CM magazine March 2021

CREDIT MANAGEMENT 

THE CICM MAGAZINE FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

MARCH 2021 £12.50 

Game, set 

and match 

Is it game over for 

the leisure sector? 

Sean Feast FCICM speaks to 

the Interim Small Business 

Commissioner. Page 10 

A flexible approach to 

enforcement is more important 

than ever. Page 29

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10 

INTERVIEW 

Philip King FCICM 

36 

LEGAL MATTERS 

Peter Walker 

20 

LEAD ARTICLE 

Tim Vine 

44 

SALARY TRENDS 

Karen Young 

MARCH 2021 

www.cicm.com 

CONTENTS 

9 – SHIFTING SANDS 

Adapting to a new world of insolvency. 

10 – THE KING’S SPEECH 

Sean Feast FCICM speaks to former 

CICM CEO about life as the Small Business 

Commissioner. 

14 – VIRTUALLY SPEAKING 

Is the new ruling a green light for virtual 

enforcement? 

16 – CROSS WORDS 

The impact of Brexit on cross-border 

enforcement. 

20 – A SPORTING CHANCE 

D&B looks at the challenges facing the 

sport and leisure sector. 

24 – OUT OF THE RED 

Romania has long-since broken from its 

communist past. 

32 – PANEL BASHERS 

What is the best way to identify and 

analyse the root cause of disputes 

affecting my collections performance? 

36 – FISHY BUSINESS 

A business profiting from fish created an 

unexpected problem when the receiver 

was called in. 

44 – THROUGH THE LOOKING GLASS 

What can we learn from the latest salary 

and recruitment trends? 

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 

CICM GOVERNANCE 

President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM 

Executive Board: Chair Debbie Nolan FCICM(Grad) – Vice Chair Phil Rice FCICM 

Treasurer Glen Bullivant FCICM / Larry Coltman FCICM / 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 / 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) 

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. 

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 

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Telephone: 020 3603 7946 

Email: grace@cabbell.co.uk 

Printers 

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2021 subscriptions 

UK: £112 per annum 

International: £145 per annum 

Single copies: £12.50 

ISSN 0265-2099 

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 3

EDITOR’S COLUMN 

Come shopping in Carlisle. 

Or don’t. 


Managing Editor 

WHEN I was a little boy growing up in the 

Isle of Man in the 1970s, I remember 

watching the television advertisements 

enticing me to Carlisle (I kid you not, that 

was intended as a Manx shopping destination!) 

and a particular furniture shop that 

proclaimed a ‘buy now pay nothing till April 1’ offer. 

I recall thinking at the time that it was never really much of a 

deal, because you still had to pay for it in the end, and in those 

days, there was that thing called ‘interest’ that they slapped on 

that made a £100 sofa actually cost you half as much again. I 

was seven and not especially bright, but I knew even then this 

was not a great deal. And I never liked their sofas much anyway. 

So you can imagine how I did a double take recently when I 

read in the press release from the Financial Conduct Authority 

(FCA) that ‘many consumers do not view buy-now-pay-later as 

a form of credit’ and as such ‘do not apply the same level of 

scrutiny’ as they might, perhaps, to other forms of ‘tick’ such as 

a credit card. 

Normally, I’m one who advocates less regulation not more, 

and abhors the idea of a nanny state, but for once I am in 

complete agreement with Government, the Regulator, and the 

Debt Advice charities who have lined up to welcome the report 

from Chris Woolard CBE that looked at the unsecured credit 

market and buy-now-pay-later agreements in particular. 

If consumers are being taken advantage of and don’t seem 

to realise they are taking on something that actually they can’t 

afford, then they definitely need protecting. (Either that, or 

they do what my parents did, and many thousands like them, 

and simply never bought anything unless it was essential, and 

they could afford it.) 

It is easy, however, to see why the Regulator is concerned. 

Buy-now-pay-later products are rapidly increasing in popularity, 

with the volume of transactions tripling in 2020 as the pandemic 

drove online shopping, and there is now a significant risk that 

these agreements could cause harm to consumers. 

By announcing plans to legislate to bring interest-free 

buy-now-pay-later into regulation, the Government claims 

it is acting ‘swiftly’ to ensure people can continue to benefit 

from these products with the right protections. Happily they 

acknowledge that such products have their place, but they say 

it is relatively easy to accrue around £1,000 of debt that credit 

reference agencies and mainstream lenders cannot see. They 

also say that with several buy-now-pay-later providers planning 

to expand to higher-value retailers, or offer their products 

in-store, the risk that consumers could take on ‘unaffordable 

levels of debt’ is increasing. 

Let’s see what happens. John Glen (am I alone in shouting 

‘Godspeed’ at this point?), Economic Secretary to the Treasury, 

says that by stepping in, he’s making sure people are treated 

fairly and only offered agreements they can afford. 

Perhaps the only part that’s missing is the bit that says: ‘and if 

you can’t afford it, don’t buy it’. 


FCICM 

CMNEWS 

A round-up of news stories from the 

world of consumer and commercial credit. 

Written by – Sean Feast FCICM 

All Quiet on the 

Brexit Front 

THE impact of Brexit and 

COVID-19 is yet to be felt 

as Government support 

and plans put in place 

prior to the transition may 

be masking a problem that 

will later emerge. 

This was one of the key discussion 

points among the CICM’s Technical 

Committee which met in February 

comprising experts from within the 

worlds of commercial and consumer 

credit. 

With warehouses full of stock 

ordered well in advance, issues 

over ongoing deliveries had not yet 

materialised, neither were any serious 

delays in payments being experienced. 

One member reported being ‘surprised’ 

at how well things were going, given 

the circumstances, while another said 

they had been ‘busier than ever’ and 

had even taken on new staff to meet 

increased demand. His company sells 

plant machinery all over the world, and 

there had been no discernible impact 

from Brexit. He also anticipated that 

Government infrastructure projects 

will add further turnover and so the 

future ‘was looking good’. Some cracks, 

however, were beginning to show. 

Another committee member reported 

delays in two major projects as a result 

of ‘commercial practicalities’, though 

the overall position was still ‘better 

than expected’. 

This concept of a ‘quiet before the 

storm’ was also reported in the world 

of risk. While some necessary changes 

have had to be made to the wording 

of new credit insurance policies, the 

impact of Brexit had been ‘minimal’ 

despite all the scare stories to the 

contrary. The Government’s decision 

to extend the credit insurance support 

scheme was also clearly playing its 

part in a surprisingly low number 

of business failures, with insurance 

claims also being described as being 

at ‘a record low’. It was expected the 

landscape for insolvencies may change 

in the summer, once Government 

support came to an end. 

In terms of consumer debt, the 

Government’s consultation paper on 

debt relief orders was discussed, and 

in particular the proposal to increase 

the debt threshold from £20,000 to 

£30,000 or less and have no more than 

£100 in surplus income each month (up 

from £50). By making these changes 

the Government intends to give more 

people with low levels of assets and 

low income who are in problem debt 

access to a suitable and proportionate 

option for debt relief. As with any 

debt relief solution, however, the 

Government stresses it is important to 

balance the interest of both creditors 

and debtors. 

At a ‘people’ level, some committee 

members reported a marked difference 

between this lockdown and the first, 

and the difficulties this was presenting 

in motivating staff. An even greater 

focus was now required on employee 

wellbeing. 

As with any debt relief 

solution, however, the 

Government stresses it 

is important to balance 

the interest of both 

creditors and debtors. 


NEWS ROUNDUP 

Woolard Review sets out a 

vision for consumer credit 

THE Financial Conduct Authority (FCA) 

has published a report on change and 

innovation in the unsecured consumer 

credit market following a Review by its 

former Interim Chief Executive, Christopher 

Woolard CBE. 

The Woolard Review, commissioned by the FCA Board, 

is described as setting out how regulation can better 

support a healthy market for unsecured lending, taking 

into account the impact of the coronavirus (COVID-19) 

pandemic, changing business models and new 

developments in unregulated buy-now pay-later (BNPL) 

unsecured lending. 

Mr Woolard said that it is vital we have a market that 

works for everyone: “New ways of borrowing and the 

impact of the pandemic are changing the market, with 

billions of pounds now in unregulated transactions 

and millions of consumers at greater risk of financial 

difficulty,” he explains. 

“Changes are urgently needed: to bring BNPL into 

regulation to protect consumers; to ensure that there is 

secure provision of debt advice to help all those who may 

need it; and to maintain a sustained regulatory response 

to the pandemic. Alongside these urgent issues the 

Review sets out a series of recommendations for how the 

FCA, working with partners, can build a better market in 

future.’ 

The report suggests that UK households have nearly 

£250bn of outstanding consumer credit debt and more 

than 42.5m people used consumer credit in 2019. The 

Review sets out 26 recommendations to the FCA, 

sometimes working with Government and other bodies, 

to make the unsecured credit market fit for the future. 

The key ones are: 

• The regulation of unregulated buy-now pay-later: 

BNPL products which are currently exempt from 

regulation should be brought within the regulatory 

perimeter as a matter of urgency. The use of BNPL 

products nearly quadrupled in 2020 and is now at 

£2.7bn, with five million people using these products 

since the beginning of the coronavirus pandemic. The 

emergence and expansion of unregulated BNPL products 

gives consumers a significant alternative to more 

expensive credit, but the report says this also comes with 

significant potential for consumer harm. For example, 

more than one in 10 customers of a major bank using 

BNPL were already in arrears. Regulation would protect 

people who use BNPL products and make the market 

sustainable. 

• Debt advice: Free debt advice services need secure, 

long-term funding as demand increases to as many as 

1.5 million additional cases, following the pandemic. 

Funding needs to be in place to help the poorest pay fees 

when applying for debt relief orders. 

• Forbearance: Among other considerations, the FCA 

needs to look at whether it should revise its rules and 

guidance to drive greater consistency in the type of 

support firms offer consumers struggling to pay. 

“New ways of borrowing and the 

impact of the pandemic are changing 

the market, with billions of pounds 

now in unregulated transactions and 

millions of consumers at greater risk 

of financial difficulty” 


NEWS ROUNDUP 

The Woolard Review - A review 

of change and innovation in the 

unsecured credit market. 

Christopher Woolard CBE. 

‘‘We very much look forward to 

working with the FCA to act on these 

recommendations, and especially to 

improve the practical steps that can be 

taken to reduce debt problems in the UK.” 

• Alternatives to high-cost credit: A sustainable credit 

market needs more alternatives to high-cost credit. 

The FCA should work with the Government and Bank 

of England to reform the regulation of credit unions 

and Community Development Finance Institutions. 

More should be done to encourage mainstream 

lenders into this space. 

• Outcomes focused: Regulation should be driven 

by the outcome being sought and how consumers 

use products in the real world. Regulation should 

deliver similar protections where consumers face 

similar harms. In addition to making sure products 

are affordable, there should be an increased focus 

on lenders meeting consumers needs’ for as long as 

they hold the product. The FCA should review repeat 

lending. 

Perhaps not surprisingly, the FCA welcomed the 

recommendations, agreeing in particular that there 

is a strong and pressing case to bring buy-now paylater 

business into regulation. Credit Management 

understands that Charles Randell, Chair at the 

FCA, has written to the Economic Secretary to the 

Treasury setting out the Board’s view and proposing 

that the FCA works with the Government to design 

the appropriate regulation. “Unaffordable credit can 

damage the lives of people who are already struggling 

to manage everyday expenses,” Mr Randall says. “All 

the authorities which cover debt and debt advice 

must act together systematically to prevent problem 

debt and to help people get out of a spiral of debt 

through properly funded debt advice. Regulation 

should be consistent and the Review shows how 

we can ensure high standards in consumer credit 

regardless of the form of credit.” 

Mr Randall says that as the market innovates 

and changes, regulators and legislators need to 

respond quickly and decisively: “We need to protect 

consumers by facilitating credit where it is beneficial 

and clamping down on it when it does harm.” 

The Board has asked the FCA executive to build 

the Review’s recommendations into its business 

planning. The FCA will publish its 2021/22 Business 

Plan in April and will give further details of the 

response to the Review. 

The report was similarly welcomed by the debt 

advice sector. StepChange Director of External 

Affairs Richard Lane says that if the pandemic has 

shown us anything, it’s that it’s not only our health 

that is vulnerable to sudden shocks – our finances 

are too: “Chris Woolard’s recommendations on how 

the FCA should reflect the lessons learned from 

this period and apply them to future consumer 

protections show insight and clarity. We very much 

look forward to working with the FCA to act on 

these recommendations, and especially to improve 

the practical steps that can be taken to reduce debt 

problems in the UK.” 

>NEWS 

IN BRIEF 

Legal Line 

AZZURRO Law, a specialist 

commercial debt collection and legal 

recoveries firm, has revised and 

relaunched its website with enhanced 

user experience and increased 

functionality to support its thirdparty 

clients and their customers. 

The design and layout of the website 

has been given a stylish refresh, and 

now features enhanced navigation, 

with easy-to use-tabs and drop-down 

menus for its full suite of services, 

including UK debt collection and 

Litigation Funding. The website is also 

now equipped with a designated client 

‘hub’, providing clients with total 

visibility of their account and current 

status of collections activities. 

Gold Standard 

CREDIT management firm Intrum 

UK has achieved gold rating in an 

independent customer experience 

assessment for the seventh 

consecutive year. Investor in 

Customers (IIC) has again given the 

business its highest gold standard 

for delivering ‘exceptional’ customer 

service. This is said to make Intrum 

the only business ever to achieve gold 

on first IIC assessment and maintain 

that top rating for seven consecutive 

years. IIC’s ratings are based on 

a survey of Intrum’s customers, 

employees and management - 

assessing how well the business 

understands its customer needs and 

delivers services to meet them. 

Vaccine Con 

CIFAS, the UK’s leading fraud 

prevention service, is reminding 

consumers to look out for scams 

relating to COVID-19 vaccination 

bookings which are being targeted 

by criminals to steal personal 

information. The NHS will never ask 

for payment – the vaccine is free; 

never ask you for your bank details; 

never arrive unannounced at your 

home to administer the vaccine; and 

never ask you to prove your identity by 

sending copies of personal documents, 

such as your passport. If you believe 

you have been scammed, then report it 

to Action Fraud or to Police Scotland if 

you are a Scottish resident. If you have 

provided bank details, contact your 

bank immediately. 


NEWS ROUNDUP 

Just launches new 

virtual service in wake 

of court ruling 

FOLLOWING the ruling in the 

High Court around ‘virtual’ 

enforcement, Just, has 

confirmed that it is now 

offering virtual visits at 

no additional cost to local 

authorities, Government, utility firms and 

the legal sector. 

Nick Georgiades, Managing Director 

of Just, says the decision was taken in 

the light of considerable interest from 

prospective customers: “It has proved 

a game changer for creditors seeking 

secured extended repayment plans in 

current lockdown restrictions,” he told 

Credit Management. 

As a result of the court decision, Just, 

CIVEA and HCEOA have together called 

for the Ministry of Justice to review the 

judgement, and, if appropriate, provide 

statutory guidance on the processes to be 

followed if re-entry is required and any 

fees which might be applied. 

“Whilst we recognise that members 

of the associations and Just will be 

well placed to conduct non-entry CGA's 

with appropriate caution, we would like 

to safeguard the process from others 

who may not be so diligent. The two 

associations and Just have offered to 

assist the MoJ in completing this work, 

should it be appropriate,” Nick concludes. 

In a joint statement reported at the 

time, Just, HCEOA and CIVEA described 

the results of the hearing as ‘good news 

for creditors, debtors, and members 

of both associations’ and said it was 

‘important to bring much needed clarity 

in this area of enforcement.’ 

Debt collectors who can now operate 

remotely for the first time while those in 

debt will also be able to secure repayment 

plans against their assets without the 

need for a costly physical visit – saving 

approximately £200 compared to a 

payment plan agreed on the doorstep. 

Creditors can also benefit from this 

new approach as the agreement of a nonentry 

Controlled Goods Agreement has 

the advantage of establishing priority of 

writs in circumstances where multiple 

creditors are chasing the same person for 

repayment. 

Brokers fear severe capacity 

issue in future lending 

THE volume of Government loans granted 

to help SMEs through the COVID-19 crisis 

will be having a potentially devastating 

impact on the availability of ‘traditional’ 

lending causing alarm in the broker 

community. 

New research from Allica Bank among 

commercial mortgage brokers suggests that 

SMEs could be starved of funding to fuel 

future growth because lending capacity has 

all been tied up in coronavirus business 

interruption and bounce back loans (CBILS/ 

BBILS). 

The Bank – which empowers SMEs to 

succeed – found that more than eight out 

of ten (82 percent) brokers said they have 

seen a reduction in the supply of finance 

from business lenders, with more than half 

(56 percent) describing the reduction as 

‘significant’. 

