off
to Australia and like Lynda my first job in Australia was
picking pears.(I am beginning to think that picking pears
is a given trait for excellence in credit management).. After
leaving Australia I returned to the Netherlands where I
took a position with Carlson Marketing. The company was
responsible for delivering outsourcing solutions for KLM,
Air France and Lufthansa. ...after that I went to
Edinburgh and worked for Telewest as a credit controller.-I
moved back to West Cork in 2004 and joined the SWS
credit control team for our Media clients where I worked
till 2008. I then took up the position as AR subject matter
expert for the implementation of SAP for one of our
clients.
Q- This was a huge responsibility, how did you cope
with the implementation?
Deirdre- I worked within a project team where we
began from initial documentation of processes through to
go live and post project support. It was a busy year and a
half travelling between four locations, ensuring the project
was completed successfully.
My core responsibility was the operational AR team
were trained and ready for the go live environment. In
2009 we won a new contract with a large Telco for credit
control and I transitioned them into SWS. 2011 saw me
promoted to AR Manager for our Media, Distribution and
Telco clients
Q. You both express a deep understanding in relation
to credit policy- can you share your thoughts on Credit
policies?
28

Deirdre & Lynda- Having a credit policy in place right
from the very beginning a make a huge difference to the
customer relationship, it sets clear expectations for both
parties.
Q. How do you support your clients when it comes to
the Credit Policy?
Deirdre & Lynda- We work closely with all our clients
taking them through the process of creating and building
on existing policies. In our experience we have seen that
good credit policy drives better cash collection results.
Generally it is a clear and straight forward process.
Historically there is a view that credit policy is a barrier to
sales; however a good credit policy leads to a well
functioning credit team, reduced queries, repeat business
and loyal customers.
Q. So where does credit control sit within SWS, what
level of experience do your team members have?
Deirdre & Lynda- Credit control sits in the Finance
Function of our business. All our credit controller team
members are customer service FETAC level 5 trained and
they work very closely with the Sales and Finance
functions to deliver the best customer experience. So in
essence we bring teams together to drive the best
behaviours through a collaborative approach.
At this point during the interview we are joined by
Aiveen Hyland, Head of Finance & Accounting Division
SWS.
Q. Aiveen what is your background?
Aiveen- My background is in outsourcing, I have
worked in both Asia and Europe at a Global Director level
with Capgemimi and I am with SWS four years now.
Q can you share the secret recipe that SWS has and
proven with the many accolades achieved?
Aiveen- yes we have won quite a few awards and this
is a direct result of investing in our people, technology and
promoting personal development throughout our sites.
Focusing on your people really does drive a competitive
advantage as we have proven over the last few years with
the new clients we have brought on board. Our winners
were Stephen Hayes who was the winner of Credit
Management Executive of the Year 2011.
The Trade Credit Team of the Year 2011 award went
to the Eircom team led by supervisors Regina Appelbe and
Trisha Healy. Michael Weilgus was nominated for Best
Newcomer to Credit Management 2011 and the O2 team
led by supervisor Sheila Desmond also received
nominations for Consumer IICM Credit Team of the Year
Q So what makes SWS so unique in the outsourcing
world?
Aiveen- We are unique because we provide an end to
end service, so in essence we are a one stop shop. We
enable our customers to focus on their core business and
as we like to say let SWS do the rest. We have a can do
attitude. Our clients grow with us and we are very flexible
to their needs.
Q Can you talk about the team dynamics and the
energy and positivity that is very apparent.
Aiveen, Deirdre & Linda- Given the diversity in our
client base there is huge opportunity for personal
development in SWS and our teams are very engaged in
all aspects of the business. We focus on our people and so
attrition is by low and team morale is high.
Q So how does it feel having award winning team?
Deirdre- it's great and it leads to a feel good factor.
Aiveen- Seeing your teams win like this makes the
efforts that you attributes to their success all the more
worthwhile. We encourage all team members to develop
their skills and it also leads to attracting new talent.
