Welcome to the March 2021 issue of Credit Management News Digest. This issue is sponsored by STA International.

UK Late Payment, Cashflow & Insolvencies
COVID-19 impact survey: cashflow remains critical. Results from the latest British Chambers of Commerce (BCC) survey on the impact of Coronavirus indicate that UK businesses have been "pushed to the brink" by the effect of multiple lockdowns. The survey found that, compared to October 2020, three in every five firms (61%) have seen their revenue from UK customers fall in the last three months, and almost a third (31%) of business-to-consumer (B2C) firms say they will run out of cash in the next three months. B2C service firms were significantly more likely to report decreased revenue. When asked approximately how long firms could continue until they ran out of cash, almost one-quarter (23%) said less than three months. The survey results suggest that, without the "huge amount" of government support given to companies to date, business failures and job losses could have been much worse. To read BCC's news release go to https://www.britishchambers.org.uk/news/2021/02/bcc-covid-survey-finds-firms-still-under-the-cosh.
Nearly 600,000 UK businesses would have been at risk of closure if the Job Retention Scheme had ended next month. Following the Government’s announcement that the UK Job Retention Scheme is to be extended to the end of September, new research has revealed that 12% of UK SMEs would have been at risk of closure had the scheme ended, as planned, in April. The survey, which Hitachi Capital Invoice Finance commissioned, spoke to more than 1,000 senior business decision-makers at SMEs across the UK from a range of different industries about how the end of the furlough scheme would have impacted their business. Hospitality and leisure were at the top of the list of the inductries at greatest risk of closure, with 28% admitting they could have closed down without additional furlough support. In addition, 30% of the SMEs surveyed felt that their business would not have survived without the Job Retention Scheme. To read Hitachi Capital's news release go to https://www.hitachicapital.co.uk/news-media/smes-welcome-furlough-extension-as-nearly-600-000-businesses-admit-to-being-at-risk-of-closure/.
Thousands of UK businesses are at high risk of going bust. According to a study by Opinium and CEBR, an estimated 1.8 million UK businesses (one in three) could be at risk of insolvency as a result of pandemic-related disruption, including 336,000 that face a high risk of going bust. In addition, more than one in five of the 500 respondents said that they would have to delay planned investments as a result of the tightening of COVID restrictions. Only about one in three UK companies are currently reporting positive trading conditions. Looking ahead, three-quarters expected to be able to return to pre-COVID levels of production within a year of restrictions being lifted. However, one in ten foresaw a more protracted recovery. Pablo Shah, Managing Economist at CEBR, commented: “Critical to the long-term economic recovery will be minimising the damage that businesses sustain during the tough weeks ahead.” To read CEBR's news release go to https://cebr.com/reports/thousands-at-high-risk-of-going-bust/.
UK payment practices aren’t getting better. A survey carried out by Construction News (CN) and Oracle Construction and Engineering at the end of 2020 indicated that any positive impact from the Prompt Payment Code and new legislation was yet to be felt. 77% of the CN readers who answered questions said payment practices are either the same or have worsened, with 72% of businesses waiting more than 40 days for their money and 30% waiting more than 60 days for payment. Interestingly, however, the survey also noted that there was a significant difference in the time respondents claim they take to pay their own suppliers, with 74% saying they take less than 40 days to pay and 34% saying they pay in under a month. The gap shows most respondents believe they are being paid late but are delivering speedy payments to suppliers — a finding that is contradictory "because clearly, the two things are unlikely to both be true." To read CN's article go to https://www.constructionnews.co.uk/financial/late-payment-survey-results-when-will-things-change-22-02-2021/.
UK company insolvencies in January 2021 were 50% lower than in the same month in 2020. The latest data from the UK's Insolvency Service has indicated that, in January 2021, there was a total of 752 registered company insolvencies (613 CVLs, 45 compulsory liquidations, 73 administrations and 21 CVAs), 50% less than in the same month in the previous year. In fact, December 2020 has been the only month since the start of the first UK lockdown in which overall registered company insolvencies have been higher than in the same month of the previous year. To explain this, Colin Haig, President of R3, commented: "It's possible that a number of businesses entered an insolvency procedure ahead of the December rent quarter day, which would help to explain why corporate insolvencies — and more specifically administrations and Creditors Voluntary Liquidations — increased then and fell again in January." To read R3's news release go to https://www.r3.org.uk/press-policy-and-research/news/more/29758/monthly-corporate-and-individual-insolvency-statistics-january-2021-r3-response/.