Most of the brokers surveyed think it is 

unlikely that banks and non-bank lenders 

will be able to meet the future needs 

of SMEs for a range of crucial financial 

products in 2021, especially commercial 

mortgages (93 percent fear lack of 

availability), unsecured loans (86 percent), 

and secured loans (81 percent). 

The net result, according to Nick Baker, 

Head of Intermediaries, Allica Bank, is that 

small businesses’ efforts to recover from 

the pandemic will be severely hamstrung: 

“The Government lending initiatives have 

been a lifesaver, but they have also tied up 

the capacity of many lenders,” he explains. 

“This means they are unable to service 

the more ‘traditional’ funding needs of 

businesses not seeking COVID relief, such 

as those looking to grow. Businesses like 

this will be central to the UK’s economic 

recovery, and we need to make sure they 

have access to adequate funding now to 

spur long-term growth.” 

Allica’s research found that brokers are 

also concerned about the ability of SMEs to 

access asset finance this year. Almost three 

quarters (70 percent) of the brokers polled 

said they thought it’s likely that SMEs will 

be under-served by banks and non-bank 

lenders for this form of funding. 

>NEWS 

IN BRIEF 

Cash generation 

HOIST Finance has reported continued 

strong cash generation in the fourth 

quarter of 2020. Klaus-Anders 

Nysteen, Hoist Finance CEO, says that 

the firm’s digital offering has been 

especially effective and now accounts 

for 20 percent of all collections 

activities. “Looking forward, thanks to 

our solid capital and funding position, 

we are ready for growth in the 

increasingly positive market outlook 

for NPLs,” he says in his report. We are 

looking forward to a 2021 in which we 

will see positive effects from many 

of our improvement initiatives where 

implementation has started, and with 

benefits to come.” 

Regional Rep 

THE CICM is actively seeking a new 

Regional Representative for the South 

West region to support and promote 

the views of members in the area. For 

more information on the role, and how 

to apply, visit https://www.cicm.com/ 

about-cicm/vacancies-at-cicm/ 

Party Line 

THE countdown has begun for The 

British Credit Awards 2021, a virtual 

event to be held on the night of March 

25. So whether you choose to dress 

to the nines and sip champagne, 

or simply chill in your PJs on your 

sofa, join us as we celebrate your 

achievements and recognise all the 

hard work you have achieved in this 

challenging and sometimes crazy year. 

cicmbritishcreditawards.com 


INSOLVENCY SPECIAL 

Shifting Sands 

Adapting to a new world of insolvency with 

training and support 

AUTHOR – Michelle Thorp 

Michelle Thorp 

THE pandemic continues to 

change the way we work 

in all quarters. Many have 

had to adapt not just to 

working from home, but 

also to market developments 

brought on by the events of the last year and 

this year, such as dramatic shifts in demand 

and changes to how services are offered. 

In a recent study by McKinsey on UK 

consumer sentiment during COVID-19, 

with respondents selected and weighted to 

match the UK’s demographics, it was found 

that up to 65 percent intend to decrease 

discretionary spend and 61 percent 

have changed how they shop. Perhaps 

unsurprising, these figures do serve well 

to validate what many in insolvency, the 

creditor community and other industries 

have suspected as mass change in consumer 

behaviour. Just how long these changes will 

last is one of the big questions of today. An 

answer will perhaps come to the fore when, 

hopefully sooner rather than later, the focus 

switches from the emergency response 

conditions that we are – quite rightly – in 

at the moment and on to rebuilding the 

economy and the longer-term recovery. 

What is interesting is the shift to online 

spending. The same McKinsey study 

pointed to an increase of up to 40 percent 

in terms of consumers’ intention to spend 

online rather than in other ways, even after 

the pandemic. Keeping in mind the sadly 

long string of high street names that have 

recently undergone insolvency procedures, 

it seems that the present period of flux for 

business is showing signs of its long-term 

influence and what that will look like. It 

appears that shifts we have seen so far will 

continue to be felt for a considerable (if not 

permanent) amount of time, with online 

spending coming to the fore. We have seen 

several UK firms shrink the number of 

stores that they have through insolvency 

procedures, in order to secure a rescue. 

This is not to mention the takeover of 

Arcadia brands Topshop, Topman, and Miss 

Selfridge, arguably among the kingpins 

of the high street not too long ago, by the 

online-only ASOS. Additionally, UK heritage 

brand Debenhams is now under the control 

of Boohoo, a relative newcomer and another 

online-only brand, established in 2006. 

Over the last year, we at the IPA have 

been responding to the changes that 

the insolvency profession has seen, for 

example the new legislation brought in, 

and we have also made changes to how we 

regulate during this time. Recently, we have 

considered our membership criteria, and 

if it might usefully be changed in order to 

better support incoming practitioners into 

the profession and those who are involved 

in it, keeping in mind the rise in corporate 

insolvencies and the expected rise in 

personal insolvencies. 

Membership changes mean that anyone 

can join the IPA in order to study towards 

our exams as a student member, provided 

they have a sponsor, for example their 

employer. Our suite of examinations are 

the Certificate of Proficiency in Insolvency 

(CPI), Certificate of Proficiency in Personal 

Insolvency (CPPI) and Certificate of 

Proficiency in Corporate Insolvency (CPCI). 

These exams are designed to provide a 

comprehensive offering to those wishing 

to study insolvency, whether generally or 

focused on either personal or corporate 

work. People on their way to qualifying as 

an Insolvency Practitioner (IP) via the Joint 

Insolvency Examination (JIE) take these 

exams as a well-established stepping stone. 

In themselves, the exams can give our 

student members potential enhancements 

to their careers. Many in related fields 

to insolvency find that they benefit from 

taking these exams with us. 

Looking at our other, higher levels of 

membership and the criteria to join, we have 

made our requirements more streamlined 

so that prospective members can more 

readily access the IPA, our services and 

benefits. Similarly, and keeping in mind 

both the spotlight that insolvency finds itself 

in and its expected growth in prominence, 

we plan to very carefully change our criteria 

for insolvency licences, to make becoming 

an IP as accessible as possible – provided 

of course that prospective IPs have the 

requisite skills and experience. 

It is hoped that the measures we are 

taking will widen access to insolvency 

knowledge at this critical time, as well as 

help more of our members to practise as IPs 

and meet any increase in demand. You can 

read more about our membership criteria 

on our website – insolvency-practitioners. 

org.uk/membership/. 

Michelle Thorp is CEO, Insolvency 

Practitioners Association. 


INTERVIEW 

THE 

KING’S SPEECH 

Sean Feast FCICM speaks to Philip King FCICM about 

the importance of learning, helping small businesses, 

and the brake pads of a Reliant Robin. 

IT would not be too impolite to say that 

Philip King FCICM was a slow starter. 

As a schoolboy growing up in North 

London, Philip was academically 

ordinary, doing very little to impress 

either his peers or his parents. Neither 

did he particularly excel at sport, a fact he puts 

down (perhaps with his tongue placed firmly 

in cheek) to wearing football boots that had 

adorned at least three previous owners. 

Originally from Kent, the failure of his father’s 

stationery and fancy goods business forced a 

move to Balham in South London where they 

lived above the Church Hall. 

Mr King senior eked out a 

living as the hall caretaker, 

before gaining enough 

money to move to slightly 

better accommodation in 

Barnet when Philip was five. 

Philip acquaints some of 

his subsequent passion for 

protecting small businesses 

on the experiences his 

father had to endure: “There 

was a real stigma then,” 

he explains, “and the consequences of going 

bankrupt were dire. My father became a pariah 

in some circles and was even shunned by some 

of his friends. His experience was horrendous. 

“Perhaps it has swung too much in the other 

direction now,” he continues, “where you can 

declare yourself bankrupt online in the middle 

of the night. It is good that the stigma is less, but 

we’re not at the US level where to show you’re 

a real success you have to have a number of 

failures behind you.” 

Leaving school with a singularly 

unspectacular two ‘O’ Levels and a solitary 

CSE (across Music, English and Mathematics), 

Philip admits to neither enjoying school nor 

particularly working hard, preferring to hang 

out with a group who never applied themselves 

academically. Careers’ advice was non-existent 

beyond the prospect that ‘any job will do.’ 

EXAM SUCCESS 

Through his father who was now at least 

partly rehabilitated and working in the Civil 

Service, Philip applied to join the Department 

Can we expect to 

see Philip putting 

his feet up and 

watching more of 

his beloved Spurs? 

The prospect makes 

Philip laugh. 

of Education and Science as a Clerical Assistant 

and surprised himself by finishing fifth out 

of 600 in the entrance exams. As such he was 

appointed to the loftier role of Clerical Officer. 

Four and a half years passed with the young 

Philip learning very little, other than if you left 

the Service before five years was up, you could 

get a refund of pension contributions. This 

simple fact, and the lure of a new car, resulted 

in Philip’s departure a few months short of his 

fifth anniversary. 

“I loved driving and cars,” he says. “That’s not 

to say I was a petrol head, but I learned basic 

maintenance and could 

change the brake pads and 

that sort of thing.” 

The car that so appealed 

to our intrepid Stirling Moss 

had neither four wheels nor 

two. It was, in fact, a threewheeler 

Reliant Robin van, 

though Philip is very quick 

to point out that there was 

no signwriting on the side, 

neither was it yellow. It was 

purple. 

Finding a job as a delivery driver for a laundry 

company, Philip spent a happy 18 months 

making deliveries all over North London before 

buying himself a rather battered Ford Cortina 

and putting in a shift or two as a minicab driver. 

He remembers one fare especially well: “I had 

to take two old ladies to a funeral, and the 

car broke down between the Church and the 

Cemetery. I did manage to get it going in the 

end, but it was rather touch and go.” 

By now married but still with little direction 

or ambition, a friend within his local 

church told Philip of a job that was going in 

the credit department of an electrical 

wholesalers. Philip applied with little 

enthusiasm and was not disappointed when 

he didn’t get the job. Two weeks later, however, 

the business called him and said the job was 

still there if he wanted it as no-one else 

had applied! 

INSTITUTE FOLKLORE 

Philip had unwittingly fallen on his feet. The 

company was ITT Distributors (later STC) and 


Advancing the credit profession / www.cicm.com / March 2021 / PAGE 11 continues on page 12 >

INTERVIEW 

AUTHOR – Sean Feast FCICM 

his boss and mentor John Brown, a name that 

has entered folklore in CICM history. Philip 

studied first for a Dun & Bradstreet (D&B) 

Diploma in Credit and Financial Analysis, 

passing with ease, before being encouraged 

to study for a CICM (or ICM as it was then) 

qualification. 

His interest in credit management soon 

became a passion. Starting at the bottom of 

the ladder he rose to become number two in 

a team of more than 60: “I loved everything 

about the role,” he says, “and was exposed 

to every part of credit management. Being a 

distributor, ITT had a high volume of credit 

requests, and it was fascinating to look at 

the whole credit lifecycle, from the initial 

risk analysis and granting of credit through 

to collections and, where appropriate, 

recoveries.” 

After 10 happy years, and partly at the 

suggestion of his mentor to gain new 

experiences, Philip joined Olivetti. By now 

living in Newport Pagnell, Philip was happy 

to learn that Olivetti was moving its credit 

function to a greenfield site in Milton Keynes, 

and Philip was given the task of building 

the processes, policies and procedures to go 

with it. 

This was an interesting time to be in the 

computer and office equipment space, and 

the company was characterised by a number 

of colourful and eccentric individuals: “Many 

Olivetti salesmen who had done well out of 

the business believed they could do equally 

well by setting up their own dealerships, but 

changing market conditions, and their own 

inexperience at running a business, meant it 

was very high risk and many failed.” 

By the early 1990s Olivetti, which had once 

held a dominant position selling desktop 

computers, was being outstripped by smaller, 

cheaper providers, and in 1995, Philip was 

enticed away to join Vodafone. Originally 

working within the Vodac business, Philip’s 

remit soon expanded and at various times he 

ran the company’s fraud teams and corporate 

collections team, managing multiple 

teams across multiple sites as the company 

expanded and added other well-known 

brands including Phones4U and Cable & 

Wireless. 

DIRECTOR GENERAL 

Throughout all this time Philip had stayed 

close to the CICM, and for several years had 

been one of its trainers. Among the alumni at 

Watford College were Debbie Nolan FCICM 

and Nick King FCICM. He’d also kept half 

an eye on the senior leadership position, 

and with the retirement of Peter Rowe in 

2005, Philip applied for and was successful 

in becoming the Institute’s new Director 

General. 

Philip’s many achievements as DG (and 

as Chief Executive as his position was 

later retitled) have been written about in 

these pages before. Forging closer ties with 

Government undoubtedly helped in raising 

the Institute’s profile, as did writing the 

Managing Cashflow Guides and creating 

the Prompt Payment Code which Peter 

Mandelson asked Philip and the CICM to 

devise and run on behalf of the (then) BERR: 

“I think he may have asked others before 

me and been turned down,” Philip jokes, 

“but there is no doubt it was good for our 

profile as was being aligned to helping small 

businesses.” 

“I had to take two 

old ladies to a funeral, 

and the car broke down 

between the Church 

and the Cemetery. I did 

manage to get it going 

in the end, but it was 

rather touch and go.” 

Without question his proudest achievement 

was in helping the CICM to secure Chartered 

status: “Everyone said it couldn’t be done but 

we did it and gained Chartered status at the 

first attempt, which is a tremendous credit to 

the team involved.” 

The transition from the ICM to the CICM 

certainly served as a signal that the Institute 

had changed, and changed for the better, and 

become the de facto ‘standard’ for anyone 

aspiring to best practice excellence in credit 

management. Philip even jokes that one of 

his better decisions was bringing in external 

support where it was needed, including a new 

editor for the Credit Management magazine! 

Since passing on the baton to Sue Chapple 

FCICM as Chief Executive, Philip has enjoyed 

a full and interesting term as Interim Small 

Business Commissioner (SBC), a role which 

(at the time of going to press) will be shortly 

coming to an end. It has been 12-months like 

no other: “I expected when I took on the role 

that I would be on the road meeting people 

four days out of five,” he says. “As it is, I have 

just completed my 100th virtual webinar! 

Perhaps that’s not a bad thing; had I been 

on the road I may have spoken to hundreds 

of businesses, but virtually I have now met 

thousands. 

“What I am most pleased about,” he 

continues, “is the increased level of 

collaboration that the SBC’s office now 

enjoys. We have forged much closer ties 

with local and national groups like the IoD, 

The car that so appealed to 

our intrepid Stirling Moss had 

neither four wheels nor two. 


INTERVIEW 

AUTHOR – Sean Feast FCICM 

necessary: “What you will find, and something 

I’ve always said, is that larger companies are 

also often struggling with their own cashflow – 

the difference is they have a greater number of 

zeros on their balance sheet. 

“We worked with one large business recently 

that has been struggling and helped them to 

identify key small suppliers into their business 

who were particularly vulnerable. They then 

prioritised payments to these suppliers of 

£200,000 which was essential to keep them 

in business. I am happy to say that the larger 

company has since recovered, and all of the 

suppliers are still in place.” 

The transition from the ICM to 

the CICM certainly served as 

a signal that the Institute had 

changed, and changed for the 

better, and become the de facto 

‘standard’ for anyone aspiring 

to best practice excellence in 

credit management. 

the CBI, the ICAEW etc. as well as Fintechs and 

other organisations like GoCardless and Tide. 

There is still a great deal to be done but I feel we 

have been much more successful in getting our 

name out there and helping small businesses.” 

SUPPORT AND ADVICE 

What Philip especially hopes he has 

achieved from his tenure as Interim SBC is 

a shift in mindset from people who view the 

Commissioner’s office as a complaints’ handling 

tool, to one that provides ongoing support and 

advice. That’s not to say he hasn’t been pleased 

to intercede on a small company’s behalf when 

Everyone said it couldn’t be 

done but we did it and gained 

Chartered status at the first 

attempt. 

Philip senses that most larger businesses are 

aware that they need to support their smaller 

suppliers: “What I have been working on in my 

conversations with CEOs and CFOs of many 

High Street names is to move them beyond just 

thinking ‘transactionally’ and more ‘emotionally’ 

What they see as a number on a balance sheet 

is in fact cereal on the table for their small 

supplier. We’ve also tried to highlight that 

they need to think of those businesses beyond 

the ‘traditional’ supply chain – the freelance 

writers or web designers who are often ‘missed’ 

because they are not seen as operationally 

important.” 

Recent changes announced to the Prompt 

Payment Code have been welcomed, and Philip 

similarly welcomes proposed changes to the 

role of the SBC: “It is perhaps not my place to 

say,” he explains, “because the changes will 

affect my successor, but it is fair to say that if 

you give the SBC more power, then he/she can 

do more with it.” 

