Credit Management in Australia - October 2021

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The Publication for Credit and Financial Professionals

IN AUSTRALIA

Here are our four finalists in the 2021 Credit Team of the Year – well done!

Synergy

Commonwealth Bank

REA Group

recoveriescorp

See all our 2021 finalists and winners inside

Our 2021 supporters National partners

Trusted Insights. Responsible Decisions.

Divisional partners

CREDIT MANAGEMENT SOFTWARE

Divisional supporting sponsors

2 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Contents Volume 28, Number 5 – October 2021

Message from the President

YCPA

State finalists

Credit Team of the Year 2021 finalists Pathways Covid-19 and online learning in the credit sector Recent graduates Virtual classroom training calendar

Achievements CCE Dux Student of the Year

Credit Management Creditorwatch launches business risk index

6 10

10 14

YCP finalists

14 Credit Team of the Year

20 22 22

23 23 23

CCE Dux - Ricky Forster

24 Patrick Coghlan

24

By Patrick Coghlan

The ‘unknown’ financial position of customers and the impact of lockdowns

26

26 Kirk Cheesman

28 Dan Chapman

By Kirk Cheesman

Mind the gap – optimising Credit Insurance Coverage

28

By Dan Chapman

Is there still a place for bankruptcy in the debt collection armory?

30

30

By Roger Mendelson

Here’s what 10 years of surveys show about credit managers

34

Roger Mendelson

34 Scott Mason

By Scott Mason

The future of business finance: How to fund your business growth with on-demand lending solutions

38

By Adrian Floate

Post-COVID, our two big problems will still be there

By Michael Pascoe

42

38 Adrian Floate

42 Michael Pascoe

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 3

Contents ISSN 2207-6549

DIRECTORS Trevor Goodwin LICM CCE – Australian President Lou Caldararo LICM CCE – Victoria/Tasmania & Australian VP Rowan McClarty MICM CCE – Western Australia/Northern Territory Gail Crowder MICM – South Australia Peter Morgan MICM CCE – New South Wales Debbie Leo MICM – Consumer Julie McNamara MICM CCE – Queensland

46 Andrew Spring

48 Allan Kawalsky

52 Cameron Henderson

CHIEF EXECUTIVE OFFICER Nick Pilavidis FICM CCE Level 3, Suite 303, 1-9 Chandos Street, St Leonards NSW 2065 PO Box 64, St Leonards NSW 1590 Tel: (02) 8317 5085, Fax: (02) 9906 5686 Email: nick@aicm.com.au PUBLISHER Nick Pilavidis FICM CCE | Email: nick@aicm.com.au CONTRIBUTING EDITORS NSW – Sam Pearlman MICM CCE Qld – Stacey Woodward MICM SA – Clare Venema MICM CCE WA/NT – Jeremy Coote MICM Vic/Tas – Michelle Carruthers MICM EDITOR/ADVERTISING Andrew Le Marchant LICM CCE Phone Direct 02 8317 5052 or Mob 0418 250 504 Email: andrew@aicm.com.au EDITING and PRODUCTION Anthea Vandertouw | Ferncliff Productions Tel: 0408 290 440 | Email: ferncliff1@bigpond.com THE EDITOR reserves the right to alter or omit any article or advertisement submitted and requires idemnity from the advertisers and contributors against damages or liabilities that may arise from material published. CREDIT MANAGEMENT IN AUSTRALIA is published by the Australian Institute of Credit Management, Level 3, Suite 303, 1-9 Chandos Street, St Leonards NSW 2065. The views expressed in CREDIT MANAGEMENT IN AUSTRALIA are not necessarily those of Australian Institute of Credit Management, which does not expect or invite any person to act or rely on any statement, opinion or advice contained herein (whether in the form of an advertisement or editorial) and neither the Institute or any of its employees, agents or contributors shall be liable for any opinion contained herein. © The Australian Institute of Credit Management, 2021.

JOIN US ON LINKEDIN

Click Here EDITORIAL CONTRIBUTIONS SHOULD BE SENT TO: The Editor, Level 3, Suite 303, 1-9 Chandos Street, St Leonards NSW 2065 or email: aicm@aicm.com.au

52 James Devonish

56 Sam Pearlman

Stacey Copas

Insolvency Yay! We’re on the road to recovery … but look out for the pot holes!

46

By Andrew Spring

Legal Saving legal costs by cost sharing

48

By Allan Kawalsky

The “home ground advantage” and the impact of the COVID-19 pandemic on applications to stay proceedings under the Services and Execution of Process Act 1992 (Cth)

52

By Cameron Henderson and James Devonish

Full Federal Court recalibrates the “running account defence” in preference recovery actions

56

By Sam Pearlman

Leadership and High Performance When nothing is certain, anything is possible.

58

By Stacey Copas

Member anniversaries 4 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

58

60

Volume 28, Number 5 – October 2021

62

Contents

68

Qld: Josh Mann representing both CreditorWatch and ARMA as 2021 YCP sponsors with finalists Zandalee Mckenzie, Madison Ryan and Annie-May Paties and Qld Division Director Julie McNamara.

72

SA: Our 2021 Young Credit Professional Finalists – Michael Harris, Cameron Henderson and Clare Venema.

78

Vic/Tas: Ivana Griggs (Murdoch Clarke), Shelley Brooks, Jennifer

WA/NT: WA Division President presents 2021 WA YCP Vaibhav Gupta

Bowerman, Georgina McGowan, Zoe Mackenzie, Bronwen Markham, Julie Black and Danielle Goodwin.

with his trophy.

Division Reports Queensland

62

South Australia

68

Victoria/Tasmania

72

Western Australia/Northern Territory

78

New South Wales

82

New members

86

Marketplace 88

82 NSW: Olivia Berger proudly displays her trophy.

For advertising opportunities in Credit Management In Australia Contact: Andrew Le Marchant Ph: 1300 560 996 E: andrew@aicm.com.au

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 5

aicm

From the President

Trevor Goodwin LICM CCE National President

W

elcome to the latest

From feedback we have received it appears

Credit Management

delegates benefited greatly from attending

magazine including a

the conference.

number of thoughtful and

During the Virtual Conference we also

informative articles from a number of our

announced a number of Award Winners

leading credit professionals.

including CCE Dux, Student of the Year

COVID-19 and lockdowns are still with us,

and Credit Team of the Year. Each of these

testing everyone’s resolve. The Delta variant is

Awards recognises the different areas of

proving to be a formidable opponent, driving

excellence where people are committed

cities and regions back into lockdowns. Seeing

to their professional careers in credit. The

vaccination rates grow is encouraging for

President’s Trophy for the best performing

some return to normal as many want to travel

division in 2020/21 and an award for the most

to see a family and friends, while others wish

engaged conference attendee prize were also

to holiday.

presented. Congratulations to all winners in

Instead of a nationwide JobKeeper program, each state and territory has

the various categories.

The Young Credit Professional Award

implemented their own business support

is also normally announced at our National

program.

Conference but this year it has been delayed

Although Australian businesses have

until late November. Details and photos

shown increasing resilience throughout the

will be in in the next edition of the Credit

pandemic one expects the pandemic has had

Management magazine.

a significant impact on both businesses and their employees.

For the second year in a row, we have

We are keen to return to a face-to-face conference for 2022 which is planned for October at the Sofitel Hotel in Brisbane

met the challenge to present a quality

where delegates will be excited to network

National Conference via a virtual format,

personally with their peers and conference

in lieu of a face-to-face National Conference.

exhibitors and to enjoy functions such as

I am delighted to say the Institute delivered

the President’s dinner as well as technical

a conference of high calibre with a diverse

learning.

range of subjects presented by engaging

In November we anticipate we will be able

speakers with a broad range of experience

to hold our annual Pinnacle awards in most

and knowledge. We thank our conference

States at a face-to-face event. We will be

delegates for their attendance, and thank

guided by government policy in each State

our presenters, sponsors and National

in holding these events. We encourage our

Office team for their input and organisation.

industry professionals to nominate for the ➤

6 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

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AI-driven automation drives every process

Palmer Holland is a North American speciality chemical and ingredient distributor of raw materials, and from a growth standpoint, the company is booming. In order to maintain and promote further growth without having to grow headcount, Palmer Holland decided to automate its most manually intensive processes with Esker: customer enquiries management, order management and collections management. “Part of our vision is to improve processes by subtraction, and to leverage automation wherever possible,” said Charlie Laurie, CIO at Palmer Holland.

