CM December 2020

CREDIT MANAGEMENT
CM
DECEMBER 2020 £12.50
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
Activist
Investors
Who’s really pulling
the strings?
The hidden risk of
Personal Guarantees.
Page 21
Tackling a surge in
vulnerable customers.
Page 32

24
Nodding Acquaintances
Adam Bernstein
DECEMBER 2020
www.cicm.com
CONTENTS
32
Softly Softly
David Sheridan FCICM
21
Stacking the odds
Sean Feast FCICM
9 – Zoom Zoom
The CEO’s Christmas message.
10 – Bare Essentials
Julia Ishak details the new rules
protecting supplies to an insolvent
customer.
12 – Threatening Behaviour
Activist investors, and pressure from
consumer groups, constitute a serious
threat.
19 – A Question of Honour
New proposals suggest IPs cannot be
trusted.
21 – Stacking the Odds
Lenders are open to the risk of
fraudulent use of multiple Personal
Guarantees
10
Bare essentials
Julia Ishak
CICM GOVERNANCE
View our digital version online at www.cicm.com. Log on to the Members’
area, and click on the tab labelled ‘Credit Management magazine’
Credit Management is distributed to the entire UK and international CICM
membership, as well as additional subscribers
Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this magazine do
not, unless stated, reflect those of the Chartered Institute of Credit Management. The Editor reserves the right to
abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘Credit Management’ is a registered
trade mark of the Chartered Institute of Credit Management.
Any articles published relating to English law will differ from laws in Scotland and Wales.
12
Threatening Behaviour
Adam Bernstein
President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM
Executive Board: Chair Debbie Nolan FCICM(Grad) – Vice Chair Phil Rice FCICM /Treasurer Glen Bullivant FCICM
Larry Coltman FCICM / Victoria Herd FCICM(Grad) / Philip Holbrough MCICM
Advisory Council: Sarah Aldridge FCICM / Laurie Beagle FCICM / Glen Bullivant FCICM / Alan Church FCICM(Grad)
Brendan Clarkson FCICM / Larry Coltman FCICM / Niall Cooter FCICM / Peter Gent FCICM(Grad) / Victoria Herd FCICM(Grad)
Philip Holbrough MCICM / Neil Jinks FCICM / Nick King FCICM / Charles Mayhew FCICM / Debbie Nolan FCICM(Grad)
Bryony Pettifor FCICM(Grad)/ Allan Poole MCICM / Alice Purdy MCICM(Grad) / Matthew Roberts MCICM / Phil Rice FCICM
Chris Sanders FCICM / Stephen Thomson FCICM / Atul Vadher FCICM(Grad)
24 – Nodding Acquaintances
Bulgaria is a country of contradictions,
and when a Bulgarian nods he means
no.
32 – Softly Softly
How will DCA’s support a surge in
vulnerability?
34 – Staying the Course
What next for the world of
enforcement?
44 – Panel Bashers
Are zero bad debts a mark of success or
a missed opportunity?
Publisher
Chartered Institute of Credit Management
The Water Mill, Station Road, South Luffenham
OAKHAM, LE15 8NB
Telephone: 01780 722900
Email: editorial@cicm.com
Website: www.cicm.com
CMM: www.creditmanagement.org.uk
Managing Editor
Sean Feast FCICM
Deputy Editor
Iona Yadallee
Art Editor
Andrew Morris
Telephone: 01780 722910
Email: andrew.morris@cicm.com
Editorial Team
Laura Biondi, Imogen Hart, Rob Howard
and Max Tyson
Advertising
Grace Ghattas
Telephone: 020 3603 7946
Email: grace@cabbell.co.uk
Printers
Stephens & George Print Group
2020 subscriptions
UK: £112 per annum
International: £145 per annum
Single copies: £12.50
ISSN 0265-2099
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 3

EDITOR’S COLUMN
Stop the world,
I want to get off
Sean Feast FCICM
Managing Editor
CHRISTMAS is coming, and if
we get any more lockdowns,
it won’t just be the goose
who’s getting fat.
Sitting here at home,
staring at my keyboard,
distracted by the pencil prints of Lancasters
and Hurricanes that adorn my study
wall, I am wondering what to write. Not
because there isn’t anything to say. Quite
the opposite. So much has happened over
the last 12 months that I simply don’t know
where to begin.
I could, perhaps, write about the seismic
changes that have been happening in
the world of debt collection, and the
acknowledgment from 50 MPs and now
all of the major debt advice charities of
something that we’ve known all along: that
many debt collection practices within the
public sector and central government are
shocking, and completely out of kilter with
their private sector colleagues. The quicker
they learn what best practice looks like, the
better.
I could write about BBLs and CBILs,
and the stories I’m already hearing of
irresponsible directors taking out loans
and spending the cash on a new fast car
or faster motorbike, with no intention
whatsoever of ever paying those loans back.
A day of reckoning is coming, and when it
comes it’s going to be a train smash, if that’s
not mixing my metaphors too much.
I could write about the fantastic efforts
of credit managers across the country,
adapting quickly and (largely) without
complaint to new ways of remote working,
and the pressures placed upon them by
their peers to keep collecting the cash. But
then you know that, because you’re the
guys who are doing it, so I don’t need to tell
you how great you are.
I could also write about the similarly
commendable efforts of the CICM HQ team
in devising new and ever-more imaginative
initiatives to support you, the members,
with webinars and virtual training, and
increasing the opportunities to share best
practice through the CICM Think Tank and
the revitalised and reinvigorated Technical
Committee.
I might also, if I am allowed a brief
moment of navel gazing, write about
how we have developed your magazine,
both creatively and editorially, and the
many exclusives we’ve broken over the
year. Indeed we’ve done so again with our
story on Personal Guarantees (see page
21), exposing stories often months before
they finally make it into the pages of the
Nationals.
So as it’s Christmas, I would like a shout
out to the CM team – to Iona, my erstwhile
Deputy, who works diligently and earnestly
to sweep up behind me – and Andrew
whose brilliant designs are an inspiration,
and to our fabulous team of regular
contributors – David, Peter, Andrea, Adam,
Rob, Jason, Gareth, Karen, Derek, Nigel,
Matt and Mark, and the legend that is Les
Clisby who I’ve worked with now for almost
40 years. The magazine is a team effort, and
Laura, Jo, Max and Imogen also play their
part and whose efforts go largely unnoticed
– unless something goes wrong.
It’s been a year of highs and lows. And
that’s an understatement. There are
occasions when I’ve wanted the world to
stop, so I could jump off. But I live in the
hope that next year will be better, and that
my idea for a regular series of write ups of
RAF bases across the UK will finally get the
nod from the CICM editorial panel! Philip
never allowed it; but the CICM is under
new management so you never know.
Happy Christmas everyone.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 4

FCICM
CMNEWS
A round-up of news stories from the
world of consumer and commercial credit.
Written by – Sean Feast FCICM
DCA highlights rising
levels of collector abuse
THE amount of abuse being taken
by employees of debt collection
agencies is on the rise and
causing serious concern, Credit
Management has learned.
David Sheridan, Operations
Director at ARC Europe, writing in this issue, says
that customer facing agents are doing a great job
in incredibly difficult circumstances: “We know
emotions are running high particularly with the
constraints and frustrations people are having to
live with, but that’s no excuse for agents to be on
the receiving end of sometimes shocking verbal
abuse from customers,” he says.
“Given that many agents are now working from
home, children in the background or indeed with
parents or other loved ones, this is very tough to
deal with.”
David believes that by caring for each other
and being respectful in our interactions we will
help each other get through it: “I know that our
agents are really passionate about helping people
and take pride in doing that,” he continues. “So to
see the rising levels of verbal abuse when we are
trying to help, therefore, is disappointing.”
He believes part of the problem is the media
perception that rising levels of debt means it’s a
boom time for DCAs, a myth he is determined to
dispel: “It is certainly is not boom time for DCAs.
Probably the opposite; it’s a very tough trading
outlook.
“While we are facing tough times and many
people will struggle financially in the months
ahead, customers can be confident that if they
are contacted by firms like ourselves, DCA’s who
are members of the CSA, that they will be treated
fairly and given the support they need to deal
with their situation.”
See article on page 32.
David Sheridan FCICM,
Operations Director
at ARC Europe
“Given that many
agents are now
working from
home, children in
the background or
indeed with parents
or other loved ones,
this is very tough to
deal with.”
CSA launches new ‘steps’ to managing debt
THE Credit Services Association (CSA),
the voice of the debt collection and debt
purchase sector, has launched a new video
to promote Five Steps that people can take
if they’ve fallen into debt.
Building on its previous #heretohelp
campaign, the video explains the
importance of engaging with those a
customer owes money to and urges them
to be as open and honest as they can in
discussing their situation. Once a debt
has been passed to a CSA member, again
the message is one of communication
and engagement, and the importance of
not ignoring the attempts of contact. Debt
collection agency staff speak to thousands
of people in debt every day, and the
video explains how it’s their role to find a
realistic and affordable way for people to
get out of debt.
Voiced by Brad Burton, one of the
UK’s top motivational speakers, who
was himself once £25,000 in debt, the
animated video is designed to give
people the confidence to engage with
“Debt is one of those topics
that can often be ‘off limits’,
and it can be hard to talk
about. But we want to reassure
people that debt collection
agencies – our members – are
there to help them along the
road to becoming debt free.’’
a debt collection company from the
outset. It also stresses the help that
these companies can provide in steering
customers to further help and advice if
they need it.
Chris Leslie, CSA Chief Executive,
says that talking more openly about
money is the first step to removing
the stigma of debt and dealing with
it: “Debt is one of those topics that
can often be ‘off limits’, and
it can be hard to talk about.
But we want to reassure
people that debt collection agencies – our
members – are there to help them along
the road to becoming debt free. They have
a genuine desire to help their customer,
and it is their job to find an affordable
and realistic way of freeing people of
their debt. We also know that, according
to Money and Pensions Service (MaPS),
despite the COVID-19 crisis affecting our
finances, nine in 10 UK adults – 47 million
people – don’t find it any easier to talk
about money, or don’t even discuss it at
all. So we hope our new video, and all the
awareness raising efforts for Talk Money
Week will help to get people talking more
about money and debt.”
The launch of the new video
coincided with Talk Money Week, an
annual awareness campaign run by
the Money and Pensions Service to
encourage everyone to open up about
their money and pensions. You can
view this on the CSA website.
Chris Leslie, CSA
Chief Executive.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 5

NEWS ROUNDUP
Experian gives credit
scores a ‘boost’
EXPERIAN has launched what
it claims to be the UK’s first
service to give consumers the
ability to instantly improve
their credit score, using
information such as regular
video and music streaming payments and
council tax payments.
Early analysis suggests over half of
people (51 percent) using Experian Boost
will receive an instant increase to their
Experian Credit Score, meaning around 17
million consumers are set to benefit. Among
this group, more than one in 10 (12 percent)
will move up an entire Experian score band.
The new, free service will help people to
take control of their Experian Credit Score
by voluntarily adding new relevant and
real-time information via Open Banking.
This includes general information, such as
total incomings and outgoings, as well as
a range of popular, regular payments not
traditionally factored into credit scores.
At launch, Experian Boost will take
into account regular payments regarding
Council tax, savings and investments, and
Digital entertainment services such as
Netflix, Spotify and Amazon Prime. The
maximum amount people can boost their
score by is 66 points, and the agency says
that no-one will see their Experian Credit
Score go down as a result of signing up to
Experian Boost.
Experts at Experian say that Open
Banking transactional data has never
been factored into credit scores before.
By including it, Experian Boost ensures
that the Experian Credit Score recognises
and rewards people for making regular
payments to a broader range of
organisations, helping credit reporting
to evolve and improving lenders’ credit
assessments.
Clive Lawson, Managing Director for
Consumer Services at Experian, says the
business wants people to get credit where
credit is due: “We are always pushing
the boundaries of innovation for two key
reasons – to give consumers more control
over their financial lives, and to ensure
lenders have the information they need
to make informed, responsible decisions.
There’s never been a more important time
for people to engage with their credit scores
and Experian Boost will help them to do
this.”
Personal finance expert from
MoneyComms, Andrew Hagger, believes
many customers will welcome the
opportunity to boost their credit score in
the current difficult financial climate: “The
Experian Boost service is an excellent
example of how open banking can deliver
tangible rewards for consumers. The
potential financial benefits of this new
initiative could see some customers having
access to more favourable interest rate
terms and improved credit limits.”
Pearson Education becomes first
to achieve CICMQ re-accreditation
THE Credit Department at Pearson
Education has been recognised by CICMQ,
becoming the first company to achieve
re-accreditation online due to the COVID-19
pandemic.
Matthew Walters, Head of Credit at
Pearson Education, says achieving reaccreditation
shows that the company
promotes best practice: “Achieving CICMQ
re-accreditation motivates staff as it has
a direct impact on team improvement
and also helps us map our policies and
procedures against the industry standard
and gives us comfort that our documents
are sound.
“Due to the lockdown, we had to complete
the assessment fully online using hangouts
and other tools, which meant the process
wasn’t simple,” Matthew explains. “With our
teams based across England, Ireland and
India, sometimes connectivity issues meant
that some of our virtual meetings didn’t
go as planned. However, at the same time,
using these hangouts was a great way to get
everybody involved.”
Matthew also highlights that gaining the
re-accreditation in such an uncertain time
has taught the team at Pearson Education
the importance of keeping practices
and procedures up to date: “Gaining reaccreditation
highlights that improving
our processes continually is something we
consistently embrace,” he continues.
“We review the credit management
policies and procedures annually and due
to the current situation, it was important to
take the time to re-visit our roadmaps and
our processes to make sure we are working
as efficiently as possible in what I call ‘the
new world’.
Pearson Education is one of the largest
educational companies in the world, with
more than 36,000 employees worldwide. Its
UK Credit team consists of more than 50
members of staff, working across England,
Ireland and India. The teams are responsible
for collections of around £350 million –
£400 million per year.
>NEWS
IN BRIEF
Insurers brace for
spike in claims
CREDIT insurers are bracing
themselves for a spike in claims
once the Government’s business aid
packages come to an end.
The CICM Technical Committee
heard in November that whilst claims
significantly increased in the first few
months of the pandemic, they have
since tailed off as the various forms
of Government support came into
effect. Indeed, one of the Committee
members reported that claims are
currently at their lowest point for 20
years.
Credit insurance is a crucial part of
the British economy, providing cover
for businesses whose customers
are unable to pay their debts due to
insolvency. Given that the UK has
this year seen its worst recession
on record, according to the Office for
National Statistics, the Government
was forced to support the credit
insurance industry to prevent a
repeat of 2008 when insurers were
accused of abandoning customers in
their hour of need.
A £10bn scheme shares the risk
of insolvency between trade credit
insurers and the Treasury.
The CICM is seeking
a new home
THE CICM has engaged the services
of a commercial property agent to find
it a new home, and put The Water Mill
up for sale.
Sue Chapple FCICM, Chief
Executive of the CICM, says the agent
has been briefed to find a modern
headquarters, in much the same area,
more in keeping with a professional
membership body: “The Water Mill
has served us well for more that two
decades but as an historic building,
parts of which are Listed, it has its
challenges and is expensive to run.
It also doesn’t allow us to shape the
offices how we know we need them to
be in the future.
“By realising the value of the asset
now we can invest in new premises
with an open plan working
environment designed to
our own specification,
that will further improve
communication between the
teams and support an
even better service for
our members.”
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 6

NEWS ROUNDUP
Banks rank protecting their
reputation above price
AS UK banks consider
the appointment of debt
collectors to recover tens
of billions of pounds of
government-backed small
business loans, and other
financial institutions across Europe are
faced with a similar challenge, their next
move will be driven by on one overriding
factor: protecting their image.
A survey of 28 European banks conducted
by Hoist Finance, which purchases and
manages non-performing and performing
loans across 11 countries in Europe, found
that almost nine out of ten (86 percent)
ranked ‘protecting our reputation and
image’ as the single most important factor
in selecting a debt collection agency to
tender for their business.
The reputation of the agency itself and
their standing in the market was also
critical (ranked important by 71 percent
of respondents), far outstripping any
previous costs or bids that might have
been quoted for their service (18 percent).
Whether there is an existing relationship
between the two entities is not a key
determining factor.
When it came to the final decision
making, protecting their reputation was
still more important than price: 85 percent
citing it as ‘fairly’ or ‘very’ important (the
two top rankings), though the importance
of price leapt to 81 percent (for the same
two rankings combined). The agency’s
experience was also vital (62 percent).
Banks assessed a debt collection agency’s
ability to protect their reputation on their
approach to treating customers fairly. An
amicable collection strategy – in which an
agency arrives at a consensual agreement
with the customer – was deemed very
important by 38 percent of respondents,
though perhaps surprisingly of least
importance or only somewhat important by
a similar percentage (42 percent).
In terms of sustainability, respect for a
customer’s privacy was ranked highest in
priority (17 percent) followed by empathetic
treatment of customers (15 percent) and
having a thorough complaints handling
process (15 percent).
Julian Winfield, Chief Executive of Hoist
Finance UK, says that to the banks, getting
paid for the portfolio they are selling or
putting out for collection is obviously
important: “Clearly they would like to
recover some of their outstanding loans,”
he says, “but it’s clear also that price is far
from the only consideration. Banks are
worried about their image and how they will
be perceived in the market by existing or
potential customers.”
However, Julian says it’s not just about
image: “It’s also clear that they genuinely
care about the treatment of their customers,
even after they sell the claims to a
collection agency. It is vital, therefore, that
we, as an industry, continue to balance the
need of an economy that relies on a creditor
being repaid with the need to identify the
most vulnerable in society and ensure our
practices support them in resolving their
financial difficulties.”
Debt solutions business identifies
hidden risk of PGs
PERSONAL Guarantees (PGs) are being used
fraudulently by small business owners to
take out multiple loans without any chance
of those loans ever being paid back. And
it seems that Credit Reference Agencies
(CRAs) who have been made aware of the
practice and could solve the problem simply
by creating a new PG database are so far
failing to act.
The news comes after a review of loans
agreed by several different lenders –
including Liberis and Newable Lending
– which have since defaulted and are now
owned by the commercial debt solutions
business Azzurro Associates.
Credit Management has learned that
analysts within Azzurro have identified a
number of occasions when the same PGs
were being used to secure new loans from
different lenders sometimes only days after
a previous loan had defaulted and without
the new lender being aware.
Andrew Birkwood, Chief Executive
of Azzurro Associates, has evidence of
one case where the owner of a gift shop
defaulted on a loan on 9 November with
one lender, only to take out another loan
with a different lender on 22 November
using the exact same Personal Guarantee.
He went bust owing more than £50,000:
“Had the second lender been aware that the
busines owner had been using the same PG,
they would not have agreed to the loan,” he
says.
“The problem is that lenders would have
no way of knowing, and the CRAs, who
could do something about it, seem
reluctant to listen.”
Read the full article on page 21
>NEWS
IN BRIEF
Welcome extension
THE Money Advice Trust has
welcomed the FCA’s proposal to extend
the availability of payment deferrals
on mortgages and on credit cards,
loans and other forms of consumer
credit by six months. The move was
confirmed after the Government’s
announcement of a second lockdown
and extension to the Job Retention
Scheme. The charity has called for
similar action for people who are
self-employed, people struggling to
pay their rent and those claiming
Universal Credit.
Deal on a plate
RSM has helped Camino, the Spanish
tapas restaurant and bar group,
to secure a rescue deal allowing
the business to continue serving
customers from its four restaurants
and two bars preserving 77 jobs.
Camino Trading Limited, a newly
incorporated company run by cofounders
Nigel Foster and Richard Bigg,
has agreed to acquire the business
and assets from the Administrators
of Camino Leisure Holdings Limited
and Camino Restaurants Limited (the
group’s operating entity) following an
accelerated sales process.
Nothing to sniff at
NEW research from StepChange Debt
Charity suggest levels of household
borrowing and arrears attributable to
Coronavirus have soared to £10.3bn
since the start of the pandemic,
an increase of £4.3bn (66 percent)
since May. The report, Tackling the
Coronavirus Personal Debt Crisis,
has found the number of people
affected by COVID-19 who are in severe
problem debt has risen to 1.2 million –
nearly doubling since March – with a
further three million at risk of it.
Andrew Birkwood,
Chief Executive of
Azzurro Associates.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 7