So what of the future? Does retirement 

beckon? Will Philip be spending more time with 

his six grandsons? Can we expect to see Philip 

putting his feet up and watching more of his 

beloved Spurs? The prospect makes Philip laugh: 

“I’ve been passionate about credit management 

for 42 years and I’d like to think I will still be 

involved in helping businesses somehow,” he 

adds. 

And if he could meet his younger self today 

and offer some advice, what would it be? “Have 

a bit of a plan and don’t waste your school years,” 

he smiles. 


OPINION 

VIRTUALLY SPEAKING 

New ruling is not the green light for 

‘virtual’ collections. 

THE Court has issued 

clarification on taking 

control of goods by way of a 

video call and some people 

think this means that process 

can now be used. But does 

the Court decision really give the green 

light to virtual collections? 

The recent judgment made by 

Master McCloud in the Queen’s Bench 

Division of the High Court on 8 January 

confirmed there was nothing in the 

current regulations to prevent the taking 

control of goods by way of a video call. 

In her judgment, Master McCloud stated: 

‘An enforcement agent may enter into a 

controlled goods agreement within the 

meaning of Schedule 12 to the Tribunals, 

Courts and Enforcement Act 2007 with a 

debtor whether or not the enforcement 

agent has physically entered the premises 

on which the goods are located.’ 

High Court Enforcement Officers 

(HCEOs) already engage with debtors 

remotely at the compliance stage without 

having to take control of their goods or 

apply any additional fees other than the 

compliance fee of £75 plus VAT. 

CURRENT REGULATIONS 

The current regulations (The Taking 

Control of Goods Regulations 2013, which, 

came into force in 2014) require a visit to 

be made before an enforcement agent can 

take control of goods, but do not specify 

whether it must be a physical attendance. 

A physical visit was no doubt intended as 

the technology was not available when the 

regulations were made. 

The Court has asked the Ministry of 

Justice (MoJ) to review the regulations 

and consider whether any changes need 

to be made. As this option is currently 

unregulated it would not be a compliant 

approach to use it currently. 

Taking control of goods by way of a video 

call under the current regulations does 

not give an enforcement agent the power 

to take further enforcement action where 

required, such as, for example, the power 

to force entry so will not have the desired 

effect and would be unenforceable. It is 

also not clear what fees should be applied 

and when. 

Guidance from the MoJ on this point 

is awaited. This could take some time as 

there would be a need to consult with all 

stakeholders concerned. In the meantime, 

most enforcement agents acting under 

AUTHOR – Neil Jinks FCICM IRRV 


OPINION 

AUTHOR – Neil Jinks FCICM IRRV 

the authority of an HCEO will continue 

to make physical attendances where 

required until the position has been 

clarified or regulations have been 

updated. Obviously, this is subject to any 

prohibition on such activity due to any 

lockdown during the pandemic. 

TAKING CONTROL 

Where the debtor fails to make payment 

when the enforcement agent attends, 

the debtor is required to enter into a 

controlled goods agreement (CGA). The 

debtor’s goods are then under the control 

of the enforcement agent and cannot be 

sold or removed without their permission. 

It only becomes necessary to take control 

of goods in a very small percentage of 

cases. If the debtor fails to make payment, 

the enforcement agent can then return to 

remove the goods and sell them. 

Enforcement only 

follows where there is 

no engagement. A call 

of any kind cannot take 

place if the debtor does 

not engage with the 

enforcement agency. 

The High Court Enforcement Officers 

Association (HCEOA) has recently issued 

updated Best Practice in light of this 

latest judgment. It confirms that during 

the compliance stage an instalment 

arrangement can be entered into where 

the judgment creditor has given specific 

written instructions to the HCEO to accept 

an arrangement during an extended 

compliance period (See paragraph 

13 of the Best Practice on the HCEOA 

website). Therefore, no visit of any type is 

required to secure a long-term payment 

arrangement. 

The compliance period is the first step 

in the process following the issue of the 

writ when a notice of enforcement is sent 

to the debtor and the first opportunity for 

engagement. Where the debtor engages 

with the enforcement agency, they will 

often secure full payment, a payment 

arrangement or identify any issues such 

as vulnerability. 

Enforcement only follows where there 

is no engagement. A call of any kind 

cannot take place if the debtor does not 

engage with the enforcement agency. 

If they do engage at this initial stage, 

there is no need to take control of their 

goods, especially when in default it is not 

enforceable. 

At the compliance stage, the requesting 

of a CGA is not required or necessary 

under the regulations, so this is a more 

intrusive step than is required at this 

stage. 

Creditors continue issuing their writs 

to their HCEOs during these difficult 

times to enable them to engage with 

debtors in the usual manner without the 

need for a video call to take control of 

their goods. 

This leads to very early-stage 

resolution and means creditors are paid 

sooner rather than later with costs and 

the burden of debt kept to a minimum. 

It is the same outcome but without the 

need for a controlled goods agreement 

so a much more amicable solution for all 

concerned. 

OPEN TO ABUSE 

Having been involved in High Court 

enforcement for more than 30 years, I 

believe it is only practicable to take control 

of goods physically. To do so remotely, is 

open to abuse, which is more likely to be 

avoided if the process is undertaken in 

person. Examples include people using 

fake ID, showing you around the wrong 

premises, avoiding showing you into 

rooms where there are valuable goods to 

be seized, or parking vehicles away from 

the property, so they are not included in 

the seizure. 

In any event, paragraph 153 of the 

Court judgment reads as follows: ‘The 

Act, in my judgment, permits regulations 

to be made which deal with the above, but 

in the absence of such regulations having 

been made, a ‘non-entry’ CGA would offer 

limited enforcement options if breached 

unless (a) a warrant for forcible entry 

could be obtained or (b) peaceable entry 

was obtained legitimately under para 

14 of sch. 12 after entry into the CGA, 

meaning that subsequent steps are ‘reentry’. 

The Act, in short, does not forbid a 

non-entry CGA entry, but the Regulations 

do not fully enable it to be given effect as 

they presently stand.’ 

As the regulations do not fully allow 

it, I cannot see the point in it, as it is 

restrictive when further enforcement 

action becomes necessary. The 

compliance stage allows for engagement 

and payment arrangements without the 

need for any further enforcement action 

or additional fees. 

Neil Jinks is Head of Client Development 

& Communications at Court Enforcement 

Services Ltd, a member of CICM’s 

Advisory Council and President of the 

IRRV West Midlands Association. 

Where the debtor 

engages with 

the enforcement 

agency, they will 

often secure full 

payment, a payment 

arrangement 

or identify any 

issues such as 

vulnerability. 


ENFORCEMENT 

CROSS WORDS 

The impact of Brexit on cross-border 

enforcement. Part 1 

AUTHOR – Dmytro Tupchiienko 

FOLLOWING Brexit, the question about 

the recognition and execution of the 

judgments between the UK and the EU 

is governed by the so-called Withdrawal 

Agreement, which was signed on 

17 October 2019 and came into force on the 

1 February 2020. 

Essentially, the withdrawal agreement provides that 

EU law with the international jurisdiction of crossborder 

civil disputes will continue to apply to judicial 

proceedings established before the end of the transition 

period. It also provides that the relevant recognition 

law and the execution of the judgments will continue 

to apply with regard to the judgments. 

The Hague Choice Of Court Convention 2005 aims to 

facilitate cross-border recognition and the application 

of judgments. However, the Convention applies to 

commercial and civil judgments and expressly excludes 

judgments regarding criminal, administrative, revenue, 

or customs issues. On 2 July 2019, Uruguay became the 

first state signatory. 

Importantly, this is to determine the international 

jurisdiction of the courts, to facilitate the recognition, 

and to ensure a fast process for a successful application 

of the judgments, enforcement instruments, and rule 

of law in general. 

RECOGNITION AND APPLICATION OF A 

FOREIGN JUDGMENT 

1. Recast Brussels I 

Recast Brussels I continues the de Plano 

acknowledgment of foreign judgment and, moreover, 

no longer requires exequatur. 

The Recast Brussels I does not ensure an effective 

or instance execution, but it is governed by the 

law of the Member State from which the judgment 

execution is expected. Since an exequatur should no 

longer be obtained, the creditor can directly instruct 

the competent local authority (for example, a bailiff) 

responsible for the execution procedure as such. The 

applicant must provide the following documents; 

(i) A certificate from the source Court. In other 

words, the Court where the judgment was originally 

returned. 

(ii) A copy of the judgment sought 

2. Brussels I and the Lugano Convention 

In accordance with Brussels I and the Lugano 

Convention, the seeking Party shall carry out a foreign 

judgment must request an exequatur with the court 

or the competent authority of the Member State of 

execution listed in Annexes II of Brussels I and the 

Lugano Convention. The request for an example must 

produce: 

(i) A statement containing the judgment of the 

Brussels I and Lugano Convention 

(ii) A certificate issued by the original court that 

confirms the enforceable measures. If it is considered 

necessary, a certified translation of the above 

documents should also be. The actual procedure to be 

applied to an exequatur is governed by the law of the 

Member State in which implementation is taking place. 

3. Hague Convention 2005 

The process for the recognition and implementation 

of the law is governed by the Act of the State of 

Implementation unless governed by the Hague 

Convention 2005. The documents to be produced under 

these procedures are more elaborate than the required 

documents in the EU. More specifically, the person 

looking for recognition or application must provide: 

(i) Copy of Assessment 

(ii) Certificates issued by the Origin Court (eg 

Court where the assessment is initially given) confirming 

the steps that can be enforced (Article 53 (2) Brussels I and 

Lugano Convention). If deemed necessary, the above 

documents’ certified translation must also be produced 

(Article 55 (2) Brussels I and Lugano Convention). The 

actual procedure to apply to exequatur is governed 

by member countries' laws where implementation is 

requested. 

Finally, in the context of the Hague Convention 2005, 

the procedure of recognition and law enforcement 

is regulated by the law of the implementing state 

unless the Hague Convention provides the opposite. 

The documents produced in this procedure are more 

complicated than the documents needed in the 

EU regulation. More specifically, people who seek 

recognition or application must provide: 

(i) Copy of certified and complete judgement 

(ii) The exclusive choice of justice agreements, 

certified copies, or other evidence of their existence; 

(iii) All documents needed to determine that 

the assessment has an effect or, if necessary, can be 

enforced in the original state; 

(iv) If the assessment has been given by default, 

a copy of the original or certified certification of 

the document that sets the equivalent document or 

document has been notified in the failed part; 

(v) In the case of trial settlement: state certificate 

from the country of origin that justice regulation, 

or part of it, can be applied in the same way as an 

assessment in the country of origin; 

(vi) Applications for execution or rewards can be 

accompanied by documents published by the court 

(including court leaders) from the country of origin, in 

the form of registered and published by the Conference 

of the Hague about very large personal law; 

(vii) Other documents that are deemed necessary 

if certain conditions are not fulfilled and if necessary, 

the translation of the certified document listed above. 

To be continued…. 

Dmytro Tupchiienko is a CICM 

studying member. 


ENFORCEMENT 

AUTHOR – Dmytro Tupchiienko 

Essentially, the withdrawal 

agreement provides that EU 

law with the international 

jurisdiction of cross-border 

civil disputes will continue to 

apply to judicial proceedings 

established before the end of 

the transition period. 


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of redundancy or looking for work. 

We have all the guides and advice 

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YOU BACK TO WORK 

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OPINION 

A SPORTING CHANCE 

How is the sports and recreation 

industry surviving the pandemic? 

AUTHOR – Tim Vine, Head of Credit Intelligence at Dun & Bradstreet 

LAST year was a tough time 

for many businesses. Dun & 

Bradstreet’s COVID-19 Impact 

Index has been tracking the 

impact of the pandemic across 

industries and regions in the 

UK to support companies as they manage 

disruption and uncertainty. The index covers 

the latest industry, financial strength and 

location disruption analysis and shows that 

the sports and recreation sector continues 

to be significantly affected by the pandemic 

(see table to right). 

Euro 2020 and the Tokyo Olympics – major 

events that represented everything we love 

about sport – were both postponed and the 

Wimbledon Championships were cancelled 

for the first time since the Second World War. 

Gyms, leisure centres and sports clubs 

across the country have been forced to close 

during the national lockdowns. Data shows 

that a high proportion of sport and fitness 

related companies (79 percent) are micro 

businesses who are unlikely to have the same 

back-up funds and contingency plans as larger 

businesses. Although the support schemes 

provided by the Government have provided 

some assistance, 2020 was a tough year for 

many businesses in the sector and 2021 is 

likely to be another challenging year. 

However, while it continues to be an 

uncertain time, some fitness-related 

businesses and certain sports have managed 

to weather the storm better than others. 

SOCIALLY DISTANCED 

Tennis is one of the UK’s favourite sports. But 

although Wimbledon was cancelled, until the 

most recent lockdown, grass roots tennis could 

still be played and was one of the sports the 

Government had allowed to continue, subject 

to social distancing guidelines. It was also one 

of several sports to receive a cash injection 

through the Sport Winter Survival Programme. 

The future of golf looked pretty bleak at the 

start of 2020, with the virus arriving after years 

of falling attendance, and national lockdown 

came after 40 percent of clubs had sent out 

their annual renewal subscription forms to 

members. However in the early summer, golf 

clubs in England were given the green light to 

open and there was a surge in demand to play. 

Sadly, at the time of going to press, golf clubs 

have once again been obliged to close. 

UK Industries (Specific Divisions) 

Food and beverage service activities 10 

Accommodation 16 

Construction of buildings 30 

Air transport 34 

Land transport and transport via pipelines 34 

Creative, arts and entertainment activities 37 

Sports activities and amusement and recreation activities 38 

Manufacture of food products 49 

Employment activities 49 

Manufacture of textiles 50 

Travel agency, tour operator and other reservation service 

and related activities 51 

Telecommunications 58 

Manufacture of beverages 59 

Rental and leasing activities 61 

Public administration and defence; compulsory social security 65 

Real estate activities 73 

Source: Dun & Bradstreet 

COVID-19 Impact Index, as at 

Friday 1 January. Industries 

rated 1 to 100, with 1 being the 

most impacted. 

Tennis is one of the UK’s 

favourite sports. But 

although Wimbledon 

was cancelled, until the 

most recent lockdown, 

grass roots tennis could 

still be played and was 

one of the sports the 

Government had allowed 

to continue, subject 

to social distancing 

guidelines. 

Overall Business Impact 


OPINION 

AUTHOR – Tim Vine, Head of Credit Intelligence at Dun & Bradstreet 

Sports Industry Business Liquidations YoY 

95 

0.24% 

Volume 

90 

85 

80 

0.24% 

0.24% 

0.23% 

0.23% 

75 

October 2018 

October 2019 October 2020 

0.23% 

Unfavourable OOB 

Unfavourable OOB Rate 

And there is further depressing news. Although the 

number of businesses in the sporting industry are increasing 

(36,000 compared to 23,000 in 2017), Dun & Bradstreet data 

shows that business liquidations have increased between 

October 2018 and October 2020, which does not bode well. 

WHAT IS NEXT? 

Although some sports have been able to continue in a 

limited capacity, a third and stricter national lockdown 

has forced many venues and clubs to close their doors 

once again. Some business have adapted by providing 

online classes and tuition but with gyms, stadiums and 

arenas empty once again, the future of many sport-related 

businesses will be uncertain. 

Despite this uncertainty, the hope is that this year will 

bring with it some degree of normality that will see us 

enjoying sport and exercise once again. Credit and financial 

data and analytics will continue to help businesses navigate 

the unpredictable times by helping to identify opportunities 

for growth and support risk management during the 

pandemic and beyond. 

Tim Vine is Head of Credit Intelligence 

at Dun & Bradstreet. 

Tim Vine 

However in the early 

summer, golf clubs in 

England were given 

the green light to 

open and there was 

a surge in demand 

to play. Sadly, at 

the time of going 

to press, golf clubs 

have once again been 

obliged to close. 


“VIRTUAL ENGAGEMENT – 

MAXIMISING COLLECTIONS 

IN COMPLIANCE.” 

From the desk of our 

Chairman, Daren Simcox. 

EXPERTLY 

VIRTUAL ENGAGEMENT 

MAXIMISING 

COLLECTIONS IN 

COMPLIANCE. 

Court Enforcement 

Services is a leading 

provider of High Court 

Enforcement to businesses 

and individuals, and, 

since forming in 2014, has 

become an established 

name in the UK’s High 

Court enforcement 

industry by offering a 

combination that is 

intentionally difficult for 

our competitors to match 

– vast legal experience and 

knowledge, a dedication 

to the very best client 

service levels and most 

importantly, the highest 

collection performance 

levels in our sector. 

With over £187 million 

judgment debt fairly 

collected for our clients, 

and minimal complaints 

in executing over 100,000 

High Court Writs, we are 

justifiably proud of the 

speed with which we have 

achieved this record for 

our clients and customer 

debtors, which promotes 

early-stage resolution and 

achieves an above industry 

average engagement 

rate of 39% during the 

compliance stage. 