Deirdre- Our people show an interest in learning and
development and all our customer service staff are trained
to the highest level. We feel that it is very necessary to
develop our people and this shows in the customer
experience. We also provide in house training module for
our credit control team members.
Q So how can the IICM support SWS?
Lynda- We would like to see the IICM support SWS
by becoming a regulatory body in the realm of credit
control. Focusing on best practices for credit management
and to also be a central point or funnel for information on
changes in legislation. IICM should be the voice of the
various regulators sharing the insight that relate to credit
control.
Lynda- We would also like to see the IICM develop the
following.
Best practices in Credit Management
Technology reviews on AR/AP systems
●
●
●
●
Data Protection review and white papers
Industry information and benchmarking
We would also like to see the IICM set up networking
groups at a local level where best practices and industry
information could be shared. It would also be opportunity
to network with other credit professionals.
Before I left SWS, Lynda and Deirdre provided me
with a tour of the site and this is where the SWS value
statement came to life. As an outsourcing company
responsible for many large blue chip companies you
could really see why they have been so successful. The
professionalism of each team member is exceptional,
29

Paulas Page
continued . . .
team leaders are focused and with an atmosphere of
positivity and an energy level to envy you can't help but
to come away inspired.
As ever before I conclude any interview I always ask
for a sharing of wisdom.
Aiveen, Lynda and Deirdre can
you share you wisdom with your
peer group.
Lynda- Listen and understand your
customer, don’t be afraid of change take
the view to make it better and go with
it.
Deirdre- 2012 is totally different to
years gone by, support your client,
change the process if it's not working,
and change it quickly.
Aiveen- Have a in depth view of your policy and
processes, change the past, pave the way to go forward, be
the expert and establish that in depth knowledge and just
do it...
Recent Revisions to the
Code of Conduct for
Business Lending
Recent Revisions to the Code of Conduct for
Business Lending to Small and Medium Enterprises.
A revised Code of Conduct for Business Lending to
Small and Medium Enterprises (“the Code”) came into
effect on 1 January 2012. It sets forth the statutory
procedural requirements to be adopted by all regulated
entities (i.e. banks and building societies) and is aimed
at facilitating access to credit for small and medium
enterprises. It does not apply to credit unions.
Objectives and Application of the Code
The stated objectives of the Code are:
● to facilitate access to credit for sustainable and
productive propositions;
● to promote fairness and transparency in the
treatment of SMEs by regulated entities; and
● to ensure that when dealing with arrears/potential
arrears cases, the aim of a regulated entity is to
Delia McMahon
assist borrowers to meet their obligations or
otherwise deal with the situation in an orderly and
appropriate manner.
The Code applies to overdrafts; loans; term loans;
leasing; hire purchase; and invoice discounting.
Specifically excluded from its scope is lending to other
financial institutions; syndicated, club, multi-lender
transactions; and special purpose vehicles including
those established for a particular transaction.
Recent Revision of “Financial Difficulties” Provisions
As part of the Central Bank’s commitments under the
EU/IMF programme, the “financial difficulties”
provisions in the previous code have been revised.
Enhanced procedures have been introduced to assist
borrowers in their endeavours to meet their obligations
and, where this is not possible, to ensure that the
regulated entities address all issues arising in an orderly
and appropriate manner.
30

A borrower is considered to be in “financial difficulties”
when:
(a) its credit facility is in arrears for three consecutive
months, or
(b) in respect of overdraft facilities, where it exceeds
the approved limit on the facility for 90 consecutive
days and has not engaged with the regulated entity.
When financial difficulties arise the regulated entity
must advise the borrower in writing of the status of the
account and the applicability of the Code and must offer
an immediate review meeting to discuss the borrower’s
circumstances.
A borrower in difficulties should not wait to receive
formal notification of its status as a “financial difficulties”
customer, but should as soon as possible contact the
relevant regulated entity to inform it of its difficulties and
request a meeting to discuss an alternative repayment
arrangement.
Lenders Obligations
Regulated entity lenders are obliged to not only have
in place, but to also implement policies and procedures
to specifically assist borrowers in financial difficulties.