NEWS ROUNDUP
D&B launches new Lending
Intelligence solution
DUN & Bradstreet has
launched a new small
business lending solution
for UK commercial finance
providers.
D&B Lending
Intelligence is described as an online
solution that enables lenders to make
faster credit decisions for small and
medium enterprises (SMEs) by providing
real-time access to a wider range of data,
combining new UK commercial credit
data from designated leading banks with
additional data and analytics from the Dun
& Bradstreet Data Cloud.
More than £60bn has been provided to
1.4 million UK businesses via Governmentbacked
loan schemes in 2020 and
access to finance is key to securing
the survival and stimulating growth
for SMEs. With exponential growth in
business loan applications since the first
national lockdown in March 2020, having
immediate access to credit data online will
reduce the time spent seeking referrals
and further information and will help
to facilitate decision-making, support
risk assessment and open up lending
opportunities for businesses when they
need it most.
Tim Vine, Head of Credit Intelligence
at Dun & Bradstreet, “incomplete data
slows decision-making,” he says, “and by
providing data from lenders alongside
additional data and analytics, our online
solution is designed to enable quicker
lending decisions and ultimately to
support the Government’s aim to increase
access to finance through the increased
availability of SME lending data.”
Government must address
‘widespread unfairness’
A new report has found ‘widespread
unfairness’ in the way central and local
Government collect debts including council
tax, benefit and tax credit overpayments.
The Money Advice Trust is calling for
Government to ‘level up’ its debt collection
practices to those of other sectors – or risk
pushing people further into difficulty in the
wake of COVID-19.
The charity’s new report entitled
Levelling up: The case for reforming
government debt collection, has been
published as the Cabinet Office considers
responses to a call for evidence on
improving fairness in Government debt
management. The charity’s findings come
at a time when more people are said to
be struggling to repay public sector debts
– a trend the charity says is likely to be
amplified by COVID-19.
The report highlights the negative impact
that current Government debt collection
practices are having on those struggling
to repay, and particularly on people with
mental health problems or other vulnerable
circumstances.
A national survey of debt advisers shows
just nine percent think that Department for
Work and Pensions identifies and supports
vulnerable customers ‘well’ or ‘very well’,
with just 12 percent for HMRC. These figures
are in sharp contrast with the private
sector, with 46 percent of advisers reporting
that banks/building societies identify and
support vulnerable customers ‘well’ or ‘very
well’, 45 percent for energy firms and 68
percent for water companies. Debt advisers
also report widespread concerns over the
way that Government creditors assess
the affordability of repayments, leading
to unaffordable payment demands – with
advisers rating Government practices as
worse even than payday lenders.
Credit Management understands that the
charity has written to Ministers to make
the case for what it calls a ‘bold package of
reform’ designed to level up Government
debt collection practices to those seen in
the private sector.
The proposal includes: Backing calls
for a new Government Debt Management
Bill to embed the principles of fairness
and affordability throughout central and
local government; reforming council tax
collection practices by amending outdated
regulations and introducing a statutory
‘pre-action protocol’ for councils to follow;
and introducing independent bailiff
regulation as part of a ‘reduce and reform’
approach to protecting people in debt from
the harm caused by bailiff action.
Joanna Elson CBE, Chief Executive of
the MAT, says the widespread unfairness
needs to be addressed: “With more and
more people struggling to repay debts owed
to government even before the devastating
impact of Covid-19, the Government
must act swiftly to level up its
collection practices to those of the
private sector.”
>NEWS
IN BRIEF
Technical Committee
urges contract review
THE CICM Technical Committee is
urging credit managers to review and
amend current contracts to ensure
those contracts remain viable as the
UK prepares to leave the EU at the
end of the year.
On 31 January 2020 the UK formally
ceased being a member of the EU.
However, the transition period, which
runs until 31 December 2020, sees
Britain continue to participate in the
customs union and single market.
Given that commercial contracts
that cross the UK-EU border, up to
this point, have been written in the
context of Britain’s membership
to the EU, they are likely to require
modification. To start, many contracts
refer to the EU as a territory, with the
UK included in this at the time the
contract was written. For example,
a reseller’s right to sell a certain
product could be confined to a certain
geographical area, and uncertainty
may arise if this is labelled as the EU.
If this is the case, re-writing the terms
to specifically mention the UK should
be a first step.
Contract clauses such as
exclusivity may also have inadvertent
consequences. If an exclusive
supplier was impacted by price or
currency fluctuations or unable to
source raw materials, a business
would remain unable to source the
necessary supplies elsewhere. In this
sense, English law may not provide
the common sense remedies that
businesses will be relying on.
To soften the blow and prevent
black holes from appearing, EU
legislation will continue to apply,
through becoming English domestic
law. These laws may then be
rewritten, but there is no indication as
to which will remain and which will
go. For these reasons, if a contract
is drafted on the assumption that
obligations and restrictions currently
imposed by EU-derived legislation
will continue to be in effect in the
same way for years to come, this
could prove to be problematic.
We urge credit
managers to review
and amend current
contracts to ensure
those contracts
remain viable.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 8

FROM THE CHIEF EXECUTIVE
Zoom Zoom!
CICM members should back
themselves to win.
Sue Chapple FCICM
SO much has happened this
year it is almost impossible to
know where to begin. When
COVID-19 hit, and the first
lockdown began, there was
definitely a sense of ‘we’re
all in this together’. Our members were
quick to adapt to ‘working from home’ and
embracing new processes and procedures
to keep the cash flowing. Between us we
all learned a new language of Microsoft
Teams and Zoom, doing business ‘virtually’
and interacting with our colleagues and
customers via our computer screens.
The team at CICM HQ swung quickly
into action with its Managing Credit in
a Crisis initiative, the first in what was
soon to become a series of campaigns to
support our members through difficult
times. We saw a great deal of positivity in
those early months: the cash kept flowing;
collections levels not only held their own
but actually increased; and the apocalypse
didn’t quite happen as predicted.
Investments in new credit
management platforms were accelerated
and implemented in months, and the
Chancellor’s financial support packages
kept the wolf from the door, at least in
the immediate term. We experienced
CBILs and BBLs, and all learned another
new word: furlough. What I think we all
hoped might last a few weeks proved not
to be the case as the weeks turned into
months, and nerves became increasingly
frayed.
CHALLENGE AND OPPORTUNITY
And so here we go again. Another
lockdown. Another period of worry,
uncertainty and challenge. But also
another opportunity for our members
to demonstrate their true worth, and the
essential role they play in keeping the
wheels of industry turning.
The messages in our latest ‘Managing the
new credit future’ initiative still hold true:
we must continue to adjust our collections
and recovery strategies to fit the constantly
changing financial environment; we must
look at our forecasts and projections and
ensure they remain honest and realistic;
and we must continue to talk, to ensure
credit teams’ actions are aligned with
senior management objectives. Training
also remains critical, equipping our teams
with the skills they need to succeed.
If there is a single message I want to
communicate it is this: trust yourself. Trust
your judgment in making decisions that
are in the best interests of your business.
Trust your training, and the skills you have
acquired as credit professionals, and take
the opportunity to learn more. And trust
your colleagues, working with your people
and senior management towards a new
future.
As we head into a New Year, we know
that the road ahead is going to be difficult.
We know that a storm is brewing. We
recognise the recovery, when it comes,
will be long and slow. This means we must
look after each other, to share experiences,
to engage with your professional body and
your peers to help us through what will
undoubtedly be a difficult time. We will
ultimately prevail, and it will be the skills
that you have, the knowledge you have
acquired, and the support of the CICM,
that will get us there.
I cannot say I ever envisaged that
when I took over the reins as your Chief
Executive from Philip King FCICM at the
start of the year that the country would
now be facing its biggest challenge since
the second world war. Neither, to continue
the analogy, can I promise it will all be
over by Christmas. But I can wish you all
well and hope that over the festive season
you will take some time to pause and reenergise,
for there is undoubtedly more
hard work ahead of us.
We will ultimately prevail, and it will be
the skills that you have, the knowledge
you have acquired, and the support of the
CICM, that will get us there.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 9

INSOLVENCY SPECIAL
BARE
ESSENTIALS
New rules protect supplies to an insolvent customer.
AUTHOR – Julia Ishak
THE new Corporate Insolvency
and Governance Act 2020 (CIGA)
presents a number of challenges.
Many suppliers may now find it
considerably more difficult to
terminate or suspend a supply
contract (and to exercise many other standard
contractual rights) in the event of a customer’s
insolvency. And that will be the case, even if
those rights are expressly set out in the contract.
The protection of supplies of goods
and services introduced by CIGA applies
to contracts for the supply of goods and
services (including contracts entered into
before CIGA) where a customer becomes
subject to a relevant insolvency procedure on
or after 26 June 2020.
PROTECTION OF SUPPLIES OF GOODS
AND SERVICES
Where CIGA applies and a customer becomes
subject to a relevant insolvency procedure:
• No termination of the contract or supply –
any provision in a contract providing for the
contract or supply to terminate or allowing a
supplier to terminate the contract or supply,
because its customer becomes subject to a
relevant insolvency procedure, will cease to
have effect. A supplier would not therefore be
able to rely on any such automatic termination
or contractual right to terminate.
• No taking place or doing of any other
thing – any provision in a contract providing
for any other thing to take place or allowing
a supplier to do any other thing, because
its customer becomes subject to a relevant
insolvency procedure, will also cease to
have effect. Examples may include changing
payment terms, credit periods or payment
tariffs, exercising retention of title or variation
rights, increasing prices or requiring additional
payments.
• No termination for prior events during a
relevant insolvency procedure – a supplier
cannot exercise any contractual right to
terminate the contract or supply because of
a prior event, if that right arose but was not
exercised before its customer became subject
to a relevant insolvency procedure. The
contractual right is suspended for the period
of the relevant insolvency. A supplier would be
able to rely on any available right to terminate
before a relevant insolvency procedure
begins, including for example where any steps
Consider what
rights may be
available if a
customer is
in financial
hardship and
consider whether
it might be
appropriate,
if possible, to
renegotiate
or not renew
existing
contracts.
are taken in the lead up to such insolvency.
However a supplier would not be able to rely
on a contractual right to terminate for a prior
event once a relevant insolvency procedure
begins.
• No condition requiring outstanding
charges to be paid – a supplier cannot make
it a condition (or do anything which has the
effect of making it a condition) of any supply of
goods and services after its customer becomes
subject to a relevant insolvency procedure that
any outstanding charges in respect of a supply
made to its customer before that time are paid.
A supplier may therefore be obliged to continue
to supply its insolvent customer even when it is
owed substantial sums by that customer.
CONTRACTS FOR THE SUPPLY OF GOODS
AND SERVICES
CIGA is likely to apply to most contracts for the
supply of goods and services although there are
limited exclusions for example for:
• Essential supplies – broadly defined as gas,
electricity, water, communications services,
and goods and services for the purpose of
enabling or facilitating anything to be done
by electronic means (computer hardware
and software, information, advice, technical
assistance, data storage and processing, website
hosting). Essential supplies may be governed
by a separate (more limited) regime. However
where this separate regime does not apply,
CIGA may still apply to essential supplies.
• Persons involved in financial services –
where a customer or supplier is an insurer,
bank, electronic money institution, investment
bank, investment firm, payment institution,
operator of payment systems, infrastructure
provider, recognised investment exchange or
securitisation company.
• Contracts involving financial services – such
as financial contracts, securities financing
transactions, derivatives, spot contracts, capital
market investments, contracts forming part of a
public-private partnership.
• Specified legislation – for example for
financial markets and aircraft equipment.
• Certain small suppliers – this temporary
exception has been extended to 30 March 2021.
Whilst this remains unclear and will be a
question of fact and circumstances in each
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 10

INSOLVENCY SPECIAL
AUTHOR – Julia Ishak
case, CIGA may also apply to agreements that are not
usually regarded as ‘contracts for the supply of goods
and services’. This may for example cover equipment
hire, franchise, agency, distribution, software and
intellectual property licences. Similarly, whilst licences,
property leases and agreements for the sale of land or
property may not be contracts for the supply of goods
and services, they may contain an element of supply of
goods and services and that element may be caught by
CIGA.
RELEVANT INSOLVENCY PROCEDURES
Relevant insolvency procedures cover a wide range
of insolvency proceedings including administration,
liquidation, the appointment of a new administrative
receiver or provisional liquidator, a voluntary
arrangement, a Part A1 moratorium and a court order
for a meeting of creditors or members under a Part 26A
restructuring plan.
So much for the technical aspects of the new Act, what
practical steps should suppliers now be taking? Suppliers
should now update standard contracts and templates.
There are many ways a supplier may be able to protect
themselves in their contracts and help to mitigate the
impact of CIGA. They should also consider this when
negotiating new supply contracts (especially where
based on a customer’s contract).
They should review existing supply contracts,
prioritising those contracts of greatest value, importance
or risk. Consider what rights may be available if a
customer is in financial hardship and consider whether
it might be appropriate, if possible, to renegotiate or not
renew existing contracts.
Suppliers should similarly consider legal advice before
exercising any rights where a customer becomes subject
to a relevant insolvency procedure as many standard
clauses may now cease to have effect and if a supplier
relies on such a clause it may be in breach of contract
and liable (for example, for wrongful termination or
damages).
Other steps they should take include: reviewing
approaches to managing contracts and mitigating
insolvency risk, considering whether enhanced contract
management might be more appropriate; reviewing
insurance cover and credit insurance; and reviewing
debt collection procedures and considering whether
these need to be enhanced.
They might also consider whether more due diligence
is necessary on customers before a supply contract is
entered into and, for larger contracts, throughout the
lifetime of the contract, and consider parent company
guarantees and performance bonds. Training for contract
managers so they know what they should and should not
do if a customer is in financial hardship might also be
considered.
This article is only a brief overview and, as with
all legislation, there are exceptions and additional
considerations that may also be relevant.
There are many ways a supplier
may be able to protect themselves
in their contracts and help to
mitigate the impact of CIGA. They
should also consider this when
negotiating new supply contracts
(especially where based on a
customer’s contract).
Julia Ishak is Legal Director at Shoosmiths, and has been
a guest speaker at recent meetings of the CICM Technical
Committee.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 11

OPINION
THREATENING
BEHAVIOUR
Activist investors can do real harm
where management is weak.
AUTHOR – Adam Bernstein
MICHAEL Douglas in Wall
Street and Leonardo
DiCaprio in the Wolf of Wall
Street both put on record,
albeit on celluloid, the point
that there’s no sentiment in
business – that it’s invariably all about power
and money.
It’s clear that individual investors carry
little power. But it’s just as apparent that larger
investors have greater firepower and when they
decide on a course of action, they have a real
prospect of effecting change.
DEFINING THE POSITION
Lumped together as ‘activist investors’ this form
of crusading covers a range of activities by one
or a number of a publicly traded corporation’s
shareholders that, according to 2015 paper
published by Harvard Law School Forum on
Corporate Governance ‘are intended to result
in some change in the corporation.’ The paper
carries on, noting that there’s a spectrum of
goals that depend on the change desired and
how assertive the investors are.
Jason Caulfield, a partner in the Financial
Advisory department of Deloitte LLP, is more
blunt in his assessment. He says that: “an activist
investor…refers to anyone that buys a stake
in a company before engaging management
on specific topics.” He adds that the term
is often used for a grouping of hedge funds
whose activist investor goals revolve around
delivering a step-change in financial returns for
shareholders – themselves included.
By definition, the strategies and tactics they
use to achieve these goals and the ways in which
they engage with management vary widely. The
more aggressive will seek a significant change
to the company’s strategy, financial structure,
management, or board. But at the other end
of the spectrum is the investor that is only
interested in a single engagement based on a
defined issue.
Hedge fund activist investors can trace their
roots to the US corporate raiders of old, but as
Caulfield notes: “with the inflow of funds and
the publicity of some of their successes, they’ve
shown a real interest in globalising. Europe and
other developed markets where shareholder
rights are well represented are fast catching up
with the US.”
And with greater liquidity, size is no longer
a prohibiting factor. In fact, Caulfield is seeing
larger global companies over-represented as
targets: “They are not afraid of any sector,” he
says. “Some are more attractive than others
due to the ability to trigger M&A or be able to
effect relatively short-term change in direction
and the market’s perception and value of the
business.”
GROWING PROBLEM
Either way, the problem is significant for firms.
Another paper on Harvard’s website, this time
published in August 2020, reported a sharp
uptick in activity. In 2017 there were 484 activist
investor campaigns of which 20 percent were
successful. In 2018, that number rose to 655
campaigns of which 30 percent were successful
or settled. By 2019 that number rose again to
893 campaigns with a 17 percent success or
settle rate. And by the start of August 2020 there
had been 797 campaigns that had seen a nine
percent success or settle rate. Extrapolate the
number and there’s the prospect of some 1366
campaigns for the full year.
But there’s one example that stands out for
the world of credit – Australian debt recovery
specialist Collection House. The company has
been beset by troubles since its CEO suddenly
resigned in November 2019. Its shares were
suspended in February 2020 following concerns
raised by auditors KPMG over its ability to carry
on as a going concern. Then came talks with
other parties over recapitalisation and when its
accounts were finally released in June a $8.5m
profit tumbled to a $47.3m loss.
At issue, to put the matter into context here,
was that a review into the value of the company’s
ledgers led to a write down of $89.8m. But this
review came at a time when consumer groups
had found that the company was a far bigger
user of bankruptcy actions than other debt
collectors. The company has since lifted the
threshold for initiating bankruptcy action to
$20,000.
For Caulfield, the appearance of an activist
investor can be a very real headache for a
business. “Whilst it is arguable that their goal – a
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 12

OPINION
AUTHOR – Adam Bernstein
step-change in financial returns – is something
management should be doing, the way they go
about it can be very disruptive, stressful, and
not aligned to longer term investors’ interests,”
he says.
He’s bothered that they can trigger or prevent
an executive’s strategy – for example, demanding
asset sales or mergers, or pressure management
into a new direction and agitate for change at
the top if they don’t get their way. “For some,”
he adds, “the phrase ‘any means necessary’ can
spring to mind.”
As to the types of businesses they target, this
varies, but it’s entirely logical that, typically,
they tend to be considered under-valued
and for Caulfield, often this is due to their
perception that value is down to the quality
of management of the business. He says that
activist investors usually like a business that has
good fundamentals but has lost its way; they
like firms where there may already be a degree
of unhappiness amongst existing shareholders.
GLOBAL TRENDS
New trends are emerging. It’s certainly the case
that activism is becoming more global in nature.
What is thought of as starting in the US (and
which had risen to the fore with the likes of Carl
Icahn and T Boone Pickens) has moved around
the world.
The Financial Times, for example, reported
in February of this year that the Tokyo Dome
– ‘a centrepiece of the Japanese capital…with
revenues that have been tepid and its share
price flat for six years’ – was under siege
from Oasis Management, it’s second largest
shareholder, which had almost doubled its stake
to 9.6 percent. Oasis has previously taken on
Nintendo, Panasonic and Toshiba and with the
dome, issued an 85-page document citing faults
and the changes required to ‘unlock vast profit
potential.’
With the inflow of funds and
the publicity of some of their
successes, they’ve shown a real
interest in globalising. Europe
and other developed markets
where shareholder rights
are well represented are fast
catching up with the US.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 13
continues on page 14 >