These clear credentials 

are why, as one of the 

fastest growing and largest 

High Court Enforcement 

businesses in the UK, 

we feel it is our duty 

to provide guidance 

to creditors in light of 

recent communications 

about ‘virtual’ (video call) 

enforcement. 

VIRTUAL 

ENFORCEMENT? 

WE PREFER VIRTUAL 

ENGAGEMENT. 

Virtual engagement 

between debtors and 

enforcement agents 

is nothing new. It has 

been heavily in use since 

telephony started and 

further developed with the 

internet over the past two 

decades. Used properly 

as part of a multi-channel 

mix of engagement 

approaches, we are able 

to tailor our engagements 

to suit individuals and the 

available contact details. 

As new channels develop 

or society changes 

its social norms, our 

communications and 

collections teams adjust 

their approach to 

optimise engagement 

– video as a channel 

is no different. Today, 

in almost every case, 

we use a multichannel 

approach 

to provide fair and 

early engagement, 

discuss payment 

arrangements and 

avoid doorstep visits. 

At Court Enforcement 

Services and our sister 

company, CDER Group, 

we refer to this as ‘virtual 

engagement’, we aim to 

agree a resolution with 

our customers without 

the need for any form 

of visit and without the 

need for a controlled 

goods agreement, so 

minimising the level of 

fees payable and the 

impact on the customer. 

We have been using this 

approach for over 6 years 

and are pleased to be 

able to advise our clients 

that more than 20% of 

our customers settle in 

compliance and more 

than 20% of our customers 

settle using a payment 

arrangement. We focus 

on delivering resolutions 

that match our client’s 

needs and their debtor’s 

circumstances, 

all Expertly 

Resolved. 

LEADING BY EXPERTLY 

DELIVERING BEST 

PRACTICE. 

We deliver best practice 

by minimising the impact 

on the debtor, only 

putting a controlled goods 

agreement (CGA) in place 

when absolutely necessary 

and ensuring that all 

debts are settled subject 

to appropriate affordability 

tests. 

There is no requirement for 

us to take control of goods 

in the compliance phase 

as we have agreements 

in place with our clients. 

Our approach results in a 

lighter touch and delivers a 

fair resolution for both our 

clients and our debtors. 


RESOLVED. 

BRANDS NEED 

PROTECTION, NOT 

RESULTS AT ANY COST. 

As a market leader we 

innovate and adhere 

strictly to the regulations: 

the regulations already 

provide the ability to 

enter into a payment 

arrangement in the 

compliance stage, 

without the need for a 

visit or a CGA. We cannot 

therefore see the benefit 

of requesting that a debtor 

go through the intrusive 

process of allowing a 

video call to walk an 

Enforcement Agent 

around their house when 

they have already engaged 

to agree settlement and 

a creditor has accepted a 

payment arrangement 

during an extended 

compliance period. 

FAIRNESS IN OPERATION. 

We will always act in 

accordance with the 

words and spirit set out 

in our charter which 

expresses our belief that 

– we believe everyone has 

the right to be treated 

fairly. 

At Court Enforcement 

Services Ltd, we would 

like to reassure our clients 

and all other creditors that 

we will always proceed 

in the spirit the law and 

regulations intended. 

We fully appreciate the 

importance of protecting 

our client’s brand and 

reputation and our 

duty of care in all our 

engagements. 

We currently have 

no plans to 

implement 

‘video 

visits’ 

unless there is client 

demand for us to do so. We 

believe it is highly unlikely 

that our clients would want 

us to use video calls to take 

control of goods as the 

feedback and opposition 

received from CCUA 

members suggests that 

they do not wish to do so. 

For more information on 

our approach to Fairness 

in Operation, vulnerability 

and brand protection, 

please follow these links: 

FAIRNESS IN OPERATION: 

www.courtenforcementservices.co.uk/ 

us/fairness-in-operation/ 

BRAND PROTECTION: 


us/brand-protection/ 

DEBTOR SUPPORT: 


debtor-support/ 

VULNERABILITY: 


vulnerable-debtors/ 

SIGNPOSTING: 


independent-advice/ 

SOLICITORS BROCHURE: 


solicitors-brochure 

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 23 

01993 220557 

BD@courtenforcementservices.co.uk 

www.courtenforcementservices.co.uk

COUNTRY FOCUS 

Romania has 

long-since broken 

from its communist 

past. 

OUT OF THE RED 

AUTHOR – Adam Bernstein 

TO many, Romania is the 

country where Ceausescu’s 

communist regime fell more 

than 30 years ago and where 

Bran Castle, often referred 

to as the home of the title 

character in Bram Stoker's Dracula, is 

located. 

Those things are true, but it’s also 

home to the Transfagarasan highway – the 

‘world’s best driving road’ according to 

Jeremy Clarkson; it has one of the world’s 

prettiest bookshops – the Cărturești 

Carusel – that’s set in a restored 19th 

century building and which contains more 

than 10,000 books; and it has a 4G mobile 

network that is rated the fourth best in 

the world which offers users an average 

35.61mbp download speed. UK users, in 

comparison, get just 21.16mps. 

UNION OF PRINCES 

Located in central Europe by the Black 

Sea, it’s bounded by Bulgaria, Ukraine, 

Hungary, Serbia and Moldova. Romania 

isn’t an old nation per se, having been 

formed from the union of the principalities 

of Moldavia and Wallachia in 1859 which 

gained independence from the Ottomans 

in 1877. Neutral at first, it fought with 

the Allies from 1916 and through a 

combination of geography and pressure, 

was forced to cede territory during World 

War Two to several belligerents before 

entering the war on the Axis side in 1941. 

It switched to the Allies in 1944 and postwar, 

until 1989, Romania was socialist and 

a member of the Warsaw Pact. 

With an international pedigree 

currently, it is a member of some 67 

international organisations including 

NATO and, since 2007, the EU. It isn’t a 

member of the Schengen Area meaning 

that its borders aren’t open, and it doesn’t 

yet use the euro, but it is obliged to adopt 

in once entry criteria are met. Romania 

presently uses the leu (RON) which, mid- 

December 2020, was worth around 19p (or 

5.38 RON to a pound sterling). 

POPULATION AND SIZE 

Romania is large with 238,391 sq km 

making it similar in size to the UK’s 

242,495 sq km. It has a number of 

natural resources including oil, timber, 

natural gas, coal, iron ore and salt along 

with plentiful arable land and scope for 

hydropower. 

As for the population, it’s unlike many 

countries in the west in that they’re not 

very urbanised and are fairly evenly 

distributed. Bucharest is by far the largest 

urban area with (in 2011) 1.8m inhabitants. 

The Bran Castle and Bran city, 

Transylvania, Romania 

There are eight cities with more than 

200,000 people, 11 with 100,000 to 200,000 

residents, 21 with 50,000 to 100,000 people 

and 145 with a population between 10,000 

and 50,000. In other words, apart from 

Bucharest, Romanian cities and towns can 

be banded together with minimal effort. 

Its population was, according to 

the 2011 census, 20.1m and is now an 

estimated 21.1m according to a July 2020 

estimate published in the CIA World 

Factbook. However, in time it’s expected 

that the population will decline through 

migration and a falling birth-rate. Indeed, 

the birth-rate once stood at 5.82 children 

per woman in 1912 and was thought to 

be closer to 1.36 in 2018 – well below the 

replacement rate of 2.1. Combine this with 

an aging population and the Factbook 

considers Romania to have one of the 

oldest populations in the world. And it’s 

easy to see why – 2020 estimates reckon 

that the under 24’s account for around 24.5 

percent of the population, those aged 25- 

54 make up 46 percent, while those 55 and 

older represent around 29.25 percent of the 

population. It’s notable that as of 2018, the 

unemployment rate had risen after a long 

period of falling rates. Back in the summer 

of 2013 it stood at around 7.5 percent 

and had fallen to a low of 3.7 percent in 

January 2020. But as of September 2020, 

it’s reckoned to be around 5.2 percent. 

Ethnically, Romania is around 90 

percent Romanian, six percent Hungarian, 

and three percent Roma (but this last 

number is thought to be understated; the 

Roma could actually make up 10 percent of 

the population). Romanian is the official 

language and is spoken by 90 percent of 

the population but English and French are 

taught in schools. 

IMPROVING GDP 

Once a former communist-run country 

with an outmoded industrial base that 

produced goods that weren’t what the 

country needed, the Romania of 2020 is 

radically different. Now considered by 

the World Bank in July 2020 to be a highincome 

economy with a GDP per capita 

of $28,189 it’s now running at 69 percent 

of the EU average. Growth has been 

spectacular and in 2004 was recorded as 

being 10.4 percent. But the financial crash 

of 2008 dented it somewhat with a negative 

5.51 percent in 2009; the IMF had to step in 

with a $20bn bailout. But 2019 saw growth 

of 4.08 percent and of course, in common 

with every other coronavirus afflicted 

country 2020 will not be a good year. 

In terms of land use, it’s estimated that 

around 61 percent is used for agriculture 

of which 39 percent is arable and 20 

percent is permanent pasture, and the 

rest is for permanent crops. As of 2017, 

agriculture generated 4.2 percent of GDP, 

manufacturing 33.2 percent and services 

62.6 percent. In numbers, Romanian GDP 

in US$ bubbled around the $40bn mark 

until 2001 when it took off exponentially 

to reach $214bn in 2008 and $250bn 

in 2019. The UK, in comparison had a 

GDP of $1.64tn in 2001 which rose to 

$2.82tn in 2019. 


COUNTRY FOCUS 


The Transfăgărășean or 

DN7C is a paved mountain 

road crossing the southern 

section of the Carpathian 

Mountains of Romania. It has 

national-road ranking and 

is the second-highest paved 

road in the country after the 

Transalpina. 

Imports into and exports from Romania 

are growing. In 2019 Trading Economics 

data shows that Romania’s biggest 

trading partners were, in value, Germany 

(22 percent), Italy (11.2 percent), France 

(6.9 percent), Hungary (4.8 percent) and 

the UK (3.73 percent). But these figures 

don’t offer up the full facts as import data 

seems to indicate that the UK doesn’t 

even count in the top ten – Germany 

comes first at 20 percent by value while 

Austria is seventh with 3.1 percent. 

With regard to what Romania actually 

imported in 2019, again in value order, 

it was parts and accessories for motor 

vehicles; petroleum oils and allied 

products; medical products; cars and 

other vehicles; wire and fibre optic 

cables; cameras, video products and 

transmission equipment; electronic 

circuits and micro assemblies; electrical 

equipment; and plastics. 

In total, goods and services imports 

stood at $96.6bn in 2019. That figure was 

estimated to be just $68bn in 2016. 

KEY SECTORS 

There are a number of key sectors to 

note in Romania of which automotive is 

one with Dacia (part of Renault group) 

and Ford and more than 400 car parts 

manufacturers operating. According 

to a study published in the Business 

Review Magazine in July 2019, the global 

automotive industry is stagnating while 

booming in Romania...car production 

could reach at least 650,000 units after 

2020, according Dacia. That may have 

changed a little in light of coronavirus 

but nevertheless, the groundwork for a 

revival has been laid. 

Another sector to note is textiles 

and clothing which, in 2018, was worth 

$3.1bn of which women and girls 

apparel accounted for $1.23bn. Data for 

Advancing the credit profession / www.cicm.com / March 2021 / PAGE 25 

continues on page 26 >

COUNTRY FOCUS 


2017 showed that the sector employed 

around 200,000. Businessmedia.ro 

predicted that the annual growth rate 

for this sector will be around 5.3 percent 

between 2018 and 2021. 

Pharmaceuticals is of interest as 

Romanians’ appetite for pills and 

treatments has grown following 

advertising campaigns and the crisis in 

the local healthcare system. According to 

the Guardian, the system is failing since 

thousands of doctors and nurses have 

emigrated to better paid economies. The 

April 2019 report believes that some 3.4m 

Romanians have left the country in the 10 

years since Romania joined the EU. But 

for those firms involved in the sector, it’s 

of interest that in the 12 months to March 

2018, the market for pharmaceuticals in 

Romania reached 14.7bn RON (£2.7bn) of 

which 9.78bn RON related to prescription 

drugs, 3.19bn RON for OTC, while drug 

sales to hospitals accounted for 1.71bn 

RON. 

As the country has prospered so retail 

has grown in importance. A number of 

retail parks – as opposed to shopping 

malls – have opened and 59 percent 

are now located in cities with less than 

100,000 inhabitants. The country, is now, 

according to Stratulat Albulescu Attorneys 

at Law, ranked fifth at a European level 

for delivery of retail spaces in retail parks 

in 2018, being overtaken only by France, 

Spain, the UK and Italy. 

The hotel sector, until the pandemic 

struck, had seen tourism rise by 6.7 

percent in 2018 compared to 2017 with 

capacity growing 1.6 percent to catch 

up. Crosspoint Real Estate thinks that 

turnover for the sector is around €1.2bn. 

It’s believed that between 2019 and 2020 

the number of Romanian hotels will 

increase from 1633 to around 1800. This 

comes alongside a programme by some 

owners to update and refurb the estate 

that they hold. 

Brașov is a city in the 

Transylvania region of Romania, 

ringed by the Carpathian 

Mountains. It's known for its 

medieval Saxon walls and bastions, 

the towering Gothic-style Black 

Church and lively cafes. Piaţa 

Sfatului (Council Square) in the 

cobbled old town is surrounded by 

colourful baroque buildings and 

is home to the Casa Sfatului, a 

former town hall turned local 

history museum. 

INFRASTRUCTURE INVESTMENT 

Romanian infrastructure is in need of 

investment and is being bolstered with 

significant funding to the tune of €9.5bn 

from the EU. A number of motorways 

are being built including the Sibiu-Pitesti 

and the Bucharest Belt. The country is 

also launching tenders for four parts of 

the Craiova-Pitesti Expressway. Rail too 

needs updating; a US government report 

from July 2019 thought that the average 

freight rail speed in country was 13 km/ 

hour – one of the slowest in Europe. 

According to National Railway Company 

CFR S.A., there are a number of projects 

which are under preparation or ready to 

be launched. 


COUNTRY FOCUS 


A masterpiece awaits in the 

remote village of Voronet, in the 

northern Romanian region of 

Moldavia. A biblical mural depicts 

angels and devils on opposite 

sides of a scale, scrutinizing a 

man’s life, good deeds weighed 

against sins. Around them, 

corpses rise from graves, joining 

scores of others awaiting the Last 

Judgment. It’s a graphic, gripping 

scene and it’s no wonder the 

500-year-old painting has earned 

the Voronet Monastery the title of 

"Sistine Chapel of the East." 

And then there are the ports. In particular, 

the Constanta Port sitting on the Danube- 

Black Sea Canal has several major projects 

running - an artificial island, new operational 

berths and transport infrastructure, and the 

modernisation of its piers. Collectively they’re 

worth nearly $1bn. 

Its importance was noted earlier, but 

agriculture is important to Romania. The total 

grain harvest in 2018 – about 30m tons – ranks 

Romania in the third place in the EU after 

France and Germany. In essence, Romania 

produces 28 percent of the EU’s maize, some 

19m tons and in terms of wheat, it produces 

nearly 11m tons. There’s also a strong wine 

culture with vineyards producing 1.1m tons of 

grape wine. 

Lastly, there’s technology where, according 

to PwC’s Central and Eastern Europe Private 

Business Survey 2019 Report, Romanian 

companies top the list when it comes to use of 

six from eight essential digital technologies, 

a highly skilled and diversified workforce, 

competitive prices, and a stimulating business 

environment with a sector worth up to €40bn. 

SETTING UP BUSINESS 

For a foreign investor, the most frequently used 

types of companies in Romania are the limited 

liability company (SRL) and the joint stock 

company (SA). 

The joint stock company is the most complex 

type of entity in Romania. The main advantages 

are that shareholders are responsible only 

for their capital, it can be listed on the stock 

market and so can attract large amounts of 

capital, and shares can be transferred without 

the approval of the others. However, they take 

time and involve expense to set up, need at least 

five founding members, attract bureaucracy 

and need around €25,000 minimum capital to 

be formed. In comparison, a limited liability 

company see subscribers only held responsible 

Romanian is the 

official language 

and is spoken 

by 90 percent of 

the population 

but English and 

French are taught 

in schools. 

for their share capital and no more. Further, 

the company can be set up in around one week 

with just 200 RON capital. It also requires just 

one director but can host a maximum of 50. 

There are few disadvantages, compared with 

benefits, and so it’s the entity of choice for 

foreign investors. 

TAXATION RATES 

The standard corporate income tax rate in 

Romania is 16 percent, 16 percent on personal 

income, and the standard VAT rate is 19 

percent. Gambling and nightclubs are subject 

to a 5 percent rate from the revenues or 16 

percent of the taxable profit, depending on 

which is higher. 