Such policies and procedures must include:
(a) the provision of clear details of such processes
and how they are implemented through identification
of the person(s)/section(s) specifically tasked with
dealing with borrowers in financial difficulties;
(b) informing the SME of the importance of engaging
with the regulated entity to address their financial d
ifficulties and also of the type of information required
to be provided for an alternative repayment
arrangement assessment to be undertaken;
(c) allowing for alternative repayment arrangements
to be agreed, where appropriate, on a flexible case-bycase
basis;
(d) affording the SME borrower reasonable time from
the time of classification as a financial difficulties
customer to resolve the financial difficulties arising
and endeavouring to agree an approach to assist the
borrower where possible;
(e) maintaining a record of why any SME borrower
falling within the definition of financial difficulties is
not treated as such and confirm such reasons to the
borrower if requested.
Communication
The Code further obliges regulated entities to ensure
that the level of contact and communications with
borrowers in financial difficulties is proportionate and not
excessive and to also promptly respond to or
acknowledge any requests made by the borrower to
discuss the financial difficulties arising.
Regulated entities must also provide borrowers with
information booklets detailing certain matters, including:
(a) the procedures and timelines for dealing with
financial difficulties cases;
(b) clear information as to the charges that arise and
the methods by which such fees or charges may be
mitigated;
(c) an explanation of the impact of financial
difficulties on a borrower’s credit rating;
(d) an outline of steps the borrower might consider
to assist the process for dealing with the financial
difficulties arising; and
(e) information regarding the borrower’s entitlement
to appeal a decision on an arrangement and the
timeframe involved.
The information booklet must also be included on a
section of the regulated entity’s website dedicated to
borrowers in or concerned about financial difficulties.
Regulated entities must inform the borrower of the
decision regarding an alternative repayment assessment
within 15 business days of receipt all the requisite
information.
The Code & Other Legal Entitlements
It is important to clarify that while regulated entities
are required to comply with the Code as a matter of law,
nothing in the Code prohibits a regulated entity (or any
other third party) acting with all necessary speed to
initiate a liquidation, receivership, examinership or other
insolvency procedure where necessary or where there is
evidence of fraud, terrorist connections, money
laundering and/or misrepresentation. The provisions of
the Code operate without prejudice to a regulated entity’s
legal entitlement to enforce any agreement, including any
security taken in connection with any credit agreement.
Careful consideration should be given by SMEs to
potential cross-securitisation which may impact on a
number of other credit facilities in an SMEs overall
financial arrangements each time a new/amended credit
application is made. It remains advisable for SME’s to
take independent financial and legal advice when
negotiating new/amended credit arrangements.
It is anticipated that a full review of the Code will be
carried out during 2012 which will afford stakeholders the
opportunity to engage further in the operation and
effectiveness of the Code.
Delia McMahon is an Associate in the Litigation and Debt Recovery
Department of William Fry, Fitzwilton House, Wilton Place, Dublin 2.
E-mail: delia.mcmahon@williamfry.ie
Telephone: (01) 6395325
31

HUGH J. WARD & Co.
SOLICITORS
9 Seville Place, Dublin 1
Tel: (01) 819-7010 - Fax: (01) 819-7660
info@wardlawyers.eu - www.wardlawyers.eu
MAKING BAD DEBTORS
GOOD PAYERS
For over 20 years we have acted for large financial institutions
including banks and credit card companies, public and private
companies, semi state utility companies and
telecom companies in the collection of their debt.
We also review key credit documentation and credit processes.
For cost effective advice grounded in over 100 years of
professional and practical experience call us now.
● Debt Recovery - Consumer and Corporate
● Insolvency Advice
● Key Credit Documentation Reviews
● Debt Sales and Purchases
Call Hugh Ward - (01) 819-7010.
(Probably the most important call you will make today)

Using Credit Information
across the Organisation
HIGH QUALITY ONLINE SERVICES
Credit rating information and credit records have
traditionally been maintained and managed by the
finance team and in particular by credit controllers.