OPINION
AUTHOR – Adam Bernstein
For Caulfield, aside from the increasingly
global nature and appearance of local activists
outside the US, there is a divergence of
methods used by the more hard-nosed ‘pure’
activist investors “…who will rapidly escalate
disputes and take disagreements into the
public domain, versus the ‘constructionists’
who take a (slightly) more medium term view
and look to work with management more
collaboratively, at least for a period of time.”
COVID-19 has dented global economies and
livelihoods. But it has also altered the activist
investor landscape too. Caulfield says: “It has
put a massive shock through the markets and
created a level of volatility in the fundamentals
as well as companies’ share prices. This,
combined with activist investors trying to
gauge the impact on existing investments,
capped the levels of activity.”
Activism is not going away
any time soon. Whether it’s an
attack from an activist investor,
or pressure from the media or a
consumer group, firms need to
comprehend the concept that
they aren’t in ivory towers living
in splendid isolation.
But he warns that the outlook is stabilising:
“We are seeing companies beginning to
emerge, and indeed, the performance of
management during and after the pandemic
will provide rich hunting grounds for activist
investors seeking to put them on the spot.”
Investors, no matter their size or level of
professionalism, by definition seek the best
possible return. And activist investors are no
different. Caulfield has seen their war-chests
grow as underlying investors seek alternative
asset classes such as these. He says that “…
they are needing to find new targets. They’re
also utilising a wider range of techniques,
and indeed are showing signs of overlapping
with another kind of activist investor – private
equity.”
But just as global events and the markets
can impact activist investor activity, so too
can Government policy. Put simply, Caulfield
knows that Governments can legislate to bias
shareholder influence to push longer-term
objectives at the expense of new shareowners,
can widen definitions of ‘strategic’ sectors and
can limit the ability for M&A in those sectors.
Governments can have a very real impact on
activist investors.
So, with the scene set, how can a firm
prepare itself for the onslaught of activist
investor?
Caulfield is of the view that companies can
fight back. But depending on whether they
are merely apprehensive or are actually in the
throes of a campaign will influence what they
can and should be doing and the timescales
for action.
FIXING THE ROOF
First off, he says that businesses that have
time to ‘fix the roof’ should be challenging
the business to ensure it has the right value
creation plan, assets and balance sheet. He
says that this may just provide confidence –
that can be fed to markets – that the business is
on the right track. However, this activity might
also provide the trigger for a change without
the disruption of an activist investor. “But,” he
warns, “be aware of your risks – the features of
your company, its performance, management
and board that may attract them.” He believes
that this can also help to ensure that action
is taken to plug the holes while fundamental
improvements can take place.
But if an investor’s campaign is imminent
or underway, then Caulfield advises targets
to focus on tactics. There is unfortunately no
‘one-size fits-all’ approach and so the defence
will depend on the strength of the executive
and the company’s performance on their watch
and the nature of the activist. That said, he
does suggest engaging with activist investors
as some have genuine ideas worth consider
while others will be a drag on management
time, focus and resources.
Caulfield concludes: “Ensuring that the
strategy, communication and preparedness
amongst the executive and board are clear,
as well as having insight into the particular
activist, are some of the basic things to
prepare.”
Activism is not going away any time soon.
Whether it’s an attack from an activist investor,
or pressure from the media or a consumer
group, firms need to comprehend the concept
that they aren’t in ivory towers living in
splendid isolation. A mixed metaphor but the
point is made.
Adam Bernstein is a freelance business writer.
We are seeing companies
beginning to emerge, and
indeed, the performance of
management during and after
the pandemic will provide
rich hunting grounds for
activist investors seeking to
put them on the spot.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 14

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INSOLVENCY SPECIAL
Easing the Burden
Changes are being enacted to
regulatory processes.
AUTHOR – Michelle Thorp
CORPORATE insolvency is in the
spotlight more than ever at the
moment. This is mainly, but not
solely, linked to the pandemic,
with the latest statistics from the
Insolvency Service on company
insolvencies showing that these increased 19
percent in September this year, compared to the
previous month.
Prior to the Government’s announcement of
the furlough scheme’s extension, the Office for
National Statistics (ONS) reported that 64 percent
of businesses in the UK were at risk of insolvency.
It is logical to think that the furlough extension will
mitigate this risk to an extent, but it is still a clear
warning of the risks businesses currently face,
and, sadly, we do expect company insolvencies to
rise significantly.
SWEEPING LEGISLATION
This year, we have seen the Corporate Insolvency
and Governance Act, sweeping new legislation
that brought in several changes to the insolvency
framework to give companies breathing space
to pursue a rescue plan. The Act’s key measures
are the moratorium (preventing legal action from
being taken against a company while it seeks a
rescue deal); a new ‘Arrangement’ restructuring
plan, sanctioned by the courts; and restrictions
on termination clauses, statutory demands and
winding up petitions. The Act’s suspension of
wrongful trading rules has now expired.
These new regulations will go some way in
helping to secure the future of businesses, though
with that said, we are mindful of the forbearance
required from creditors, not just in relation to
these new regulations but in general this year
too. Similarly, these new measures have required
Insolvency Practitioners (IPs) to get to grips with
new ways of working, as well as prepare for the
expected rise in insolvencies. With upholding
the interests of creditors a key concern, this year
we have launched various online workshops and
webinars to help our members understand the
new measures and apply them practically to their
work. At one of our upcoming events, we will
be joined by Chris Leslie, the CEO of the Credit
Services Association, to hear the creditor view on
the state of personal insolvency in particular, but
no doubt he will cover the entire landscape.
We have also enacted changes to our regulatory
processes as far as practicable, to ease the burden
on IPs and ensure that insolvency processes
continue to treat all parties fairly.
Our work this year in response to the pandemic
has been designed to help our regulated
A Question of Honour
Are proposals for a new ‘independent evaluator’
really saying IPs cannot be trusted?
AUTHOR – Simon Plant
THE announcement by
the Insolvency Service
(IS) of a new regime in
relation to Pre-Packs,
and the appointment of
independent evaluators
(see Credit Management November
issue, news pages 6-7), raises a number
of serious concerns that should have the
alarm bells ringing loudly within the
ranks of the Insolvency Profession. For
what it is really saying, is that IPs cannot
be trusted.
Now before there are cries from the
gallery that such a view is extreme, let’s
look at the evidence. The way that Pre-
Packs are being discussed currently is
in a manner that suggests that all Pre-
Packs involve sales to connected parties
– when they do not – and that somehow
any sale to a connected party involves an
element of skulduggery, which it doesn’t.
No-one in the industry especially
sees Pre-Packs or sales to a connected
party as an issue, which suggests
that the Government is pandering
to a minority opinion which in
turn is likely to result in a poorlyconceived
proposal. Like this one.
FLAWED THINKING
There are so many flaws in the proposals
it is difficult to know where to begin.
Let’s start with the appointment of an
‘independent evaluator’ to review sales
to connected parties. Who are these
evaluators? How are they themselves
‘evaluated’ for their technical
competence and experience? The
Insolvency Service states only that they
have to ‘self-declare’ their expertise,
which if it wasn’t more dangerous
would be laughable. So let’s think this
through: a qualified surveyor and
member of the Royal Institution of
Chartered Surveyors (RICS) values
an asset in an insolvency process.
An Insolvency Practitioner, similarly
executes their own duties as a member of
the Insolvency Practitioners Association
(IPA).
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 18

INSOLVENCY SPECIAL
This year, we have seen the Corporate Insolvency and Governance Act,
sweeping new legislation that brought in several changes to the insolvency
framework to give companies breathing space to pursue a rescue plan.
Michelle Thorp
community understand the changes
that have happened, as well as prepare
for those yet to take place – and, as ever,
with upholding creditor interests a key
concern.
IN THE SPOTLIGHT
As well as the Act this year, other
insolvency processes have been in the
spotlight. With insolvencies set to rise,
these changes are all the more important
for all stakeholders to understand.
Pre-pack administrations can
sometimes be the best insolvency
option for all parties involved, but
there is concern among creditors
and others of unscrupulous company
owners buying their company back
via a pre-pack deal to continue trading
while dumping the company’s debts.
Under the existing rules, a pre-pack
sale should only be entered if it is in
the best interest of creditors, and,
amongst other requirements, proof of
the decision-making process should be
available. These requirements are part
of a set of wider measures brought in
by Statement of Insolvency Practice
(SIP) 16 in 2009. The Pre-Pack Pool
(PPP) was set up in 2015, supported by
the IPA and others, to provide means
for an independent opinion to be given
on any connected party pre-pack sale.
However, it was felt by the IPA that
further action was needed to provide
greater security and reassurance to
stakeholders. On 8 October 2020, the
Government announced, following a
review in which the IPA participated,
that pre-pack sales to connected parties
were to face mandatory independent
scrutiny.
In brief summary, connected party
sales will need to have an independent
opinion provided by an ‘evaluator’.
The new measures are due to be laid
before Parliament and may be subject
to change. The IPA will be providing our
recommendations to the Government as
part of the process, and I look forward
to participation in the progression of
the proposals as they take shape.
Michelle Thorp is CEO, Insolvency
Practitioners Association.
The Insolvency Service is saying that
the decisions made by two professionals
in two highly regulated industries that
are following best-practice from two
highly-respected professional bodies
have to have those decisions reviewed by
another person whose own qualifications
for doing so cannot be determined. Worse
than that: what you are in effect saying is
that IPs cannot be trusted.
Now what if we were to get over the
slur on our profession and for a moment
go along with the idea that a third-party
overview is both needed and preferred.
If an independent person or body has
to review sales to every connected party
on each Administration, it could actually
end up wrecking the process. Given
the volume of insolvencies expected in
2021, how will a new independent body
cope, given that a significant proportion
of Administrations result in a sale to
connected parties? Also, what if the body
delays or keeps seeking information
when an immediate decision has to be
made by the Administrator?
The cost of reporting and providing
the necessary information to the new
body is likely to be prohibitive, and if
the independent evaluator does not fully
understand the process or the detail, they
could deny a Pre-Pack for all the wrong
reasons.
And let’s look at another issue. The
unforeseen result of this proposal could
actually be to force a number of potential
Administrations – where a business and
jobs could be saved – into a liquidation
(CVL) where maybe it can’t.
Imagine: a business in administration
may have tangible assets, say, of £70,000
and intangibles (e.g ‘good will’) of a further
£30,000. A sale – whether to a connected
party or otherwise – will therefore realise
a potential value of £100,000 for creditors.
A CVL could, however, have a detrimental
impact on any perceived good will and
also may leave tangible assets as only
having auction values, which means
the same business in a liquidation will
realise far less money for the creditor.
As from the start of 2021, HMRC is being
given preferential creditor status. The
huge irony of this proposal, and the
likelihood of more CVLs in preference
to Administrations, is that they will
actually generate far less money for the
Government rather than more.
Somewhere down the line, the full
implications of these proposals have not
been properly thought through, though
there is a chance they never even get
debated and therefore actually never
come to pass. For creditors’ sake, let us
hope that they don’t.
Simon Plant is Chief Executive of the
SFP Group which provides business
turnaround and restructuring services.
SFPGroup.com
Simon Plant
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 19

Advancing the credit profession / www.cicm.com / December 2020 / PAGE 20

EXCLUSIVE REPORT
STACKING
THE ODDS
Lenders are open to the risk of
fraudulent use of multiple Personal
Guarantees.
AUTHOR – Sean Feast FCICM
PERSONAL Guarantees (PGs)
are being used fraudulently by
small business owners to take
out multiple loans without any
chance of those loans ever being
paid back.
And Credit Reference Agencies (CRAs) who
have been made aware of the practice and
could solve the problem simply by creating a
new PG database are so far failing to act.
The news follows a review of loans agreed
by several different lenders which have
since defaulted and are now owned by the
commercial debt solutions business, Azzurro
Associates.
Analysts within Azzurro quickly identified
that the same PGs were being used to secure
new loans from different lenders sometimes
only days after a previous loan had defaulted
and without the new lender being aware.
Andrew Birkwood, Chief Executive of
Azzurro Associates, has evidence of one case
where the owner of a gift shop defaulted on a
loan on 9 November with one lender, only to
take out another loan with a different lender
on 22 November using the exact same Personal
Guarantee. He went bust owing more than
£50,000: “Had the second lender been aware
that the busines owner had been using the
same PG, they would not have agreed to the
loan,” he says.
“The problem is that lenders would have no
way of knowing, and the CRAs, who could do
something about it, seem reluctant to listen.”
THE CREDIT ECOSYSTEM
CRAs are fundamental to the credit ecosystem.
Their databases (CAIS – Experian, SHARE
– TransUnion, Insight – Equifax), and the
framework around accessing and submitting
data to them, enable a fair lending construct
allowing lenders to confidently offer financial
products, and borrowers to safely secure credit.
Previously, CRAs held consumer databases
that included commercial transactions for sole
traders, SMEs and small partnerships. In 1999,
the Information Commissioners Office (ICO)
instructed the CRAs to separate the ‘personal’
and ‘business’ data for consumers which has
since led to the maintenance of two discrete
databases: Consumer and Commercial.
In the instance of PG-backed lending for
commercial loans, there is no CRA database for
reporting the commitment by the individual
PG, or the post-default liability. The credit
contract is a commercial agreement, and thus
it cannot be held within the Consumer CRA
database. And currently, no personal data may
be held within the Commercial CRA database.
“This leads to several negative consequences
for both the lender and the wider credit
market, which are a material risk to sustainable
commercial lending,” Andrew adds.
For SMEs, particularly recently incorporated
companies, finance is not always easily
available with sole liability on the company.
Commercial lenders commonly require a PG –
usually a company director – to offer increased
security against the repayment of the loan. The
PG will undergo a credit score assessment, as
part of the underwriting of the loan.
“With no Personal Guarantor bureau, the
facility for lenders to report the position of
personal guarantees does not exist,” Andrew
continues.
“With PGs, the guarantee is not called upon
by the creditor until the company defaults on
payment. So there isn’t a default as such by the
PG. The company defaults, and at that point the
creditor can call on the PG for payment when
the company has failed to pay. In this case
liability for the debt shifts to the PG.”
In the current hiatus created by the ICO there
is no record of an individual guaranteeing a
company debt; there is no record of whether that
individual is currently liable for the guaranteed
debt due to a default by the borrowing entity;
and there is no record of a PGs payment
behaviour in relation to a defaulted debt.
PG ‘STACKING’
This absence of data presents a challenge to
commercial lenders looking to offer credit
backed by a PG. A lender will underwrite the
loan based on factors including the completion
of an application form and a credit check
on any guarantor(s). The lender at this point
is only privy to the personal credit file of the
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 21
continues on page 22 >

EXCLUSIVE REPORT
Sean Feast FCICM
“If such data were available,
the credit decision may end up
being very different, we have
seen multiple instances of
individuals with clean credit
files guaranteeing multiple
commercial credit lines – a
practice known as ‘Stacking’.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 22

EXCLUSIVE REPORT
Sean Feast FCICM
PG, which could be extremely strong. The
lender has no visibility of any commercial
credit guarantees that have been made, and
whether the PG has repaid any defaulted
lines.
“If such data were available, the credit
decision may end up being very different,”
Andrew adds. “We have seen multiple
instances of individuals with clean credit
files guaranteeing multiple commercial
credit lines – a practice known as ‘Stacking’.
“In such instances, PGs can guarantee
many lines of credit with multiple credit
providers, with each lender oblivious to
the underlying credit risk. In the event of
default, the PG will see no detriment to their
personal credit file, unless the lender obtains
a Judgment against the individual. In this
latter case, if another lender is chasing a PG
for a guaranteed debt, there is almost no way
a new lender would know this – unless the
defaulted debt lender has secured a county
court judgement against the PG.
“In the event a PG guarantees multiple
credit lines, the risk that the PG will remain
solvent if some of the debts guaranteed fall
into default, is less than certain. Creditors
should be furnished with such information
at the underwriting stage of a new loan.”
ESTABLISHED LENDERS
Andrew says that many established
commercial lenders including Liberis and
Newable Business Loans acknowledge the
problem of PG stacking and the hidden
credit risk that is created.
Varun Goel, Director at Liberis, says the
problem could be easily be resolved if the
CRAs are willing: “Even with all of the due
diligence and risk analysis we do before
agreeing to the provision of finance, we
cannot currently see if a Personal Guarantee
has been used on multiple loan applications,
as we only have visibility of the personal
and commercial credit files. As such, PG
‘Stacking’ remains a risk that is completely
hidden from view.”
Phil Reynolds, Managing Director of
Newable Lending, says PG ‘Stacking’ is
certainly an issue and cites other challenges:
“At the origination stage, it is difficult
to get visibility of a borrower’s full PG
obligations, due both to multiple companyloan
combinations and outstanding balances
versus the total guaranteed (i.e default fees,
early settlement etc).
“Although we do a considerable amount of
director matching at Companies House, this
still relies on the director’s Companies House
profile being correct and often it is not. We
have seen numerous occasions where the
same individual is a director of multiple
companies, but their director profile is
not linked, usually because of something
as simple as a discrepancy in their date of
birth.”
HARD OF HEARING
Andrew is frustrated that approaches to
CRAs have so far produced no substantive
response: “A possible solution is to create
a third CRA database, solely dedicated to
personal guarantees. This database can be
governed by the same ruleset within the
Principles of Reciprocity, only allowing the
reporting of PGs (both live and defaulted),
with access only permitted to those who
contribute to the database. This provides
transparency, fairness and consistency to
commercial lending, whilst minimising the
potential credit risk currently at play.”
“With PGs, the guarantee is
not called upon by the creditor
until the company defaults on
payment. So there isn’t a default
as such by the PG. The company
defaults, and at that point the
creditor can call on the PG for
payment when the company has
failed to pay. In this case liability
for the debt shifts to the PG.”
– Andrew Birkwood, Azzurro Associates.
“Many Banks and Alternative Finance
Providers routinely request PGs,” Andrew
explains. “The call for a bureau to maintain a
PG register would give the lenders access to
the PGs true financial position at the point
of advance, currently signing a PG doesn’t
automatically impact personal credit but it
is a hidden risk to lenders. The awareness
of this hidden risk shouldn’t only become
apparent when a debt defaults and the PG is
called upon to make payments or is sued in
the County Courts.”
Andrew is calling on the CRAs to take
decisive action: “We believe, and are
supported by many lenders in this view,
that new commercial lending depends on
understanding the full credit risk picture.
“By enabling the reporting of PGs, CRAs
will stimulate commercial lending at a
time critical to the health and resurgence
of the UK economy. With Government led
COVID-19 funding sources soon to expire,
now is the time to resolve this issue to allow
the lending community to proactively lend
to businesses with clarity and confidence in
their lending decisions.”
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 23

COUNTRY FOCUS
Language and
cultural skills are key
to doing business in
Bulgaria.
Nodding acquaintances
AUTHOR – Adam Bernstein
THRACIANS, Persians, Celts
and Romans – Bulgaria’s
seen them all. Located in
the southeast of Europe,
adjacent to Greece,
Romania, North Macedonia,
Serbia and Turkey and on the Black Sea,
Bulgaria has been subject to numerous
battles and wars.
It was the Romans who brought stability
in AD45 but the Bulgars invaded in the
7th century. They were followed by the
Byzantines in the 11th century, a second
Bulgarian empire in 1185, the Ottomans
from 1396 and the current Bulgarian
state after the Russo-Turkish war of 1877-
78. Post-World War II Bulgaria fell under
Soviet influence and only became a
democracy in 1991.
THE STATE AND ITS PEOPLE
Bulgaria is a parliamentary republic with
a 240-member national assembly, council
of ministers and a government led by
a prime minister. It’s not the largest of
countries at 110,994 sq km, but it’s larger
than Iceland (102,775 sq km) and Ireland
(70,273 sq km). That said, it’s smaller than
Romania (238,397 sq km) and the UK
(242,495 sq km).
It is now a considered member of
the European Union, NATO, the UN, the
Council of Europe and the Organisation
for Security and Co-operation in Europe.
Statistics for Bulgaria appear very
hit and miss to the point that even state
agencies quote data from as far back as
2012 and 2014. Even so, demographically
speaking, Bulgaria is one of a handful of
countries that are witnessing a population
decline – Syria is in first place with an
average annual decline of 3.43 percent,
Andorra is second at negative 1.59
percent, and Bulgaria is seventh with a fall
of 0.62 percent. In numbers, according
to InvestBulgaria, a state body for inward
investment, Bulgaria had a population of
7.28m in 2012, but the estimate for 2019 is
closer to 6.94m.
Good language skills are key to doing
business and figures from InvestBulgaria
suggest that 85 percent of the population
speaks Bulgarian, nine percent Turkish
with English, French, German, Spanish
and Russian making up the balance. Two
thirds of students learn English or German
as a second language.
As an aside, it’s worth noting that the
Cyrillic script, used by some 250m people
– half of which are in Russia – hails from
Bulgaria; and since 2007 and Bulgaria’s
joining the EU, it’s been the third official
script after Latin and Greek.
Mining operation Bulgaria
Data from the Bulgarian National
Statistical Institute, and quoted by EY
in its guide, Doing Business in Bulgaria,
suggests that of the population, 1.06m are
under working age, 4.3m at working age
and 1.73m are beyond the working age.
Further, 65 percent live in urban areas.
Around 6.8 percent are in agriculture,
26.6 percent in manufacturing and 66.6
percent are in services.
The population is well educated with
some 71 percent going on to higher
education according to World Bank data
as quoted by The Times Higher Education
World University Rankings. The Borgen
Project believes that adult literacy exceeds
98 percent and the education system has
moved on markedly from the communist
era where propaganda and communist
ideals were central to teaching; now the
focus at 51 higher education institutions is
on science and culture.
As for cities and towns, the 2011 census
found that Sofia was the largest with 1.2m
people, Ploviv had 338,153, Varna was
third with 334,870 while in 10th place was
Shumen with just 80,855 people. It’s quite
interesting that Wikipedia (taken with a
pinch of salt) has drilled down to Melnik,
a town that sits in 257th place, that has a
population of just 347.
The official currency of the country
is the Bulgarian Lev. It’s seen as a stable
currency due to a currency board
arrangement introduced in 1997 where it
was pegged to the euro at a rate of BGN
1.95583 to €1.
KEY INDUSTRIES
Bulgaria, most certainly since accession
to the EU, has been performing well
industrially in terms of market share and
GDP. It has a number of key sectors: energy,
mining, metallurgy, machine, agriculture
and tourism, as well as IT and ICT,
telecommunications, pharmaceuticals
and textiles.
Of these, mining is one of the most
important. Data from 2015 shows
that it employed 24,000 while those
in mining related activities in general
numbered 120,000 in total. The US Energy
Information Administration reckoned that
in 2018 Bulgaria was Europe’s fifth largest
coal producer. This number may well be
revised as the world moves away from
fossil fuels.
Back in 2016 the Financial Times noted
that Bulgaria had a vibrant IT sector with
some 40-51,000 software engineers – in
Soviet times it was apparently known as
the Communist Silicon Valley because
of its role in computing technology
production. However, data from Oxford
Economics – quoted by EY – suggests that
the number employed is nearer 30,000.
Nevertheless, the sector is significant and
represents three percent of Bulgarian GDP.
On science and technology, spending in
Bulgaria is relatively low at just 0.78 percent
of GDP, according to 2018 data from the
National Statistical Institute. However, the
country is active in research in chemistry,
materials science and physics. Allied to
this is Bulgarian participation in space-
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 24