It should be noted that there are reduced 

VAT rates of nine percent for water, food, 

beverages (except alcoholic drinks), medical 

treatments, prosthesis and the like, and five 

percent for restaurant and catering services, 

hotel accommodation, social housing under 

certain conditions, and on schoolbooks, 

newspapers, magazines, admission fees to 

castles, museums, sport events, etc. 

The VAT registration procedure is complex, 

and several types of documents are required; 

a VAT number must be in place before the 

commencement of business. 

DO’S AND DON’TS. 

And lastly, it’s important to observe social 

norms. So, those looking to work in Romania 

would do well to remember that Romanians 

like to be direct, sensitive and will focus on 

business unless otherwise prompted. It’s 

considered rude to be late for meetings – those 

running late should call ahead and apologise if 

it is unavoidable. Boasting about achievements 

or exaggerated claims are frowned upon. 

Importantly, it would be an own goal to talk 

or make jokes about the communist regime or 

Roma people. 


SAVE THE DATE 

FOR OUR VIRTUAL 

CELEBRATION 

- 25 MARCH AT 8PM! 

Thursday 25 March - Virtual Event 

MEET THE 2021 AWARDS JUDGES: 

Gail Armstrong MCICM 

Head of Invoice 2 Cash GB&IE 

Siemens 

Michelle Atkinson 

Head of Income, Customer Services 

United Utilities 

Liz Bingham 

CEO 

R3 

Sue Chapple FCICM 

CEO 

CICM 

Leanne Chesterman 

Sales & Debtors Service Manager 

BAE Systems 

Brendan Clarkson FCICM 

Director 

Begbies Traynor 

Steven Coppard 

Deputy Director Government 

Debt Management Function 

Cabinet Office 


Director 

Gravity London 

Nigel Fields FCICM 

Senior Director, 

Global Process Owner OTC 

NBC Universal International 

Philip King FCICM 

Small Business Commissioner 

Dept for Business, Energy 

& Industrial Strategy 

Philip Roberts FCICM 

Partner 

Clarke Willmott 

Natalie Ross 

Head of Strategic Sales - Working Capital, 

Commercial Payments & SBS UK 

American Express 

Paula Swain 

Partner 

Shoosmiths 

Karen Young 

UK&I Director 

Hays 

To find out more information about the awards, please visit 

www.cicmbritishcreditawards.com 


HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION 

A WATCHING BRIEF 

A flexible and sympathetic approach to enforcement 

is more important than ever. 

AUTHOR – Andrew Wilson FCICM 

LIKE all SME businesses which have 

seen a dramatic fall in activity, High 

Court Enforcement businesses have 

been looking very hard at their 

business models, making as few 

redundancies as possible and getting 

to grips with the furlough schemes, to see how 

best to keep the core staff they will need in the 

future. 

Not all enforcement activity has stopped, 

particularly in B2B cases, but great care has been 

taken to stick carefully to Government’s very 

specific guidelines. 

TRAINING, TRAINING, TRAINING 

We have been training all our Enforcement Agents 

in the use of protective equipment, hygiene 

supplies and social distancing, ensuring they 

protect themselves and others they encounter. 

A priority has been training in supporting the 

vulnerable and recognising mental health issues 

and understanding the Association’s COVID-19 

Plan so that all can be aware of what constitutes 

permitted activity. 

We have encouraged all businesses to 

carefully collect and record details of customer 

vulnerabilities, making sure that all data 

protection requirements are observed and to 

develop support plans for those affected. 

Notices of Enforcement continue to be sent out 

on receipt of a Writ and greater effort is made to get 

the debtor to engage by any appropriate means to 

avoid an automatic visit and, where appropriate, 

to set up reasonable instalment arrangements. 

On visits, all businesses are encouraged to 

make sure that protective equipment is used, and 

hygiene supplies provided so that those meeting 

Enforcement Agents can be reassured that they 

are properly protected. Many debtors have 

responded well to this approach and engagement 

with the court process has increased. 

RESIDENTIAL PROPERTIES 

At the Lord Chancellor’s request, we continue 

to instruct our Enforcement Agents not to enter 

residential premises until we receive further 

guidance. We encourage those badly affected 

by the pandemic to seek help from debt advice 

agencies and generally to try to ease the financial 

burden by using instalment arrangements 

and Controlled Goods Agreements to keep 

enforcement fees to a minimum. 

With commercial premises, there are no entry 

restrictions, but Enforcement Agents are on the 

look-out for financial hardship and take each 

case on its merits, as not all businesses have been 

adversely affected. 

Residential evictions have been restricted by 

Statutory Instrument, with only a few exceptions, 

but squatter evictions have continued, though 

there is an enormous backlog of possession 

orders on residential properties. The new Notice 

of Eviction provisions bringing High Court & 

County Court into line and giving a minimum of 

14 days before eviction should give occupiers that 

extra breathing space to make arrangements to 

move with recourse to the Courts in hard cases. 

INCREASED VULNERABILITY 

So has the High Court approach changed forever? 

Perhaps not, but it is constantly being adjusted. 

There is an increase in vulnerability cases and a 

reduction in the average amount on each Writ and 

use of the High Court by utility companies with 

high volume, low value debts. 

Despite the recent debate about virtual visits 

and entering into non-entry Controlled Goods 

Agreements, the key in all civil enforcement is 

engagement with the debtor. Most creditors have 

tried this before issuing a claim and, where there 

is no realistic engagement, they want the debtor 

to be visited by an Enforcement Agent with the 

authority of Writ. That should help to determine 

whether the debtor is a Can’t Pay, Won’t Pay or 

Can’t Cope. 

Only 10 to 15 percent of defendants refuse to 

obey a court order in any event (not quite the 

80/20 rule) and not all of them are Won’t Pays, 

where the full power of enforcement is needed. 

Can’t Copes are often vulnerable cases and can 

also be Can’t Pays, but sometimes just need the 

reminder that they really must sort the problem 

out and just need time to do so. Can’t Pays should 

be encouraged to take proper advice to consider 

the various insolvency options. 

The new Breathing Space procedure (along 

with its bureaucracy) comes into force in May, 

but the reality is most creditors and HCEOs are 

already perfectly prepared to allow extra time to a 

debtor who has consulted a debt adviser. They can 

expect a proper assessment of means and either a 

realistic instalment offer, or confirmation that the 

case is heading for insolvency. 

So the USP of High Court enforcement still 

remains—a visit by an EA in appropriate cases 

to obtain payment immediately after the expiry 

of the Notice of Enforcement. But now we are 

much more aware of potential vulnerability cases, 

particularly in these exceptional times and the 

greater need for instalment arrangements where 

there is financial hardship. 

Andrew Wilson FCICM is Chairman of the High 

Court Enforcement Officers Association (HCEOA). 


INTERNATIONAL 

TRADE 

Monthly round-up of the latest stories 

in global trade by Andrea Kirkby. 

But one thing is 

certain, the French, 

Germans and Italians 

want a share of 

the cake and are 

uncomfortable with 

debt being held 

outside of the EU’s 

purview. 

Financial services trade deal 

SO, the UK and the EU finally reached 

a trade deal just before the transitional 

period expired. But ask the man on the 

Clapham omnibus if they think that 

Brexit is truly done and dusted and they’d 

no doubt reply in the affirmative. And 

they’d be wrong – the deal didn’t fully 

cover financial services which represents 

some seven percent of the UK economy. 

Understandably, the Government 

will be pressed by the UK’s banks, 

insurers and asset managers to make 

concessions to guarantee access to 

the European market. But MoneyWeek 

reckons that the Government should 

stand its ground as ‘no deal is better than 

a bad deal’. 

At issue is the UK’s position as a 

dominant financial centre for the whole 

of Europe. To maintain that requires the 

UK to find a way to maintain ‘equivalence’ 

rules which permit financial services to 

be sold on the continent. The problem is, 

as the Telegraph reported, that the EC has 

no plans to grant equivalence despite the 

UK giving the same to EU firms. 

EU officials have said that Brussels 

would not grant equivalence to UK firms 

unless the Government explained how 

far it planned to diverge from EU rules in 

the future. 

Only time will tell what the outcome 

will be. But one thing is certain, the 

French, Germans and Italians want a 

share of the cake and are uncomfortable 

with debt being held outside of the EU’s 

purview. 

The City should look to grow elsewhere. 

And with Europe making up just 16 

percent of the global economy, it’s time to 

look to the growth regions that are Asia 

and Africa. 

SAUDI'S CUT BACKS 

THE Saudi’s are having to cut back on spending to 

reduce a huge post-Covid-19 budget deficit. As the 

Wall Street Journal notes, the country wants to lower 

its annual overspend from 12 percent of economic 

output to 4.9 percent in 2021. 

The Saudi Government’s budget is a ‘closely 

watched measure of spending’ for not just Saudi 

Arabia, but also the wider Gulf region and is thought 

of as an outlook for oil prices. Further, the country 

is trying to wean itself off oil as a bulwark to the 

economy and is making cuts while at the same time 

seeking to create jobs for a young population. To do 

this, it’s planning to inject around $40bn into the 

domestic economy in 2021 and 2022 from its $300bn 

sovereign wealth fund, which is excluded from the 

budget. 

EU SIGNS INVESTMENT 

DEAL WITH CHINA 

THE recently concluded EU-China Comprehensive 

Agreement on Investment (CAI) has, says Bloomberg, 

given the Chinese ‘a massive diplomatic victory’. 

From reports, it appears that after seven years of 

‘desultory talks’, China offered concessions to ensure 

that the agreement was finalised before Joe Biden 

took over the US presidency, despite his request to 

not complete the deal. 

From Biden’s perspective, the CAI undermines 

US efforts to define a single approach to China, 

especially in light of its activity in Hong Kong, on its 

Indian border, its threats to Taiwan and Australia. 

Gideon Rachman, in the Financial Times, suggests 

that the EU is ‘naïve’ to believe that China will 

respect the deal. However, from the EU’s standpoint, 

it wants to stand well away from US/Sino differences 

and wants European manufacturers to sell cars into 

what is a huge market, and Germany’s largest. 

BRITAIN IS FIFTH-LARGEST ECONOMY IN WORLD – AGAIN 

BRITAIN is in fifth place in the rankings 

of the world’s biggest economies, 

despite suffering one of the deepest 

recessions in the pandemic. According 

to the annual league table produced by 

The Centre for Economic and Business 

Research (CEBR), the UK overtook India 

and will move away from France in the 

decade after Brexit. 

The CEBR also predicts that China will 

overtake America as the world’s biggest 

economy in 2028, five years earlier than 

expected. It’s interesting that the CEBR 

suggests that ‘western economies need 

to keep much more closely in touch with 

what is happening in Asia to keep up 

with international developments’. India 

shouldn’t be ignored – the CEBR thinks 

it will overtake the UK again in 2024 and 

will overtake Germany to be the world’s 

fourth-largest economy, behind the US, 

China and Japan, by 2027. 


CHINA IS ‘BOOMING’ AGAIN 

CORONAVIRUS may have ‘started’ in 

China, but the country is no longer on 

the backfoot and is thriving. Investors, 

according to the Financial Times, 

are racing back and in 2020 bought 

nearly £113.5bn of local assets, poured 

£102bn into Chinese bonds (to the end 

of November) and bought stocks to the 

tune of £19bn from overseas buyers – the 

CSI 300 stock market was up more than 

19 percent by the year’s end. China’s 

GDP is likely to have grown by around 

two percent in 2020 despite it being the 

epicentre of the outbreak, says Pantheon 

Macroeconomics. 

It appears that the world’s overnight 

need for masks and gel and demand from 

locked-down workers for IT equipment 

DESPITE the world being in turmoil and the 

populations of many countries in lockdown, 

why is the price of oil rising? 

Despite the world being in turmoil 

and the populations of many countries in 

lockdown, why is the price of oil rising? 

Having fallen from $67 a barrel in January 

2020 to just $18 in late April, the cost per 

barrel has shot up since then, reaching 

$55.50 on 22 January 2021. 

There are a number of reasons for 

this rise, key of which is a gathering of 

the Opec+ oil cartel – the Gulf states and 

Russia – and their restricting of supply by 

bolstered China’s manufacturing – 

medical equipment exports rose 42.5 

percent during the first 11 months while 

electronics exports rose 25 percent last 

month on the year. 

It’s true that once the vaccine has 

taken a grip that these figures will decline 

somewhat, but that will be offset by 

rising domestic demand. As the South 

China Morning Post reported, the Chinese 

economy saw retail sales rise five percent 

on the year in November, while industrial 

production gained seven percent. 

China is expected to be the only G20 

nation to grow in 2020 and by the end of 

2021 the economy could be the same size 

as it would have been if the pandemic had 

never happened. 

OIL PRICES ARE RISING 

more than markets had expected. Russia 

still plans to raise production, but the 

Saudi’s have helpfully cut to compensate. 

A gentle rise in price is one thing, 

albeit unwanted. But oil price spikes are 

not helpful for the global economy as 

they find their way into most things and 

are damaging and inflationary. While oil, 

or rather fossil fuels for vehicles, is being 

phased out, it’s nevertheless a key driver 

of economies (pun intended) and so firms 

need to be aware of the recent move 

when they forward price their goods and 

services. 

QUEEN’S AWARD FOR 

EXPORTS AGENCY 

A Yorkshire-based innovation marketing 

agency, ThinkOTB, has received the 

Queen’s Award for Enterprise for 

International Trade for sales growth in 

overseas markets. 

The agency has grown quickly. It saw 

export sales rise by 560 percent – from 

22 to 52 percent of its overall business 

in just three years. Established in 1988, 

ThinkOTB focuses on innovation and 

supports blue chip clients and SMEs 

across the globe. The agency’s main 

overseas markets are in Ireland, Central 

and Eastern Europe, the Middle East and 

Africa, the Asian Pacific and the USA. 

TURKEY TROUBLE 

TURKEY is in trouble. Inflation there 

has hit 14 percent, a 15-month high, 

while its currency, the lira, has fallen 

to record lows. Central to the issue is 

President Erdogan who has pushed the 

country’s central bank to keep interest 

rates low, which in turn has led to a 

credit boom and devalued Turkish 

assets. Further, an aggressive and costly 

foreign-policy strategy in Azerbaijan, 

Libya, Syria and in the Mediterranean 

isn’t helping. The BBC reported that the 

Trump administration levied sanctions 

against Turkey over the purchase of a 

Russian-made missile-defence system. 

Worryingly, nearly 80 percent of Turks 

think that the country’s economy is 

failing, a position no doubt made worse 

by Coronavirus. 

TOMORROW’S WORLD 

IT’S perfectly true that ‘people buy people’. 

But it’s just as true that ‘people buy 

products’ and those that assume markets 

rarely change are heading for a fall. 

Look at South Korea. Its population 

decreased for the first time in 2020, by 

20,838 from 51.8m in 2019. Asia’s fourthlargest 

economy has had a low birth-rate 

since 2016, with South Korean women, 

on average, having one child, the lowest 

fertility rate in the world (according to 

2018 World Bank figures). Part of the 

reason is down to coronavirus where jobs 

have been harder to find and couples have 

delayed marriages – most births occur in 

wedlock. 

Notably, Japan is not a million miles 

away from the same problem and again, a 

rapidly ageing population combined with 

a low fertility rate is posing a problem for 

the government which is struggling to 

run the country on a shrinking workforce. 

Japan, however, is seeking to improve 

matters by using artificial intelligence 

(AI) to ‘help match lonely hearts’, says the 

MailOnline. While it’s not overly romantic, 

it shows just what governments think AI 

can do – in this case, help match suitors 

more appropriately. 

What does all of this mean? South 

Korea is expected to have the world’s 

largest proportion of over-65’s by 2045, 

overtaking Japan, which is in a similarly 

parlous state. Those exporting into South 

Korea and Japan may need to refocus 

from baby-care to elderly-care products. 

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 1.14904 1.12075 Up 

GBP/USD 1.39498 1.35271 Up 

GBP/CHF 1.24161 1.20625 Up 

GBP/AUD 1.80202 1.75940 

GBP/CAD 1.76603 1.72523 

Up 

Up 

GBP/JPY 147.535 140.944 Up 

This data was taken on 17th February and refers to the 

month previous to/leading up to 16th February 2021. 


PANEL BASHERS 

ROOT PLANNER 

John O’Sullivan FCICM and Nigel Fields FCICM 

answer this month’s challenge. 

What is the best 

way to identify 

and analyse the 

root cause of 

disputes affecting 

my collections 

performance? 

Panellist 

John O’Sullivan FCICM 

DISPUTES are a fact of life 

when providing goods 

and services on credit; 

they are costly but, as we 

all know, they happen, 

so we need to prepare 

for them; but how? Part of the answer is 

in the question: Identify, analyse and find 

the cause of debtor disputes. This is where 

the fun starts. But first, three observations 

on disputes from personal experience: 

They are usually badly handled; they 

have a bigger impact on credit costs than 

is often realised; and they are not always 

monitored or analysed. 

