CM September 2020

PHILLIPS & Cohen Associates,
the leading specialist recoveries
management business has announced
plans to expand into the servicing of
potentially vulnerable consumers. The
firm says it is ‘reacting to client demand’
for this new service alongside increasing
market demographic need.
As one of a number of ventures to
initiate the service, Phillips & Cohen
Associates has been selected by UK Debt
solutions provider, TDX Group, to help
launch its V+ service which will seek to
combine proactive data analytics and
best of breed communication strategies
NEWS ROUNDUP
SMEs expect borrowing to increase
NEW research from Aldermore bank
suggests that the UK’s small and mediumsized
enterprises (SMEs) expect to
borrow £48.3bn to support their business
following the COVID-19 outbreak.
More than three in five (61 percent)
SMEs anticipate borrowing nearly
£65,000 in the following 12 months after
the outbreak. Speedy access to funding
(23 percent), higher levels of funding (17
percent) and a simple application process
(17 percent) are viewed as needed by
SMEs to navigate the months following
the outbreak.
Tim Boag, Group Managing director,
business finance at Aldermore, says
that helping SMEs recover following the
pandemic will be crucial to the economic
future of the UK: “SME income has been
hit hard by COVID-19 with many having
Unanimous welcome
for new Insolvency Act
INSOLVENCY and restructuring trade body
R3, the Institute of Chartered Accountants in
England and Wales (ICAEW), the Insolvency
Practitioners’ Association (IPA), ICAS, and
Chartered Accountants Ireland have all welcomed
the passage of the Corporate Insolvency and
Governance Act on to the statute book.
The Act introduces the biggest reforms to the
UK’s corporate insolvency framework for almost
20 years and makes a series of temporary changes
to the corporate governance requirements for
companies and other entities.
Colin Haig, President R3, says he is hopeful the
new Act will be successful: “Our members already
play a key role in assisting struggling firms
through financial difficulty, and the Act gives
them additional tools with which to support this
important work at a critical time for the economy.”
Michelle Thorp, CEO at the IPA, agrees: “We will
monitor the Bill in practice, offering input where
required to help ensure that the measures serve all
stakeholders in insolvency processes correctly.”
borrowed funds in order to survive, and
with some expecting to continue to do so
in the year ahead. “Our research shows
that the average SME expects it will take
them eight months to financially recover
after the lockdown ends, and it is going to
need a considerable concerted effort by
both government and lenders to support
businesses to help get them back on their
feet.” A third (32 percent) of SMEs say
the key to getting their business back on
track following the COVID-19 outbreak
will be good communication with their
customers and clients. A further quarter
(25 percent) state they will benefit from
receiving ongoing Government support
with 22 percent of SMEs also suggesting
that getting employees back on track and
focused on the business’ goals will be
important in recovery phase.
“Our members
already play a key
role in assisting
struggling firms
through financial
difficulty’’
Colin Haig, President R3
PCA announces expansion plans
to provide superior levels of service
to potentially vulnerable consumers.
PCA was selected because of its longstanding
reputation for dealing with
consumers in an empathetic and positive
manner.
Nick Cherry, Chief Operating Officer,
says PCA has always prided itself on
the ability to engage with consumers at
the most sensitive of times: “We believe
in treating people with dignity and
respect, and this makes dealing with
potentially vulnerable consumers a
natural extension of our existing niche
services.”
> THE NEWS
IN BRIEF
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All Change
COURT Enforcement Services has
announced a series of changes to
its board that sees Daron Robinson
promoted from Operations Director
to Managing Director and Daren
Simcox move from Managing
Director to Chairman. The previous
Chairman Frank Millerick has
retired after more than 50 years
in the industry. Since joining the
business in 2014, Daron Robinson
has been responsible for a number
of major operational programmes,
including the company’s bespoke
case management system and the
implementation of the awardwinning
‘Agent Patroller’
Enforcement App. Meanwhile,
Neil Jinks FCICM has joined Court
Enforcement Services as Marketing
and Communications Lead.
FECMA CONGRESS
POSTPONED
DUE to the current pandemic, the 4th
FECMA Pan-European Congress has been
postponed until 15/16 September 2021.
Further details will follow in due course.
Sprouting Cedar
HUBERT Mugliett has been appointed
Chief Operating Officer of Cedar Rose,
the business intelligence agency.
Hubert is described as a key member
of the senior management team who
will oversee the internal operations
of the business and help to ensure
the business strategy is effectively
implemented. Hubert brings many
years of corporate experience in
strategic Human Resource management
and organisational development in
various business contexts, and has
successfully formed, mentored and
led multicultural and multiethnic
teams.
www.cedar-rose.com.
Advancing the credit profession / www.cicm.com / September 2020 / PAGE 9