UK corporate insolvencies could double in 2021. RSM has warned that UK corporate insolvencies could double in 2021, or in the 12 months after Government support is wound down. RSM notes that quarterly statistics showed that corporate insolvency levels still remain at very low levels — 27% lower in 2020 than 2019 — highlighting that Government support is masking the true extent of business distress in the UK. As a result, RSM anticipates that increased levels of corporate insolvencies, 15-20% higher than previous years, will occur for up to three years once the Government support ends and UK business ramps back up. Gareth Harris, Restructuring Advisory Partner at RSM, said: "The much lower insolvency statistics in 2020 suggest that there is a level of pent up, or delayed insolvency which is waiting to happen in 2021. Creditors have either been prevented from taking action by legislation or have felt unwilling to enforce during this difficult period." To read RSM's news release go to https://www.rsmuk.com/news/corporate-insolvencies-to-double-in-2021-targeted-action-is-needed-warns-rsm.
1023 UK stores are already earmarked for closure. Retail Gazette has reported that new analysis from the Centre for Retail Research (CRR) shows that 1023 UK stores have been earmarked for closure so far in 2021. The research, which covers insolvencies by retailers with 10 or more stores, highlights "the turmoil" on the UK high street, which has seen the recent collapses of Debenhams and Sir Philip Green’s Arcadia Group retail empire. Professor Joshua Bamfield of the CRR warned, “these losses will be the tip of the iceberg” without an extension of the current business rates holiday and moratorium on evictions by landlords. Although It has been reported that the government is still considering an extension to the rent holiday, Professor Bamfield warned, “this will simply kick the can down the road” and called for greater support. To read Retail Gazette's article go to https://www.retailgazette.co.uk/blog/2021/02/27000-retail-jobs-lost-in-2021-so-far/.
UK Trade Sectors & Economy
The UK economy showed resilience in Q4 2020 as GDP grew 1.0% quarter-on-quarter. Latest data indicates that the UK economy grew by a better-than-expected 1.0% in Q4 2020 — a resilient performance given the November lockdown and COVID-19 restrictions. Overall, the UK economy contracted by 9.9% in 2020, and in Q4 2020 GDP was 7.8% below its Q4 2019 peak. Howard Archer, Chief Economic Advisor to the EY ITEM Club, commented: “It had earlier seemed probable that the economy would see a renewed contraction in the fourth quarter, but it is evident that lessons have been learnt in keeping activity going amid lockdowns and other tight restrictions. Indeed, growth of 1.0% quarter-on-quarter in the fourth quarter was double the consensus forecast of 0.5% expansion." Looking ahead, EY ITEM Club believes the economy is headed for renewed contraction in Q1 2021 — possibly in the region of 4% q/q, with growth of 5.0% and 6.5% anticipated for 2021 and 2022 respectively. This means that the economy should regain its peak level in Q3 2022. To read EY's news release go to https://www.ey.com/en_uk/news/2021/02/uk-economy-showed-resilience-in-q4-2020-as-gdp-grew.
The UK economy suffered the largest contraction in its history in 2020. The National Institute of Economic and Social Research (NIESR) has reported that the UK economy's annual decline of 9.9% in 2020 means that the UK has suffered the largest economic contraction in its history. Looking ahead, as stringent COVID-19 restrictions are expected to remain elevated until early spring, along with the effects of post-Brexit adjustment, NIESR's forecast is for GDP growth to decline by 3.8% in the first quarter of 2021. NIESR Deputy Director, Dr Hande Kucuk, said: “Despite the roll-out of vaccines, COVID-19 will have long-lasting economic effects. By 2025, the level of GDP is forecast to be around 6% lower compared with pre-COVID-19 expectations, reflecting lower consumption caused by higher unemployment, weaker business investment due to stressed balance sheets and uncertainty during the pandemic, and the adoption of a Trade and Cooperation Agreement with the EU which imposes more barriers to trade than before.” To read NIESR's news release go to https://www.niesr.ac.uk/latest-quarterly-uk-economic-outlook.