However, over the last decade the marketplace has
changed significantly. Where information about the
financial well-being of potential customers, partners
and suppliers was traditionally available through highpriced
one-off reports, the introduction of high quality
online services have made it easy and affordable for
everyone in a business – large or small - to access
information about other companies and bringing huge
business benefits along the way.
Companies like Creditsafe join up the different
sources of data about individual organisations and
their senior management together in a single record
enabling a complete overview of a business. This
includes the background of its directors, how long it
has been trading for, its most recent financial data and
where it fits into a group structure.
Furthermore, our unique algorithm is applied to
this data, to derive the company’s credit rating and
predict with accuracy the likelihood of a company
becoming insolvent. Using this insight, businesses can
decide how much credit to extend to a customer,
whether to ask for money up-front or even whether to
risk taking them on as a client at all.
The advantages to finance departments of having
easy access to credit ratings and reports are clear, but a
number of other business areas are beginning to
leverage them. Credit referencing agencies now offer
comprehensive, integrated business intelligence
enabling customers to run their businesses with
financial efficiency while mitigating risk.
Sales
Signing up prospects can be an area of tension
between sales and finance teams. While sales teams
are often driven by new business targets and give little
regard to risk profiles, finance teams have a
responsibility to reduce bad debt risks and protect the
P&L sheet.
At the behest of senior management teams, online
credit reporting tools are increasingly employed by
sales teams to use to check out the financials of
prospects before signing them up as customers in an
effort to mitigate bad debt risks. Significant human
and financial resources can be saved if contacts are
fully qualified. Why waste time chasing sales leads or
offering corporate hospitality to firms at significant risk
of entering insolvency?
Human resources
The information available about company directors
within a service such as Creditsafe includes the
companies they have been directors for in the past and
also the number of failures associated with those
businesses. This enables employers looking for senior
hires to investigate the performance of companies
before and after the candidate took over their
management, for example, and help to validate claims
they make about their ability to run successful
companies.
Procurement and commercial contracts
While finance departments tend to set credit limits
for suppliers, the experts on potential suppliers of
products/services may well be found elsewhere in the
business – e.g. in IT. Before making their
recommendations, an IT or procurement team making
decisions on long-term supply agreements can check
out credentials using a credit information service to
reduce the risk of working with an unreliable partner.
Board-level
David Knowles
Having ready access to credit reports gives board
level directors or company secretaries another tool to
use when checking out potential acquisition targets or
even competitors. Which companies is that man at the
golf club dinner really a director of? How can we find
out the basic information about a potential acquisition
target as part of our due diligence process? What can I
find out about this new competitor that has appeared
on the scene – where did they come from?
How to build credit reporting into the DNA of your
organisation
1. Identify where the biggest improvements can be
made and which departments should be involved
2. Appoint champions within each department to
train on the system and ensure that they
understand what they are looking for
3. Build credit checking into the process: for example,
a new contract cannot be signed by sales until they
have carried out a check
4. Ensure two-way communication between finance
and each functional department
5. Measure indicators over time to identify the
ongoing value that credit checking is bringing to
the business
Creditsafe is building more and more functionality and general business
intelligence into its platform; we want our clients to have the clearest
picture possible about the potential suppliers and customers that they
work with, far beyond just credit ratings and limits.
33

Recruiting Credit Management Staff –
The Value Conundrum
Value for Money
Are candidates over-qualified or do they represent
incredible value-for-money in the current uncertain
economic times?
One of the few perverse pleasures in a recession is
seeing the fantastic offers from the hotels, holiday
destinations, restaurants and car dealerships. Prices
have been tumbling across a whole range of
consumables, electronics and white goods. There is
satisfaction in believing that while we all may have a little
less in our pockets, we can at least get more bang for
our buck!
And yet there is one area where I think phenomenal
value is on offer and is being overlooked in far too many
cases; a huge source of talent and experience – the
‘over-qualified candidate’.
As a consequence of the seismic shift in the global
economy, many companies have unavoidably gone to
the wall, or downsized significantly, adding many
thousands of talented and experienced workers on to
the lengthening dole queues. Among them, of course,
are credit professionals. Faced with the prospect of
living off the State, most would prefer to be gainfully
employed, earning their way in life and contributing to
commercial life in Ireland. Even if that means they will
be earning less than in their previous roles.