First examine the disputes. You should 

begin to see a pattern: many disputes are 

home-grown. They are a result of internal 

failures – usually a combination of one or 

three of the following: clerical; warranty; 

and inaction (often the most frequent). 

During my time in credit I was amazed 

at how fast debtor queries, if not properly 

handled, could develop into disputes. Many 

years ago I did some work for a company. 

They were a new manufacturing company 

with good sales, poor cash flow, and a high 

reliance on their bank overdraft. We did a 

textbook analysis on their debtors. Nearly 

a third was tied up in disputes. They had 

good products but a very poor warranty 

system. It was taking three months to 

administer their manufacturing warranty 

during which time their debtors withheld 

a portion of their payments, disputes 

escalated and sales began to suffer. An 

analysis of the disputes showed that initial 

communication with the customer was 

poor. As the outlook was dire we quickly 

changed their warranty procedures 

and debtor communications and set a 

warranty deadline of two weeks maximum 

with most cases settled within 48 hours. 

This, combined with numerous debtor 

visits, turned the situation around in four 

months. The business is still going strong. 

It is interesting to observe the genesis 

of a dispute: it starts as an unanswered 

query, develops into a dispute, is sat on 

and becomes serious, grows legs and 

ends up in litigation. During this time 

it impacts on the quality of the debtors, 

affects cash-flow, can lose you customers, 

and adds substantially to costs. A badly 

handled query from a debtor is an own 

goal. A well-handled query is often times 

an opportunity to develop bonds with your 

debtor. Remember: hit the dispute early. 

As a consumer there is nothing more 

annoying than trying to sort out a query 

prior to paying a bill but being constantly 

side-lined. (Utility companies please note). 

There are plenty of small reasons why 

debtors do not pay; I am always amazed 

at the number of times we are the cause 

of them not wanting to pay. One of my pet 

hates is inaccurate invoices – no order 

numbers, incorrect discounts, idiotic 

messages and, the worst crime, incorrect 

company name. If a creditor can’t/won’t 

decide who they are dealing with then 

they deserve to be kept waiting. 

One of the unfortunate potential 

side-effects of disputes is the risk of 

compensation payments i.e. because the 

debtor with the dispute won’t pay we try 

to compensate this shortfall by squeezing 

our old reliable good payers. This only 

works in the short term. I recommend 

a monthly report on debtor disputes 

including an aged analysis and a dispute 

ownership section. Hopefully, the above 

will assist in identifying, analysing and 

resolving debtor disputes. 

JOHN O’SULLIVAN 

John O’Sullivan has 40 years’ experience in credit .He worked for many years 

in the heavy commercials motor industry (DAF Trucks). He was a Fellow and 

former President of the Irish Institute of Credit Management (87/88), part of the 

Irish delegation on the inauguration of FECMA (Windsor 86) and organiser of 

FECMA Seminar ‘Credit in the 90s’ in Dublin 1988. He lectured in The Dublin 

Institute of Technology for the degree BSc Management of Credit and was 

External Examiner for the Certificate and Diploma in Credit. He has written 

and given many presentations on credit and risk. Since retiring he has become a 

credit union director and a Judge in the Irish Credit Management Training Credit 

of the Year Awards. He is involved in credit consultancy on marketing and credit, 

and dispute reconciliation. He is a member of Credit Management Institute 

Ireland (CMII). During lockdown his hobby is writing and being optimistic. 


PANEL BASHERS 

There are plenty of small reasons why 

debtors do not pay; I am always amazed 

at the number of times we are the cause 

of them not wanting to pay. One of my 

pet hates is inaccurate invoices – no 

order numbers, incorrect discounts, 

idiotic messages and, the worst crime, 

incorrect company name. 

Explain the reason for any suggested or 

necessary process changes. Try to show 

what ineffective processes is currently 

costing and what can be gained by 

making some changes and improving. 

Panellist 

Nigel Fields FCICM 

NIGEL FIELDS 

A career in credit management spanning more than 30 

years, Nigel Fields FCICM is now ‘Senior Director, Global 

Process Owner OTC at NBC Universal International. 

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.” 

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 

A/R teams are often responsible for managing large 

volumes of payment disputes and deductions that 

arise when a customer might dispute invoices, 

take discounts, or levy penalties etc. Most systems 

have limited functionality to deal with them and so 

A/R Teams will often dedicate a disproportionate 

amount of time and energy to manually managing disputes and 

lose their focus on the more value-added tasks. 

Disputes are both time-consuming and labour intensive and 

will almost certainly impact on the cash flow. Some disputes are 

maybe not valid, and many will simply end up as revenue write 

offs. It is therefore incredibly important to understand why 

disputes happen and, if possible, avoid them completely. For the 

‘unavoidable’ disputes, you will benefit hugely by having good 

and consistent processes in place to help identify and then work 

efficiently and effectively through to closure. A good clear process 

will also reduce unnecessary complexities and eliminate zero 

value work. 

A really good way to improve this area and achieve better 

practices is to capture your O2C transactional information 

from invoices and payments and identify reasons and types of 

disputes. There are some fantastic A/R platforms available today 

that will automatically capture the detail from huge volumes of 

transactions (this is often referred to as ‘BI’). The A/R BI is critical 

for providing information back for your analysis. These systems 

will often also provide excellent dashboards and reports that help 

to summarise and visualise data into simple insights and statistics. 

This also saves time and helps your business understand the 

issues quickly and easily and is the first step to improve and avoid 

issues that create these disputes. It’s also valuable information 

to share with your management team and customers for highlighting 

various issues and potential weaknesses. 

Good communication is also essential for success so be sure 

to communicate the findings and any remediations plans to 

all involved. Explain the reason for any suggested or necessary 

process changes. Try to show what ineffective processes are 

currently costing and what can be gained by making some 

changes and improving. Set clear goals and timelines, provide 

any necessary training and documentation that both explains the 

processes and ownership of the various tasks. 

You will need to continuously monitor the data and performance 

and potentially modify the processes to make additional on-going 

improvements where necessary. Also continue to review and 

share the results and how the improvements are delivering value 

to meet the changing needs and demands of your customers and 

your business. 

In summary, root cause analysis provides data-driven insight 

and helps you to better understand the scope and causes of 

problems and issues. It’s giving you a logical view to identify the 

various source of the root causes. The business can then tackle the 

various types and causes of the issues and try to prevent avoidable 

problems from recurring and to set up efficient processes to deal 

with things like discounts, returns, shortages etc. that are simply 

part of normal trading. 


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LOVETTS Solicitors has recently 

launched Guildways, a UK and 

International pre-legal debt 

collection service. As a nocollection, 

no fee service for 

use before legal proceedings 

are initiated, it complements Lovetts’ fixed 

fee legal services, and gives flexibility to 

credit managers both in collection methods 

and pricing. 

It comes at a time where companies 

are suffering huge pressure on staff, on 

supplies, on sales fulfilment, and on cash 

and margins. There is also the looming 

spectre of COVID-19 Government support 

ceasing shortly, just when the business 

world is trying to get back onto its feet. 

Chairman Charles Wilson FCICM says: 

“Growth and economic recovery may, in 

contrast to the past year, be rapid from 

2021 onwards, so the old adage ‘cash is king’ 

will never be more true. Growth is bound 

to mean pressure on customers’ cash, just 

at a time when there is inevitable stress on 

ADVERTORIAL 

Guildways – a new brand 

for Lovetts 

each company‘s own finances and cashflow 

during the pandemic economy.” 

As part of Lovetts Ltd, Guildways shares 

the same ethos and professionalism that 

Lovetts Solicitors has shown over the 

past 25 years. It is able to use Lovetts’ 

highly developed online CaseManager 

web services, its proven and secure 

online technology with Cyber Essentials 

Plus accreditation, giving every credit 

professional visibility of case data in real 

time. 

Guildways (like Lovetts) is also regulated 

by the Solicitors Regulation Authority 

(SRA) under special statutory exemptions 

of Financial Services and Markets Act 2000. 

This gives the security of having back-up 

from a highly experienced and reputable 

law firm, dedicated to debt collection 

alone. 

If you would like to know more about 

Guildways, do visit www.guildways.com – 

or contact info@guildways.com or phone 

+44 3333 409000. 

“Growth and economic 

recovery may, in 

contrast to the past 

year, be rapid from 2021 

onwards, so the old 

adage ‘cash is king’ will 

never be more true." 

Charles Wilson FCICM 


LEGAL MATTERS 

FISHY BUSINESS 

A business profiting from fish created 

unexpected problems when the 

receivers were called in. 

AUTHOR – Peter Walker 

THERE were no red herrings for 

the Court of Appeal judges in a 

recent law case, but there were 

carp and other freshwater fish 

awaiting their judgment. They 

resided in lakes in Borwick, 

Lancashire, where the claimant’s ownership 

of the surrounding land had been subject to a 

mortgage until the mortgagee’s receivers took 

charge. They sold that land to the defendant, but 

the claimant wanted £1.1m as compensation for 

the fish he had lost. 

The judges in Borwick Development 

Solutions Ltd v Clear Water Fisheries Ltd (2020) 

3 WLR 755 had to decide who owned the fish. 

One possible answer to the question is that the 

receivership of the land resulted in its transfer 

to the defendant, and that the transfer included 

the fish just like some solar panels on the 

property. 

The site was near Manchester, where nine 

lakes were created in pits resulting from 

gravel extraction for the construction of the 

M6 motorway. The development was subject 

to a section 106 agreement, i.e. section 106 

of the Town and Country Act 1990. Some 

property developments would be unacceptable 

to the planners, but they may enter into such 

agreements to allow them to go ahead subject 

to certain conditions. The developer will have 

to agree, for example, to build some affordable 

housing, or to use some land in a specified way. 

FAMOUS FISH 

This time the result was a fishery, where the lakes 

were stocked with carp and other fish. Some of 

the fish became famous among anglers, who 

gave them names, such as Moonscale, a carp 

weighing more than 17kg. The fishery owners 

hired sessions at the lakes, but any successful 

anglers sportingly agreed to return their catches 

to the water. Some of the fish may have been 

caught many times. 

Angling and other facilities, such as a 

restaurant, provided an income, but the 

construction of the restaurant required finance 

resulting in the mortgage. When the receivers 

took over, and transferred the property to 

the defendants, there was no mention of the 

fish in the documents. The claimant, which 

had stocked the lakes with fish, claimed it 

had retained proprietary rights in the creatures, 

and it wanted £1.1m in damages. 

The reason for the claim arose from earlier 

events, when the claimant, the mortgagor, had 

once tried to sell the land including the fisheries 

for £700,000 to the defendants. The negotiations 

failed but the receivers later settled for £625,000. 

The receivers had given no warranties relating 

to the fish, because they took the view that the 

charge did not extend to the creatures. The 

claimant could remove the fish, but it would be 

expensive and would take many months to do 

so. It wanted compensation of £1.1m. 

CLASSIFICATION OF ANIMALS 

There perhaps should be some precedents, 

because there have been various kinds of fish 

farms for many centuries, so Sir Timothy Lloyd 

in the Court of Appeal turned to legal definitions 

in old law books. In law there were domestic 

animals (domitae naturae), and wild animals 

(ferae naturae). The claimant suggested that the 

creatures in the fishery should be classified as 

domestic, because they were kept in enclosed 

lakes, from which they could not escape. 

Sir Timothy Lloyd consulted the judgment 

in Buckle v Holmes (1925) 134 LT 284. The 

defendant’s cat had killed some homing pigeons 

and bantams belonging to the plaintiff. There is 

a whimsical poem on the case published in the 

Canadian Bar Review Vol 5 No 2 (1927), and an 

extract reads. 

‘The lawyer consulting his leather-bound tome, 

Concluded he had a good case against Holmes; 

For dinners obtained in this unlicensed way 

He claimed the defendant must properly pay.’ 

Despite this poetry, or doggerel, cats were not 

wild animals in relation to tempting birds. They 

were domestic, and the plaintiff would have 

to prove the defendant’s knowledge if the cat 

particularly had vicious propensities as against 

birds generally. In the Borwick Developments 

dispute Sir Timothy Lloyd thought that such 

cases meant there was no change in the 

traditional legal classification of fish. They are 

wild. 

PROPRIETARY RIGHTS 

He then had to consider the effect of this 

classification in the light of the proprietary 

rights and its effect on what happens to the fish. 


LEGAL MATTERS 

AUTHOR – Peter Walker 

Sir Timothy Lloyd noted that animals are not 

goods or chattels, but there may be a qualified 

property in them. An animal may defeat such a 

classification, if it resumes its natural habitat in 

the wild. 

There were no reported cases on this point 

to help him, and only one of these disputes 

involved the transfer of property. This was 

Greyes Case (1593) Owen 20. ‘A man’ purchased 

‘divers’ fish and put them in a pond. After the 

man’s death the court had to decide who should 

have the fish. Popham J said that the heir ‘shall 

have the deer in the park, and by the same 

reason, the fish.’ Fenner J ruled, ‘he which hath 

the water shall have the fish.’ Sir Timothy Lloyd 

in the Borwick Developments case concluded 

that the report of the case was too brief that 

it would be ‘rash’ to put much reliance on any 

particular phrase. 

A freeholder on the other hand holds rights 

ratione soli, i.e. exclusive rights to hunt, etc., 

wild animals, on his or her land. The principle 

was extended further by the Law Lords in Blades 

v Higgs (1865) 11 HL Cas 621, who considered 

the ownership of two bags of 90 rabbits sold 

to a licensed dealer in game. A trespasser had 

killed the rabbits on the land belonging to the 

Marquis of Exeter. Lord Chelmsford said that 

the dead rabbits, whether ‘for an instant or for 

hours upon the land, they equally belonged to 

the owner of the land.’ 

ANIMAL OWNERSHIP 

A landowner has another qualified right 

of animal ownership, i.e. per industriam. 

That right exists for as long as he or she is in 

possession of the creature. The judges in Young 

v Hitchen (1844) 6 QB 66 illustrated the principle 

in a dispute about a catch of sea fish off the coast 

The Borwick 

Developments case 

is a reminder that 

a mortgagee must 

be diligent about 

the property which 

is its security. He 

or she will not want 

an ancient Roman 

lawyer to pop up 

and to spoil things. 

of Cornwall. The plaintiff ‘had drawn his net 

partially around the catch… which he was about 

to close…’ The defendant ‘rowed his boat up to 

the opening’ and took the fish. The defendant 

was not liable for the lost catch, because the 

plaintiff had not taken possession of the fish. 

These principles have influenced the law for 

a long time. Henry de Bracton in the early 13th 

century wrote De Legibus et Consuetudinibus 

Angliae (On the Laws of Customs of England), 

and, unusually, because cases rather than 

the writings of academics are appropriate 

precedent, was mentioned by Sir Timothy Lloyd 

in the Borwick Developments case. Bracton 

expressed a similar principle about bees, which 

when they fly away from the hive, they belong 

to the beekeeper for as long as he or she has the 

power to pursue them. 

Bracton was influenced by the law of ancient 

Rome, where in the second century Gaius 

wrote in his Second Commentary about living 

creatures. He regarded bees as a special case, 

but fish and other wild animals remained the 

property of their captor unless they recovered 

their liberty. 

In the Borwick Developments case Jackson LJ 

further observed that there were other examples 

of the Common Law searching the Civil Law for 

guidance. In this context he mentioned Hugo 

Grotius and Chapter VIII, Book II, On the Law of 

War and Peace published in 1625. He wrote that 

‘we have right of ownership over wild beasts in 

private forests, and fish in private lakes, just as 

we have possession of them.’ 

Although it is very unusual for judges in this 

country to refer to the opinions of academic 

lawyers, the judges of the Court of Appeal did 

not neglect case law. There was a case where 

bees left the plaintiff’s beehive and swarmed 

onto the defendant’s land. The defendant 

refused to allow the plaintiff access to that land, 

and by the time he changed his mind, the bees 

had gone. In Keary v Patterson 1939 1KB 471 the 

judges of the Court of Appeal would not award 

damages. 

In the Borwick Developments case the 

judges took this case into account but ruled 

that fish were wild creatures, and not owned 

like domestic animals, such as my guinea pigs 

which I adopted. The purchaser of the fishery 

possessed the fish, which were confined in the 

lakes into which they had been introduced by 

the claimant. After the sale of the property the 

claimant lost any rights to the fish just as it lost 

its rights to the solar panels also on the land. 

This is good news for credit managers of 

mortgagees, where wild animals are a part of a 

business operated on a mortgaged property. The 

Borwick Developments case is a reminder that a 

mortgagee must be diligent about the property 

which is its security. He or she will not want an 

ancient Roman lawyer to pop up and to spoil 

things. 