Britain's retail sales in January follow a "lacklustre" Christmas. RSM has reported that Britain’s retail sales in January decreased by 8.2% in volume compared with December 2020, and fell by 4.9% compared to the previous three months. Despite heavy discounting during January sales, clothing stores were the main driver towards the decrease, with declines of 35.6% in the amount spent and 34.7% in quantity bought. In contrast, online sales saw a record performance in January, amounting to 35.2% of sales overall compared with 29.6% in December. Jacqui Baker, Retail Director at RSM, said: "Compounding the impact of the pandemic, the dire effects of Brexit also moved into view in January. Retailers were squeezed even further, with supply chains thrown into disarray by changes to the rules of origin, duty treatment on returns and onerous paperwork. The knock-on effect rang through the market with many, including John Lewis, forced to suspend sales into Northern Ireland due to the all-contentious border issue impacting sales further." To read RSM's news release go to https://www.rsmuk.com/news/january-retail-sales-echo-depressed-state-of-the-nation.
2020 was the worst year on record for UK retail sales growth. According to the British Retail Consortium (BRC), 2020 was the worst year on record for UK retail sales growth, with in-store non-food declining by 24% compared with 2019. These results have also been reflected in footfall, which was down over 40% in 2020. The BRC calculates that the three lockdowns cost non-food stores — mainly ‘non-essential’ retail — an estimated £22 billion in lost sales. Furthermore, tighter restrictions in the crucial run-up to Christmas hampered retailers’ ability to generate turnover, which would have helped power their recovery in 2021. The BRC notes that retail represents over 5% of the UK economy and contributes £100 billion gross value added. To read the BRC's news release go to https://brc.org.uk/news/corporate-affairs/22bn-cost-of-lockdown-to-retailers/.
The number of UK retail, and food and beverage companies registered at residential addresses has surged during the pandemic. According to Experian’s analysis of the changing shape of the business population, the UK has become a nation of digital shopkeepers during the COVID-19 pandemic. Experian has noted that there has been a surge in the number of UK retail, and food and beverage companies registered since April 2020, with 76% of retail businesses formed since April 2020 registered at residential addresses — up from 65% between January and March of last year. Retail accounted for 12.5% of the business established in 2020, up from 8.6% of companies formed in 2019 and 7.7% in 2018. Experian also notes that the number of new start-ups increased significantly from last May onwards, with 775,622 businesses incorporated in 2020 — 13% more than in 2019. To read Experian's news release go to https://www.experianplc.com/media/news/2021/three-quarters-of-new-retail-businesses-are-now-home-based-as-uk-entrepreneurs-respond-to-pandemic/.
UK retail volumes continue to fall but record online sales growth provides relief for some retailers. The CBI's latest quarterly Distributive Trades Survey has reported record internet sales growth in the UK, with another historically strong performance expected in the year to March 2020. Internet sales grew at a record pace (balance of +75%, from 43% in January), with a similar rate of growth expected next month (+78%). However, among wider 'bricks and mortar' UK retailers, only grocers saw any growth in volumes in the year to February, with non-store sales flat and other retail sectors reporting sharp declines. Ben Jones, CBI Principal Economist, said: “With lockdown measures still in place, trading conditions remain extremely difficult for retailers. Record growth in internet shopping suggests that retailers’ investments in on-line platforms and click-and-collect services may be paying off, but the re-opening of the sector can’t come soon enough to protect jobs and breathe life back into the sector." To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/retail-volumes-continue-to-fall-but-record-online-sales-growth-provides-relief-for-some-retailers/.
Vacant units increase by 47% in the city of London due to COVID-19. Analysis released by the Local Data Company reveals that in 2020, the number of vacant units in the City of London increased by 47% from 174 at the end of 2019 to 255 at the end of 2020. This equates to an increase in vacancy rate in the City of 3.5% in 2020 compared to an average increase of 1.3% for Greater London. Vacancy is now at the highest level in five years in the City, reflecting how this location has been impacted more by COVID-19 than the rest of London. 54% of all closures seen in the City in 2020 were hospitality and leisure units, of which 83% were national chains. Units previously occupied by takeaway shops now make up 22.7% of all vacant space in the City of London. Lucy Stainton, Head of Retail and Strategic Partnerships at the Local Data Company, commented: "The fact that a significant number of retailers deemed ‘essential’ have chosen not to open in this location throughout various lockdowns, despite their ability to trade, is a further indication of just how low current consumer demand is in the City." To read the LDC's news release go to https://www.localdatacompany.com/blog/vacant-units-increase-by-47-in-the-city-of-london-1.