Unfortunately they find more barriers to getting a job
than should be expected - the old chestnut of being
‘over-qualified’. How many people are rejected from job
opportunities for being too experienced? It seems like it
doesn’t make sense, but the reasoning is that the more
qualified person is using the job as stop-gap until
something better comes along.
From my time working in the recruitment business
I’ve noticed how when companies are restructuring, they
sometimes move people from area of expertise into
another. A common move is into credit management.
Sure anyone can do that job, right?
There are many credit managers available for work
on smaller wages than they used to command and they
can’t get a job. This, in my humble opinion, is a huge
opportunity that organisations should grab with both
hands! Here is a resource that will add value well over
and above the ‘credit day job’ a company has on offer.
They will provide an opportunity to review a
company’s processes, systems, structures, compliance
and reporting. They can cast a fresh eye over the supply
chain - an experienced hand on the tiller in times of great
stress; somebody who can step up to the plate to cover
illness and holidays because theyhave done it all before.
34
Richie Smith
Many companies are using ‘surplus’ staff, often
sales people, to plug staffing needs in their credit control
and collections functions. This is a lost opportunity at
best, a calamitous mistake at worst! Good credit
managers are a valuable asset to a business, indeed a
vital asset. Cash is king!! Lose sight of that at their peril.
I would no more recommend putting a sales person at
the heart of credit control than I would send a credit
controller out as a field sales agent. That’s not to say
there aren’t people who can do both, it’s just highly
improbable.
Credit functions need to be staffed with credit
professionals! Ideally they should be qualified via IICM
or at the very least have experience. And if a company
has a chance to hire an ‘over-qualified’ candidate for a
vacancy in their credit department they should take it
with both hands. Granted, if the junior position doesn’t
develop, the senior credit professional may not hang
around for years to come, but credit issues are ongoing
and immediate. If they stay a year or two, chances are
they will have had a significant impact on the bottom
line of that business. So pass the responsibility on to Joe
from sales or hire a qualified credit manager. I know
what I would do….
Richie Smith is a Business Director with Hays Recruitment.
Previously he was MD of Experian Ireland.
For further information about Hays visit www.hays.ie
About Hays
Hays Ireland was established in 1996 and quickly into one of the largest
recruitment consultancies in Ireland. With offices in Dublin, Cork, Limerick
and Galway we offer a nationwide service in the areas of Accountancy,
Administration, Banking, Construction, Financial Services, Information
Technology and Insurance.
Hays plc (the "Group") is a leading global professional recruiting group. The
Group is the expert at recruiting qualified, professional and skilled people
worldwide, being the market leader in the UK and Asia Pacific and one of
the market leaders in Continental Europe and Latin America. The Group
operates across the private and public sectors, dealing in permanent
positions, contract roles and temporary assignments.