Peter Walker is a freelance journalist. 


PAYMENT TRENDS 

In the red zone 

Late Payment statistics show the 

problems are mounting. 

AUTHOR – Iona Yadallee 

LATE payment is a perennial issue, but the 

coronavirus pandemic is exacerbating the 

situation and companies up and down the 

country are now feeling the pinch. The latest 

data for the number of days beyond term 

that business are having to wait paints a 

worrying picture. 

REGIONAL BREAKDOWN 

It is perhaps the regional figures that throw the harshest 

spotlight on the situation with (almost) every regional 

suffering longer payment delays. The only exception is 

Northern Ireland, but the improvement is marginal – a 0.3 

drop from 17.4 Days Beyond Terms (BDT) in December to 

17.1 days in January. Interestingly, this is a significant slip 

from the 7.2 day improvement that it saw from November to 

December last year (as reported in CM January/February). 

Could the positive affect of the rebound experienced over 

the second half of 2020 in some of Northern Ireland’s key 

sectors, such construction, be winding back? 

Another region seeing a reversal of fortunes is Scotland. 

In December it was the only other improver, alongside 

Northern Ireland, but according to the January DBT 

figures it has experienced the sharpest hike in late 

payment – with businesses waiting an additional 6.4 

days, putting the average DBT at 19.3. This, however, is 

still some way from East Anglia whose businesses are 

waiting the longest for payments – 25.4 DBT in January 

and rising at a rate of 5.3 additional days a month. 

The Hospitality sector with its 

closed signs up for example 

is the hardest hit – it had the 

highest DBT in January of all 

sectors at 35.7. 

SECTOR BREAKDOWN 

Unsurprisingly, the late payments statistics by sector 

also show a worsening situation. According to the 

January data there are now only five improving sectors 

that experienced a reduction in the number of days 

beyond terms. Last month there were 14 sectors that 

were improving. The shift is staggering. 

There are of course some predictable sectors that 

are suffering the prolonged misery of the Coronavirus 

restrictions. The Hospitality sector with its closed signs 

up for example is the hardest hit – it had the highest DBT 

in January of all sectors at 35.7. This is an additional 15.2 

days compared to the previous month. Another two sectors 

worsening at a quicker pace are the Construction sector, 

the reliable economic bellwether for our economy, which 

saw a 14.4 day rise to its DBT (taking it to 26.6 for January), 

and also the Business from Home sector with a similar rise 

of 14.3 which took late payment to an average of 34.8 DBT. 

Dismal economic climates are credited with prompting 

a resurgence in entrepreneurship and self-employment, 

and the Coronavirus pandemic will undoubtedly be 

prompting unemployed workers to stealthily move 

into starting a business from their home. Let’s hope 

there is a reversal in the late payment trend so they 

can make a success of it, and yet again prove that 

entrepreneurship and the Business from Home 

sector can drive local economic recovery. 

By Iona Yadallee is Deputy Editor 


STATISTICS 

Data supplied by the Creditsafe Group 

Top Five Prompter Payers 

Region Jan 21 Change from Dec 20 

Northern Ireland 17.1 -0.3 

London 18.4 0.7 

Scotland 19.3 6.4 

Yorkshire and Humberside 20.1 6.1 

South East 20.5 4.1 

Bottom Five Poorest Payers 

Region DEC 20 Change from Dec 20 

East Anglia 25.4 5.3 

East Midlands 24.7 3.1 

Wales 21.9 3.8 

South West 21.8 2.4 

North West 20.8 5.6 

Top Five Prompter Payers 

Sector DEC 20 Change from Dec 20 

Health & Social 12 -2.5 

Education 13.1 -0.1 

Public Administration 13.4 1.8 

Wholesale and retail traded 13.8 -3.8 

International Bodies 14.8 -11.4 

Bottom Five Poorest Payers 

Sector DEC 20 Change from Dec 20 

Hospitality 35.7 15.2 

Business from Home 34.8 14.3 

Real Estate 28.2 11.8 

Financial and Insurance 27.1 11.3 

Agriculture, Forestry and Fishing 26.9 10.4 

Getting Better 

International Bodies -11.4 

Other Service -9.9 

Wholesale and retail trade -3.8 

Health & Social -2.5 

Education -0.1 

Getting Worse 

Hospitality 15.2 

Construction 14.4 

Business from Home 14.3 

Real Estate 11.8 

Financial and Insurance 11.3 

Agriculture, Forestry and Fishing 10.4 

Professional and Scientific 9.0 

Mining and Quarrying 7.2 

Dormant 6.4 

Energy Supply 6.2 

Manufacturing 5.1 

Business Admin and Support 4.9 

Transportation and Storage 3.8 

Water and Waste 2.6 

SCOTLAND 

6.4 DBT 

Public Administration 1.8 

Entertainment 0.9 

NORTHERN 

IRELAND 

-0.3 DBT 

SOUTH 

WEST 

2.4 DBT 

WALES 

3.8 DBT 

NORTH 

WEST 

5.6 DBT 

WEST 

MIDLANDS 

5.3 DBT 

YORKSHIRE & 

HUMBERSIDE 

6.1 DBT 

EAST 

MIDLANDS 

3.1 DBT 

LONDON 

0.7 DBT 

SOUTH 

EAST 

4.1 DBT 

EAST 

ANGLIA 

5.3 DBT 

IT and Comms 0.6 

Region 

Getting Better – Getting Worse 

-0.3 

6.4 

6.1 

5.6 

5.3 

5.3 

4.1 

3.8 

3.1 

2.4 

0.7 

Northern Ireland 

Scotland 

Yorkshire and Humberside 

North West 

East Anglia 

West Midlands 

South East 

Wales 

East Midlands 

South West 

London 


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 

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 

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 

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 

Chris Sanders Consulting – we are a different 

sort of consulting firm, made up of a network of 

independent experienced operational credit and 

collections management and invoicing professionals, 

with specialisms in cross industry best practice 

advisory, assessment, interim management, 

leadership, workshops and training to help your 

team and organisation reach their full potential in 

credit and collections management. We are proud to 

be Corporate Partners of the Chartered Institute of 

Credit Management and to manage the CICM Best 

Practice Accreditation Programme on their behalf. 

T: +44(0)7747 761641 

E: enquiries@chrissandersconsulting.com 

W: www.chrissandersconsulting.com 

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 

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 

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 

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. 

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 


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 


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 

C 

M 

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 

Global Process Architect 

Stuart Delivery Ltd 

Read more about her story and join your 

credit community by visiting: 

www.cicm.com/value-of-cicm-membership/ 

Y 

CM 

MY 

CY 

CMY 

K 

T: 01235 856400 

E: info@credica.co.uk 

W: www.credica.co.uk 

info@cicm.com 

www.cicm.com 

01780 722900 


B A K E R I N G . G L O B A L 

G L O B A L O U T L O O K 


SALARY AND RECRUITING TRENDS 

Through the looking glass 

What can we learn from the most significant 

salary and recruiting trends for 2021. 

AUTHOR – Karen Young 

LAST year unfolded in a way 

that nobody could have 

foreseen just a year ago. 

There is much to unpack 

about the events of the last 

12 months and how they 

impacted our world of work – and indeed 

lots to speculate about what might be in 

store for 2021 and beyond. 

According to new research from 

roughly 400 credit professionals in 

the Hays Salary & Recruiting Trends 

2021 Guide, here are some of the most 

significant trends that we witnessed last 

year, as well as a glimpse into what we can 

expect going forward. 

EMPLOYERS ARE POSITIVE ABOUT 

BUSINESS ACTIVITY AND HIRING 

Starting on a positive note, more than four 

in five (82 percent) employers of credit 

professionals, expect their organisation’s 

activity levels to increase or stay the same 

throughout the year. Clearly the pace of 

change doesn’t look to be slowing down 

any time soon and the profession will 

continue to respond to the development 

of the pandemic. 

Another encouraging sign from 

employers is that exactly half (50 percent) 

are planning to recruit new staff in credit 

over the year ahead, which is actually 

higher than those who said they intended 

to do this last year (44 percent). 

SOFT SKILLS SHOWING THEIR 

VALUE MORE THAN EVER 

There are in fact three in five (60 percent) 

credit professionals who say they 

anticipate moving roles in the year ahead. 

What’s important for those in this position 

to note is that the hiring landscape has 

changed drastically over the last year 

– and employers are now looking for 

different things in potential candidates. 

New skill requirements are emerging, 

accelerated by the pandemic, and 

credit professionals need to be aware 

of what these are to make themselves as 

employable as possible. Specific credit 

and finance skills unsurprisingly still top 

the list of skills in demand, but sales and 

IT infrastructure skills are also high in 

importance (needed by 32 percent and 23 

percent respectively). 

Certain non-technical or soft skills are 

also coming to the fore. Unsurprisingly, 

these skills reflect a changing world of 

work where we are interacting in different 

ways and up against new challenges. The 

soft skills most in demand this year are: 

• The ability to adopt change (needed by 58 

percent of employers) 

• Communication and interpersonal skills 

(57 percent) 

• Flexibility and adaptability (51 percent) 

SALARY RISES LOOK MORE 

PROMISING IN YEAR AHEAD 

It won’t come as a surprise that salary rises 

weren’t as generous as might be expected. 

Our research found that on average, 

salaries for credit professionals rose half 

of one percent in the last 12 months. 

This is slightly under the accountancy 

and finance sector as a whole (just less 

than one percent) and the UK average for 

all professions this year (a little over one 

percent). 

Despite this, professionals remain 

just as satisfied with their salaries – 59 

percent say they are satisfied, on a par 

with 60 percent last year. For those who 

are seeking a pay rise this year, the good 

news is that about half (49 percent) of 

employers expect to increase salaries over 

the next 12 months. 

PANDEMIC HAS CAUSED 

UNCERTAINTY AND CONCERN 

AMONG PROFESSIONALS 

Our research certainly uncovered some 

positive findings, but it also revealed the 

extent to which COVID-19 has negatively 

impacted the careers of many people. 

Currently, four in five (82 percent) 

say they are concerned about the wider 

economic climate and their employment 

opportunities over the next few years. 

What’s more, less than a third (30 percent) 

feel positive about their career prospects 

compared to 54 percent who felt this 

way last year. Over half (51 percent) 

feel uncertain and 81 percent say their 

employer hasn’t taken steps to reduce this 

uncertainty. 

HYBRID WORKING PATTERNS ARE 

THE WAY FORWARD 

Finally, let’s take a look at working 

patterns and preferences. Over the last 

year, we’ve completely changed the way 

we work, with the vast majority of credit 

professionals (84 percent) saying they 

have been working remotely since the 

first national lockdown in March 2020. 

Although 68 percent of professionals 

feel this has been positive for their 

organisation, it doesn’t look to be the 

favoured option going forward. For just 

under a third (30 percent), their ideal way 

of working in 12 months’ time is half in 

the office and half remotely, followed by 

28 percent who want a majority remote 

arrangement but still with some time 

in the office. Less than one in five (17 

percent) want to be working fully remotely 

in 12 months’ time. 

TIPS AND ACTIONS FOR THE 

YEAR AHEAD 

Based on the findings above, here are 

three actions I recommend employers and 

professionals take in the year ahead. 

1. Feelings of uncertainty and concern 

among professionals cannot be ignored. 

Employers need to address these by being 

transparent about their organisation’s 

approach to tacking the pandemic and 

emphasising progression opportunities 

through internal communications. 

These messages also need to be clear in 

recruitment materials to attract new staff. 

2. In light of the requirement for new 

skills, training and development need 

to be taken seriously. For employers, 

investing in engaging and flexible remote 

training ought to be a priority – and 

professionals should make the most of 

opportunities in and out of work. 

3. A single working pattern for all 

employees is a thing of the past. 

Embracing a variety of diverse working 

patterns and preferences will help 

employers and professionals thrive in 

a world of work which will continue to 

evolve and adapt 

Despite entering 2021 under lockdown 

restrictions and against a backdrop of 

a damaged economy, there is cause for 

optimism. Being armed with the latest 

insights about the profession and the 

wider world of work will help those in 

credit put their best foot forward as we 

tackle the year ahead. 

Karen Young is Director 

at Hays Credit Management. 


SALARY AND RECRUITING TRENDS 

AUTHOR – Karen Young 

CREDIT MANAGER 

REGIONAL SALARIES 2021 

Northern Ireland 

£47,000 

Scotland 

£40,000 

North East 

£39,000 

North West 

£45,000 

Yorkshire & Humber 

£40,000 

East Midlands 

£40,000 

West Midlands 

£48,000 

Wales 

£37,000 

East of England 

£47,000 

South West England 

£40,000 

South East England 

£45,000 

London 

£55,000 

CREDIT SALARIES UK 2021 

Credit 

Controller 

Senior 

Credit Controller 

Credit Risk 

Analyst 

Credit Control 

Supervisor 

Credit 

Manager 

Group Credit Manager 

/ Head of Credit 

Credit 

Director 

Region 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 

East Midlands £23,000 £23,000 £25,000 £26,000 £40,000 £40,000 £30,000 £29,000 £40,000 £40,000 £60,000 £60,000 £80,000 £80,000 

East of England £24,500 £25,000 £28,000 £29,000 £40,000 £40,000 £32,000 £38,000 £38,000 £47,000 £55,000 £60,000 £70,000 £70,000 

London £27,000 £27,000 £32,000 £32,000 £50,000 £50,000 £36,000 £36,000 £55,000 £55,000 £72,000 £72,000 £95,000 £95,000 

North East £21,000 £21,000 £25,000 £25,000 £32,000 £32,000 £26,000 £27,000 £38,000 £39,000 £60,000 £60,000 £75,000 £75,000 

North West £23,500 £24,500 £26,000 £27,000 £40,000 £40,000 £30,000 £30,000 £45,000 £45,000 £60,000 £60,000 £80,000 £80,000 

Northern Ireland £23,000 £24,000 £28,000 £29,000 £33,000 £33,000 £38,000 £38,000 £47,000 £47,000 £55,000 £55,000 £72,000 £72,000 

Scotland £23,000 £23,000 £26,000 £26,000 £32,000 £32,000 £30,000 £30,000 £40,000 £40,000 £55,000 £55,000 £65,000 £65,000 

South East £26,500 £27,500 £31,000 £21,000 £40,000 £40,000 £34,000 £35,000 £45,000 £45,000 £65,000 £65,000 £85,000 £85,000 

South West £25,000 £25,000 £27,000 £27,000 £42,000 £42,000 £28,000 £30,000 £38,000 £40,000 £55,000 £55,000 £70,000 £70,000 

Wales £20,000 £20,000 £24,000 £25,000 £30,000 £30,000 £27,000 £27,000 £36,000 £37,000 £52,000 £52,000 £65,000 £65,000 

West Midlands £24,000 £24,000 £27,000 £27,000 £40,000 £40,000 £33,000 £33,000 £48,000 £48,000 £70,000 £65,000 £85,000 £80,000 

Yorkshire £23,000 £23,000 £24,000 £25,000 £32,000 £32,000 £28,000 £28,000 £40,000 £40,000 £58,000 £60,000 £70,000 £70,000 

Average £23,625 £23,917 £26,917 £26,583 £37,583 £37,583 £31,000 £31,750 £42,500 £43,583 £59,750 £59,917 £76,000 £75,583 

2020-2021 % increase 1.2% -1.2% 0% 2.4% 2.5% 0.3% -0.5% 


$ 

Advancing 

Careers 

Advancing 

Best Practice 

Advancing 

Connections 

Advancing 

Skills 

Advancing 

Thinking 

Advancing 

Business 

ADVANCING THE 

CREDIT PROFESSION 

01780 722900 | www.cicm.com 


MARKETING & EDUCATION 

Virtual Classes 

for 2021 

Get CICM qualified by attending 

Virtual Classes: The best of both worlds. 

Home study does not mean you have to study alone. Our ‘gold standard’ 

distance learning offer, our Virtual Classes have the greatest success 

rate of all our packages. Your study will be supported and led by one of 

our experienced CICM Tutors via a series of virtual classes and activities, 

which are interactive, challenging and fun. 

LEVEL 

2 

Commercial 

LEVEL 

3 

LEVEL 

5 

Telephone 

Consumer Collections 

Consumer Telephone Collections 

*Coming soon for 2021 – Advanced Business Comms and Personal Skills* 

*Coming soon for 2021 – Credit Risk Management* 

Accounting Principles 

Advanced Telephone Collections 

Advanced Business Communications 

Business Environment 

Business Law 

Credit Management (trade, export and consumer) 

Debt Recovery 

Advanced Credit Risk Management 

Compliance with legal, regulatory, ethical and social requirements 

Process Improvement 

Strategic Planning 

Legal Proceedings and Insolvency 

Strategic Communications and Leadership 

Book your place today, visit www.cicm.com 

or contact a member of our team on 01780 722900 


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 


CICM East of England Branch held 

a webinar in February with Andy 

Moylan, FCICM, Executive Board 

member of ICBA (International 

Broker Alliance), who has 30 

years’ experience in the trade 

credit industry working with multinational 

credit departments. 