UK manufacturing activity remains patchy. According to the latest CBI Industrial Trends Survey, UK manufacturing output fell slightly in the quarter to February, but at a more modest rate than in the first lockdown last Spring. The survey of UK manufacturers also found that output increased in 11 of the 17 sub-sectors. However, growth in these sub-sectors was outweighed by sharp falls in others — particularly motor vehicles & transport equipment and food, drink & tobacco. Looking ahead, manufacturers anticipate output to be broadly flat over the next three months, marking a notable improvement on expectations of a significant decline in January. Alpesh Paleja, CBI Lead Economist, commented: “Manufacturing activity remains patchy, but so far appears to have taken a smaller hit than in previous lockdowns. However, a stubbornly mixed picture persists among the different manufacturing sub-sectors, pointing to the asymmetric impact of restrictions." To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/manufacturing-activity-remains-patchy-cbi-industrial-trends-survey/.
UK chartered accountants are hopeful of a return to sales growth in 2021. According to ICAEW’s Business Confidence Monitor for Q1 2021, although companies in the UK continued to suffer year-on-year declines in domestic sales (2.2% in Q1 2021), the majority of chartered accountants are hopeful of a return to sales growth (5.2%) in 2021 if the pandemic is contained. The findings come after the publication of ONS figures, which showed that the UK economy shrank by 9.9% in 2020, more than twice as much as the previous largest annual fall on record. Companies across all regions of the UK expect domestic sales to rebound this year. The West Midlands is tipped to bounce back the most strongly, with the possibility that pent-up demand in the region’s car manufacturing and consumer goods sectors could drive sharp growth in exports and domestic sales in 2021. To read ICAEW's news release go to https://www.icaew.com/insights/viewpoints-on-the-news/2021/feb-2021/icaew-bcm-business-confidence-boosted-by-vaccine-rollout.
Nearly a quarter of UK exporters to the EU are considering holding back activity. Results from the latest British Chambers of Commerce (BCC) survey, in partnership with Moneycorp, found that while 44% of UK exporters to the EU plan to grow their exports to the European Union in the next 12 months, 27% will consolidate rather than grow, 10% plan to have no activity in the EU, and 13% will decrease activity. BCC Co-Executive Director Hannah Essex said: “While there are some positive signals, the quarter of exporters that plan to decrease activity in the EU export markets ought to be a strong cause for concern. . . Many businesses trading in Europe say the ending of free movement has added further cost, complexity and confusion when they need to move their people around the EU on business - and more must be done to help businesses remain competitive.” To read BCC's news release go to https://www.britishchambers.org.uk/news/2021/02/bccmoneycorp-survey-nearly-a-quarter-of-exporters-to-the-eu-considering-holding-back-activity-in-the-eu.
Europe & Global Economy
The slowdown in US corporate bankruptcies continues. According to S&P Global Market Intelligence data, US corporate bankruptcies continued to slow in February, with 34 companies filing for bankruptcy protection — a decline from 46 in January and the peak of 70 in June 2020. The two-month total for 2021 stands at 80 bankruptcies, a slowdown from 98 in the same period in 2020. Joseph Malfitano, founder and managing member of Malfitano Partners, commented that the lower-than-expected number of bankruptcies could be down to "wait it out and see what this reopening kind of looks like", but warned that not every company is likely to get the big bounce they are hoping for. As a result, there will probably be more distress in the retail sector in the second half of 2021. He added that restaurants built around sit-down dining and high-end apparel retailers face particularly uphill battles. To read S&P's article go to https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/slowdown-in-us-corporate-bankruptcies-continues-as-covid-19-recovery-looms-62931408.
OECD predicts that GDP is set to pick up to 5.6% this year from a previous projection of 4.2%. According to the OECD’s latest Interim Economic Outlook, a global economic recovery is in sight but a faster and more effective vaccination rollout across the world is critical. The pace and duration of the recovery will also depend on the race between vaccines and emerging variants of the virus. The OECD anticipates global GDP growth at 5.6% this year, an upward revision of more than 1% since its projection in December 2020, and 4% in 2022. World output is expected to reach pre-pandemic levels by mid-2021. In the OECD’s central scenario, US growth is projected to be 6.5% in 2021, an upward revision of more than 3% since December, partly reflecting the large-scale fiscal stimulus now planned with a sustained pace of vaccination. In the euro area, where the level of fiscal stimulus is lower and vaccine rollout slower, the Interim Economic Outlook sees GDP rising 3.9%, a 0.3% upward revision. In China, GDP growth is projected to be 7.8% this year; in Japan 2.7%; in Korea 3.3%; and in Australia 4.5%. To read the OECD's news release go to http://www.oecd.org/economy/the-need-for-speed-faster-vaccine-rollout-critical-to-stronger-recovery.htm.