COUNTRY FOCUS
AUTHOR – Adam Bernstein
Pirin National Park, originally
named Vihren National Park,
encompasses the larger part of the
Pirin Mountains in southwestern
Bulgaria, spanning an area of
403.56 km². It is one of the three
national parks in the country, the
others being Rila National Park
and Central Balkan National Park.
related programmes that have seen two satellites and
more than 200 payloads and 300 experiments lifted into
Earth orbit.
Automotive is a sector that should appeal to investors.
Data from Colliers International and Automobile Cluster
Bulgaria found that the appeal is due to low labour
cost, EU membership, and proximity to producers and
customers. Great Wall Motors has a facility in Bahovitsa
with capacity for 50,000 vehicles a year with plans to
increase this to 70,000.
As previously noted, the economy is performing (or at
least was until Coronavirus). Data from Haver Analytics
and Dun & Bradstreet indicates that GDP growth, since
2015, has been consistently in the range of 3 – 3.9 percent.
The forecast, pre-COVID, was set at 2.8 percent for 2020,
2.9 percent for 2021 and 2.6 percent for 2022. It’s unlikely
that those forecasts will now be met. In monetary terms,
those percentages translate to a GDP per capita (in US$)
to 7,841 in 2014, 9,613 in 2019 and a forecast (pre-COVID)
of 11,092 in 2022.
The same data source shows that not only is Bulgaria
– along with Slovakia and Hungary – likely to be the
most stable of economies in Central and Eastern Europe
in 2019, but that it had the second lowest government
debt to GDP in 2018 – just 22 percent. Again, expect that
number to rise.
Bulgaria has benefitted from EU membership and
funding. Some €9bn between 2007 and 2013, reckons
a 2015 UK government document, made its way to the
country and a similar amount should be invested by
the end of 2020 with an emphasis on infrastructure,
science, education, innovation and development of
the knowledge economy. Foreign direct investment,
according to EY, stood at $1.68bn in 2018 mainly coming
from the Netherlands, Germany and Belgium. Bulgaria
ranks 23rd in Europe in terms of attracted FDI projects in
2018, according to EY’s European Attractiveness Survey;
there were 43 projects in 2018 compared to 33 in 2017.
TAX MATTERS
Tax rates in Bulgaria appear quite benign with
employment and directors’ fees income being taxed at a
flat 10 percent, capital gains at 10 percent too and just five
percent on dividends. There are various rates from four
to 7.5 percent on self-employment and business income.
On top of that are social security contributions that vary
according to factors such as age, activity, and retirement
status.
As for corporate taxation, it’s set at 10 percent (the
second lowest in the EU – first place goes to Hungary and
Montenegro at nine percent). Other associated taxes such
as dividends, interest, royalties, fees for services, rent
and payments from leases vary from 0 to 10 percent. If
the company is based in Bulgaria, it will pay tax on all
its profits from Bulgaria and abroad. If, on the other
hand, it’s not based in Bulgaria but has an office or
branch there, it will only pay tax on its profits from its
activities in Bulgaria. In terms of VAT, the standard rate
is 20 percent which is reduced to nine percent for hotel
accommodation and a zero rate that’s applied to intracommunity
and transport. VAT registration is mandatory
above a rolling BGN 50,000, BGN 70,000 for distance
selling businesses and BGN 20,000 for intra-community
acquisitions.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 25
continues on page 26 >

COUNTRY FOCUS
AUTHOR – Adam Bernstein
BUSINESS TYPE
As with other countries around the world,
Bulgaria offers a number of business entities
from which to conduct business. These include
the standard sole tradership (ET) and a general
or limited partnership. However, the most
commonly used format is the limited liability
company (OOD) or the joint-stock company
(AD). It’s also possible to open a branch or
representative office, the latter established not
to sell but instead, to carry marketing or other
ancillary business functions.
Back to the OOD and AD. These entities
require at least one shareholder with no
maximum number and liability is limited –
apart from, say, fraud and tax evasion – to the
shares subscribed. An AD
differs from an OOD in
that it may be comprised
of individuals and also
legal entities (including
those of any nationality,
place of incorporation or
management). Further,
an OOD must have at least
two BGN in share capital
but for an AD, that figure
is BGN 50,000. But there
is another difference –
management. An OOD
tends to have one or a
number of directors while
Sofia, Bulgaria
an AD can have various
levels of management.
Business registration
requires a name, defined activity, an address
in Bulgaria and initial share capital deposited
in a local bank in an escrow account. This is
then followed by registration on the publicly
available official Commercial Register and the
acquisition of an official stamp that is used to
endorse any formal activities. Annual reports
must be submitted to the register and there
is a requirement for annual inventory counts.
Firms should be prepared to store records for
some time; EY highlights that payroll data
needs to be kept for 50 years, accounting
records and financial statements for 10 years,
tax and social security records and everything
else for five years.
According to foreigner.bg, there are no
restrictions on overseas involvement in a
Bulgarian business; in other words, a Bulgarian
business can be 100 percent foreign owned.
However, registration isn’t fast and can take
up to two weeks; the assistance of a Bulgarian
speaker is essential since the register is not
available in English. Lastly, Bulgaria offers
intellectual property protection since it is a
signatory to various conventions and treaties
on the subject. However, as EY notes, licensing,
patents, copyright and trademarks are not
overly regulated or constrained; trade in this
area is expanding and so EY’s¬ advice is to draw
up agreements that observe the legal minimum
so as to maintain flexibility.
EMPLOYMENT RIGHTS
Businesses need staff and
detail from the Leinonen
Group, an international
payroll firm, explains a
number of key points.
First, employment
contracts must be
registered at the National
Revenue Agency and while
they can be written in
any language, a Bulgarian
copy is recommended.
Minimum wage legislation
exists and as of July 2020 is
€311.90 per month.
According to the
Bulgarian Labour Code,
employers can use probationary periods, but
they may last six months at most. Other than
the probationary period, termination of a
contract requires at least one month’s notice.
Annual paid leave is a minimum of 20 days
plus public holidays and when illness or injury
occurs, the employer will cover 70 percent of
the employee’s wages for the first three days
with the balance paid by the National Social
Security Institute. For an employee to acquire
the right to sick pay they must work a minimum
six months and social security payments must
be completed.
Foreign nationals may work in Bulgaria only
if they reside legally in Bulgaria; this is certified
by way of a relevant residence permit issued by
the Ministry of the Interior and/or a relevant
permit has been granted by the executive
director of the Employment Agency.
ONE FINAL POINT
Visitors to Bulgaria should be aware of one
key nicety of life there. The internationally
accepted gestures signifying ‘yes’ (nodding
up and down) and ‘no’ (side to side) are done
in reverse, so when Bulgarians nod their heads
this mean ‘no’, and when they shake their heads
it means ‘yes’, a fact that may be confusing.
Adam Bernstein is a freelance business writer.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 26

COUNTRY FOCUS
AUTHOR – Adam Bernstein
The Dormition of the Mother of
God Cathedral is the largest church
building in Varna and the third
largest cathedral in Bulgaria (after
St. Alexander Nevski Cathedral
in Sofia and St. Dimitar Cathedral
in Vidin). Officially opened on 30
August 1886. It is the residence of
the bishopric of Varna and Preslav
and one of the symbols of Varna.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 27

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Advancing the credit profession / www.cicm.com / December 2020 / PAGE 29

INTERNATIONAL
TRADE
Monthly round-up of the latest stories
in global trade by Andrea Kirkby.
Vietnam’s economic
recovery accelerates
MONEYWEEK is keen on Vietnam. It’s
recently reported that the country’s GDP
growth quickened in the third quarter of
2020 as exports and manufacturing began
to recover from the pandemic-induced
slump of the first half of 2020.
It quotes Nguyen Dieu Tu Uyen on
Bloomberg, noting that ‘GDP rose by
2.62 percent from a year earlier, up from
around 0.4 percent in the second quarter.
Improving industrial production, notably
a sharp increase in manufacturing output,
was one key reason’. Overall exports
climbed by 11 percent, fuelled mainly by
demand for PCs as office workers and
students shifted to online working; that
helped offset a decline in demand for
mobile phones and clothes as well as a
slump in tourism.
Not to be left in the wings, the
Vietnamese Government is creating jobs
with cash to improve roads, railways
and other forms of infrastructure. Public
investment since January has been at a
five-year high. Aggressive fiscal spending
is also buoying growth and consumption is
expected to roar back.
All of this means that the Asian
Development Bank is forecasting economic
growth of 1.8 percent for 2020 with the
potential for exceeding two percent if
nothing knocks the rebound off course.
UK exporters should go and make hay
while the Vietnamese sun shines.
TWO KEY NEW TRADE DEALS
A post on conservativehome.com, an
independent blog for Conservative Party
thinking, reckons that the recently concluded
UK-Japan trade deal has set the tone for other
post-Brexit agreements.
The author, Stephen Booth, thinks that not
only does the deal build on the existing EU-
Japan trade framework but it goes further
in areas such as digital services. It is also a
step towards joining the Comprehensive and
Progressive Trans-Pacific Partnership (CPTPP).
Trade deals with Australia and New Zealand are
the next step. Some 60 percent of UK exports to
Australia comprise services, so Britain is keen to
secure a high-quality deal on services, data and
investment. Trade deals with Australia and New
Zealand could mean liberalised visa regimes and
more open procurement markets. In return, the
UK may have to open its agricultural market.
It’s notable that Japan heavily protected its
agricultural sector, but it has been compelled to
slowly reduce tariffs over 20 years as part of its
CPTPP deal. Booth reckons that that could serve
as a model for any UK-Australia deal. Either way,
trade deals with the other side of the planet will
be good for UK exporters.
HAVE DOG WILL SPEND
IT’S well known that people love their pets, never
more so during Coronavirus lockdown. But a story
in the Daily Telegraph suggests that our canine
friends are being elevated to almost regal status
and are being pampered like never before. And
to prove the point, look at the Beverly Hills Hotel
which now has a canine connoisseur programme
that offers the ‘ultimate in pampering’.
After a request from a guest, it held a wedding
for two collies. Meanwhile, the paper has
reported that in London, Blakes Hotel has a pet
concierge service for £329 per night, ‘with
dog beds, dog walking maps, vet services and a list
of dog-friendly shops and restaurants’. Dukes Hotel
has picnic hampers for humans and now dogs for
£15 per dog, where they can picnic in one of the
Royal Parks nearby. The package includes ‘a wicker
basket with a plush picnic rug, gourmet dog food,
dog bone chew, a selection of toys and a small ball
launcher’.
The upshot? If you’re into dog-based goods and
services, look around the world to upper tier hotels
(whether now or post-Coronavirus) to see if your
products will export.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 30

It’s not all Greek to me
ATRADIUS has recently published an
updated country report on Greece. Noting
the political tensions with Turkey over
maritime borders that pose a threat
to regional stability all in the name of
hydrocarbon exploration, the report tells
that the Greek economy has been hit hard,
especially in tourism.
The country faces an economic
contraction of more than seven percent
in 2020, due to comprehensive lockdown
measures domestically and abroad, as well
as due to the global recession. Exports are
forecast to shrink 9.5 percent this year.
Tourism (accounting for almost 27 percent
of GDP) decreased 99 percent year-onyear
in April and May, and there was
no real rebound in the summer holiday
season. Unemployment has substantially
increased over the past couple of months,
peaking at 18.3 percent in July 2020.
On the bright side though, the report is
of the view that if the pandemic comes
to a gradual end, a robust recovery of
investments, private consumption and
exports output should lead to an economic
rebound of almost 7.5 percent in 2021.
Of course, the Turkish question could
interrupt this rebound.
But there is business still to be
done there. To grease the wheels, the
Government has announced financial and
fiscal measures amounting to about 14
percent of GDP, including loan guarantees,
additional expenditures on health, cash
transfers to households, various forms
of support to companies and VAT rate
reductions. Banks have allowed deferrals
of principal payments on existing loans
for hard-hit individuals until the end of
September, and for businesses until the
end of December 2020.t
INDIAN PROPERTY
OWNERS TO BORROW MORE
ACCORDING to a report on Reuters,
Indian Prime Minister Narendra Modi
has launched a property card scheme to
provide clarity of property rights in villages
and enable farmers to use their property
as collateral for loans from financial
institutions.
Two-thirds of India’s population live in
rural areas where few possess proper land
records and property disputes are common.
The Government plans to use drone
technology to map land parcels in rural
areas and cover some 620,000 villages
over the next four years. Despite owning
houses, people were facing multiple
problems while borrowing from banks.
They should be able to borrow very easily
from banks after showing property cards
issued under ownership scheme. Each card
will have a unique identity number similar
to the Aadhaar card – the world’s biggest
biometric identity project, covering more
than a billion people in India.
What does this mean for exporters? It
means potentially millions more people
with the financial wherewithal to buy more
than before the scheme was put in place.
Germany insolvency law reform
GERMANY has set out proposals to relax
insolvency rules, the goal being to help
avert a wave of bankruptcies in what is
Europe’s largest economy. There is a catch
though - companies hit by the Coronavirus
crisis must have a robust business model
to qualify.
The Government said: ‘Companies that
can show creditors a realistic prospect of
restructuring should be able to implement
their concept outside insolvency
proceedings’.
At the heart of the problem is
Germany’s biggest slump since World War
Two as the economy shrank by 9.7 percent
in the second quarter.
The proposal is at present, just that, a
proposal. However, if put in place it would
take effect at the start of 2021 and would
Coronavirus – a catalyst for political risks
CREDIT insurer Coface has just published
its Q3 Political Risk Index Barometer and
it’s seeing both a decrease in the risk of
conflict at a global level and an increase in
the risk of political and social fragility. The
latter is exacerbated in the countries most
exposed to the Coronavirus pandemic.
There are numerous uncertainties
surrounding the forecasts presented in the
barometer and it’s entirely clear that while
waiting for a vaccine and/or treatment,
businesses and households have postponed
spending and investment projects.
Coface is anticipating a global growth
rate of negative 4.8 percent in 2020,
followed by a 4.4 percent rebound in 2021.
GDP in the eurozone and in the United
States would remain 3.5 points and two
points below the 2019 levels, respectively.
extend the deadline for firms to file for
insolvency to six weeks from the current
three and authorities would apply more
relaxed benchmarks when examining
over-indebtedness.
The Government has already taken
steps such as allowing firms in financial
trouble due to the pandemic to delay filing
for bankruptcy until the end of the year
after extending an original deadline of the
end of September. This helped the number
of firms declaring insolvency in Germany
to fall 6.2 percent to 9,006 in the first half
of this year from the same period last year.
The worry is that suspending
insolvencies delays, but does not prevent,
the collapse of zombie companies
artificially kept afloat. In other words,
watch your days outstanding carefully.
It thinks that at least three years would
be required to return to pre-crisis levels of
production. This persistently lower level of
economic activity compared to pre-crisis
levels is expected to encourage an increase
in poverty, income inequality and thus
social discontent.
Among mature economies, the degree of
dissatisfaction of public opinion with the
management of the health crisis is highest
in Spain, the United States, the United
Kingdom and France.
And in the emerging world, Iran and
Turkey are among the countries with the
highest level of social risk. Several Latin
American countries (Brazil, Mexico, Peru,
Colombia), as well as South Africa, also
present both a high political and social risk
and high exposure to the Coronavirus crisis.
UK EXPORT FINANCE
INCREASES TRADE SUPPORT
UK Export Finance (UKEF) is now
providing increased financial support to
UK exporters seeking to sell to over 100
countries worldwide.
The programme now includes countries
such as Egypt, Paraguay, Serbia, Uganda
and Vietnam. On top of this is support for
more renewable projects overseas through
the allocation of £2bn of direct lending to
finance green projects in the latest budget.
UKEF provides support to UK exports
through guarantees, loans and insurance
and is strategically positioned to provide
competitive financing to overseas
companies looking to do business with the
UK. In 2019 to 2020, UKEF provided £4.4bn
of support for UK exports, which included
over £300m in financing for wind farms in
Taiwan, £110m for a new maternity hospital
in Ghana and £40m to repair 83 kilometres
of road in Gabon.
CURRENCY UK
EXCHANGE RATES VISIT CURRENCYUK.CO.UK
OR CALL 020 7738 0777
Currency UK is authorised and regulated
by the Financial Conduct Authority (FCA).
High Low Trend
GBP/EUR 1.12786 1.09370 Up
GBP/USD 1.32814 1.28592 Up
GBP/CHF 1.21865 1.17325 Up
GBP/AUD 1.85159 1.79434 Down
GBP/CAD 1.73794 1.69726 Up
GBP/JPY 140.13577 134.51040 Up
This data was taken on 18th November and refers to the
month previous to/leading up to 17th November 2020.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 31

CONSUMER COLLECTIONS
SOFTLY
SOFTLY
How will DCAs tackle the expected
surge in vulnerable customers?
AUTHOR – David Sheridan FCICM
IT has been a challenging year for
the whole country and as we head
into winter, the reality is that it’s
going to get tougher before it gets
better. All of us are now coping
with increased restrictions on our
movements and our ability to work and live
our lives as normal. The consequences and
impact of these restrictions is becoming
more concerning by the day, fuelled by the
various negative economic predictions being
forecasted as a result.
From a debt perspective, I think it is fair to
say that with the Government intervention
and FCA instructions issued to creditors
back in March, debt levels have so far been
supressed. The latest FCA research on the
impact of COVID shows that nearly 12 million
people have low financial resilience, of which
two million have become so since February as
a result of the pandemic.
Low financial resilience is one of four key
drivers of vulnerability as the FCA highlighted
in its consultation paper – GC19/3 on guidance
to firms on the fair treatment of vulnerable
customers. The drivers depicted in this paper
include health matters, life events, capability
and financial resilience (i.e. ability to cope
with setbacks).
Given the current situation, many people
are dealing with vulnerability, and with
growing concerns over the economy and
increasing unemployment levels, and
forecasts predicting it will double within the
next six months, the number of people who
will fall into financial vulnerability is clearly
going to increase. So what does this mean for
the Debt Collection sector, the businesses
tasked with helping creditors deal with rising
levels of delinquencies? Is this a fantastic
opportunity for firms to swell their coffers
(so to speak) whilst many businesses and
customers are facing financial ruin?
STRUCTURE AND GUIDANCE
Looking back to March and the initial
approach to the pandemic, the Government,
regulators and creditors came together and
provided structure and guidance and support
to help those customers and businesses
impacted by COVID. Many people, particularly
in customer facing sectors that were forced to
close, were furloughed. Large numbers took
advantage of payment deferrals – or holidays –
across their mortgages, loans and credit cards
to help deal with reduced income during the
initial lockdown period. These measures were
introduced to help people cushion the blow
they were likely to face as a result of economic
privations imposed to fight the pandemic.
Our business, like many other agencies, took
note of these enhanced forbearance tools and
approaches and adapted our communications
to ensure customers struggling to pay their
bills, let alone make any payments towards
their debts, were given support and guidance
for their situation.
The solutions offered vary according to a
customer’s individual circumstances. In some
cases, customers just needed to reduce their
monthly payments, some needed a payment
break and some customers were directed
immediately through an online partnership
that we have, with free to access debt advice
services. These organisations specialise in
helping customers review their overall income
and outgoings and restructure these to help
them meet essential expenditure needs given
their revised circumstances. It is also fair to
say that some customers actually benefitted
from the debt referral options given by all
creditors and used the unexpected income to
pay down debts.
The point that is important to stress here
is that the interest of the agency when
speaking with customers is not a single focus
on resolving the debt that has been assigned
to them but taking the time to understand
and assess the customer’s situation before
agreeing a debt repayment route. By all means,
if customers are in a position to repay the debt
in question, we should and do encourage
them to do that, but only after assessing their
circumstances and undertaking a general
wellbeing check. This is the appropriate thing
to do given the customer’s circumstances.
Given the current situation there will be an
increase in customers who are struggling
with their mental health and our agents are
trained to delicately explore this through
industry recognised standards such as the
Texas Framework and general sensitive case
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 32