With the AI-driven functionalities provided by Esker’s Customer Enquiries Management, Order Management and Collections Management solutions, Palmer Holland is on the fast track to reaching its performance and growth goals.

Using automated enquiry classification and routing, the Customer Enquiries Management solution provides CSRs a collaborative platform to triage and analyse all 5,000 of Palmer Holland’s monthly customer requests quickly and easily.

RESULTS It takes maybe a second or two to validate an enquiry now. The time savings is one of the biggest benefits.”

Alza Toor Customer Service Manager Palmer Holland

Doing more with less thanks to AI-driven automation By implementing three of Esker’s automation solutions, Palmer Holland has seen transformation benefits that are contributing to significant time savings and helping to propel company growth. After automating customer enquiries, routing emails now only takes four hours a week, as opposed to four hours a day. This can be attributed to the fact that Esker’s quick-learning AI Engine is classifying enquiries correctly over 90% of the time.

As for collections management, the online portal has allowed Palmer Holland’s customers to become more self-sufficient.

In fact, the company has processed approximately $1 million in self-service payments. Now that customers can pay and ask questions online, the Collections Specialist has more time to focus on higher-value tasks.

www.esker.com.au • info@esker.com.au • +61 2 8596 5100

aicm

From the President

various awards. These awards recognise top

division and Neil Fennell in SA. Troy Mulder

performers for their excellent contribution and

continues in the role of State President, WA.

service this past 12 months.

We wish them well in leading their divisions

It is pleasing to inform you Queensland division were able to recently hold their

for the next 12 months.

Since the last issue of our Credit

Women in Credit (WINC) event and it

Management magazine the Institute has

was highly successful and well attended.

submitted two submissions for our members,

A highlight for the Institute this year was

these being on “Helping companies

the opportunity to hold our first WINC event

restructure by improving schemes

in Tasmania, in Hobart.

of arrangement” and “Strengthening

Our education programs for our members

protections against unfair contract terms“.

and their colleagues continue to be delivered

A submission is currently in planning on the

virtually/online with a variety of options,

review of “Insolvent Trading/Safe Harbour”

including Registered Training Organisation,

and the Institute will continue to advocate

Certificates III & IV and Diploma, and our

across a broad range of issues that affect

Credit Toolboxes and Workshops.

our members and their profession.

AICM’s Training investment to its

In my last President’s article, I mentioned

members continues to evolve and expand

the Board was half-way through its three-

it options. We have undertaken a refresh of

year strategic plan. In September the Board

the Cert III course and also reworked and

held a meeting with Nicki Hauser of Finehaus

enhance our credit workshops. This highlights

Consulting to review and progress further

the quality of our technical training courses

our strategic plan. We are well on track in

which we continue to keep relevant and

achieving our strategic plans and made a

updated.

number of adjustments and additions to

Going forward members will see a

suit the current position of the Institute

significant increase in online training.

to further enhance our operations to best

This will enable organisations to ramp up

assist our members and provide worthwhile

their investment in their credit teams to

engagement.

ensure they’re in the best position to support

It has been a year of resilience and we

the business with sound credit management

are all learning valuable lessons, and this

practices.

will be a critical factor in our future success.

All Divisions have held their Annual

The Institute continues to perform well and

General Meetings and I thank all Councillors

remains financially sound. Our membership

who enthusiastically volunteer their time

base is strong, and we have welcomed a

for the Institute in their Division. With

number of new members in the past few

their support and that of our experienced

months. Our relationship with our Partners

National Office team the Institute will

is well entrenched. I look forward to the

continue to grow into the future to ensure

Institute continuing to grow from strength

our relevance, position and posterity. In an

to strength.

unusual occurrence we saw the election of four new State Presidents. We congratulate Stacey Woodward in Queensland, Theresa

– Trevor Goodwin LICM CCE

Brown in NSW, Catrina Galanti in Vic/Tas

National President

8 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

See what post lockdown Australia looks like with the Business Risk Index FIND OUT MORE

Discover the best & worst a regions in Australia 1300 501 312 creditorwatch.com.au

Young Credit Professional of the Year

2021 The Young Credit Professional of the Year Award (YCPA) program is the largest and most prestigious Young Credit Award program in Australia and provides a great opportunity for young Credit Professionals to gain recognition both for themselves and their employer.

AICM is proud of our YCP award that started in our Western Australian division 31 years ago and was adopted at a national level in 1997.

The award and its recipients are held in the highest regard by all credit professionals and can be found in influential senior positions within the industry.

By entering the YCPA program and discussing their career achievements and ambitions participants gain both valuable insight to the potential for their future advancement and support

from other young Credit Professionals and experienced Credit Practitioners.

Thanks again to our event sponsors ARMA and CreditorWatch.

Congratulations to the state winners, who will now participate in the national YCPA judging in November.

Each of the divisional winners receives: $1000 to spend on AICM professional development to use within 12 months Attendance at the 2021 and 2022 National Conferences (not including travel and accommodation).

The national winner will be announced in late November and will receive the above, plus $1000 cash and $2000 in AICM professional development.

Let’s meet our division winners...

EVENT SPONSORS

10 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

QUEEN SLAN D

Madison Ryan MICM Credit Controller at Dynamic Supplies SUMMARY: At just 22 years old Madison confidently displayed her strong credit knowledge and compassion for customers to the panel of judges. Madison’s manager has explained, “The business relationship she has created with customers is a testament to her firm but fair approach to the collection and her bubbly and outgoing personality.

3 FACTS/ACHIEVEMENTS: 1. Madison has been a volunteer for Camp Diabetes since 2014 so my achievements are participating in camps with children & running activities and helping raise money through charity events.

2. Her dream is to travel Europe once safe to do so. She had a trip booked for 2020 when she turned 21 but this was cancelled unfortunately due to COVID19. She has previously travelled to New Zealand, Hawaii and Vanuatu each two times.

SOUT H AUSSTRAL IA

3. Madison absolutely love dad jokes! (What do you call an alligator in a vest? An investigator.)

Cameron Henderson MICM Associate at Oakbridge Lawyers SUMMARY: The judges all agreed that Cameron confidently answered all interview questions and displayed a strong knowledge of credit. His employer has said Cameron frequently receives commendations from clients in respect of the results he achieves. Cameron’s results would not be possible without a sound understanding of good credit management principles and an appreciation of how to use the legal and collection process strategically and intelligently.

Young Credit Professional of the Year

STATE FINALISTS

3 FACTS/ACHIEVEMENTS: 1. Cameron has a keen interest in public policy and worked as an adviser to the SA Government for two years from 2018 – 2020.

2. Before practicing as a lawyer in credit and commercial litigation, He wanted to be an investigative journalist, and once interned for a newspaper in Ghana, West Africa.

3. In 2014, he lived for 5 weeks in a Tibetan refugee village in Nepal, learning the history of Tibet and the broader region while travelling around the country.

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 11

WESTERN AUSTRALIA

Vaibhav Gupta Accountant at Metroll SUMMARY: The judges found that Vaibhav was a strong candidate with aspirations to become a national credit manager. He is an innovative and hardworking credit professional who understands all aspects of accounting and best practices.

Vaibhav’s manager has explained that he possess excellent work ethics and works with lightning speed and accuracy on all his task and radiates positivity to lead his colleagues by example.

3 FACTS/ACHIEVEMENTS: 1. Vaibhav came to Australia in 2017 to pursue a Master’s Degree in Applied Finance from Curtin University and graduated in 2019.