The final quarter of 2020 saw continued recovery in G20 international merchandise trade. The OECD has advised that G20 international merchandise trade continued to rebound in Q4 2020 (exports up 7.2% and imports up 6.8%), following the sharp falls seen in the first half of 2020. A strong driver of growth was China, which had already experienced a rebound in Q2 2020 and solid international trade growth in the last two quarters of 2020 (exports up 7.0% and 6.1%; and imports up 7.6% and 3.1%, for Q3 and Q4 respectively). Elsewhere in the Asia-Pacific region, Australia (exports up 11.6% and imports up 7.9%) and Japan (9.7% and 6.5%) saw strong trade growth. The EU27 as a whole (exports up 7.7% and imports up 6.4%), as well as France (9.4% and 3.1%), Germany (8.0% and 7.3%) and Italy (8.6% and 7.8%) all recorded strong growth, while the UK recorded double-digit growth in both exports (10.0%) and imports (16.0%). G20 economies in the Americas also continued to gain ground. In the US, exports were up 8.6%, while imports increased by 6.1%. With the exception of Argentina, all G20 economies experienced international trade growth. To see the OECD's news release go to https://www.oecd.org/newsroom/international-trade-statistics-trends-in-fourth-quarter-2020.htm.
Eurostat estimates that GDP fell by 6.8% in the euro area and 6.4% in the EU in 2020. Latest estimates from Eurostat indicate that in the fourth quarter of 2020, seasonally adjusted GDP decreased by 0.6% in the euro area and by 0.4% in the EU, compared with the previous quarter. These declines follow a strong rebound in the third quarter of 2020 (+12.4% in the euro area and +11.5% in the EU) and the sharpest decreases since the time series started in 1995 observed in the second quarter of 2020 (-11.7% in the euro area and -11.4% in the EU). Compared with the same quarter in 2019, seasonally adjusted GDP decreased by 5.0% in the euro area and by 4.8% in the EU in the fourth quarter of 2020, after -4.3% and -4.2% respectively in the previous quarter. According to a first estimation of annual growth for 2020, based on seasonally and calendar adjusted quarterly data, GDP fell by 6.8% in the euro area and 6.4% in the EU. To read Eurostat's news release go to https://ec.europa.eu/eurostat/documents/portlet_file_entry/2995521/2-16022021-AP-EN.pdf/eb164095-6de4-a6a1-cd87-60c4a645e5e1.
China's economy is expected to grow by 9% this year. Atradius' latest Country Report on China notes the Chinese economy grew by 2.3% in 2020, bucking the global trend, and is currently expected to expand by almost 9% this year. However, Atradius cautions that several downside risks remain, including the risk of a third wave of Coronavirus and further spreading of virus variants, impacting the global economic rebound. Another downside risk is the ongoing Sino-US trade dispute and increasing political strains with the US. In terms of sectors, Atradius notes that agriculture and financial services have an 'excellent' outlook, while the outlook for metals and paper is bleak. Looking ahead, Atradius anticipates that in the time period 2022 to 2025, China's economic growth will slow down to less than 5% annually. To read Atradius' report go to https://atradius.co.uk/reports/publicationscountry-report-asia-china-march-2021.html.
Events & Professional Development
GTR India 2021 Virtual, 10-11 March 2021.
GTR India will return in 2021 as a hybrid event, offering an extended offering as the country’s leading trade-based gathering for networking and knowledge sharing, with a virtual event on March 10-11 and a physical event in Mumbai in October.
For over 15 years GTR India has provided critical market insight combined with unrivalled networking opportunities with leading experts on the country’s trade environment and trade finance sector. Both events will delve into the most pertinent discussion topics impacting Indian #trade and #exports, from supply chain challenges, geopolitical considerations (including free trade agreements), support for exporters, digitisation drives and the measures taken across both public and private sector to aid business recovery.
VIRTUAL EVENT LINK: https://bit.ly/36VQ4By.
PHYSICAL EVENT LINK: https://bit.ly/36VbT48.
ExCred Digital will take place on 23 and 24 March 2021.