CONSUMER COLLECTIONS
AUTHOR – David Sheridan FCICM
handling protocols. So it is important for DCAs to be
aware of this and provide sufficient support to the
customer in these circumstances, which can include
referral to recognised support organisations and
extended breathing space to support that.
CUSTOMER EXPERIENCE
I believe that the UK Debt Collection sector has
transformed itself in the past decade, driven heavily
by regulatory intervention and guided by the Credit
Services Association (CSA), but it has embraced
and pivoted on good customer experience as being
central to achieving great results. This is very much
at odds with the common misconception that we
are an industry that thrives on more people being in
debt. This is simply not the case.
The fact is we don’t, and our clients care about how
we deal with customers and ensure we achieve a fair
outcome based on their customers’ circumstances.
Now, more than ever, clients are monitoring firm’s
engagement with customers. Firms themselves
are also measuring their own interactions with
customers and many have dedicated resources
focused on analysing and improving the customer
experience.
Customer feedback is vital to assessing the quality
of the service we provide. Commercial outcomes are,
of course, important, but no more important than
conduct outcomes. To that point, the commercial
impact of more customers in debt struggling to pay
their bills means, quite simply, that many will be
paying less over a much longer period of time. As
a result, firms will see their servicing costs increase
and revenue levels reduce.
AGENT ABUSE
So no, it certainly is not boom time for DCAs.
Probably the opposite; it’s a very tough trading
outlook. It is also worth highlighting the great job
that customer facing agents are doing across the
country with many experiencing rising levels of
abuse from customers. We know emotions are
running high, particularly with the constraints and
frustrations people are having to live with, but that’s
no excuse for agents to be on the receiving end of
sometimes shocking verbal abuse from customers.
Given that many agents are now working from
home, children in the background or indeed with
parents or other loved ones, this is very tough to deal
with. We are all impacted by this pandemic and by
caring for each other and being respectful in our
interactions we will help each other get through it.
I know that our agents are really passionate about
helping people and take pride in doing that. To see
the rising levels of verbal abuse when we are trying
to help, therefore, is disappointing.
While we are facing tough times and many people
will struggle financially in the months ahead,
customers can be confident that if they are contacted
by firms like ourselves, DCAs who are members of
the CSA, they will be treated fairly and given the
support they need to deal with their situation.
David Sheridan FCICM is Operations Director of
ARC Europe, and a member of the CICM Technical
Committee.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 33

HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION
STAYING THE COURSE
Vaccines, enforcement and ‘another new normal’
– what will 2021 have in store for enforcement?
AUTHOR – Andrew Wilson FCICM
WHAT’S in store for
us all in 2021? I
am certainly not
getting a crystal
ball out after the
events of 2020. It
would be a foolish person that would
predict what the world has in store for
us, and I’m certainly not going to try.
What I can do is set out what the High
Court Enforcement Officers Association
is going to focus on.
And although almost everything has
changed in 2020, in some ways, many
things have stayed the same.
We will continue to represent and
support our members and be the voice
for our profession. But what does that
mean in 2021?
We have three main priorities moving
forward:
1. Making sure High Court enforcement
is undertaken safely and responsibly.
2. Improving clarity and transparency
across High Court enforcement.
3. Modernising the High Court
enforcement system across England
and Wales.
This isn’t something our members can
do on their own, but they’re absolutely
ready and willing to play their part.
Safety and responsibility have been
the key watchwords for enforcement this
year and, even with an effective vaccine
on the horizon, that will continue into
2021 and beyond. Putting safety and
responsibility first has been critical
for the health of debtors, agents and
our collective reputation. It’s been the
right thing to do and we’ve actually
had improved engagement with many
thousands of debtors as a result.
It’s interesting that the changes
affecting High Court enforcement have
come from Government in a mix of
guidance and statutory instruments.
Whether that is the ‘Christmas break’
from evictions, clarity over exemptions
on possessions, or guidance on how
the Tier system applies to enforcement
across England, it hasn’t made any
difference to how our members have
responded.
The High Court Enforcement Officers
Association has been able to respond
quickly and confirm that our members
support and will follow the letter and
the spirit of what Government is asking
– whether that is guidance or legislation.
We’re all grown-ups and this is a grownup
and sensible way to operate right
now.
Clarity and transparency will be
important in 2021 as well, and we know
we can do better here.
VAT on High Court enforcement fees
is a good example. It’s a complex area,
and we’ve made our case to Government
for a zero VAT rating – it’s the fairest
and clearest approach for creditors
and debtors – and we’ll continue to
liaise with the Ministry of Justice to get
an outcome to this. Clarity is hugely
important for everyone involved and the
current position needs to move forward.
As for modernisation, things have
moved on in leaps and bounds in 2020,
but there is much more that can be done.
We’re supportive of the Government’s
moves to modernise the court system
and we want to open up more freedom
for creditors to choose between High
Court writs and County Court warrants
when it comes to collecting unpaid
debts.
The £600 figure – the current minimum
debt for which High Court writs can be
used – is arbitrary. It is causing delays
and frustrations for creditors who would
like to work with our members to collect
money that is owed to them. We’d like to
see that changed to increase options for
creditors and give UK plc more choice
in how it collects unpaid debts – which
will be critical for keeping the economy
moving in 2021.
Since entering the latest phase of
national restrictions across England in
early November it seems that the big
picture has jumped forward with news
of a successful vaccine developments, so
suddenly 2021 is starting to look a little
different. Here’s hoping.
Andrew Wilson FCICM is Chairman of
the High Court Enforcement Officers
Association (HCEOA).
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 34

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C R E D I T M A N A G E M E N T
Collaborative
Corporate credit teams
are redefining themselves
as champions of customer
satisfaction and service.
The emergence of straight-through eInvoicing and
collections software has allowed credit managers
to shrug off the stern, confrontational image for
one centred around insight and understanding.
Today, credit managers can work with suppliers
more collaboratively and provide valuable
management information to their executive
teams.
We live in the so-called Information Age and data is
the new oil. Credit managers with access to a rich
pipeline of data can apply their minds to analysis and
critical thinking, developing nuanced and dynamic
approaches to credit risk. Those, however, with a
paucity of data will have little choice than to adhere
rigidly to policies and fill their days with a treadmill of
operational tasks. Their roles are limited to that of an
enforcer, rather than one of a problem-solver.
Yet it is only possible when the credit manager
is empowered with information – a detailed
audit trail of when and how the customer has
responded to invoices and letters they have
been sent.
Collaborative Working
Most businesses uses some form of
collaborative working tool, from the simplest
instant messaging tools such as Slack and
Yammer to Teams, Sharepoint and Miro. These
tools encourage frequent, succinct exchanges
that are informal and spontaneous.
If you find yourself in the latter group, there is one
simple thing you can do to turn things around:
digitise. Put your AR and collections operations into
the cloud and the upshot will be a plentiful supply of
information and data that can be sliced, modelled and
analysed to deliver meaningful insights. And those
insights form the basis for the collaborative conversations
both within the business and with customers,
allowing credit managers to put forward tailor-made
credit solutions involving invoice finance, early payment
discounts, seasonally varied credit limits and
other such mechanisms.
High value work that drives strategic outcomes is
rewarding both in terms of job satisfaction company
profitability. It can unlock working capital and cement
loyalty from buyers.
Business tools that encourage frequent,
succinct exchanges that are informal and
spontaneous enable quick resolution. Which
is also how your interactions with buyers
should be.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 36 34

40
30
20
10
0
Item 1 Item 2 Item 3 Item 4
by Holly Scott-Donaldson
Head of Sales and Marketing at Data Interconnect
hollysd@datainterconnect.co.uk
They are browser-based and frictionless, which
is how your interactions with buyers could be.
How? By using an eInvoicing software platform
that has a self-service portal at its core.
Machine readable invoice formats accelerate
the interaction between supplier Accounts
Receivable and buyer Accounts Payable. They
allow the essential data to be absorbed more
easily into buyer AP systems for Purchase Order
matching, approval and subsequent settlement.
In the best-case scenario, EDI exchanges using
formats such as PEPPOL allow for a zero-touch
order-to-cash process, but when exceptions,
issues or disputes arise, interaction still needs
to be digital, which is where
the self-service portal
becomes invaluable.
Invoicing portals provide the browser-based
interface through which buyers can raise
issues, append documents such as PODs and
commence the process of collaboration
towards resolution. Open cases can be quickly
assigned to a colleague to ensure continuous
coverage during absences. Everything needed
to answer questions or resolve issues is easily
accessible , including a time-stamped audit trail
of all interactions. Colleagues can pick up a case
efficiently and work on it without a handover.
In fact, cases can be moved to different team
members at different stages of the process,
with collections experts focused on reducing
aged debt and AR specialists tasked with
handling invoice queries. Portals provide a
window on real-time and historical activity and
make it possible for teamworking focused on
improving key metrics instead of simply
managing a workload.
During periods of lockdown digital interaction
was all many businesses had. For some, this
caused a vital information gap, while for those
fortunate enough to be using software like
Corrivo, pure digital interaction continued to
serve up valuable insights that could be used to
develop agile and responsive strategies for
challenging times. With further lockdowns
seemingly inevitable, the case for investment in
AR is hastened. Even during the worst of times,
credit teams can be equipped to do their jobs
efficiently and effectively, bringing in the vital
funds their own companies need to weather
the economic storm. With the right tools, credit
managers can become the economic heroes
saving livelihoods, rather than lives.
Advancing the credit profession // www.cicm.com // Novemberw December 2020 // PAGE 37 35

PAYMENT TRENDS
Time to Buckle up?
The ups and downs of payment performance sees
some businesses doing better than others.
AUTHOR – Iona Yadallee
THE latest busines-to-business payment performance
figures show that businesses have been waiting a little
longer for invoices to be paid in October. There have
been slight increases to Days Beyond Term (DBT) across
UK business sectors and UK regions – the average DBT
for sectors and regions increased by 0.7 days and 0.1
days respectively.
These marginal increases, however, may detract from what
businesses in some sectors or regions are experiencing; some might
feel like they are starting to edge up to the main descent on their roller
coaster ride, while others may be enjoying a more gentle run with the
brake half applied. Either way, we don’t know what is around the next
bend and it doesn’t look like the full impact of the ongoing pandemic
has shown itself yet within the payment performance figures.
SECTOR SPOTLIGHT
The Water & Waste, Mining & Quarrying and Business from Home
sectors continue to vie for the unwanted position of highest DBT figure
in October. Water & Waste’s DBT continues to rise by 2.4 days (this
follows a rise of 13.8 days in September) which put it in the top spot
with an overall DBT of 24.4, followed by the Mining & Quarrying sector
– 22.7 days overall.
Not too far behind is the Business from Home sector, with an overall
DBT of 21.4 days, but hopefully the UK’s entrepreneurial spirit will
have been given a lift over the past few months as this figure climbs
down from the 32.2 days it experienced in August. While the Business
from Home sector is still the third worst hit sector, and sits head and
shoulders above the sector average of 15.9 DBT, it is encouraging to see
it falling for a second month – this time by 7.8 days for October.
Other significant reductions in DBT come from the Education sector
(-6.8 days) and Health & Social (-5.5 days). Education is another sector
heading in the right direction – with another drop of 6.8 days down to
13.6 DBT. More marginal reductions can also been seen across many
other sectors but DBT figures haven’t made it below 10 DBT just yet.
The highest increase in days is found in Other Services (which
includes everything from dry cleaners, hairdressers and businesses
offering beauty services through to computer and furniture repair
services and membership organisations, with a big jump of 7.1 days.
Public Administration also struggled, with an increase of 5.9 days to
its payment terms.
REGIONAL SPOTLIGHT
The regional standings continue to highlight the struggles of
Northern Ireland, which remains the worst performing region
with an overall DBT of 23 days following a further increase
of 3.2 days. The East Midlands has also struggled with late
payments, a sharp increase of 4.2 days means its overall DBT is
now standing at 20.1 days. However, it is worth noting that the
third worst performing region is the North West with 15.6 DBT,
which sits much closer to the regional average of 14.6.
On a more positive note, a number of regions have made
steady improvements to payment terms. The DBT figure for
East Anglia has fallen to 12.9 (-3.7), and so too has the South East
which now stands at 13.1 (-1.6) and Yorkshire & Humberside
at 14.2 DBT (-1.3). The best performing regions continue to be
the South West, despite a small increase (+0.4 days), with an
overall DBT of 11.1 days, and Scotland with 11.0 DBT (-0.6).
Written by Iona Yadallee, Deputy Editor.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 38

PAYMENT TRENDS
Data supplied by the Creditsafe Group
Top Five Prompter Payers
Region Oct 20 Change from Sept 20
Scotland 11 -0.6
South West 11.1 0.4
East Anglia 12.9 -3.7
Wales 12.9 -0.2
West Midlands 13 -0.1
Bottom Five Poorest Payers
Region Oct 20 Change from Sept 20
Northern Ireland 23 3.2
East Midlands 20.1 4.2
North West 15.6 0.1
Yorkshire and Humberside 14.2 -1.3
London 14 0.6
Getting Better
Business from Home -7.8
Education -6.8
Health & Social -5.5
Professional and Scientific -3
Wholesale and retail trade -2.8
Energy Supply -1
Business Admin & Support -0.9
Dormant -0.8
Entertainment -0.5
IT and Comms -0.5
Transportation and Storage -0.3
SCOTLAND
-0.6 DBT
Getting Worse
NORTHERN
IRELAND
3.2 DBT
NORTH
WEST
0.1 DBT
YORKSHIRE &
HUMBERSIDE
-1.3 DBT
Other Service 7.4
International Bodies 7.1
Public Administration 5.9
Financial and Insurance 5.4
WALES
-0.2 DBT
WEST
MIDLANDS
-0.1 DBT
EAST
MIDLANDS
4.2 DBT
LONDON
0.6 DBT
EAST
ANGLIA
-3.7 DBT
Agriculture, Forestry and Fishing 4.7
Hospitality 3.7
Manufacturing 2.8
Water & Waste 2.4
SOUTH
WEST
0.4 DBT
SOUTH
EAST
-1.6 DBT
Real Estate 2
Construction 1.8
Mining and Quarrying 1.6
Region
Getting Better – Getting Worse
-3.7
-1.6
-1.3
-0.6
-0.2
-0.1
4.2
3.2
0.6
0.4
0.1
East Anglia
South East
Yorkshire and Humberside
Scotland
Wales
West Midlands
East Midlands
Northern Ireland
London
South West
North West
Top Five Prompter Payers
Sector Oct 20 Change from Sept 20
Wholesale and retail trade 10 -2.8
Health & Social 10.3 -5.5
Entertainment 11.7 -0.5
Energy Supply 12.5 -1
Hospitality 12.7 3.7
Bottom Five Poorest Payers
Sector Oct 20 Change from Sept 20
Water & Waste 24.4 2.4
Mining and Quarrying 22.7 1.6
Business from Home 21.4 -7.8
Other Service 21.4 7.4
International Bodies 18.2 7.1
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 39

INTRODUCING OUR
CORPORATE PARTNERS
For further information and to discuss the opportunities of entering into a
Corporate Partnership with the CICM, please contact corporatepartners@cicm.com
Onguard is a specialist in credit management
software and a market leader in innovative solutions
for Order to Cash. Our integrated platform ensures
an optimal connection of all processes in the Order
to Cash chain and allows sharing of critical data. Our
intelligent tools can seamlessly interconnect and
offer overview and control of the payment process,
as well as contribute to a sustainable customer relationship.
The Onguard platform is successfully used
for successful credit management in more than 50
countries.
T: 020 3868 0947
E: lisa.bruno@onguard.com
W: www.onguard.com
Satago helps business owners and their
accountants avoid credit risks, manage debtors
and access finance when they need it – all in
one platform. Satago integrates with 300+ cloud
accounting apps with just a few clicks, helping
businesses:
Understand their customers - with RISK INSIGHTS
Get paid on time - with automated CREDIT CONTROL
Access funding - with flexible SINGLE INVOICE FINANCE
Visit satago.com and start your free trial today.
T: 020 8050 3015
E: hello@satago.com
W: www.satago.com
The Company Watch platform provides risk analysis
and data modelling tools to organisations around
the world that rely on our ability to accurately predict
their exposure to financial risk. Our H-Score®
predicted 92 percent of quoted company insolvencies
and our TextScore® accuracy rate was 93
percent. Our scores are trusted by credit professionals
within banks, corporates, investment houses
and public sector bodies because, unlike other credit
reference agencies, we are transparent and flexible
in our approach.
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
Bottomline Technologies (NASDAQ: EPAY) helps
businesses pay and get paid. Businesses and banks
rely on Bottomline for domestic and international
payments, effective cash management tools, automated
workflows for payment processing and bill review
and state of the art fraud detection, behavioural
analytics and regulatory compliance. Every day, we
help our customers by making complex business
payments simple, secure and seamless.
T: 0870 081 8250
E: emea-info@bottomline.com
W: www.bottomline.com/uk
Dun & Bradstreet Finance Solutions enable modern
finance leaders and credit professionals to improve
business performance through more effective risk
management, identification of growth opportunities,
and better integration of data and insights
across the business. Powered by our Data Cloud,
our solutions provide access to the world’s most
comprehensive commercial data and insights
supplying a continually updated view of business
relationships that help finance and credit teams
stay ahead of market shifts and customer changes.
T: (0800) 001-234
W: www.dnb.co.uk
Chris Sanders Consulting (Sanders Consulting
Associates) has three areas of activity providing
credit management leadership and performance
improvement, international working capital
improvement consulting assignments and
managing the CICMQ Best Practice Accreditation
programme on behalf of the CICM. Plans for
2019 include international client assignments in
India, China, USA, Middle East and the ongoing
development of the CICMQ Programme.
T: +44(0)7747 761641
E: chris@chrissandersconsulting.com
W: www.chrissandersconsulting.com
With 130+ years of experience, Graydon is a leading
provider of business information, analytics, insights
and solutions. Graydon helps its customers to make
fast, accurate decisions, enabling them to minimise
risk and identify fraud as well as optimise opportunities
with their commercial relationships. Graydon
uses 130+ international databases and the information
of 90+ million companies. Graydon has offices in
London, Cardiff, Amsterdam and Antwerp. Since 2016,
Graydon has been part of Atradius, one of the world’s
largest credit insurance companies.
T: +44 (0)208 515 1400
E: customerservices@graydon.co.uk
W: www.graydon.co.uk
Tinubu Square is a trusted source of trade credit
intelligence for credit insurers and for corporate
customers. The company’s B2B Credit Risk
Intelligence solutions include the Tinubu Risk
Management Center, a cloud-based SaaS platform;
the Tinubu Credit Intelligence service and the
Tinubu Risk Analyst advisory service. Over 250
companies rely on Tinubu Square to protect their
greatest assets: customer receivables.
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com
W: www.tinubu.com.
Operating across seven UK offices, Menzies LLP is
an accountancy firm delivering traditional services
combined with strategic commercial thinking. Our
services include: advisory, audit, corporate and
personal tax, corporate finance, forensic accounting,
outsourcing, wealth management and business
recovery – the latter of which includes our specialist
offering developed specifically for creditors. For
more information on this, or to see how the Menzies
Creditor Services team can assist you, please
visit: www.menzies.co.uk/creditor-services.
T: +44 (0)2073 875 868 - London
T: +44 (0)2920 495 444 - Cardiff
W: menzies.co.uk/creditor-services
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 40