2. In his personal life Vaibhav is passionate about travelling, photography and loves keeping abreast with new technologies.

3. Vaibhav started his career in credit department as an intern in early 2020 with Metroll. Within few months gained permanent position with the company as an Assistant Credit Manager and thereafter was promoted to Accountant role with major a emphasis on Credits & Accounts Receivable.

VICTORI A/TA SMANIA

Young Credit Professional of the Year

STATE FINALISTS

Daniel Alley MICM Senior Credit Risk Analyst at Reece Group SUMMARY: The judges all agreed Daniel is a confident and capable professional who is passionate about credit risk with knowledge well beyond his years. He is proactive in driving innovation, thinking outside of the box, and problem-solving, both in his current and previous roles. Daniel excited the judges about the future of the credit industry, his enthusiasm and drive were infectious.

3 FACTS/ACHIEVEMENTS: 1. Daniel has travelled to 25 countries.

2. Daniel worked on Credit Risk automation at Barclays bank in London during Brexit.

3. Daniel started his career in IT and transitioned into credit risk, learning on the job.

12 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

NEW SOUTH WALES

Olivia Berger Supplier Relationship Manager, CBA SUMMARY: Olivia submitted the strongest resume from applicants and delivered a confident interview. She showed a strong technical knowledge particularly in the consumer credit-related questions and would be a wonderful asset to AICM’s growing presence in the consumer market. The judges all agreed that Olivia was an absolute standout, she was personable, professional, technically strong across multiple sectors of credit management and the epitome of what the YCP program stands for.

3 FACTS/ACHIEVEMENTS: 1. Olivia have been working in the Credit Industry since 2017, having started in data entry and progressing to management, through positions in operations, relationship management, analytics & business optimisation.

2. To support her professional development, Olivia is completing a degree in Computer Science (currently in my second year) whilst continuing to work full-time as a manager in CBA’s Supplier Relationships team.

3. Olivia is a sports fanatic, who avidly supports the Parramatta Eels and loves playing tennis, field hockey and skiing.

Young Credit Professional of the Year

STATE FINALISTS

VIEW OUR 2021 YCPA VIRTUAL AWARDS NIGHT October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 13

Credit Team of the Year

FINALISTS sponsored by

The 2021 Credit Team of the Year is Synergy.

The quality of Credit Team applications

ability of each of the team members to answer

continues to improve year on year. The judges

questions with confidence that their response is in

explained that all four finalists (Commonwealth

line with the organisation’s processes and values.

Bank, REA Group, recoveriescorp and Synergy) provided exceptional support for their customers over the last year and it was clear that our industry is trying very hard to care for both customers and employees through these challenging times.

The judges commented it was evident that Synergy had put a lot of time and effort into their CTOY application and presentation. They

Team leader at Synergy, Craig Butler explained “It’s great that AICM promotes the credit team of the year as it provides not just an opportunity to promote the amazing work all of the teams but also an opportunity to practice your presentation skills and to network.

The team were a little nervous on the day of the presentation but settled down and did an amazing job. It’s great to receive the recognition

were professional, thorough and all of the

and the team was bouncing off the walls

team contributed to demonstrate a culture of

celebrating their success. I couldn’t be prouder,

rewarding, motivating and developing their staff.

and I think most of Synergy heard the scream of

Synergy facilitates a working environment that understands the importance of achieving

excitement when it was announced”.

Thanks again to our award sponsor Equifax

numbers that also provides a supporting system

– Australia and our 2021 judges Debbie Leo

that is needed for staff working in the middle of a

MICM, Rhys Buzza MICM CCE and Alison Said

pandemic. Their team culture was evident in the

MICM.

14 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Credit Team of the Year

Synergy The team members are: Craig Butler - Compliance and Risk Manager Leonard Fong - Financial Risk Manager Paul Writer - SAP Functional Analyst

Sunny Tsai - Senior Credit Risk Analyst Angelene Neville - Senior Credit Risk Analyst Riddhi Khemka - Project Lead

Achievements included: z $963m In WA Govt assisted payments z Applied $2m in customer credits z $31m reduction in bad debt expenses z Processed 6,562 contracts over 12 months valued at $917m When asked how they responded to COVID-19: At short notice the team suspended a number of collection activities, including residential connections and all late payment charges, referrals to all mercantile agencies and amended any reference to disconnection when communicating. All of this while switching to an enhanced supportive approach to customers.

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 15

Credit Team of the Year

FINALISTS

Commonwealth Bank Supplier Relationships Team - Collections The team members are: Craig Worsley - Senior Manager Rose Spiteri - Senior Manager Shalini Sushanth - Performance Manager Marybeth Nightingale - Risk & Governance Manager

Olivia Berger - Business Optimisation Manager Stephanie Sammarco - Supplier Relationships Manager Fale Wong - Supplier Relationship Analyst Tanya Kazzi - Supplier Relationship Analyst Renee Muscat - Supplier Relationship Analyst

Achievements included: z Migration of the BW supplier management function into the CBA collections team z Rolled out the new Debt relief plan process into the collections business to facilitate the new customer solution in the market When asked how they responded to COVID-19: z Broadened customer assistance options, z Insourcing (90 FTE) z Record performance numbers & z Increased Outsourcing team by 30 FTE

16 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Credit Team of the Year

sponsored by

REA Group The team members are: Danyi Zheng - Credit Risk Analyst Dorothy Micallef - Payment Solutions Consultant Karen Li - Payment Solutions Consultant

Lorita Danielson-Upumeni - Payment Solutions Consultant Nawab Khwaja - Payment Solutions Consultant Ranjan Mankar - Payment Solutions Consultant

Achievements included: z Double digit reduction in the percentage of overdue debt and customers experiencing account suspension z Reduced proportion of accounts requiring legal action or write-off z Introduction of new service metrics (eg. customer satisfaction scores) to balance financial focus with the experience of customers When asked how they responded to COVID-19: z They offered new levels of flexibility through countless payment plans and extensions z They did this whilst transitioning to a virtual working environment and ensured they stayed connected as a team. z They acknowledged it was conversations with customers that were the most valuable. z They challenged the status quo and leveraged their agility to refine processes, seek new insights and introduced automation

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 17

Credit Team of the Year

FINALISTS sponsored by

recoveriescorp AGL Team The team members are: Abhijeet Waghmode - Account Lead Jayme Davis - People Lead Navneel Chandra - Account Lead

Priyanka Patel - Subject Matter Expert/Team Support Officer Richard Lay - Case Manager Surbhi Bhargava - Case Manager

Achievements included: z No 1 on the panel for 12 consecutive months out of the last 18m z Awarded with 9 portfolios of work based on performance - resulting in 21 additional staff z Exceed resolved accounts target for the sensitive portfolio by an average of 119% and the domestic violence portfolio by an average of 490% When asked how they responded to COVID-19: z The approach was to maintain a safe, healthy and high performing environment through additional support training and initiatives. z Training included: hardship, domestic violence, effective communication, negotiation and handling difficult conversations as well as stress and resilience training.

18 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

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aicm

Pathways

Covid-19 and online learning in the credit sector The Covid-19 pandemic and resulting social distancing measures and lockdowns has greatly impacted the provision of vocational education and training (VET) across all sectors of industry including the credit industry.

Almost overnight, due to Covid-19, teaching and training ceased in person and had to be delivered online to students in their homes. The need for quick adaptation allowed AICM to think of innovative ways of delivering content.

This doesn’t mean that the training is less effective, on the contrary online courses or virtual training offers a great opportunity for learners to experience a collaborative learning environment.

Collaborative learning is an important way to help learners gain experience in interaction and develop important skills in critical thinking, self-reflection, and construction of knowledge which helps busy credit professionals.

In a collaborative learning environment, knowledge and understanding of the subject are shared and transmitted among learners as they work toward common learning goals or a solution to a problem.

Learners gain interactive experiences as they participate in discussions, search for information, and exchange opinions.