ExCred is the leading event for the for the ECA and private insurance sector. The meeting point for heads of ECAs, private insurers, their customers and partners offers the almost 700 annual participants from 50 countries the ideal opportunity to find out about the latest developments in the industry.

The agenda includes the following panel discussions:
'Impact of government intervention on short term credit insurance during the COVID-19 crisis'.
Panelists will discuss the following questions:
  • Given the need for government intervention in 2008/9 as well as 2020/21, is the private market capable of standing on its own feet long term? 
  • Was the privatisation of the 1990s an unqualified success? 
  • How easy will it be for governments to withdraw during 2021 without causing insolvencies? 
  • What is the reaction of private insurers to the government intervention? 
  • Will governments want to retain some influence or standby arrangements over the longer term? 
  • As it becomes more fashionable for governments to have an open industrial strategy, should governments become more actively involved in short term credit?
Panelists: Moderator Mike Holley - Strategic Advisor, SCHUMANN 
 Amy Shinkman - Vice President, Export Credit Insurance, Export-Import Bank of the U.S. 
 Vinco David - Secretary General, Berne Union 
 Phil Bonner - Global Head of Credit and Financial Risk, Reinsurance, Aon Benfield.

Challenges and opportunities for the insurance market in 2021; How is risk appetite and capacity changing?

Panelists will discuss the following questions:
  • How is risk appetite changing? State of the market; insurance capacity, availability. What can still be placed? Where are the challenges? 
  • Some insurers are preferring long-term over short-term deals; ECAs doing more short term; moving into each other’s turfs; impact; prospect for short/long term in 2021 
  • Focus on reshoring, adapting and improving the resilience of supply chains, spreading/mitigating risk; shifting from reliance on China; how will this reconfigure world trade? 
  • How will the market cope with a potential influx of claims in 2021? 
  • Potential for more consolidation in the insurance market 
  • When should business pick up again as before? 
  • Opportunity; innovation and new business lines
Panelists: Moderator Sian Aspinall - Joint Managing Director, BPL Global 
Catherine Aubert - Head of Trade Credit & Political Risk Insurance, Société Générale 
Matthew Beckett - Assistant General Manager, Insurance Placement, SMBC 
Lise Kessler - Managing Director, Global Head of Credit Risk Insurance, Credit Agricole 
Jared Kotler - Head of Credit and Political Risk, The Hartford 

For some more information go to https://bit.ly/3qybiMm.
GTR West Africa 2021 Virtual, 24-25 March 2021.
GTR West Africa will return in 2021 virtually, providing an extended digital offering as the region’s leading event for trade discussion and networking on March 24-25.
Encompassing all the key aspects of the live conference experience through GTR’s established virtual event format, this hugely anticipated gathering will combine the highest level content with bountiful networking opportunities via our dedicated platform.
Harnessing the vast potential of technology for connecting West African trade leaders with their peers, this online gathering promises a comprehensive programme of live and on-demand debate, discussion and engagement, welcoming the region’s leading practitioners in trade, export and commodity finance to explore the latest developments, strategies and solutions employed to drive growth.
LINK: https://bit.ly/36XnLTf
GTR East Africa 2021 Virtual. 12-13 May 2021.
Following the success of the inaugural virtual event in October 2020, GTR East Africa will return once again in a digital form for 2021, taking place on May 12-13, 2021. Utilising GTR’s bespoke virtual event platform, this online gathering promises expansive networking and an extensive and comprehensive programme of live and on-demand content, welcoming the leading practitioners in trade, agribusiness, supply chain and commodity finance. Join industry experts from across the region to explore the latest developments, strategies and solutions employed to drive East African trade growth. LINK: https://bit.ly/3gphJ0x.
Receivables Finance International Convention, 18–20 May 2021 - Virtual.
BCR’s 21st annual Receivables Finance International Convention provides an essential update on the latest invoice financing trends, market challenges and innovations.
The receivables finance sector continues to evolve rapidly. Covid-19 has meant a significant shift in market attitudes. Some of these will be permanent; some will disappear over time. Many expect a rapid rise in receivables finance business coming out of the pandemic as government-imposed restrictions are eased. But navigating to that point could be tricky as the financial support provided by governments will expose many SMEs to terminal positions.
RFIx 2021 will take a deep dive into the impact of the pandemic and global geopolitics on market trends and risk. It will explore how practitioners can become fitter, leaner, and better in this new world through innovative product development, technology and new markets, and discover the new challenges around ESG, regulatory and legal issues.