As at 31 December 2011, the Group employed 7,988 staff operating from 247
offices in 32 countries across 20 specialisms. For the year ended 30 June 2011:
– the Group reported net fees of £672 million and operating profit
(pre-exceptional items) of £114 million;
– the Group placed around 60,000 candidates into permanent jobs and
around 190,000 people into temporary assignments;
– 31% of Group net fees were generated in Asia Pacific, 33% in Continental
Europe & RoW (CERoW) and 36% in the United Kingdom & Ireland;
– the temporary placement business represented 54% of net fees and the
permanent placement business represented 46% of net fees
– Hays operates in the following countries: Australia, Austria, Belgium,
Brazil, Canada, Colombia, China, Chile, the Czech Republic, Denmark,
France, Germany, Hong Kong, Hungary, India, Ireland, Italy, Japan,
Luxembourg, Mexico, the Netherlands, New Zealand, Poland, Portugal,
Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA

June
7th
9th
12th
14th
July
17th
28th
August
11th
September
Advanced Negotiations Training, Bewleys, Dublin - BusinessPro
Certificate & Diploma Exams, NCI, Mayor St., Dublin - ICMT
Advanced Excel., Olas, Stillorgan - ISME
B2B Credit Risk Assessment, Bewleys, Dublin - BusinessPro
Controlling Credit and Managing Debt, Dublin - D&B
Revision for Summer Term & STEPS T.B.C. - ICMT
Exams for Summer Term & STEPS T.B.C. - ICMT
13th
Financial Analysis & Risk Assessment, Dublin - D&B
18th
Export Procedures & Documentation - Export Edge
18th, 19th & 20th Export & Customs Compliance Management - Export Edge
19th
VIES, Intrastat and Customs - Export Edge
19th & 20th Customs Compliance Procedures - Export Edge
20th
Customs Compliance Refresher - Export Edge
25th, 26th & 27th Dangerous Goods by Air (IATA course, IAA Certificate) - Export Edge
25th
Credit Management Certificate (1 year course) IICM awarded - Export Edge
26th
2012 IICM Credit Convention & Showcase - RDS, Concert Hall, Dublin
26th
Int. Trade & Finance (3 months course) (FETAC Certificate) - Export Edge
26th
Int. Trade (3 months course) (FETAC Certificate) - Export Edge
29th
Induction for Certificate and Diploma, Trinity College Dublin
October
8th
13th
13th &14th
16th & 17th Oct
16th, 17th, 18th,
23rd & 24th Oct
23rd
November
8th
23rd
Inventory and Warehouse Management - Export Edge
Dangerous Goods by Sea – Introduction to IMDG - Export Edge
Dangerous Goods by Sea – Advanced IMDG Code - Export Edge
Dangerous Goods ADR Awareness - Export Edge
Dangerous Goods Safety Adviser DGSA (EU. Accredited) - Export Edge
Controlling Credit and Managing Debt Dublin - D&B
Controlling Credit and Managing Debt, Cork, - D&B
November IICM Annual Awards – Conrad Hotel, Dublin
There will be a number of Member Events and Corporate Breakfasts/Evening Meetings
through the year, the dates and venues of which will be advised to all members via
email and on our website www.iicm.ie under Events.

Book Reviews by John O’Sullivan
‘Principles of Irish Law 8th edition’
John O’Sullivan, FIICM
Principles of Irish Law 8th edition
by Brian Doolan
I was recently asked by an investor, who had
relocated to Ireland, to compile a book list that would
give a flavour and understanding of the
mechanics of conducting business in
Ireland. Principles of Irish Law was one
of my suggested ten books and
magazines.
This book is a very well established text
book on Irish law that is not only used
by students and the legal profession
but, also, by the lay person. Indeed, it
passes the litmus test for academic
books in that it is also accessible to
the general reader.
Principles of Irish Law is written by Brian Doolan who
is a barrister and senior lecturer at DIT. This is the 8th
edition of the book which was first published in 1981.
Credit Management Courses
Principles of Irish Law is one of the recommended
text books on the Irish Institute of Credit
Management’s Certificate and Diploma Qualifications.
It is the fourth book on these courses that has been
reviewed for CREDIT FOCUS.
This new edition reflects all relevant constitutional
changes, new statutory provisions and the latest
judicial pronouncements. The latest Supreme Court
and High Court cases and decisions are included in
this edition.
Lisbon Treaty
New to this edition includes changes effected by
the Lisbon Treaty, changes arising from the Defamation
Act 2009 and the impact of the Consumer Protection
Act 2007. This edition, also, includes consequential
changes brought about as a result of various statutes.
This book comprises nine parts including the Irish
Legal System, the Law of Contract, Criminal Law, Torts,
Equity and Trusts, Land and Family Law and Business
and Employment Law.
The Tables of Statutes, Statutory Instruments, EU
Measures, and Cases are very comprehensive and
clearly referenced to the relevant page(s). Indeed this is
one of the book’s strengths; the reader can quickly
reference a specific legal point.
Brehon Laws
The Nature and History of Irish Law in chapter one
is a very lucid essay on the genesis of our current legal
system. This brings us from… “the highly developed
native Brehon Laws”… to the European Union
including along the way the recent Belfast Agreement.