A high-quality collaborative learning environment provides learners with opportunities to engage in

interactive and collaborative activities and to get better learning outcomes including the development of critical thinking skills.

This is the perfect time to take charge of your learning with these simple steps to help with motivation during these times.

“Almost overnight, due to Covid-19, teaching and training ceased in person and had to be delivered online to students in their homes. The need for quick adaptation allowed AICM to think of innovative ways of delivering content.”

Self-directed learning and motivation

20 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Ideas for fostering motivation and engagement to achieve that education goal in an online learning environment One step at a time Feeling overwhelmed at work is a common sentiment among AICMs existing students that can cause them to lose motivation, no matter how passionate they are about a credit topic. Keeping focused on one subject at a time is very important. It’s also a good way to motivate students to focus on one thing at a time, so they don’t feel overwhelmed.

Review progress and set realistic goals Defining learning milestones based on what an individual has already achieved sets them up for success and helps to ensure motivation to learn remains strong. It can also make a huge difference in attitude and expectations for individuals when looking to complete a qualification. This helps them chart their progress and set goals for the future.

In the online learning environment students take an active vs. passive role in managing their time and assessing their own progress. This encourages intrinsic motivation, as there is no outside pressure to perform or meet deadlines.

Students set the pace and decide how much material to cover in each section of the course. A selfdirected approach set within the general guidelines of an online course can be extremely motivating, particularly for students who like to complete a set of assessments each week to maintain progress.

Pathways aicm

“It is always best to focus on your own needs and abilities, rather than others in the group. Your goal should be to improve your study methods so that you maximise the results.”

Before looking at the amount of time you need to spend studying, remember the following points: z Some subjects consume more of your time than others. This is natural and it will depend on how much work you need to do in each one. z It’s easy to focus on the subjects we are familiar with, so be careful not to neglect other subjects. z It can be difficult to keep on top of everything during the week, so the weekend can be a good time to catch up in some areas.

How much should I study?

This is a question which every student asks at some point in their studies. You must remember that it’s not the amount of time spent studying, but rather the quality of the study that counts.

It’s also important to note that there is no single answer. Some students study more effectively than others and will not need to spend as long studying a particular subject. Each student will find some subjects more difficult than others and have to spend more time studying a particular subject. It is always best to focus on your own needs and abilities, rather than others in the group. Your goal should be to improve your study methods so that you maximise the results.

The decision is now up to you The good news is that deciding to invest in your career/future is never a bad decision. If you are ready to study with AICM and obtain a nationally recognised qualification in 2021, contact us today for further information aicm@aicm.com.au we are here to help.

Once you develop a passion for learning, you will never stop growing!

AICM offers training courses which change according to the needs of the credit industry and with its high level of flexibility enables it to provide practical programs that will provide you with valuable knowledge and skills no matter at what stage you are with your career. ➤

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 21

aicm

Pathways AICM recent graduates AICM would like to congratulate its recent graduates:

FNS40115– Certificate IV in Credit Management: Jennifer Longridge

NSW

Hare and Forbes

FNS40120– Certificate IV in Credit Management: Michelle Brewer

VIC

BMW Financial Services

Sumathi Ramalingam

NSW

Southern Cross Protection

FNS30415– Certificate III in Mercantile Agents: Anthony Millington

WA

Statement of Attainments: Stacy Ridge

NSW

• FNSRSK411 – Apply risk management strategies to own work • FNSCRD401 – Assess credit applications

Smeg Australia

Natasha Morris

NSW

• BSBRSK501 – Manage risk

Snap-on Tools

Anastasia Patouras

NSW

• FNSMCA402 – Initiate legal recovery of debts • FNSMCA302 – Repossess property • FNSMCA303 – Serve legal process

Collect AU

Mary Clemente

VIC

• FNSMCA402 – Initiate legal recovery of debts • FNSMCA302 – Repossess property • FNSMCA303 – Serve legal process

Probe Group

Prabin Risal

NSW

• FNSCRD402 – Establish and maintain appropriate security

Brother International

Raymond Turner

QLD

• FNSMCA302 – Repossess property • FNSMCA303 – Serve legal process • FNSMCA304 – Locate subjects

Ray Turner Services

Virtual classroom training calendar Date

Type

Topic/event name

Tuesday 19 October 2021

Toolbox

Understanding credit risk

Wednesday 20 and Thursday 21 October 2021

RTO – Diploma

BSBCUS501 Manage quality customer service

Tuesday 9 November 2021

Workshop

Understanding Personal Bankruptcy

Wednesday 10 and 11 November 2021

RTO – Certificate IV

FNSCUS402 Resolve disputes

Tuesday 16 November 2021

Workshop

Personal property securities

Wednesday 17 and Thursday 18 November 2021

RTO – Diploma

FNSCRD515 Respond to corporate insolvency situations

Wednesday 24 and Thursday 25 November 2021

RTO – Certificate IV

FNSRSK411 Apply risk management strategies to own work

Tuesday 7 December 2021

Toolbox

Fundamentals of credit

Wednesday 8 and Thursday 9 December 2021

RTO – Diploma

BSBRSK501 Manage risk

22 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

CCE Dux aicm

Ricky Forster CCE acknowledges experts in the industry and is AICM’s commitment to maintaining professional excellence in the field of credit management. CCE is obtained by completing an assessment process and provides credit professionals with confirmation of their knowledge and experience.

The 2021 CCE dux has been awarded to Ricky Forster from Study Loans for achieving the highest grade for the 2021 year. His online submission gained high marks and his submitted essay showcased exceptional knowledge of credit.

Ricky displayed the following: z Clarity of writing and analysis of issues within his essay topic was well developed z The topic on hardship was well formulated and topical given the current climate on hardship z Ricky clearly demonstrated his understanding and analysis of the ideas and concepts addressed and how they related to credit management.

Student of the Year Azim Muhammud of NSW FNS40115 Certificate IV in Credit Management

Winner - 2020/2021 Student of the Year Azim was an online student and throughout the duration of the qualification, his submitted work displayed good knowledge of each unit and the understanding of how this knowledge merges into the workplace environment.

Azim completed the 12 units in 9 months which displayed clarity in his explanations and acknowledged the research performed reinforced his commitment to the credit industry Azim has met all of the selection criteria and demonstrated throughout the course a commitment to the pursuit of knowledge and to professional development. I have no doubt that Azim is an asset to his employer.

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 23

Credit Management

Creditorwatch launches business risk index

By Patrick Coghlan MICM*

The Business Risk Index (BRI) is a new economic indicator that provides unique insights into the health of Australian businesses by region. It draws on a wide range of data points to produce a dynamic measure of future insolvency risk for 335 regions across Australia.

The BRI ranks each region on a scale from zero to 10, where 10 represents the best credit quality regions, that is, the lowest risk of insolvency, and zero represents the weakest credit quality regions, that is, the highest insolvency risk. The index can also measure the likelihood of insolvency risk at a state, street, suburb and individual business level.

The model brings together a collection of traditional and cuttingedge algorithms to which the data is applied, including a new modelling technique for predicting insolvency risk on pools of businesses in geographic regions.

This is the first time forwardlooking insolvency risk has been measured in this way.

incorporated entities that have had credit checks or credit enquiries in the last 10 years. Data is modelled and reported for 335 Statistical Areas Level 3 (SA3) regional zones that match the Australian Bureau of Statistics’ regional reporting standard.

The BRI is also determined by unique data sources including business-to-business trade payments, business cash flow and geodemographic risk.

Geodemographics classify geographical areas by their social and economic characteristics. The model combines real-time, dynamic factors unique to CreditorWatch, as well as traditional, structural economic indicators, to provide an holistic assessment of long-run insolvency risk.

Our data science and credit risk teams draw on this data to work out the probability of insolvency. Trends are brought together using statistical modelling techniques combined with economic analysis, so each business and region’s data quantifies its estimated probability of insolvency.

How is the index constructed?

What is the BRI’s value to the Australian economy?