This flagship event for the receivables finance industry attracts delegates from across the globe, bringing together both market experts and new entrants. Being a virtual event, it provides a chance to network with an even wider circle of industry peers.
Join senior receivables finance executives at the 21st annual RFIx Convention and ensure the right direction for your business.
As event partners, Credit Insurance News can offer members a 25% discount on a delegate pass rate. To register please follow this link. The member discount code is rfix21-med.
Alternatively, you can contact yongmei.he@bcrpub.com quoting your discount code for payment via invoice
National Credit Awards 2021. 21 October 2021. The Waldorf Hilton, London.
New for 2021, MoneyAge is proud to present the National Credit Awards.
The awards are designed to honour the outstanding professionals and firms in the many varied fields of the credit industry, to recognise, celebrate, and promote best practice, to support continuing development, and to contribute towards raising the standards within the credit arena.
The awards are free to enter and you can enter as many categories as you like.
Head over to the website to find out more.
SUBMIT YOUR ENTRY: https://www.moneyage.co.uk/creditawards/index.php.
Deadline for entries: 25 June 2021
Stecis is getting back on track with Webinars, Classroom courses and Masterclasses.
As we all hope that the Covid-19 pandemic is under control after the summer, STECIS has planned again a number of classroom courses in November 2021. For Trade Credit Insurance and Surety Bonds, at each Foundation and Advanced courses will be offered in the vicinity of Amsterdam Schiphol. In case still necessary, all applicable Covid-19 restrictions will be in place during the classroom training courses. During the classroom trainings real, practical cases will be discussed. Additionally, various webinars on both Trade Credit Insurance and Surety Bonds have been already scheduled throughout the year. These webinars are interesting to all individuals who are starting their career in the TCI and/or Surety Bonds industry, but also for all other interested parties like brokers, re-insurers´ employees, lawyers, credit managers etc.
To expand our offering STECIS is currently developing three masterclasses on Trade Credit Insurance that will address the following topics: TCI and Digitalisation, Non-traditional TCI products and TCI and Finance. These masterclasses will be hold by top experts from the TCI industry presenting the recent developments and trends in the field of TCI. Joining these masterclass will be not only be an excellent way to keep up to date with important developments in the TCI world. The courses are also an excellent means to increase your professional network as you will meet other participants and top experts from the industry.
When the outlines of the three masterclasses are available, they will be shared via Credit Insurance News and the website of Stecis.
More information can be found on the Stecis’ website: www.stecis.org.
All courses will run at the Steigenberger Hotel at Amsterdam-Schiphol.
Further information can be obtained by sending an email to: info@stecis.org.

About the Sponsor: STA International
STA International is the recommended debt collection partner to six credit insurance underwriters. Systems alignment provides a secure and transparent service to reduce protracted default (PD) claims, and increase policyholders' cash flow. With UK and overseas accounts referred at the end of the Maximum Extension Period (MEP) to STA, we add Late Payment Act interest and collection cost to the principal debt and immediately contact the buyer.
This early intervention results in speedy recovery of most accounts. The policyholder receives prompt remittance of the principal sum and interest, with STAs costs covered by the buyer paying the collection costs. Recovering costs and interest means, on average, policyholders enjoy free-of- charge debt collection. 
The underwriter has online access to every action taken by STA, including a single buyer's consolidation across multiple policyholders. Simultaneously, the policyholder sees all STA actions on every buyer placed for collection, along with the collection success dashboard and recovery cost details.
With PD claims reduced for the underwriter, cash flow and premium protection maximised for the policyholder, STA provides a win-win solution to cash collection challenges.
To find out more, please visit www.stainternational.com
Call Sam Cable on 01622 600921; email sam.cable@staonline.com.
Copyright ©2021 Credit Insurance News. All rights reserved.
All news stories on Credit Insurance News' website are included with the prior permission of the copyright holder. Reproduction or redistribution in whole or in part, in any manner, without the express prior written consent of the copyright holder, is a violation of copyright law. If you, or your organisation wish to redistribute, republish or link-to all or any part of any Credit Insurance News Digest, you must first contact the copyright holder direct or email sally.brown@creditinsurancenews.co.uk for further information.

Terms and Conditions                         Privacy and Cookie Policy                    © 2019 Credit Insurance News