Each of our Corporate Partners is carefully selected for
their commitment to the profession, best practice in the
Credit Industry and the quality of services they provide.
We are delighted to showcase them here.
THEY'RE WAITING TO TALK TO YOU...
Hays Credit Management is a national specialist
division dedicated exclusively to the recruitment of
credit management and receivables professionals,
at all levels, in the public and private sectors. As
the CICM’s only Premium Corporate Partner, we
are best placed to help all clients’ and candidates’
recruitment needs as well providing guidance on
CV writing, career advice, salary bench-marking,
marketing of vacancies, advertising and campaign
led recruitment, competency-based interviewing,
career and recruitment trends.
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
The Atradius Collections business model is to support
businesses and their recoveries. We are seeing a
deterioration and increase in unpaid invoices placing
pressures on cashflow for those businesses. Brexit is
causing uncertainty and we are seeing a significant
impact on the UK economy with an increase in
insolvencies, now also impacting the continent and
spreading. Our geographical presence is expanding
and with a single IT platform across the globe we can
provide greater efficiencies and effectiveness to our
clients to recover their unpaid invoices.
T: +44 (0)2920 824700
W: www.atradiuscollections.com/uk/
Shoosmiths’ highly experienced team will work
closely with credit teams to recover commercial
debts as quickly and cost effectively as possible.
We have an in depth knowledge of all areas of debt
recovery, including:
• Pre-litigation services to effect early recovery and
keep costs down • Litigation service • Insolvency
• Post-litigation services including enforcement
As a client of Shoosmiths, you will find us quick to
relate to your goals, and adept at advising you on the
most effective way of achieving them.
T: 03700 86 3000
E: paula.swain@shoosmiths.co.uk
W: www.shoosmiths.co.uk
Forums International has been running Credit and
Industry Forums since 1991 covering a range of
industry sectors and international trading. Attendance
is for credit professionals of all levels. Our forums
are not just meetings but communities which
aim to prepare our members for the challenges
ahead. Attending for the first time is free for you to
gauge the benefits and meet the members and we
only have pre-approved Partners, so you will never
intentionally be sold to.
T: +44 (0)1246 555055
E: info@forumsinternational.co.uk
W: www.forumsinternational.co.uk
Data Interconnect provides ERP-agnostic AR
software. The Corrivo platform transmits invoices
in multiple formats using tax compliant templates
custom-designed for your business. Corrivo expedites
collections, reconciliation and dispute processes with
flexible workflow tools for creating and assigning tasks,
limits, chase paths or stops and a self-service portal
where customers can query, comment, dispute or pay.
Corrivo manages data securely and efficiently so that
you can manage your customers and cashflow better.
T: +44 (0)1367 245777
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
Serrala optimizes the Universe of Payments for
organisations seeking efficient cash visibility
and secure financial processes. As an SAP
Partner, Serrala supports over 3,500 companies
worldwide. With more than 30 years of experience
and thousands of successful customer projects,
including solutions for the entire order-to-cash
process, Serrala provides credit managers and
receivables professionals with the solutions they
need to successfully protect their business against
credit risk exposure and bad debt loss.
T: +44 118 207 0450
E: contact@serrala.com
W: www.serrala.com
American Express® is a globally recognised
provider of business payment solutions, providing
flexible capabilities to help companies drive
growth. These solutions support buyers and
suppliers across the supply chain with working
capital and cashflow.
By creating an additional lever to help support
supplier/client relationships American Express is
proud to be an innovator in the business payments
space.
T: +44 (0)1273 696933
W: www.americanexpress.com
C2FO turns receivables into cashflow and payables
into income, uniquely connecting buyers and
suppliers to allow discounts in exchange for
early payment of approved invoices. Suppliers
access additional liquidity sources by accelerating
payments from buyers when required in just two
clicks, at a rate that works for them. Buyers, often
corporates with global supply chains, benefit from
the C2FO solution by improving gross margin while
strengthening the financial health of supply chains
through ethical business practices.
T: 07799 692193
E: anna.donadelli@c2fo.com
W: www.c2fo.com
Esker’s Accounts Receivable (AR) solution removes
the all-too-common obstacles preventing today’s
businesses from collecting receivables in a
timely manner. From credit management to cash
allocation, Esker automates each step of the orderto-cash
cycle. Esker’s automated AR system helps
companies modernise without replacing their
core billing and collections processes. By simply
automating what should be automated, customers
get the post-sale experience they deserve and your
team gets the tools they need.
T: +44 (0)1332 548176
E: sam.townsend@esker.co.uk
W: www.esker.co.uk
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 41

INTRODUCING OUR
CORPORATE
PARTNERS
For further information and to discuss the
opportunities of entering into a Corporate
Partnership with the CICM, please contact
corporatepartners@cicm.com
HighRadius is a Fintech enterprise Software-as-a-Service
(SaaS) company. Its Integrated Receivables platform
reduces cycle times in the Order to Cash process through
automation of receivables and payments across credit,
e-invoicing and payment processing, cash allocation,
dispute resolution and collections. Powered by the RivanaTM
Artificial Intelligence Engine and Freeda Digital
Assistant for Order to Cash teams, HighRadius enables
more than 450 organisations to leverage machine
learning to predict future outcomes and automate routine
labour intensive tasks.
T: +44 7399 406889
E: gwyn.roberts@highradius.com
W: www.highradius.com
‘‘
CICM offered the
prospect of qualifications,
but as soon as I became
a member, loads of other
opportunities came to
light that I hadn’t initially
realised were available.
Molly Kane
ACICM
Key IVR provide a suite of products to assist companies
across Europe with credit management. The
service gives the end-user the means to make a
payment when and how they choose. Key IVR also
provides a state-of-the-art outbound platform
delivering automated messages by voice and SMS.
In a credit management environment, these services
are used to cost-effectively contact debtors and
connect them back into a contact centre or
automated payment line.
T: +44 (0) 1302 513 000
E: sales@keyivr.com
W: www.keyivr.com
Building on our mature and hugely successful
product and world class support service, we are
re-imagining our risk awareness module in 2019 to
allow for hugely flexible automated worklists and
advanced visibility of areas of risk. Alongside full
integration with all credit scoring agencies (e.g.
Creditsafe), this makes Credica a single port-of-call
for analysis and automation. Impressive results
and ROI are inevitable for our customers that also
have an active input into our product development
and evolution.
The value
of CICM
membership
Molly Kane ACICM
Senior Credit Controller Executive
Stuart Delivery Ltd
Read more about her story and join your
credit community by visiting:
www.cicm.com/value-of-cicm-membership/
T: 01235 856400
E: info@credica.co.uk
W: www.credica.co.uk
info@cicm.com
www.cicm.com
01780 722900
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 42

PANEL BASHERS
BAD LOGIC
We ask a panel of credit management experts to
answer some of our reader’s biggest questions.
Someone told
me recently that
achieving zero
bad debts was not
necessarily a good
thing? Why would
this be the case?
Panellist
Mark Greatorex
MCICM(Grad)
MARK GREATOREX
Mark Greatorex a graduate member of the CICM and has
worked in B2B credit environments for over 20 years.
Approximately 12 of those years were in management roles
for L’Oréal, Lafarge (Later becoming Tarmac) and ATS
Euromaster (Part of the Michelin group). His experience
includes all aspects of the order to cash process and also
expanded into accounts payable when he took responsibility
for the function as part of a wider transactional finance
role. Since 2019 he has been running his own consultancy
concentrating on process and performance improvement
within order to cash and procure to pay.
WHEN working in credit it can be easy to fall
into the trap of targeting zero bad debts. I’ve
seen many credit managers take one look at
the credit report of a potential customer and
refuse to give them credit terms because
they appear a little too risky.
Make no mistake, as a credit manager you are not there to
gamble with your company’s finances, but you should be taking
calculated risks that align with the company’s strategic goals.
A credit manager’s role is not to simply ensure that every invoice
is paid in full and on time or that only the most credit worthy
customers are accepted. Your purpose is to align yourself with the
strategic direction of your company and react accordingly.
I previously worked with a company who had a strong position
in the market, providing something unique which could not be
purchased elsewhere. They knew their market dominance and
therefore were averse to taking any credit risk. They only wanted to
offer short terms, were quick to have directors’ guarantees signed
and would stop supplies as soon as an invoice became overdue.
Whilst the company didn’t achieve zero bad debts, they certainly
came close. The offset was that they undoubtedly missed out on
sales with potential customers who didn’t meet the strict policy
for granting credit. They understood and accepted this trade off.
Let me contrast this with a very different approach. I met with
the Managing Director of a company which was one of the biggest
in its market. However, by his own admission he had no way to
differentiate his physical product from any of his competitors.
Instead he relied on the overall service offer around the product
to help them stand out and win business. Despite their size in the
market, he had clear and aggressive growth plans. He had a good
understanding of credit risk, was prepared to push boundaries
and was able to have sensible balanced discussions about the
level of risk that was appropriate.
This is where credit managers can come into their own. It’s easy
to say ‘No’ but if you are at odds with business goals then life will
become a battle and the credit department will quickly live up to
the ill-informed stereotype of sales prevention. Modern thinking
credit managers have moved on. They align closely with the
sales and commercial teams and offer solutions to help achieve
business objectives by providing input into a balanced risk and
reward analysis.
The nature of taking this calculated risk is that sometimes it will
go wrong, and the business will incur a bad debt. Communicating
effectively during the decision-making process and throughout
the lifecycle of a customer allows everyone to understand and
make decisions on this level of risk sooner rather than later.
In summary, I’ll leave you with these questions: Are you fully
aware of your company’s objectives? More importantly, are you
adapting your credit decisions and communication to meet these?
In short, are you prepared to make and stand by the decisions
which might just give your company an opportunity to grow?
If you’d like to join our panel of experts, or
if you have a question to ask, contact the
editor at sfeast@gravityglobal.com
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 44

PANEL BASHERS
Panellist Nigel Fields
FCICM
NIGEL FIELDS
A career in credit management spanning more than 30 years, Nigel is now
a senior consultant with a new start-up company, TheBossCat.com, which
provides knowledge, skills and various services to a wide range of businesses.
Nigel spent 20 years working for Twentieth Century Fox International
Film Corp. starting out in its UK business as Credit Manager and rising to
Executive Director for Credit, responsible for Order to Cash (O2C) across
Fox’s entire international business portfolio. Prior to Fox, he worked as the
Credit Manager at Hornby Hobbies and a Credit Controller for GEC. Nigel
says: “I attribute much of my career success to the CICM community where I
am always able to draw upon knowledge and skills from the extensive array
of members and partners.”
LET me provide a true example
of when a business happily
wrote off £200,000 of ‘Bad
Debt’ and by doing so, made a
profit exceeding £1m.
The objective of most
businesses is generally to sell products or
services for a profit. A professional credit
manager, therefore, needs to understand
the company’s profitability from sales
compared to credit risks. This goes beyond
general customer risk profiling (although
still incredibly important). It makes the
credit manager a good commercial business
partner who helps make profitable sales
even when customers might be considered
‘high risk’ or not creditworthy. The
important thing is to understand the risk
versus reward and find ways to mitigate
against true risk exposure.
Assessing credit risk requires us to model
the probability of a customer defaulting in
full, or in part, on their obligation. This
involves a decision either (A) to extend
credit, which provides a reward but entails
a risk, or (B) to refuse credit. It should also
consider when a default is likely.
So, what am I saying here? This is a true
example where a customer’s credit grade
became ‘high risk’ and potential insolvency.
Many of their suppliers decided to stop
trading with them and so provided an
opportunity to sell more products knowing
the risks. Continuing supply also assisted
the customer to continue trading and
giving them the opportunity to try and turn
their business around. A big driver here
is to understand the profitability of what
was being sold to allow yourself to build
a framework and visualise the ‘true’ value
at risk against the potential reward. Being
a supplier that supports their customers in
a difficult situation allows for more open
communication to gain better insights into
their operations. It also helps to get a better
view about when any insolvency might
happen in order to better manage the risk.
This customer agreed to some shorter
payment terms (that were strictly managed).
My business agreed to a maximum level of
credit exposure and then reserved for it. In
the example below, this customer traded
for a further 18 months, thus continuing to
pay staff and their suppliers.
The customer purchased approx.
£200,000 of products every month and our
profit from this was about £80,000 every
month. Our biggest risk was in Month 1 for
our £120,000 COS. You can see that over the
18 months we traded, our cumulative profit
was £1.24m against the ongoing monthly
stake of £120,000.
We actually recovered additional
sums using our retention of title
clause following the eventual
customer insolvency. I can say that
we were incredibly happy to write
off this large bad debt. Some credit
managers may still consider this
as poor credit management, but I
completely disagree.
Month Invoice Value Paid Invoices Cost of Goods Profit Cum Proft
1 £200,000 -£200,000 -£120,000 £80,000 £80,000
1 £200,000 -£200,000 -£120,000 £80,000 £160,000
1 £200,000 -£200,000 -£120,000 £80,000 £240,000
..........and continuing weekly
16 £200,000 -£200,000 -£120,000 £80,000 £1,280,000
17 £200,000 -£200,000 -£120,000 £80,000 £1,360,000
18 £200,000 £0 -£120,000 -£120,000 £1,240,000
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 45

presents
www.ddisoftware.co.uk
sales@ddisoftware.co.uk

EDUCATION & MARKETING
CICM Virtual Training is an ‘access anywhere’ range of interactive, online training
courses, designed to give you the skills and tools you need to thrive in your credit
work. Each training course offers high quality approaches to credit-related topics, and
practical skills that can be used in your workplace. A highly qualified trainer, with an
array of credit management experience, will guide you through the subject to give you
practical skills, improved results and greater confidence.
These are pre-recorded training
sessions that you can access
anywhere and at anytime. Short,
sharp and to the point – these suit
you if you are short on time, or need
a quick introduction or update on a
subject.
These are live, interactive sessions,
delivered virtually by a qualified trainer,
experienced in the subject. Through
a series of tasks and discussions, you
will access a hands-on training session
that offers the best practice approach to
essential credit and debt skills.
MEET YOUR TRAINER: Jules Eames FCICM(Grad); PGCE, is a qualified teacher,
trainer and credit manager with experience in credit and debt specialisms across the
O2C spectrum and ancillary businesses, in consumer, B2B and export markets.
INTRODUCTORY PRICE £90.00+VAT per person. For group training, please contact info@cicm.com
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 47

MARKETING & EDUCATION
CICM Redundancy
help and advice
CICM is here to help anyone at risk
of redundancy or looking for work.
We have all the guides and advice
you need to help you back on your feet.
HELP AND
ADVICE
TOOLS TO HELP
YOU BACK TO WORK
For further details contact: 01780 722900 | www.cicm.com | info@cicm.com
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 48

BRANCH NEWS
Standing out from the Crowd
East of England Branch
IN the latest CICM East of
England Branch webinar,
‘Standing Out from the Crowd –
How to Ace an interview – Key
Business Questions and How
to Answer Them,’ two expert
recruitment specialists and Branch
members – William Plom of Hays and
Chris Parker of Goodman Masson – gave
plenty of ideas, advice, tips and food for
thought for those about to undertake an
interview.
The webinar, which was held on 28
October, reminded attendees of the
importance of really knowing your CV
and its contents, including being able
to discuss and explain any metrics
and targets quoted. Will and Chris
also emphasised the importance of
preparation and key information that you
should endeavour to find out about the
company in advance of an interview.
They talked through the STAR
interview technique approach (Situation
Task Action and Result), suggesting
writing down three or four work
experience questions and considering
how you would tailor your answers to any
questions.
Many examples of typical interview
questions were given, such as describing
your strengths and weaknesses, your
career goals, where you see yourself in
five years time etc; tips and suggestions
on the best ways to answer such
questions were talked through, and it was
recommended that you should come up
with three good reasons why a company
should hire you.
We hope that our Branch members,
members of other Branches, and those
interested in joining CICM, found our
latest webinar helpful and informative.
The Branch Committee would like
to thank CICM HQ and both of our
speakers.
You can watch a recording of this
latest webinar on the East of England
Branch page via the CICM website. Also
on the Branch page of the CICM website
is the previous ‘Standing out from the
Crowd – Employment Tips for Students
through to Credit Professionals in a
Difficult Climate’ webinar, which was
held in August.
Author: Richard Brown, CICM East of
England Branch Vice Chairman.
MANAGING THE NEW
CREDIT FUTURE
Prepare and act now, for the
Credit world of tomorrow.
As the world continues to react to constant change, our
credit profession needs to prepare for the new credit future.
Debt management
• Adjust collections and recovery strategies to fit the changing financial environment
• Use KYC ‘know your customer’ to understand the customers in true financial difficulty
• Focus skilled staff on long term management of aging debt with a propensity for resolution
• Remove ‘uneconomical to collect’ debt from ledger via third party action, sale or write off
Employees
• Upskill staff for a new credit future through training and qualification programmes
• Review and bolster support mechanisms that cater for the wellbeing of employees
• Consult and trial agile working arrangements with touch points to check feasibility
Cash resilience
• Firm up honest and realistic cash forecasting projections and review them frequently
• Tighten processes for quick & efficient cash collection, allocation and recovery referral
• Calculate provision for bad and doubtful debt & review validity and value of securities
• Agree new risk assessment protocols for ledger-wide vetting of new and existing customers
• Review and strengthen supply chain, renegotiating contract terms in the new climate.
Future proof strategies
• Fine-tune the exit strategy, showing a roadmap of short, mid and long-term objectives
• Align Credit Policy, processes, KPIs and contingencies to the organisation’s new risk strategy
• Check processes are in place to allow for new and future flexible ways of operating
• Secure debt and ledger management software to automate manual tasks
Communication
• Maintain Senior Management visibility with short, frequent reports linked to overall objectives
• Reaffirm supply chain relationships with bespoke contact that builds plans for future trading
• Hold staff e-meetings briefly and often to focus WFH and office-based staff in a common goal
• Create cross functional work plans with re-emerging departments, to leverage help
01780 722900 | info@cicm.com
Access help from CICM
Follow the CICM Managing the New Credit
Future Forum on LinkedIn.
Access our Member Advice Service
for support, answers and advice.
Visit our Managing the New Credit Future
webpage for more resources
We continue to develop resources, advice and tools to help you prepare for
tomorrow’s Credit, today. Stay in touch with us and be part of our community.
CICM is your professional body: use it. We are stronger in numbers.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 49