The BRI draws on an array of different data sources. These include the data CreditorWatch compiles about Australian businesses, as well as data from 1.1 million ASIC-registered,

Patrick Coghlan MICM

This is the first time an index has been developed that can predict insolvency risk on a regional basis and we expect the BRI to become an invaluable

“Data is modelled and reported for 335 Statistical Areas Level 3 (SA3) regional zones that match the Australian Bureau of Statistics’ regional reporting standard.”

24 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Credit Management

early warning system for a range of circumstances.

For instance, the BRI will help businesses making expansion plans to determine which regions are the most economically healthy. It will help lenders when making decisions

about areas to which they want to increase and decrease exposure. The data will also help governments, their departments and agencies when making public policy decisions about which areas require support and services.

CASE STUDY: Gold Coast North Gold Coast North is a high-risk business region, consistently in the bottom 10 per cent of all regions as shown in Chart 1.

Two factors contribute to the low rating: 1. Dynamic indicators including trade payment defaults, regional average credit scores and recent default rates all indicate near-term stress in the region.

2. Structural economic drivers such as relative rental costs, unemployment and socioeconomic indicators point to challenging conditions to operate businesses throughout the economic cycle.

It’s an invaluable and one-of-a-kind measure to support the economy as a whole. *Patrick Coghlan MICM CEO, CreditorWatch T: 1300 50 13 12 www.creditorwatch.com.au

Chart 2 shows the rolling 24-month average business-to-business trade payment default rate for Gold Coast North, indicating a recent increase in defaults.

Chart 3 shows the 12-month, rolling average liquidation rate for Gold Coast North indicating elevated recent insolvencies in a period where insolvency rates nationally had been dropping due to government support and the moratorium on insolvencies.

Chart 4 shows Gold Coast North’s structural economic indicator ranking relative to the rest of Australia for key economic factors contributing to the business risk index.

Chart 1

Chart 2

Chart 3

Chart 4

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 25

Credit Management

The ‘unknown’ financial position of customers and the impact of lockdowns

By Kirk Cheesman MICM*

Kirk Cheesman MICM

Do you know the financial impacts lockdowns have had on your customers? Positive or negative?

Now is the time to ask yourself that question. The past 18 months have been some of the most unusual times in the credit industry that I have seen in my 30+ years. We have seen some bizarre circumstances.

On one hand, some businesses are thriving and on the other, we have a multitude that are struggling or relying on government handouts or protection.

On the surface, businesses appear to be performing well, but underneath, what is the real position?

Take the steel and timber industries for example, the demand they have seen recently is extraordinary. This is leading to a number of other issues, such as keeping up with demand, supply issues and the increased costs of materials.

How do we dig deeper to find out

which companies are struggling and what is the likely outlook?

Well, NCI have been in discussion with Deloitte over the past year to best ‘map’ future insolvencies.

See EXAD Forecast Update – July 2021.

The chart (shown opposite) measures a 10 year monthly average against past, current and potential future company administrations.

Noting a large deficit over the past 18 months, and how insolvencies could play out over the next few years.

Start being proactive!

Businesses which have minimal credit management processes in place, are starting to acknowledge the importance of customer monitoring as a starting point. The key elements this achieves for them are: z Accurate and unique information delivered in a timely manner

“Businesses which have minimal credit management processes in place, are starting to acknowledge the importance of customer monitoring as a starting point.”

26 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Credit Management

Source: Deloitte Australia

z Early warnings to take action where required z Avoiding a major loss.

Alerts that are delivered quickly can highlight when a business may be facing difficulties. It might just be the difference between losing or saving $1,000s of dollars.

Given the deficit in insolvencies and extended lockdowns, we expect to see businesses in a weak financial position seek to extend credit terms or enter repayment plans. Getting access to early alerts prior to this is the first step businesses should take in protecting themselves from a bad debt. When looking for a supplier for this type of information, think about the unique information they have available for you to make informed decisions.

CASE STUDY NCI monitor a client’s customers for adverse information. As it would happen, one of the customers we were monitoring failed and ended up owing creditors more than $5.5m.

During a 6-month period, prior to their insolvency, we delivered 25 alerts to our clients on that customer. In a number of cases this information enabled our clients (suppliers to this business), to cease delivering goods and to negotiate payment of outstanding debts. Not all clients acted on these alerts, but they had the accurate information available to make informed decisions about the creditworthiness of their customer.

This is a typical case that we see once a business has entered administration. There are warning signs out there, but, in the end, it’s up to suppliers to act.

*Kirk Cheesman MICM Group Managing Director National Credit Insurance Brokers E: kirk.cheesman@nci.com.au T: 1300 654 500 www.nci.com.au

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 27

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Mind the gap - optimising Credit Insurance Coverage

By Dan Chapman*

Businesses are operating in a world of economic uncertainties, supply chain disruption, fluctuating commodity prices, and market volatility. Trade credit insurance can help companies navigate these challenges, but the benefits diminish without cover on key buyers.

Shortfalls in limit coverage due to insurer appetite or capacity constraints are not a new phenomenon. However, contraction in insurers’ risk appetite over the past 18 months has exacerbated the issue.

While insurer appetite is starting to improve, many businesses remain exposed to a level of credit risk far outside their comfort level.

The role of credit insurance in managing risk Credit insurance can be a valuable tool for all types and sizes of business from SMEs to global corporates. In addition to working capital optimisation and balance sheet protection, it also provides valuable insights into the risk of counterparty default, and acts as

Dan Chapman

“Many shortfalls aren’t a result of insurer appetite but instead result from a disconnection between the limit in place and what is actually required.”

28 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

collateral for financing facilities and assisting with collections activities.

As the economy bounces back, trade credit insurance can be a competitive advantage. It enables businesses to extend increased credit to new and existing clients, comfortable in the knowledge that their receivables are protected.

Insurer and client risk appetite are rarely aligned, so some limit shortfalls are to be expected. However, minimising these shortfalls is key.

Identifying the shortfalls The first step in closing the gap is identifying that it exists. Many shortfalls aren’t a result of insurer appetite but instead result from a disconnection between the limit in place and what is actually required.

In these situations, the gap can be closed as soon as it is identified,

Value

1

Buyer rating Insured risk Uninsured risk

Source: Aon proprietary data

Coverage optimised

10

Credit Management

and broker technology can play a key role in this process. Aon’s Policy Manager is an example of this type of advancement, linking insurer systems and enterprise resource planning platforms to provide insights into exposure and coverage, and to prompt insureds to apply for increased limits where needed.

While some gaps are administrative in nature, others will be driven by risk appetite. Limit decisions can still be influenced by traditional leverage (premium spend, loss ratios and trading experience), but often a more sophisticated approach is required.

Build a risk strategy and reassess needs using data and analysis It is important to note that insurers don’t have a monopoly on information or credit analysis. Establishing the underwriter’s criteria for a current decision and the information required to review this decision is a vital step.

If a broker has inhouse analysis expertise they can use information (both proprietary and in the public

“It is important to note that insurers don’t have a monopoly on information or credit analysis.

Establishing the underwriter’s criteria for a current decision and the information required to review this decision is a vital step.” domain) to produce a credit submission to insurers in support of cover. As with any decision, the insurer will review the information at hand, but the skill and analysis involved in presenting this submission can have a significant impact on the success rate.

Top up cover can play an important role where decisions are driven less by concerns of imminent failure and more by the overall size of an exposure or the aggregation of exposure the insurer holds. Top up cover can be structured on a single situation basis or as an umbrella program to sit in excess of the primary insurer(s) to cover shortfalls.

It is the insurers’ role to take on risk. If an insurer is not comfortable

and risk mitigation cannot be secured through limit coverage, access to information is more important than ever.

Where there is no appetite to support a risk, credit insurance can continue to add value. Businesses should use their brokers to help in building their own risk strategy. This can involve ongoing monitoring of uninsured buyers, credit analysis and reports, and engaging in regular reviews with insurers.

*Dan Chapman Director, Credit Solutions Aon T: 0478 652 152 E: dan.chapman@aon.com

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 29

Credit Management

Is there still a place for bankruptcy in the debt collection armory?