Andy outlined the current ‘Perfect Storm’: 

the worst recession in living memory and the 

tsunami of insolvencies which is expected once 

the current restrictions on recoveries are lifted. 

Those companies currently in survival mode 

face many challenges but with these come 

opportunities for those prepared to take risks in 

order to obtain growth. 

Most UK companies hold just three months 

of working capital and in the short term many 

will struggle to obtain more, so more risk is 

inevitable over the next six months in order 

to increase sales. This is where the Credit 

Manager who understands risk and not just cash 

collection will prove vital. 

Relying simply on past payment performance 

will not be sufficient. Risk will need to be 

assessed using not only financial data but other 

BRANCH NEWS 

How do you assess 

risk post pandemic? 

Andy outlined the 

current ‘Perfect 

Storm’: the worst 

recession in living 

memory and 

the tsunami of 

insolvencies which 

is expected once the 

current restrictions 

on recoveries are 

lifted. 

information like knowing not just your customer 

but their customers too. Credit insurance might 

help but it will not suffice on its own so there is 

a need to look at what fresh tools are available. 

Taking more risk, and being brave, requires 

understanding the margins. 

Fraud always rises after a recession and it has 

already more than doubled in the food, meat, 

fruit and vegetable and IT sectors. 

Andy gave practical advice such as drawing up 

a new, well thought out, risk strategy, plan and 

toolbox, grading every customer by risk level, 

taking the external credit rating and mapping 

that to their own margins and collection 

methods. Higher risk customers should possibly 

have shorter payment terms and be charged a 

higher margin. 

We hope that everyone found Andy’s webinar 

useful, informative and enjoyable. The session 

was recorded so if you would like details 

about how to watch it, or for a copy of the 

slides, or Andy’s Fraud checklist, please email 

eastofenglandbranch@cicm.com 

Author: Will Plom CICM Affliliate 

Manager, Hays 

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. 


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 has launched 

critical AR Factsheets 

for EMEA countries 

Powered by 

Powered by Baker Ing, country specific factsheets have been 

provided for up-to-date information on payment performance, 

legislation, and the effects of COVID-19 and Brexit. The 

factsheets are designed for credit professionals, and they 

cover legal business forms, credit risk data, collections 

protocols, enforcement and much 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-thespot 

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. 

Visit cicm.com to view country specific factsheets from, 

Germany, Italy, Czech Republic, Spain, France, UK. 

CHARTERED 

BAKERING.GLOBAL CHARTERED INSTITUTE OF CREDIT MANAGEMENT 


How can CRAs support 

an economic recovery? 

Page 10 

Exclusive interview 

with the CSA’s Chris 

Leslie. Page 12 



Sean Feast speaks to the CICM Chair, 

Debbie Nolan FCICM(Grad). Page 12 

The days of the free movement 

of goods are over. Page 24 

THE CICM MAGAZINE FOR 

CONSUMER AND COMMERCIAL 

CREDIT PROFESSIONALS 

CALENDAR 

John Ricketts FCICM 

reflects on three years as 

CSA President. Page 22 

Open-mindedness is a 

professional’s greatest 

asset. Page 39 



CM July August 2020.indd 1 19/06/2020 09:46 

Winners of the 

CICM British 

Credit Awards 

2020 

Are customers engaging 

with new digital 

communications? Page 12 

Sean Feast speaks to 

Jo Kettner of Company 

Watch. Page 17 



CM March 2020.indd 1 21/02/2020 12:21 


MARCH 2021 £12.50 

Sean Feast FCICM speaks to 

the Interim Small Business 

Commissioner. Page 10 

A flexible approach to 

enforcement is more important 

than ever. Page 29 



HBH v5 CMYK.pdf 1 12/02/2021 10:54 

HOSTED BY HENRY 

www.hostedbyhenry.global 

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c r e d i t m a n a g e m e n t 


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D I S C U S S I N G E A S T E U R O P E & C N T L A S I A 

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R o b e r t D y r c z - P o l i s h I n s t i t u t e o f C r e d i t M a n a g e m e n t 

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SPECIAL 

FEATURES 

IN DEPTH 

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TO SUBSCRIBE CONTACT: T: 01780 722903 E: ANGELA.COOPER@CICM.COM 


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 

Studying Member 

Beatriz Abrisqueta Llamosas 

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Affiliate 

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Congratulations to our current members who have upgraded their membership 

Upgraded member 

Mrs Elisabetta Giglio-Charlton MCICM 

AWARDING BODY 

Congratulations to the following, who successfully achieved Diplomas 

Level 3 Diploma in Credit Management (ACICM) 

NAME 

Kumar Arvind 

Charlotte Ashford 

Giacomo Cosentino 

Ian Hauka 

Kyle Hynes 

Kelly Nichols 

Louise Padmore 

Emily Talbot 

Liutsiia Zaikina 

Level 3 Diploma in Credit & Collections (ACICM) 

NAME 

Kevin Dowdall William Runacre Jonathan Callow Lynda Bradbury 

Level 4 Diploma in High Court Enforcement 

NAME 

Richard Hooper 

Level 5 Diploma in Credit & Collections Management MCICM(Grad) 

NAME 

Hayley Garrett 

Terri-Louise Taylor 

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HR MATTERS 

FULL DISCLOSURE 

The risk of protected disclosures 

in an employment tribunal. 

AUTHOR – Gareth Edwards 

Exactly what can constitute a 

protected disclosure for the 

purposes of whistleblowing? A 

recent case in the Court of Appeal, 

Simpson v Cantor Fitzgerald 

Europe, answered the question, 

finding that an employment tribunal was entitled 

to reject a whistleblowing claim which was based 

on 37 separate alleged communications. 

Workers are afforded protection from detriment 

and dismissal under the Whistleblowing 

Framework where they have made a ‘protected 

disclosure’. This involves making what is known 

as a ‘qualifying disclosure’ of information that, 

in the reasonable belief of the worker that any 

of the following has occurred, is occurring, or 

is likely to occur – a criminal offence, breach 

of any legal obligation, miscarriage of justice, 

danger to health and safety of any individual, 

damage to the environment, or concealment of 

any of the above. 

For disclosures made on or after 25 June 2013, 

the worker must also reasonably believe that the 

disclosure is in the public interest. 

A qualifying disclosure will become a protected 

disclosure where it has been made to one of the 

categories of people listed in the legislation (the 

first of these being the worker’s employer). 

Employees are regarded as having been 

automatically unfairly dismissed if the reason 

or principal reason for the dismissal is that they 

have made a protected disclosure. 

In the case, Simpson made a number of 

allegations during his employment, including 

that his colleague had been undertaking an 

illegal trading practice known as ‘front running’. 

However, Simpson was criticised by his employer 

for constantly complaining, failing to generate 

business and concerns over his timekeeping. He 

was suspended and eventually dismissed due to 

these concerns. 

Simpson brought a claim in the Employment 

Tribunal that he had suffered detriments and 

had been automatically unfairly dismissed 

for making protected disclosures under the 

Employment Rights Act 1996. The tribunal 

found that none of the 37 alleged disclosures 

amounted to protected disclosures and that it 

was ‘‘utterly fanciful’’ to suggest that the reason 

or principal reason for his dismissal was due to 

the disclosures he had made. 

Simpson appealed to the Employment Appeal 

Tribunal and Court of Appeal. One of the grounds 

of appeal was that the tribunal had failed to 

read the 37 communications together when 

determining whether he had made a protected 

disclosure. The Court of Appeal acknowledged 

that previous case law had established that two 

or more communications can, taken together, 

amount to a protected disclosure. This will be 

a question of fact. In this particular case, the 

court found that none of the 37 communications 

amounted to a protected disclosure whether read 

in isolation, or grouped together, and therefore 

the question of whether or not they should be 

read together was irrelevant. 

Whether or not more than one communication 

from an employee can amount to a protected 

disclosure will depend on the particular facts 

of the case. However, employers should be 

mindful of this risk when following a process in 

relation to a worker or employee and ensure that 

decisions are taken based on objective reasoning 

and not by reason of any disclosures made. 

CHANGES TO DBS FILTERING RULES 

Changes to the Disclosure and Barring Service 

(DBS) filtering rules came into effect on 28 

November 2020 which removed the ‘multiple 

conviction rule’ and prevent the disclosure of 

youth cautions. 

The purpose of the filtering rules is to exclude 

from DBS certificates certain information relating 

to minor criminal offences that meet particular 

criteria. Information that is excluded is known 

as a 'protected caution' or a 'protected conviction'. 

A caution or conviction that is 'protected' does 

not have to be disclosed by a job applicant and 

employers are not permitted to require their 

disclosure. Under the previous filtering rules a 

caution or conviction could not be ‘protected’ 

where an individual had committed more than 

one offence (the ‘multiple conviction rule’). The 

other key change is that youth cautions are now 

always ‘protected’. 

Updated guidance on the filtering rules has 

also been published on the Government website. 

‘Specified offences’ are usually of a serious 

violent or sexual nature or are relevant for 

safeguarding children and vulnerable adults. 

Employers who are entitled to ask about 

spent criminal records can still do so. However, 

employers must not ask applicants to disclose 

‘protected’ criminal records information as it 

is unlawful to take into account a conviction 

or caution that has been filtered. If a protected 

conviction or caution is inadvertently disclosed 

during the recruitment process it must be 

disregarded when making a recruitment 

decision. 

Employers should refer to the filtering rules 

in their recruitment documentation so that staff 

involved in the recruitment process, as well as job 

applicants, are clear on what must be disclosed. 

Gareth Edwards is a partner in 

the employment team at 

VWV.gedwards@vwv.co.uk 

Employees are 

regarded as having 

been automatically 

unfairly dismissed 

if the reason or 

principal reason 

for the dismissal 

is that they have 

made a protected 

disclosure. 


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ADVANCING THE CREDIT PROFESSION IN CREDIT MANAGEMENT 

T: +44 (0)1780 722900 | WWW.CICM.COM 

Advancing the credit profession / www.cicm.com / March October 2021 2020 / PAGE / PAGE 5452

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TAKE CONTROL OF 

YOUR CREDIT CAREER 

CONTRACT ADMIN & COLLECTIONS MANAGER 

Barnwood, Gloucester, £38,000 DOE 

John Deere Financial is looking for a contract admin and 

collections manager to join its team. This is an exciting opportunity 

to join and manage a successful team of eight contract 

administrators responsible for the collection of aged debt and 

the general customer service of dealers, agents and product users. 

The operations team provides a professional contact point and a 

high-quality service to all internal and external business contacts. 

As well as manage new business, you will provide high quality 

customer service and ensure collection process is in line with 

business requirements. Ref: 3922304 

Contact Edward Kennedy on 07805 014095 

or email edward.kennedy@hays.com 

SENIOR CREDIT CONTROLLER 

South Leeds, up to £26,000 + generous holiday package 

An excellent opportunity for a senior credit controller to join a 

thriving commercial property business in South Leeds. This role 

involves setting up payments plans for tenancies, collections, 

and supporting the FC. You will be a commercially minded credit 

controller who can demonstrate previous reduction of aged debt 

and knowledge of the property industry. A new opportunity for 

a career driven credit controller to join a SME that supports its 

employees. Ref: 3919604 

Contact Jasmine Chambers on 01924 362277 

or email jasmine.chambers@hays.com 

CREDIT CONTROL & BILLING ANALYST 

West London, £27,000-£30,000 

An established global media entertainment company 

headquartered in West London is looking for an experienced 

accounts receivable specialist. In this varied role you will raise 

invoices, deal with queries, chase due payments, issue statements, 

allocate receipts, reconcile accounts and analyse credit limits. 

SAP Business One system experience is highly desirable, and you 

will need intermediate Excel skills. A target driven and ambitious 

individual will thrive in this role and you will also be given the 

opportunity to input ideas on process development. 

Ref: 3593774 

Contact Julia Foster on 020 3465 0020 

or email julia.foster2@hays.com 

CREDIT CONTROLLER 

Sheffield based (remote working), £22,000-£23,000 

A great opportunity has arisen for an experienced credit controller. 

Relationship building is key to this role, you will enjoy looking 

after your own accounts and developing your debt chasing skills. 

In this hugely rewarding position, you will be set clear goals and 

objectives and be presented with a challenge. If you are a credit 

controller who has a passion for people, a keen eye for detail and 

have proficient Excel skills, please apply. Ref: 3924568 

Contact Samantha Cooper on 07977 044195 

or email samantha.cooper@hays.com 

hays.co.uk/creditcontrol 


TRAIN FOR THE 

YEAR AHEAD 

My Learning – free skills 

training from Hays 

To find out more visit 

hays.co.uk/mylearning 

CREDIT CONTROLLER (2 roles available) 

Stroud, Gloucestershire, £21,500 

Working within Ecotricity’s Group finance operation, 

the objective of this position is to maximise cash collections 

and minimise bad debt through excellent customer service 

and effective debt recovery processes. If successful, you will 

undertake the challenging task of balancing the needs of the 

customer with the needs of the wider business, all within a 

regulatory framework shaped by quality, compliance and 

a drive for exceptional customer service. 

Ref: 3913252 

Contact Edward Kennedy on 07805 014095 

or email edward.kennedy@hays.com 

CREDIT CONTROLLER 

New Malden, £9.64-£14.34 per hour + bonus 

Hays plc is a global leader and FTSE 250 recruitment business. 

You will be responsible for the collection of debt on behalf of 

the UK head office across varied industry specialisms with the 

ambition to reduce ageing debt ensuring strict processes are 

followed. Experience with cloud-based systems such as Oracle, 

Salesforce or SAP are desirable and good Excel skills including 

VLOOKUP and pivot tables are essential. Ref: 3811785 

Contact Mark Ordoña on 020 8247 4042 

or email mark.ordona@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 


View our digital version online at www.cicm.com 

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

‘Credit Management magazine’ 

Just another great reason to be a member 

Credit Management is distributed to the entire UK and international 

CICM membership, as well as additional subscribers 

Advancing the credit profession 

www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com 


CHARTERED INSTITUTE OF CREDIT MANAGEMENT 

ONLINE EVENTS 

Keep an eye on our events calendar at CICM.COM for all CICM events! 

Visit our website and book online at: www.cicm.com/cicm-events 

CICM Branch AGM season is upon us, and all 

Committees are due to convene virtually by 31 March 2021. 

Look out for more information across CICM channels 

and by visiting www.cicm.com/branches/ 

Many of our events are now available online, 

along with a new series of live and a series of 

recorded webinars for the credit profession. 

Visit our website for updates 

and instructions on how to register. 

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. 


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. 

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 

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. 

Guildways 

T: +44 3333 409000 

E: info@guildways.com 

W: www.guildways.com 

Guildways is a UK & International debt collection specialist with over 

25 years experience. Guildways prides itself on operating to the 

highest ethical standards and professional service levels. We are 

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

• A complete No collection, No Fee commission based service 

• 10% plus VAT commission for UK debts 

• Commission from 22% plus VAT for International debts 

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

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

collections and minimise costs 

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

fee, trace and collect service. 

For more information, visit: www.guildways.com 

INTERNATIONAL COLLECTIONS 

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 

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.” 

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. 

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. 

CONSULTANCY 

Chris Sanders Consulting 

T: +44(0)7747 761641 

E: enquiries@chrissandersconsulting.com 

W: www.chrissandersconsulting.com 

Chris Sanders Consulting – we are a different sort of consulting 

firm, made up of a network of independent experienced 

operational credit & collections management and invoicing 

professionals, with specialisms in cross industry best practice 

advisory, assessment, interim management, leadership, 

workshops and training to help your team and organisation reach 

their full potential in credit and collections management. We are 

proud to be Corporate Partners of the Chartered Institute of Credit 

Management and to manage the CICM Best Practice Accreditation 

Programme on their behalf. For more information please contact: 

enquiries@chrissandersconsulting.com 


FOR ADVERTISING INFORMATION OPTIONS AND PRICING CONTACT 

russell@cabbells.uk 0203 603 7937 

COURT ENFORCEMENT SERVICES 

CREDIT INFORMATION 

CREDIT MANAGEMENT SOFTWARE 

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. 

CREDIT INFORMATION 

2 0 0 2 

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. 

CEDAR 

ROSE 

— 

R 

2 0 2 0 

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. 

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. 

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. 


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. 


Cr£ditWho? 

CICM Directory of Services 

FOR ADVERTISING INFORMATION 

OPTIONS AND PRICING CONTACT 

russell@cabbells.uk 0203 603 7937 


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. 


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.

CM magazine March 2021

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