The following chapters in part one are very readable
compositions on the Nation and State, the Oireachtas
and Government, the administration of Justice and
Fundamental Rights, and the European Union.
Bread and Butter
Part eight covers business law. The chapters in this
section give the legal nuts and bolts of conducting
business in Ireland. As in the rest of the book, there are
numerous and relevant cases quoted with their legal
implications logically presented to the reader. This is
an interesting aspect of this book. The law is not static,
it is fluid and evolving reflecting society as society must
reflect on its laws.
The Sale of Goods and Supply of Services and
Credit and Security (our bread and butter!) are
discussed and very comprehensively presented. When
reading these two sections I was struck by the thought
that it is so easy to become insular in the credit
function and assume that our modus operandi is
functioning perfectly (has a banker ever had these
thoughts?).It could be a useful idea to read this book
and then have a critical look at your Credit Policy.
Bills of Exchange
The chapter titled Negotiable Instruments is well
worth reading. In credit management, payment is what
it is all about, but it is an area that we don’t sufficiently
discuss. Methods and security of payments are core
elements of the management of credit.
With e-commerce, currency fluctuations, cyber
fraud, discontinuation of cheques etc. it is critical that
credit management keeps abreast of payment
developments. This chapter presents the legal side to
this area.
Bills of Exchange are covered very well. Indeed, this
is a method of payment that is normally only used in
Ireland in connection with exports. I can never
understand why they are not used more often in
general commercial credit. They have a lot of positives.
Speaking personally, I can vouch for their usefulness in
some very tricky and critical situations.
The major problems are that their use has to be
precise and the legal jargon can be off putting.
Solution? Read this section of the book.
In conclusion, I was very happy to review the 8th
edition of this book. I have referred to previous editions
many times over the years. I am delighted to
recommend this book and it’s inclusion in the
Institute’s Library.
Publisher Gill & MacMillan Price €36.99 pp 502
ISBN 9780717149896
© John O’Sullivan 09/05/2012
36

of
Time You
Realised the
Benefits of
IICM
Membership
p
IICM Mission
The Mission of the Institute is to raise the status tus of the profession of Credit Management to
a level where Membership of the Institute and appropriate qualifications are recognized by the
business community in
Ireland as essential prerequisites equisites for positions in Credit Management.
IICM Membership
Among the requirements ents been sought by many potential Employers is proof of membershp
of the Institute and/or accredited qualification from the Institute.
Membership of the Institute is very affordable and would normally be paid by employers, as
in today's business world the most important resource a company has is the knowledge and
skills held by its employees. ees.
For a company to compete in the market it must strive to become a world class, benchmark
performer.
One way of creating a competitive advantage is to ensure that the knowledge and skills
flowing into it from its employees reflect the very latest in modern thinking and practice.
Membership of an organization such as the Irish Institute of Credit Management is a clear
demonstration by you of
personal achievement and professional competence ence and can have
many other benefits.
IICM Benefits
Among these benefits
of membership of Irish Institute of Credit Management are:
Advice and information on any credit management issues.
Access to Mentors
to assist with any queries you may have.
Corporate Events and Seminars
The Members area of the website www.iicm.ie .ie provides access to all
our members across
a range of industries.
Access to our Library which includes helpful advice in all aspects of credit management
A comprehensive range of legal articles to assist you in your day to day activities and
decision making
Regular information n and notifications on IICM events
Certificate, Diploma
and other qualifications in Credit Management
Memberships
Full Membership
Associate Membership
Corporate Membership
The criteria for the different types of membership can be accessed on www.iicm.ie under Membership.
You can request an Application F
Form by selecting the “Become a Member” link on the public site
www.iicm.ie or contact the office directly on 01 609 9444
1971
-
2012
Irish Institute of Credit C
Management
17 Kildare Street, Dublin 2. Tel: 01 609 9444, Fax: 01 609 9445
E-Mail: info@iicm.ie Web: www.iicm.ie
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BEST IN CLASS

INTERNATIONAL REPORTS
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Credit reports are essential
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