By Roger Mendelson*

There is no doubt that bankruptcy has declined as a legal option compared to say 15 or 20 years ago.

In particular, during the Covid period, Bankruptcy Orders declined dramatically. This was not unexpected and was for two reasons. The first was that creditors were reluctant to spend the significant cost involved in proceeding to a Creditors Petition unless there was a high percentage chance of a return and the second was that corporate creditors did not want to be seen to be associated in any way with the bankruptcy process during the Covid period.

Is bankruptcy action a debt collection tool?

The courts frequently make comment that bankruptcy “is not a debt collection tool”.

Technically, they are correct in that the aim of a Bankruptcy Order is to ensure that there is an orderly

Roger Mendelson

and equal distribution of net assets amongst all creditors.

However, the reality is that a creditor is not going to spend approximately $8,500.00 for an undefended bankruptcy proceeding, unless there is a high chance of recovering not just their costs (which is a priority repayment from the collection of assets) but also would expect to receive a sizable return on their claim.

What is the criteria for bankruptcy?

There are many grounds for initiating bankruptcy action. However, for debt collection purposes, you need only consider one and that is that you have obtained a judgment for a minimum of $10,000.00.

The judgment will include the Cost Order and also interest accrued up to the date of the judgment and forming part of the judgment.

“... the reality is that a creditor is not going to spend approximately $8,500.00 for an undefended bankruptcy proceeding, unless there is a high chance of recovering not just their costs ... but also would expect to receive a sizable return on their claim.”

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Thus, if the initial debt is approximately $8,000.00, by the time costs and disbursements are included in the order, this would normally result in a judgment of over $10,000.00.

Why a credit manager should always plan for bankruptcy It costs nothing to assess credit properly and to set up best practice trading terms so that bankruptcy on larger debts is always an option

If the debt is likely to be at least $7,000.00 or $8,000.00, the credit process should always allow for the option of bankruptcy being carried out.

In order to achieve this, the credit terms should be properly drafted, with as little ambiguity as possible, so that in the event of default, it should be possible to take out a default judgment (as opposed to needing to prove the case in court).

A smart tactic is to include a cost recovery clause in the terms. Thus, if the debt is initially referred to a debt collection agency or law firm, their costs can legitimately be added to the amount of the debt which is ultimately sued for. This may in many cases make the difference between the judgment being over $10,000.00 as opposed to under $10,000.00.

The reason why you should plan for bankruptcy (even if the ➤

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October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 31

Credit Management

current policy of the creditor is to not undertake bankruptcy action), is that it allows for more intense negotiations, both prior to issuing legal proceedings and also after the judgment is obtained.

For a likely $8,000 plus debt, having the option of bankruptcy action greatly increases the chances of recovery.

The principle which applies is that with so few creditors using the bankruptcy process, the impact is far greater for those who do. Many of the hardened debtors have become used to the fact that their creditors are unlikely to take bankruptcy action and thus factor this into their negotiation tactics.

The difficult debtor High settlement rate In our experience, close to 90% of bankruptcy actions initiated by us on behalf of creditors result in a settlement of some sort. The settlement may not be anywhere near the total amount of the judgment but the net result in almost all cases is certainly better than not initiating action in the first place.

We have all come across experienced and seasoned debtors, who have survived financially by continually finding credit from new sources and never being brought to account.

Such people are invariably savvy enough to not hold assets in their name and on the surface, would not appear to be a likely candidate for bankruptcy action.

“The reason why you should plan for bankruptcy (even if the current policy of the creditor is to not undertake bankruptcy action), is that it allows for more intense negotiations, both prior to issuing legal proceedings and also after the judgment is obtained.”

32 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

However, such people, if faced with a Creditor’s Petition, will usually start “talking turkey”, as the hearing date approaches.

The reason is that if they were to become bankrupt, it would put an end to their lifestyle and would subject them to examination under oath by their Trustee and this may expose certain areas of their financial dealing which they would prefer to be unexposed.

I can recall many dozens of cases which, on the surface, appeared hopeless but where there was an indication that the debtor had ways and means of finding money when the pressure is laid on.

Bankruptcy is the only process which such people really fear.

In cases like that, bankruptcy action is the only worthwhile tool available to creditors.

*Roger Mendelson Executive Chair Prushka Fast Debt Recovery Pty Ltd, and Principal Mendelsons National Debt Collection Lawyers Pty Ltd

The AICM Pinnacle Awards return in 2021 to recognise the leading performers in our industry throughout the year.

Apply or nominate now!

Dates

SA Thursday, 25 November QLD Thursday, 2 December

Applications are open to both AICM members and non‑members and close on Sunday, 31 October 2021.

Simply share a summary of why you are nominating and they will be notified and prompted to apply. Nomination is not necessary and candidates are invited to apply.

Why nominate?

Thank a peer or staff member for their commitment

Give recognition on a state and national platform

Express appreciation and gratitude

Reward demonstrated innovation

Awards Night

Join us to celebrate the credit profession at the 2021 Pinnacle Awards. The Awards Night is an opportunity for the credit community to gather after a challenging year and celebrate those who have gone above and beyond for their team. Network with peers or reward your team for their hard work in 2021, the event is a not to be missed occasion!

Recognise an accomplishment Provide motivation to your team

WA Wednesday, 8 December

V IC/TAS Thursday, 9 December

NSW Thursday, 9 December

Provide opportunity for professional development through the application process

For more information click here

Credit Management

Here’s what 10 years of surveys show about credit managers

By Scott Mason*

Scott Mason

Every year from 2011 to 2021, Equifax has solicited the views of credit managers around Australia to gain insight into credit risk management practices, sentiments and trends.

A decade of data provides a unique perspective of the past, present, and future of credit management in Australia.

Our survey respondents are spread across various industry sectors, including manufacturing, finance and insurance, construction and trade. While the company size and number of staff and employees varies across the sample, the average respondent has over 20 years experience in credit management and works in an organisation with up to 5,000 customers. There is representation from all states and

territories, with more respondents from NSW and the ACT, followed by Queensland and Victoria.

Here are our top 7 insights into how the industry has evolved and where it is heading. We held our latest survey in mid-2021 against the backdrop of Covid-19, so we were able to ask about the impact of the pandemic.

1. From credit management to risk management Over time, the risk-function of credit management has taken on increased importance. New technologies, faster and cheaper computing power, more data, and the changing economic landscape have elevated the priority of staying alert to risk.

39%

21%

10%

said they now more closely monitor high risk customers

said they’ve increased account reviews

said they’ve reduced credit terms

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Other

Risk management requirements for system reviews

Managing digital transformation

Cybersecurity Management When credit managers were asked what topics they wanted clarity on to improve their ability to maintain compliance, risk management was the second most mentioned topic (31%) behind cybersecurity at 33%.

Managing digital transformation came in third at 20%.

2. Increased confidence in the PPSR Businesses have learnt that registering on the Personal Property Securities Register (PPSR) provides the necessary leverage to ensure they get paid following the insolvency of a customer. Not registering leaves a company vulnerable as an unsecured creditor. z 75% said they register on the PPSR z 70% said the PPSR helps them collect outstanding debts when a customer goes bust z 88% said they are confident all PPSR registrations are correct.

of the people behind commercial entities. This means knowing the entity you’re about to do business with and knowing the individual behind the entity. It’s by joining the dots on a myriad of information about a company’s trading history, its shareholders, and the commercial and consumer profiles of its directors that warning signs can appear.

For example, the number of Company + Director’s adverse applications increased from 5.8% to 7.8% from Q4 2019 before Covid to Q2 2021. It’s only when both consumer and commercial data is used that it’s possible to see the full extent of the

“When credit managers were asked what topics they wanted clarity on to improve their ability to maintain compliance, risk management was the second most mentioned topic (31%) behind cybersecurity at 33%. Managing digital transformation came in third at 20%.” problem. Matching and linking these data sets shows that the number of adverse applications had increased from 5.8% to 10.1%.