HR MATTERS
FLUID THINKING
WhatsApp, criminal disclosures, and gender fluidity.
ARE social media messages
always private? Not
according to BC and
others v Chief Constable
Police Service of Scotland
(PSS) and others. Here the
Court of Session considered the inclusion
of personal WhatsApp messages in an
investigation into alleged breaches of
professional standards.
During an investigation into sexual
offences at PSS, offensive group chat
WhatsApp messages were discovered
on an officer's smartphone. They were
passed to the Professional Standards
Department within the PSS, and the
officers party to the group chat were
accused of misconduct.
The officers argued that using personal
WhatsApp messages to bring misconduct
proceedings against them was a breach
of their human rights, in particular their
right to privacy. Under Article 8 of the
European Convention on Human Rights,
everyone has a right to respect for their
private and family life, their home and
their correspondence. Public authorities
cannot interfere with this except in
AUTHOR – Gareth Edwards
Proposals on disclosure of certain spent convictions
AS part of its continuing efforts to review
the criminal records disclosure regime,
the Government is proposing to reduce
the time before certain convictions
become spent.
Currently, sentences between one and
four years become spent after a further
four to seven years respectively and
sentences of more than seven years are
never spent. The new proposals would
mean that adult custodial sentences of
up to one year would become spent after
12 months from the end of the sentence
(six months where the person was under
18 when sentenced). Adult custodial
sentences of between one and four years
would become spent after four years
from the end of the sentence (two years
where the person was under 18 when
sentenced). Adult custodial sentences of
more than four years would become spent
after seven years from the end of the
sentence (three-and-a-half years where
the person was under 18 when sentenced).
accordance with the law and where
necessary in the interests of public safety,
the prevention of crime and the protection
of the health, morals and rights of others.
The court considered whether the
officers had a reasonable expectation
of privacy and found they did not. Their
right was limited by their duties under the
professional standards for police, which
even applied when officers were off
duty. The court found that, in joining the
force, the officers accepted their right
to privacy was limited as per their
professional standards, so that if they acted
in a way that contravened those standards,
they could not have an expectation of
privacy.
For individuals who are subject to
professional standards, this case suggests
there will be limits on the right to keep
messages sent on personal accounts
private. For other individuals, a balancing
exercise should be carried out, taking
into account the particular circumstances
including how a message was brought to
the employer's attention, before deciding
whether to include it in a workplace
investigation.
Once an offence becomes spent it
will no longer show on a basic DBS
disclosure certificate. It will also no
longer be disclosable by a job applicant
on an application form or in response to
a question during interview. However,
spent convictions will still show in
standard and enhanced DBS checks
unless they have been filtered according
to DBS rules. Serious sexual, violent and
terrorist offences will never be spent or
filtered.
Gender-fluid and non-binary workers protected
IN a judgement that breaks new ground,
the Birmingham Employment Tribunal
has found that protection of non-binary
and gender-fluid people falls within the
scope of gender reassignment under the
Equality Act.
Ms Taylor, who had worked at Jaguar
Land Rover for more than 20 years, began
identifying as gender-fluid in 2017. Taylor
suffered insults and abusive jokes from
colleagues when she began dressing
in women's clothes and also suffered
difficulties using toilet facilities and a
lack of support from management.
Taylor successfully argued that she
was constructively dismissed and
suffered harassment, victimisation
and discrimination because of gender
reassignment and sexual orientation.
Under s7 of the Equality Act, a person
has the protected characteristic of gender
reassignment if they are ‘proposing to
undergo, is undergoing or has undergone
a process (or part of a process) for the
purpose of reassigning the person's sex by
changing physiological or other attributes
of sex.’
The Tribunal described gender as a
spectrum and ruled that it is beyond
doubt that Taylor was protected by
s7 as undergoing a process of gender
reassignment is a personal journey by
which an individual moves away from
their birth sex.
This is a first instance decision (and
so not binding on other Tribunals). It is
being described as a milestone moment
of which employers should take note.
Gareth Edwards is a partner in
the employment team at
VWV.gedwards@vwv.co.uk
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 51

CICM MEMBER
EXCLUSIVE
Your CICM lapel badge
demonstrates your commitment to
professionalism and best practice
TAKE PRIDE IN
WEARING YOUR BADGE
If you haven’t received your badge
contact: cicmmembership@cicm.com
CICM launch critical
AR Fact Sheets
for EMEA countries
Powered by
Powered by Baker Ing, country specific factsheets
provide up-to-date information on payment
performance, legislation, and the effects of COVID-19
and Brexit. Designed for the credit professional, they
cover legal business forms, credit risk data, collections
protocols, enforcement and more.
Credit professionals need granular knowledge of the
situation in their clients’ territories. Whether you need
an off-the-peg checklist for dealing with a new country,
or you need on-the-spot information to help review
risk strategies and Credit Policies, these insightful
documents will help.
Powered by
EU Factsheet
COVID-19 RESPONSE
Powered by
Germany has introduced a raft of measures and programmes to help combat the
economic impact of COVID-19 containment measures. Here we present what we
consider to be the most significant and interesting. This section is not exhaustive.
Loans and grants – employees:
Three main tranches of wage subsidy have been introduced.
The most wide-reaching is “Kurzarbeit”. This programme existed before COVID-19.
It is a social security programme whereby the government will subsidy employees’
wages up to 60% (more for those with children) in order to allow their employers to
reduce their hours (and their expenditure on wages) instead of laying them off.
Under COVID provisions, the subsidy has been increased. From the fourth month,
the rate is increased to 70% of flat-net renumeration for those households without
children and 77% for those households with children. From the seventh month, it is
increased to 80% for those households without children and 87% for those
households with children. In September, there was a decree to make this benefit
more flexible (e.g., reducing the minimum number of employees effected by
working hours reduction to 10% for the business the qualify) and to extend the
period for receiving this benefit from 12 to 24 months until 31 st December 2021.
Pre-Litigation
Extended ROT; Assigned to the supplier in advance. In accordance with §354a
of the Commercial Code, an advance assignment is effective despite a nonassignment
agreement between the purchaser and any third parties.
Letter before action. Do you have to send a demand letter to a debtor before
going to court?
Freelance artists in Germany can access funds if they work for cultural institutions
funded by the Federal Government. They will be compensated for up to 60% o fees
from cancelled events up to €1,000 and 40% up to €2,500.
Students can access interest-free loans of up to €650 per month for jobs lost due to
the pandemic.
Loans and grants – businesses:
EU Factsheet
GERMANY
As well as the enhanced terms of “Kurzarbeit”, there are a variety of direct loans
and grants available which businesses of different sizes can access.
A grant of up to €150,000 / 80% of fixed costs in the subsidy period is available for
businesses showing decreased sales volumes compared to the same month of the
previous year. This Federal Government grant has been supplemented by some
Federal States’ own grant programmes.
Powered by
Before going to court, and even before filing the claim to the enforcement
authority, a warning notice to the debtor's registered address is
mandatory.
The warning notice should contain;
o The name of the creditor and the basis of the claim
o The total amount of the claim, including any penalty interests
o Prescription on how to transfer the payment, i.e. bank account etc.
o A warning that the claim will be enforced through the enforcement
authority in case the claim is not settled within from the date of the
notice
o Information on how the object to the claim if not acknowledged be
the debtor.
If this measure has been taken and the payment still has not been made after
the two-week notice period (according to the law), the creditor may file for
enforcement.
It is worth noting that, in Germany, you may be ordered to all pay court fees if
you did not send a warning letter to the debtor prior to issuing
proceedings.
Look out for the first AR Factsheet,
coming to the CICM website soon.
CHARTERED
BAKERING.GLOBAL CHARTERED INSTITUTE OF CREDIT MANAGEMENT
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 52

CAREERS ADVICE
Positivity wins
Proving your value in an uncertain world of work
AUTHOR – Karen Young
IF you have continued working
throughout the pandemic, the
uncertainty that has swept
through our world of work might
have left you feeling like you
need to prove yourself in your
job. This has been exacerbated by the
rapid shift to remote working, which has
left many experiencing the feeling of
‘presenteeism’.
Failing to manage this the right way
can leave you feeling overwhelmed,
overworked and burned out. Proving
yourself should mean proving your value,
not how late into the night you work or
how many tasks you are juggling at one
time. Here’s my advice on how to put your
efforts into the right focuses and prove
your value in a world of work riddled with
change and uncertainty.
FIND YOUR PLACE IN THE BIG
PICTURE
It’s hugely valuable to get an
understanding of how your organisation
is changing due to the pandemic and
what your role is in this. Start a discussion
with your manager or a senior leader
about how the strategic objectives of your
organisation may be changing, how your
current role may evolve, and importantly,
how you can personally prepare for this.
By taking this pre-emptive approach, you
will get a better understanding of where
to put your efforts and where your value
will be most felt. You’re also telling your
employer that you are willing to grow and
develop – which puts you in good stead for
taking on new and exciting opportunities
in the future.
MAINTAIN YOUR VISIBILITY
As we transition to hybrid ways of
working where time is split between
offices and home, you may find it more
difficult to increase your ‘visibility’
among your teammates. If
you aren’t doing so already,
routinely and regularly
communicate with your manager and
colleagues to inform them about specific
projects you are working on or any
challenges that you may be facing and
key milestones or achievements you
have delivered. Celebrating successes
also helps you stay noticed, so become
comfortable with a little self-promotion.
Equally, highlight great work from your
colleagues because they will do the
same for you. During challenging and
changing times, celebrating successes is
particularly important and shines a light
on the value you and your colleagues
provide.
If you say ‘no’ in the
right way to things
which you don’t
see as advantageous
or within your
capacity, you will
gain respect and
further establish your
value among your
colleagues.
NETWORK INTERNALLY
Identify some key individuals in your
organisation who impact you – and who
you have an impact on. This is likely to
span all the way from the top of your
organisation to graduates, apprentices
and new starters. Then, think
about your relationship with
these individuals and how
you might be able to grow
this for the purposes of your
own and their development.
Consider whether there is
anyone who could act as your
mentor, or if there is
someone to whom you
could help by offering advice. Networking
in your business is a vital part of fuelling
your progression and raising your profile,
so don’t hesitate to reach out to people,
even if remotely.
LEARN TO SAY ‘NO’
Proving your value will not happen by
saying ‘yes’ to every project and task which
comes your way. While wanting to expand
your skills and grow professionally is
only a positive thing, you also need to
strategically manage your career and
build your successes in order to move in
your chosen direction. Plus, saying ‘yes’ to
too many projects will quickly overwhelm
and frustrate you. If you say ‘no’ in
the right way to things which you don’t
see as advantageous or within your
capacity, you will gain respect and
further establish your value among your
colleagues.
RADIATE POSITIVITY
A positive and optimistic attitude has
never been needed more than it is now.
Positivity gets people through challenging
times and helps individuals and teams
thrive, not just in their jobs but in all
aspects of their lives. Be mindful of the
language that you use at work and whether
it could be interpreted negatively. Ask
yourself: how do I talk to my teammates
each day? Do I gossip about my coworkers?
Aim to spread positivity to the
people you work with because it really is
contagious and goes a long way to making
people (including yourself) feel valued.
When things get tough as they have for
a lot of people as a result of the pandemic,
working ‘smarter’ and not ‘harder’ can be
tricky to navigate. But putting the above in
place should get you on the way to striking
the right balance and, as a result, making
you more valuable to your colleagues and
your organisation.
Karen Young is Director at Hays Credit
Management.
Celebrating successes also helps you stay
noticed, so become comfortable with a little
self-promotion. – Karen Young
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 53

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NEW AND UPGRADED MEMBERS
Do you know someone who would benefit from CICM membership? Or have
you considered applying to upgrade your membership? See our website
www.cicm.com/membership-types for more details, or call us on 01780 722903
Member
Simon Armitage MCICM
Jana Healey MCICM
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Philip Medland MCICM
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Sarah Varney MCICM
Matthew Hind MCICM Sarah Peacock MCICM Maxine Welford MCICM
Studying Member
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Austin Bishop
Kim Bliss
Tracy Boyd
Andrew Brown
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Richard Carter
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Upgraded member
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Congratulations to our current members who have upgraded their membership
Colin Sanders FCICM Ian Jamieson FCICM Tariq Bhatti FCICM Robert Clarkson FCICM
AWARDING BODY
Congratulations to the following, who successfully achieved Diplomas
Level 3 Diploma in Credit Management (ACICM)
NAME
Cristina Radulescu
Level 3 Diploma in Credit & Collections (ACICM)
NAME
Donna Wilson Benjamin Holdsworth Olivia Ionescu
WE WANT YOUR BRANCH NEWS!
Get in touch with the CICM by emailing branches@cicm.com with your branch news and event reports.
Please only send up to 400 words and any images need to be high resolution to be printable, so 1MB plus.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 55

TAKE CONTROL OF
YOUR CREDIT CAREER
O2C MANAGER
London/remote working, c.£55,000
A rare opportunity has arisen at a global consultancy for a
highly experienced order to cash (O2C) manager, on a 12 month
fixed-term contract. Working closely with the Head of Finance,
professional services and sales functions, you will focus on the
efficient and accurate delivery of the end-to-end O2C process.
This includes from order entry, provision of service license, billing,
credit management and customer query resolution. Based in
London, you will also be able to work remotely. Ref: 3883248
Contact Mark Ordoña on 07565 800574
or email mark.ordona@hays.com
SENIOR CREDIT CONTROLLER
Crawley, £30,000-£35,000 + bonus + benefits
An excellent opportunity for a progressive credit professional to
join a growing business has become available. Reporting to the
CICM Qualified Manager, you will lead a small team on a daily basis
and assist with all aspects of running a busy credit department.
This role is ideal for either a senior credit controller looking to step
up into a leadership position, or credit professional with some
leadership experience who is keen to develop in a team leader role.
Ref: 3869017
Contact Natascha Whitehead on 0777 078 6433
or email natascha.whitehead@hays.com
OPERATIONS FINANCE MANAGER
Leicester, £35,000-£40,000
An opportunity has arisen at a national organisation to become the
operations finance manager. You will manage a team of over 20
transactional finance professionals, supporting the Head of Finance
to lead, manage and develop the operational finance function.
You will be required to promote, deliver and develop finance best
practice and customer-focussed services, through strong and
effective management of resources with performance standards
and targets. Ref: 387536
Contact Christopher Trenfield on 0116 251 1818
or email christopher.trenfield@hays.com
CICM CREDIT TRAINER
Nationwide/remote working, £30,000-£35,000
A great opportunity has become available for candidates with
credit management experience, who are able to present,
articulate and deliver training programs to educate and inspire
credit professionals around the UK promoting best industry
practice. The position is a permanent role with flexible, part time
hours available. Head Office is based in Leicestershire, and with
clients located around the UK, your own transport is essential.
Ref: 3882096
Contact Christopher Trenfield on 0116 251 1818
or email christopher.trenfield@hays.com
hays.co.uk/creditcontrol
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 56

INSPIRE ME IN THE
NEW ERA OF WORK
Your resource hub for reaching
your career goals
Read our latest guides and articles
Tips to help you prepare successfully
To find out more visit
hays.co.uk/embrace-the-new-era
REVENUE CONTROLLER
Cheltenham, up to £28,000 DOE
A leading law firm which focuses on media, entertainment and
technology is looking for a revenue controller to join its team.
The objective of the role is to drive cash into the business as
quickly as possible by managing the working capital cycle of
client matters and financial risk. To be successful, you will have
experience as a credible revenue controller working in a law firm or
professional services environment, that can hit the ground running
in a target driven environment. Ref: 3864009
Contact Edward Kennedy on 01242 226227
or email edward.kennedy@hays.com
CREDIT CONTROLLER (B2C)
London, £25,000-£27,000
A credit controller position has become available at a private
medical company in the heart of London. Working in the patient
billing side of the business chasing outstanding payments, you
will therefore have day-to-day contact with the patients, ensuring
the delayed payments are proceeded. To be successful, business
to consumer experience, confidence using Excel and being
comfortable with high volumes of incoming calls are essential.
Ref: 3881947
Contact Rebecca Hutton on 0116 251 1818
or email rebecca.hutton@hays.com
This is just a small selection of the many opportunities we
have available for credit professionals. To find out more visit
us online or contact Kabir Gulabkhan, Hays Credit Management
UK Lead on 020 3465 0020
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 57

www.cicm.com
‘‘
Since being a
member I am kept
updated on latest changes
to laws and regulations,
good governance and
not forgetting the
wealth of knowledge.
Laural Jefferies, FCICM
The value
of CICM
membership
Laural Jefferies, FCICM
Head of Accounts Receivable,
Fashion Edge Ltd
Read more about her story and join your
credit community by visiting:
www.cicm.com/value-of-cicm-membership/
info@cicm.com
www.cicm.com
01780 722900
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 58

WHAT'S ON
We are asking all members to invite a colleague to a CICM membership event,
free of charge. Book online on our website www.cicm.com/cicm-events
Studying at a
distance
with CICM
From interactive virtual classrooms to supporting texts,
from mentor advice to peer support, we’ve got it all.
Contact CICM for more information on any of these services,
or check them out at cicm.com
Giving you the tools to continue
working through this crisis.
MANAGING THE NEW
CREDIT FUTURE
As the world continues to react
to constant change, our credit
profession needs to prepare for the
new credit future.
For more information contact:
info@cicm.com or 01780 722900
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 59

Cr£ditWho?
CICM Directory of Services
COLLECTIONS
INTERNATIONAL COLLECTIONS
COLLECTIONS LEGAL
Controlaccount Plc
Address: Compass House, Waterside, Hanbury Road,
Bromsgrove, Worcestershire B60 4FD
T: 01527 549 522
E: sales@controlaccount.com
W: www.controlaccount.com
Controlaccount Plc provides an efficient, effective and ethical
commercial debt recovery service focused on improving business
cash flow whilst preserving customer relationships and established
reputations. Working with leading brand names in the UK and
internationally, we deliver a bespoke service to our clients. We
offer a no collect, no fee service without any contractual ties in.
Where applicable, we can utilise the Late Payment of Commercial
Debts Act (2013) to help you redress the cost of collection. Our
clients also benefit from our in-house international trace and
legal counsel departments and have complete transparency and
up to the minute information on any accounts placed with us for
recovery through our online debt management system, ClientWeb.
INTERNATIONAL COLLECTIONS
Atradius Collections Ltd
3 Harbour Drive,
Capital Waterside, Cardiff, CF10 4WZ
Phone: +44 (0)29 20824397
Mobile: +44 (0)7767 865821
E-mail:yvette.gray@atradius.com
Website: atradiuscollections.com
Atradius Collections Ltd is an established specialist in business
to business collections. As the collections division of the Atradius
Crédito y Caución, we have a strong position sharing history,
knowledge and reputation.
Annually handling more than 110,000 cases and recovering over
a billion EUROs in collections at any one time, we deliver when
it comes to collecting outstanding debts. With over 90 years’
experience, we have an in-depth understanding of the importance
of maintaining customer relationships whilst efficiently and
effectively collecting monies owed.
The individual nature of our clients’ customer relationships is
reflected in the customer focus we provide, structuring our service
to meet your specific needs. We work closely with clients to
provide them with a collection strategy that echoes their business
character, trading patterns and budget.
For further information contact Yvette Gray Country Director, UK
and Ireland.
Premium Collections Limited
3 Caidan House, Canal Road
Timperley, Cheshire. WA14 1TD
T: +44 (0)161 962 4695
E: paul.daine@premiumcollections.co.uk
W: www.premiumcollections.co.uk
For all your credit management requirements Premium
Collections has the solution to suit you. Operating on a national
and international basis we can tailor a package of products and
services to meet your requirements.
Services include B2B collections, B2C collections, international
collections, absconder tracing, asset repossessions, status
reporting and litigation support.
Managed from our offices in Manchester, Harrogate and Dublin our
network of 55 partners cover the World.
Contact Paul Daine FCICM on +44 (0)161 962 4695 or
paul.daine@premiumcollections.co.uk
www.premiumcollections.co.uk
Baker Ing International Limited
Office 7, 35-37 Ludgate Hill, London. EC4M 7JN
Contact: Lisa Baker-Reynolds
Email: lisa@bakering.global
Website: https://www.bakering.global/contact/
Tel: 07717 020659
Baker Ing International is a dedicated team of Credit industry
experience that, combined, covers time served in most industries.
The team is wholly comprised of working Credit Manager’s
across the Globe with a minimum threshold of ten years working
experience within Credit Management. The team offers a
comprehensive service to clients - International Debt Recovery,
Credit Control, Legal Services & more
Our mission is to help companies improve the cost and efficiency
of their Credit Management processes in order to limit the risks
associated with extending credit and trading around the globe.
How can we help you - call Lisa Baker Reynolds on
+44(0)7717 020659 or email lisa@bakering.global
Sterling Debt Recovery
E: info@sterlingdebtrecovery.com
T: 0207 1005978
W: www.sterlingdebtrecovery.com
Sterling specialises in international business debt collection
to get outstanding invoices paid quickly and cost effectively.
Our experienced, enthusiastic collectors achieve results whilst
maintaining a professional image.
We work on a commission only basis with no up-front fees and
no hidden costs. Each client is allocated a named collector for
personal service and regular updates. We collect the majority
of debt without litigation, with our on-site lawyer supporting us
where appropriate.
Where local expertise is required our global network are available
to assist.
COLLECTIONS LEGAL
Keebles
Capitol House, Russell Street, Leeds LS1 5SP
T: 0113 399 3482
E: charise.marsden@keebles.com
W: www.keebles.com
Keebles debt recovery team was named “Legal Team of the Year”
at the 2019 CICM British Credit Awards.
According to our clients “Keebles stand head and shoulders
above others in the industry. A team that understands their client’s
business and know exactly how to speedily maximise recovery.
Professional, can do attitude runs through the team which is not
seen in many other practices.”
We offer a service with no hidden costs, giving you certainty and
peace of mind.
• ‘No recovery, no fee’ for pre-legal work.
• Fixed fees for issuing court proceedings and pursuing claims to
judgment and enforcement.
• Success rate in excess of 80%.
• 24 hour turnaround on instructions.
• Real-time online access to your cases to review progress.
Lovetts Solicitors
Lovetts, Bramley House, The Guildway,
Old Portsmouth Road,
Guildford, Surrey, GU3 1LR
T: 01483 347001
E: info@lovetts.co.uk
W: www.lovetts.co.uk
With more than 25yrs experience in UK & international business
debt collection and recovery, Lovetts Solicitors collects £40m+
every year on behalf of our clients. Services include:
• Letters Before Action (LBA) from £1.50 + VAT (successful in 86%
of cases)
• Advice and dispute resolution
• Legal proceedings and enforcement
• 24/7 access to your cases via our in-house software solution,
CaseManager
Don’t just take our word for it, here’s some recent customer
feedback: “All our service expectations have been exceeded.
The online system is particularly useful and extremely easy to
use. Lovetts has a recognisable brand that generates successful
results.”
CONSULTANCY
Sanders Consulting Associates Ltd
T: +44(0)1525 720226
E: enquiries@chrissandersconsulting.com
W: www.chrissandersconsulting.com
Sanders Consulting is an independent niche consulting firm
specialising in leadership and performance improvement in all
aspects of the order to cash process. Chris Sanders FCICM,
the principal, is well known in the industry with a wealth of
experience in operational credit management, billing, change
and business process improvement. A sought after speaker
with cross industry international experience in the business-tobusiness
and business-to-consumer markets, his innovative and
enthusiastic approach delivers pragmatic people and process lead
solutions and significant working capital improvements to clients.
Sanders Consulting are proud to manage CICMQ on behalf of
and under the supervision of the CICM.
COURT ENFORCEMENT SERVICES
Court Enforcement Services
Wayne Whitford – Director
M: +44 (0)7834 748 183 T : +44 (0)1992 663 399
E : wayne@courtenforcementservices.co.uk
W: www.courtenforcementservices.co.uk
EXPERTLY RESOLVED.
We help law firms, in-house debt recovery and legal teams to
enforce CCJs by transferring them up to the High Court. With our
fast, fair and personable approach to service, we work harder to
bring you the sector’s best results without risking client reputation.
• Free Transfer Up process of CCJs to High Court
• Market-leading recovery rates
• Over 100,000 writs, recovering >£187 million since 2014
• Real-time access to cases via our own Award-Winning App
• Our highly trained and certificated agents cover every postcode
in England & Wales.
FAST. FAIR. FOR YOU.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 60