4. A people-first approach to credit and staff management What is clear from the survey results is that credit managers have limited the adverse impact of Covid on their business customers by taking a people-first approach to credit and staff management.

23% of respondents introduced new technology to communicate with customers, such as SMS notifications, to cope with the closure of a call centre. ➤

3. More scrutiny into the individual behind the commercial entity Credit managers are working to gain a more holistic understanding

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 35

Credit Management

Only 3% of respondents outsourced to external parties. Of these, 90% use an onshore call centre compared to 10% offshore.

The #1 priority immediately after COVID lockdowns began: z 29% managing and supporting staff z 20% collections z 20% business continuity.

5. Prioritise automation Automation has become a hot topic as credit managers look to improve efficiency by streamlining the process for business credit decisions.

When asked what processes credit managers were planning to review in the next six months, 36% of respondents said automation, 31% said collections, and 24% said communicating with customers.

The top concerns for credit managers were getting employees safely back to the workplace (35%), followed by increasing focus

on digital/automation (15%) and managing collections activity (16%).

6. Regulatory and compliance are leading concerns When asked about what changes in their industry concern them the most, credit managers nominated regulatory and compliance changes.

This was followed by changes to PPSR registrations, lower quality of credit applications, and adapting to automated solutions for collections activity. Emerging areas of focus include cash flow forecasting and improving the cash conversion cycle.

volume of commercial enquiries, including asset finance enquiries, the rate of decline has slowed. Data from this year’s delta lockdowns in VIC and NSW have seen commercial and asset finance enquiries fall by around 15% compared to 25% in earlier lockdowns.

Business loan enquiry data tells a similar story. Like commercial enquiries, business loan enquiries fell during the 2020 lockdowns (~5%).

During Victoria’s 2nd lockdown, demand plummeted by 10% compared to other states. However, subsequent lockdowns have seen demand drop by only 3-5%.

7. Positive outlook When survey respondents were asked if they were optimistic about their customers navigating the next six months effectively, 60% are somewhat confident, and 24% are very confident.

Equifax commercial enquiry data shows there is a reason for optimism.

While lockdowns have reduced the

36 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

*Scott Mason General Manger Commercial and Property Services Equifax www.equifax.com.au

FOR MORE INFORMATION Visit https://solutions.equifax.com.au/ CreditManagerSurvey2021

Unlock the potential in your credit career credit staff

Consider an AICM Qualification course If you aspire to achieve greater heights in your credit career or want to get the best from your credit staff, then a qualification course can help you achieve your targets. Offered nation wide, you can study in your own time (24/7), with support available.

If you have industry experience or prior education, you may be eligible for Recognition of Prior Learning (RPL) credits to fast-track your qualification. If you’re an employer, you may qualify for a training grant. Talk to AICM today to discover your course options.

Diploma of Credit Management

Certificate IV in Credit Management

Certificate III in Mercantile Agents

Key credit issues such as personal & corporate insolvency, developing credit policies & compliance.

Issues relating to credit applications & securitisation, compliance, managing bad & doubtful debt & customer service.

All aspects of enforcing payment obligations & obligations of mercantile agent & debt collection activities.

Take the first step to a better career & talk to AICM today

Call 1300 560 996 or vist aicm.com.au

Credit Management

The future of business finance:

How to fund your business growth with on-demand lending solutions

By Adrian Floate MICM*

Adrian Floate MICM

Strong cash flow is critical for any business. Without it, businesses will have difficulty meeting their regular expenses, let alone have the capital to make larger investments in growth. And while various financiers may provide the cash bridge businesses need at times to keep operating, it doesn’t address one of the biggest blocks to strong cash flow: ageing receivables.

SME lending in Australia peaked in 2015 at a total of over $90 billion.

Over the next three years, and as a result of the COVID-19 pandemic, new business lending declined to around $77 billion.

A Sensis survey conducted in August 2020 concluded that 40 per cent of regional respondents have found it more difficult to access finance since the start of the

pandemic in early-2020. Further, 26 per cent of businesses had applications for finance rejected.

While policy responses such as JobKeeper, changes to the instantasset write off and SME guarantee may deliver some assistance, they are not always viable options to address immediate cash flow challenges, which is often the most pressing financial issue SMEs face.

Addressing cash flow issues with non-bank business finance solutions A non-bank lender is a third-party lender who is not a bank, building society or credit union, that does not hold a full banking licence and is able to provide direct funding to businesses through a range of flexible and more accessible financial solutions as and when they

“While traditional finance such as lines of credit, business loans and mortgages can meet some of your business’s credit needs, these tend to be less responsive to immediate cash flow challenges.”

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“On-demand business finance solutions can help credit managers better support their organisation by being able to turn receivables and payables into cash faster.” are required. This helps businesses unlock cash that would otherwise be tied up in receivables or inventory, and is good news for businesses, especially as new small business loans through traditional lenders continue to decline.

With these solutions, business owners and credit managers can benefit from transforming each step of a transaction into powerful opportunities to reduce credit exposure and get paid faster. And at a time where uncertainty continues to be the only constant, especially in parts of Australia like Sydney and Melbourne, where lockdowns make

it increasingly difficult for businesses to trade and grow, tapping into accessible finance solutions can provide the cash flow boost so many companies need.

Credit managers, review your current finance channels and consider on-demand business finance With traditional channels, your repayments are due whether you have the cash flow or not. Further, to access these forms of credit, your business needs to meet specific balance sheet requirements.

While traditional finance such as

lines of credit, business loans and mortgages can meet some of your business’s credit needs, these tend to be less responsive to immediate cash flow challenges.

On-demand business finance solutions can help credit managers better support their organisation by being able to turn receivables and payables into cash faster. These solutions help suppliers get paid on time, while buyers get the cash flow boost they need to fund their purchases.

Access cash for your business whenever it’s needed Businesses typically have cash locked up in two key areas: receivables and inventory. When these receivables and inventory are ageing, it can cripple cash flow and increase a business’s credit risk. Apart from creating immediate cash flow problems for a ➤

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business, late payments also cause other problems, including: z Delayed investments in new and better equipment z Inability to hire staff as quickly as needed z Inadequate capital for other growth activities such as marketing and branding.

If all of a businesses invoices remain unpaid, 60 per cent of small businesses would not survive more than three months, and six per cent would not make it through one week, emphasising that tight cash flow is an immediate problem that requires immediate solutions.

On-demand finance allows suppliers to get paid on time by having a third-party finance provider assume the financial risk. Once a

transaction is funded, the provider then manages payments directly with the customer. Similarly, for business customers, on-demand finance provides a cash flow boost by having a finance provider pay your invoice in full with the supplier, while the buyer has the flexibility to delay or spread your payments over instalments.

Accurately forecast cash flows By using your business transactions to generate immediate cash through on-demand finance, you’ll be able to accurately forecast future cash flows.

In transactions where your business is the supplier, on-demand finance enables you to get paid what you are owed immediately. As a buyer, using business finance enables you to order enough stock to satisfy the

demands of your end customers and then easily schedule your repayments in accordance with your cash inflows.

Aligning transactions with other cash inflows and outflows will give your business greater cash flow certainty over the immediate and long term. Further, having an accurate view of cash flow allows you to see exactly what can be adjusted to manage credit risk proactively. For many businesses, this may mean aligning finance solutions with large expenses such as rent and insurances or investments such as research and development (R&D) projects.

Limit your credit exposure By accessing on-demand finance,

“Integrated business software and payment solutions provide businesses with multiple ways to optimise their business. And by implementing one connected digital platform across your business, it provides the functionality to drastically improve several systems and processes...”

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Credit Management

your business can limit its credit exposure because instead of accessing credit in lump sums, you’ll be able to access finance as needed.

This means your business only ever needs to leverage in line with its immediate cash flow needs, no more and no less.

Your business might still require other finance channels as an added security and stability measure, but with on-demand business finance, you no longer need to take on as much risk to access the cash required for more efficient operations and improved long-term growth.