FOR ADVERTISING INFORMATION OPTIONS AND PRICING CONTACT
russell@cabbells.uk 0203 603 7937
CREDIT INFORMATION
CREDIT INFORMATION
CREDIT MANAGEMENT SOFTWARE
2 0 0 2
—
2 0 2 0
CoCredo
Missenden Abbey, Great Missenden, Bucks, HP16 0BD
T: 01494 790600
E: customerservice@cocredo.com
W: www.cocredo.co.uk
CoCredo has 18 years experience in developing credit reports for
businesses and is the current CICM Credit Information Provider
of the Year. Our company data is continually updated throughout
the day and ensures customers have the most current information
available. We aggregate data from a range of leading providers
across over 235 territories and offer a range of services including
the industry first Dual Report, Monitoring, XML Integration and
DNA Portfolio Management.
We pride ourselves in offering award-winning customer service
and support to protect your business.
CREDIT INFORMATION
THE ONLY AML RESOURCE YOU NEED
SmartSearch
SmartSearch, Harman House,
Station Road,Guiseley, Leeds, LS20 8BX
T: +44 (0)113 238 7660
E: info@smartsearchuk.com W: www.smartsearchuk.com
KYC, AML and CDD all rely on a combination of deep data with
broad coverage, highly automated flexible technology with an
innovative and intuitive customer interface. Key features include
automatic Worldwide Sanction & PEP checking, Daily Monitoring,
Automated Enhanced Due Diligence and pro-active customer
management. Choose SmartSearch as your benchmark.
CEDAR
ROSE
R
Cedar Rose
3, Georgiou Katsonotou Street,3036, Limassol, Cyprus
E: info@cedar-rose.com T: +357 25346630
W: www.cedar-rose.com
Cedar Rose has been globally recognised as the expert for credit
reports, due diligence and data for the Middle East and North
African countries since 1997. We now cover over 170 countries
with the same high quality, expert analysis and attention to detail
we are well-known and trusted for.
Making best use of artificial intelligence and technology, Cedar
Rose has won several awards including Credit Excellence &
European Business Awards. Our website is a one-stop-shop for
your business intelligence solutions. We are the ultimate source;
with competitive prices and friendly customer service - whether
you need one or one thousand reports.
Graydon UK
66 College Road, 2nd Floor, Hygeia Building, Harrow,
Middlesex, HA1 1BE
T: +44 (0)208 515 1400
E: customerservices@graydon.co.uk
W: www.graydon.co.uk
With 130+ years of experience, Graydon is a leading provider of
business information, analytics, insights and solutions. Graydon
helps its customers to make fast, accurate decisions, enabling
them to minimise risk and identify fraud as well as optimise
opportunities with their commercial relationships. Graydon uses
130+ international databases and the information of 90+ million
companies. Graydon has offices in London, Cardiff, Amsterdam
and Antwerp. Since 2016, Graydon has been part of Atradius, one
of the world’s largest credit insurance companies.
Company Watch
Centurion House, 37 Jewry Street,
LONDON. EC3N 2ER
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
Organisations around the world rely on Company Watch’s
industry-leading financial analytics to drive their credit risk
processes. Our financial risk modelling and ability to map medium
to long-term risk as well as short-term credit risk set us apart
from other credit reference agencies.
Quality and rigour run through everything we do, from our unique
method of assessing corporate financial health via our H-Score®,
to developing analytics on our customers’ in-house data.
With the H-Score® predicting almost 90 percent of corporate
insolvencies in advance, it is the risk management tool of choice,
providing actionable intelligence in an uncertain world.
CREDIT MANAGEMENT SOFTWARE
ONGUARD
T: 020 3868 0947
E: lisa.bruno@onguard.com
W: www.onguard.com
Onguard is specialist in credit management software and market
leader in innovative solutions for order to cash. Our integrated
platform ensures an optimal connection of all processes in the
order to cash chain and allows sharing of critical data.
Intelligent tools that can seamlessly be interconnected and
offer overview and control of the payment process, as well as
contribute to a sustainable customer relationship.
In more than 50 countries the Onguard platform is successfully
used for successful credit management.
Tinubu Square UK
Holland House, 4 Bury Street,
London EC3A 5AW
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com
W: www.tinubu.com
Founded in 2000, Tinubu Square is a software vendor, enabler
of the Credit Insurance, Surety and Trade Finance digital
transformation.
Tinubu Square enables organizations across the world to
significantly reduce their exposure to risk and their financial,
operational and technical costs with best-in-class technology
solutions and services. Tinubu Square provides SaaS solutions
and services to different businesses including credit insurers,
receivables financing organizations and multinational corporations.
Tinubu Square has built an ecosystem of customers in over 20
countries worldwide and has a global presence with offices in
Paris, London, New York, Montreal and Singapore.
Credica Ltd
Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT
T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk
Our highly configurable and extremely cost effective Collections
and Query Management System has been designed with 3 goals
in mind:
•To improve your cashflow • To reduce your cost to collect
• To provide meaningful analysis of your business
Evolving over 15 years and driven by the input of 1000s of
Credit Professionals across the UK and Europe, our system is
successfully providing significant and measurable benefits for our
diverse portfolio of clients.
We would love to hear from you if you feel you would benefit from
our ‘no nonsense’ and human approach to computer software.
Data Interconnect Ltd
Units 45-50
Shrivenham Hundred Business Park, Majors Road,
Watchfield. Swindon, SN6 8TZ
T: +44 (0)1367 245777
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
Data Interconnect is dedicated to solving complex Accounts
Receivable problems through reliable, easy-to-use cloud
software. We empower billing managers and collections experts
with the tools and data they need in a user-friendly interface, for
timely, tax-compliant invoicing, collections and reconciliation in
the most cost effective, secure, auditable and trackable manner.
The powerful, flexible, Corrivo platform is the only system your
AR team needs to manage your company’s cashflow better.
HighRadius
T: +44 7399 406889
E: gwyn.roberts@highradius.com
W: www.highradius.com
HighRadius is the leading provider of Integrated Receivables
solutions for automating receivables and payment functions such
as credit, collections, cash allocation, deductions and eBilling.
The Integrated Receivables suite is delivered as a software-as-aservice
(SaaS). HighRadius also offers SAP-certified Accelerators
for SAP S/4HANA Finance Receivables Management, enabling
large enterprises to maximize the value of their SAP investments.
HighRadius Integrated Receivables solutions have a proven track
record of reducing days sales outstanding (DSO), bad-debt and
increasing operation efficiency, enabling companies to achieve an
ROI in less than a year.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 61

Cr£ditWho?
CICM Directory of Services
FOR ADVERTISING INFORMATION
OPTIONS AND PRICING CONTACT
russell@cabbells.uk 0203 603 7937
CREDIT MANAGEMENT SOFTWARE
DATA AND ANALYTICS
FORUMS
ESKER
Sam Townsend Head of Marketing
Northern Europe Esker Ltd.
T: +44 (0)1332 548176 M: +44 (0)791 2772 302
W: www.esker.co.uk LinkedIn: Esker – Northern Europe
Twitter: @EskerNEurope blog.esker.co.uk
Esker’s Accounts Receivable (AR) solution removes the all-toocommon
obstacles preventing today’s businesses from collecting
receivables in a timely manner. From credit management to cash
allocation, Esker automates each step of the order-to-cash cycle.
Esker’s automated AR system helps companies modernise
without replacing their core billing and collections processes. By
simply automating what should be automated, customers get the
post-sale experience they deserve and your team gets the tools
they need.
Dun & Bradstreet
Marlow International, Parkway Marlow
Buckinghamshire SL7 1AJ
Telephone: (0800) 001-234 Website: www.dnb.co.uk
Dun & Bradstreet Finance Solutions enable modern finance
leaders and credit professionals to improve business performance
through more effective risk management, identification of growth
opportunities, and better integration of data and insights across
the business. Powered by our Data Cloud, our solutions provide
access to the world’s most comprehensive commercial data
and insights - supplying a continually updated view of business
relationships that helps finance and credit teams stay ahead of
market shifts and customer changes. Learn more here:
www.dnb.co.uk/modernfinance
FORUMS INTERNATIONAL
T: +44 (0)1246 555055
E: info@forumsinternational.co.uk
W: www.forumsinternational.co.uk
Forums International Ltd have been running Credit and Industry
Forums since 1991. We cover a range of industry sectors and
International trading, attendance is for Credit Professionals of all
levels. Our forums are not just meetings but communities which
aim to prepare our members for the challenges ahead. Attending
for the first time is free for you to gauge the benefits and meet the
members and we only have pre-approved Partners, so you will
never intentionally be sold to.
INSOLVENCY
SERRALA
Serrala UK Ltd, 125 Wharfdale Road
Winnersh Triangle, Wokingham
Berkshire RG41 5RB
E: r.hammons@serrala.com W: www.serrala.com
T +44 118 207 0450 M +44 7788 564722
Serrala optimizes the Universe of Payments for organisations
seeking efficient cash visibility and secure financial processes.
As an SAP Partner, Serrala supports over 3,500 companies
worldwide. With more than 30 years of experience and
thousands of successful customer projects, including solutions
for the entire order-to-cash process, Serrala provides credit
managers and receivables professionals with the solutions they
need to successfully protect their business against credit risk
exposure and bad debt loss.
C2FO
C2FO Ltd
105 Victoria Steet
SW1E 6QT
T: 07799 692193
E: anna.donadelli@c2fo.com
W: www.c2fo.com
C2FO turns receivables into cashflow and payables into income,
uniquely connecting buyers and suppliers to allow discounts
in exchange for early payment of approved invoices. Suppliers
access additional liquidity sources by accelerating payments
from buyers when required in just two clicks, at a rate that works
for them. Buyers, often corporates with global supply chains,
benefit from the C2FO solution by improving gross margin while
strengthening the financial health of supply chains through
ethical business practices.
Menzies
T: +44 (0)2073 875 868 - London
T: +44 (0)2920 495 444 - Cardiff
W: menzies.co.uk/creditor-services
Operating across seven UK offices, Menzies LLP is an
accountancy firm delivering traditional services combined
with strategic commercial thinking. Our services include:
advisory, audit, corporate and personal tax, corporate
finance, forensic accounting, outsourcing, wealth
management and business recovery – the latter of which
includes our specialist offering developed specifically for
creditors. For more information on this, or to see how the
Menzies Creditor Services team can assist you, please
visit: www.menzies.co.uk/creditor-services. Bethan Evans,
Partner and Head of Menzies Creditor Services, email:
bevans@menzies.co.uk and phone: +44 (0)2920 447512
LEGAL
Redwood Collections Ltd
0208 288 3555
enquiry@redwoodcollections.com
Airport House, Purley Way, Croydon, CR0 0XZ
“Redwood Collections offers a complete portfolio of debt
collection services ranging from sensitive client-debtor mediation
through to legal and insolvency action.
Incorporated in 2009, we are pleased to represent in excess of
11,000 clients. Whatever your debt collection needs, we have
the expertise and resources to deliver a fast, efficient and costeffective
solution.”
Satago
48 Warwick Street, London, W1B 5AW
T: +44(0)020 8050 3015
E: hello@satago.com
W: www.satago.com
Satago helps business owners and their accountants avoid credit
risks, manage debtors and access finance when they need it – all
in one platform. Satago integrates with 300+ cloud accounting
apps with just a few clicks, helping businesses:
• Understand their customers - with RISK INSIGHTS
• Get paid on time - with automated CREDIT CONTROL
• Access funding - with flexible SINGLE INVOICE FINANCE
Visit satago.com and start your free trial today.
identeco – Business Support Toolkit
Compass House, Waterside, Hanbury Road, Bromsgrove,
Worcestershire B60 4FD
Telephone: 01527 549 531 Email: info@identeco.co.uk
Web: www.identeco.co.uk
identeco’s Business Support Toolkit is an online portal connecting
its subscribers to a range of business services that help them
to engage with new prospects, understand their customers and
mitigate risk. Annual subscription is £79.95 per year for unlimited
access. Providing company information and financial reports,
director and shareholder structures as well as a unique financial
health rating, balance sheets, ratio analysis, and any detrimental
data that might be associated with a company. Other services
also included in the subscription include a business names
database, acquisition targets, a data audit service as well as
unlimited, bespoke marketing and telesales listings for any sector.
FINANCIAL PR
Gravity Global
Floor 6/7, Gravity Global, 69 Wilson St, London, EC2A 2BB
T: +44(0)207 330 8888. E: sfeast@gravityglobal.com
W: www.gravityglobal.com
Gravity is an award winning full service PR and advertising
business that is regularly benchmarked as being one of the
best in its field. It has a particular expertise in the credit sector,
building long-term relationships with some of the industry’s bestknown
brands working on often challenging briefs. As the partner
agency for the Credit Services Association (CSA) for the past 22
years, and the Chartered Institute of Credit Management since
2006, it understands the key issues affecting the credit industry
and what works and what doesn’t in supporting its clients in the
media and beyond.
Shoosmiths
Email: paula.swain@shoosmiths.co.uk
Tel: 03700 86 3000 W: www.shoosmiths.co.uk
Shoosmiths’ highly experienced team will work closely with credit
teams to recover commercial debts as quickly and cost effectively
as possible. We have an in depth knowledge of all areas of debt
recovery, including:
•Pre-litigation services to effect early recovery and keep costs down
•Litigation service
•Post-litigation services including enforcement
•Insolvency
As a client of Shoosmiths, you will find us quick to relate to your goals,
and adept at advising you on the most effective way of achieving
them.
PAYMENT SOLUTIONS
Bottomline Technologies
115 Chatham Street, Reading
Berks RG1 7JX | UK
T: 0870 081 8250 E: emea-info@bottomline.com
W: www.bottomline.com/uk
Bottomline Technologies (NASDAQ: EPAY) helps businesses
pay and get paid. Businesses and banks rely on Bottomline for
domestic and international payments, effective cash management
tools, automated workflows for payment processing and bill
review and state of the art fraud detection, behavioural analytics
and regulatory compliance. Businesses around the world depend
on Bottomline solutions to help them pay and get paid, including
some of the world’s largest systemic banks, private and publicly
traded companies and Insurers. Every day, we help our customers
by making complex business payments simple, secure and
seamless.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 62

PAYMENT SOLUTIONS
American Express
76 Buckingham Palace Road,
London. SW1W 9TQ
T: +44 (0)1273 696933
W: www.americanexpress.com
American Express is working in partnership with the CICM and is a
globally recognised provider of payment solutions to businesses.
Specialising in providing flexible collection capabilities to drive a
number of company objectives including:
• Accelerate cashflow • Improved DSO • Reduce risk
• Offer extended terms to customers
•Provide an additional line of bank independent credit to drive
growth • Create competitive advantage with your customers
As experts in the field of payments and with a global reach,
American Express is working with credit managers to drive growth
within businesses of all sectors. By creating an additional lever
to help support supplier/client relationships American Express is
proud to be an innovator in the business payments space.
ARE YOU A LEADER
OR FOLLOWER?
Key IVR
T: +44 (0) 1302 513 000
E: sales@keyivr.com
W: www.keyivr.com
Key IVR are proud to have joined the Chartered Institute of
Credit Management’s Corporate partnership scheme. The
CICM is a recognised and trusted professional entity within
credit management and a perfect partner for Key IVR. We are
delighted to be providing our services to the CICM to assist with
their membership collection activities. Key IVR provides a suite
of products to assist companies across the globe with credit
management. Our service is based around giving the end-user
the means to make a payment when and how they choose. Using
automated collection methods, such as a secure telephone
payment line (IVR), web and SMS allows companies to free up
valuable staff time away from typical debt collection.
RECRUITMENT
Hays Credit Management
107 Cheapside, London, EC2V 6DN
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
Hays Credit Management is working in partnership with the CICM
and specialise in placing experts into credit control jobs and
credit management jobs. Hays understands the demands of this
challenging environment and the skills required to thrive within
it. Whatever your needs, we have temporary, permanent and
contract based opportunities to find your ideal role. Our candidate
registration process is unrivalled, including face-to-face screening
interviews and a credit control skills test developed exclusively for
Hays by the CICM. We offer CICM members a priority service and
can provide advice across a wide spectrum of job search and
recruitment issues.
PORTFOLIO
CREDIT CONTROL
Portfolio Credit Control
1 Finsbury Square, London. EC2A 1AE
T: 0207 650 3199
E: recruitment@portfoliocreditcontrol.com
W: www.portfoliocreditcontrol.com
CICMQ accreditation is a proven model
that has consistently delivered dramatic
improvements in cashflow and efficiency
CICMQ is the hallmark of industry
leading organisations
The CICM Best Practice Network is where
CICMQ accredited organisations come
together to develop, share and celebrate
best practice in credit and collections
BE A LEADER – JOIN THE CICM BEST
PRACTICE NETWORK TODAY
To find out more about flexible options
to gain CICMQ accreditation
E: cicmq@cicm.com T: 01780 722900
Portfolio Credit Control, solely specialises in the recruitment of
permanent, temporary and contract Credit Control, Accounts
Receivable and Collections staff. Part of an award winning
recruiter we speak to and meet credit controllers all day everyday
understanding their skills and backgrounds to provide you with
tried and tested credit control professionals. We have achieved
enormous growth because we offer a uniquely specialist approach
to our clients, with a commitment to service delivery that exceeds
your expectations every single time.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 63

Working
Capital that
works for you
The many reasons why suppliers love working with C2FO
“The benefit of C2FO
is simple, it’s flexible,
and it’s helping us
meet our cash needs”
“Having support from
C2FO has freed me
up to invest, take my
business to the next
level and thrive”
“It allows me to plan
my business, which
is everything,”
C2FO provides an additional debt-free working capital
option that enables you to take control of your cash
flow on-demand. This flexible and simple cash and risk
management option provides an additional lever to help
manage reporting targets and KPIs, seasonality, credit risk
exposure or daily operational business activities.
Whatever your cash flow needs, C2FO can help.
Advancing the credit profession / www.cicm.com / December 2020 / PAGE 64