And when these solutions are implemented through one connected platform, as many are, it becomes a win-win-win: Your business has the cash flow it needs, the businesses you transact with have the cash flow they need, and your team has better systems and processes to excel in their roles.

Accessing on-demand financing solutions through established payment software allows businesses to choose to activate the funding when needed. This is done through entering into Pay Later arrangements at the point of completing a sale or purchase.

Give your business the resources to invest in R&D and growth R&D expenditure by Australian businesses in 2019-20 was $18.17 billion. This level of investment hasn’t grown since 2012, which is likely due to the need for businesses to pay regular expenses and as well, the structure of current R&D incentives in Australia. For example, the R&D tax incentive and industryspecific innovation grants may help a business, but these often require a 1:1 funding commitment (business: government) at a minimum. If an SME is understandably focused on meeting their immediate expenses, it’s reasonable to see how Australia’s

“Your business might still require other finance channels as an added security and stability measure, but with ondemand business finance, you no longer need to take on as much risk to access the cash required for more efficient operations and improved long-term growth.” current R&D funding landscape isn’t ideal for SMEs. Many businesses would love to have the capital available to explore new ideas. Whether it’s R&D for new products or advancing the way your business delivers its products and services, these initiatives can require significant capital investment.

To remain competitive, however, businesses need to innovate and develop new competitive advantages.

Investing in R&D is a crucial part of this process.

By accessing finance as and when you need it, your business will be able to turn receivables into cash fast.

Combined with accurate cash flow forecasting, you will have access to the capital your business needs to invest in growth.

Manage your business’s finances through one connected platform Integrated business software and payment solutions provide businesses with multiple ways to optimise their business. And by implementing one connected digital platform across your business, it provides the functionality to drastically improve several systems and processes, including inventory management, service delivery, point of sale, and payment practices. Realising a range of efficiencies in these areas while having easy access to on-demand finance will give your business everything it needs to better manage its credit risk, get paid faster and grow.

Solutions, such as Spenda, enable businesses to work smarter, not harder and support activities across the entire transaction (before, during, and after a payment event) with smart software applications, flexible B2B payments and on-demand lending solutions.

And by removing the high costs associated with debt collection, on-demand finance can provide the capital that buyers and sellers need at some of the most competitive rates available. This is a game changer for the business finance landscape, and it allows businesses to reap the benefits of strong cash flow and take advantage of new avenues of growth without overleveraging themselves.

Beyond the immediate positive cash flow impacts of on-demand finance, businesses that use integrated systems can also derive greater strategic insights by using the data generated to make stronger commercial decisions.

Technology in business doesn’t just have to be about squeezing more productivity out of your people, systems and processes. It has the power to transform your finances so you can reduce your credit risk and ensure your business delivers on its vision now and into the future.

*Adrian Floate MICM CEO at Cirralto and Managing Director of Spenda E: adrian.floate@spenda.com.au T: 0412 377 877

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 41

Credit Management

Post-COVID, our two big problems will still be there

By Michael Pascoe*

Michael Pascoe

Nothing like a global pandemic to dominate the foreground of “the big picture”, demanding eyeballs concentrate on the immediate issues of the health crisis, supply chain and employment disruptions, unprecedented peacetime government spending and unconventional monetary policy.

But COVID, too, will pass – and waiting for us on the other side to complicate the clean-up will be the same two domestic economic problems that were trouble before the wee virus hit: substandard wages growth and lacklustre business investment. A sustainable recovery can’t take root without turning those two trends around.

Largely forgotten in the COVID mayhem is that the Australian economy was running on borrowed time before 2020. A decade of declining wages growth had caught up with us – real take-home wages for many Australians were shrinking with

what should be obvious implications for economic growth.

A mindset had taken hold of a great many businesses that it was enough to just give employees the CPI as their annual pay rise. What employers, employees and (to my disappointment) many economists didn’t realise was that matching the CPI meant cutting workers’ living standards, shrinking the ability of households to consume more and thus weakening the economy, given that household consumption is most of the economy.

A quick example: While the Reserve Bank has been pleading for faster wages growth, the growth in its annual wages bill was limited by Federal Government policy to 2 per cent – pretty much what the CPI averaged in the three years up to the 2020 March quarter.

Consider a theoretical RBA admin assistant on $60,000 a year – about the average wage. Post tax, that’s

“A mindset had taken hold of a great many businesses that it was enough to just give employees the CPI as their annual pay rise. What employers, employees and (to my disappointment) many economists didn’t realise was that matching the CPI meant cutting workers’ living standards, shrinking the ability of households to consume more and thus weakening the economy ...”

42 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Credit Management

Annual changes, seasonally adjusted, 1998 to 2021

Source: ABS https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/wage-price-index-australia/latest-release

$49,053 a year. A 2% pay rise of $1,200 makes $61,200 gross, but at a 32.5% marginal tax rate, the takehome pay is $49,863 – a rise of $810, only 1.65%. In real terms, the worker has gone backwards.

And this example keeps it very simple indeed. Throw in the complications of the transfer system, people on partial social welfare assistance or Family Tax Benefits of one sort or another, and a gross CPI rise can disappear.

Weak wages growth was reflected in a declining savings ratio to maintain consumption growth above growth in disposable income in the five years before the pandemic. That’s something an economy can get away with for a while, but it’s not sustainable.

A graph in the latest RBA financial stability review shows more detail of what was happening with household savings. Excess mortgage payments – a vital buffer given our high household debt driven by expensive housing – were shrinking and “other saving” had turned negative. ➤

Source: https://www.rba.gov.au/chart-pack/household-sector.html

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 43

Credit Management

Source: https://www.rba.gov.au/publications/fsr/2021/oct/household-business-finances-inaustralia.html

44 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

That has all been turned upside down by the flood of government assistance payments during COVID and the inability of many people to find ways to spend it.

The government is banking on the sugar-hit of those savings and pent-up demand to carry it forward through the next election. All those businesses that gouged billions of dollars in JobKeeper payments they did not need and the $19 billion a year net gain from tourism spending while our international borders are closed will certainly help – but then what?

The rampant asset price inflation driven by cheap and spare money is building up household debt that will require income growth to manage when/if interest rates begin to normalise.

It has taken the RBA five years to really get a handle on what is retarding wages growth. The Martin Place mandarins have been slowly rounding up the usual suspects, but it was only in June that Governor Lowe fingered a crucial factor: business stinginess.

Of course Dr Lowe didn’t quite phrase it like that in his From Recovery to Expansion speech, but it’s what he meant in trying to explain why wage rises were mostly modest even in those pockets of the economy where labour was tight. Instead, he nominated cost reduction as “the predominant mindset of many businesses”.

“This mindset can be helpful in making businesses more efficient, but it also has the effect of making wages and prices less responsive to economic conditions,” he said.

Dr Lowe attributed the attitude to scarring from the resources boom days when the Australian dollar was worth more than the US dollar, resulting in many businesses saying our cost structure, including labour costs, was uncompetitive.

“This experience has left a lasting imprint on many businesses and it has reinforced the narrative about the importance of cost control,” he said.

Credit Management

“Against this background, the economy is now recovering from the pandemic and some firms are finding themselves facing labour shortages.

At least some of these businesses face a choice: Do they increase wages in an effort to attract new employees and put up their prices or do they pursue another strategy?”

There are exceptions, but overall the business attitude is to do anything other than bid up wages.

This promises to make life difficult for the RBA as it has pledged not to increase interest rates until inflation is sustained in its two-to-three per cent target, which will require wages growth to be running between three and four per cent.

Meanwhile, the profit share of the national cake has been rising while wages’ share has been falling.

And what has business been doing with the extra money? Not much beyond paying bigger dividends.

There’s another COVID distortion at present in the tax-break driven pull forward of business investment – but there are only so many new computers, expresso machines and utes that are needed. Pre-COVID, business investment as a share of GDP was getting down to the level of the last recession.

It’s been easier for the nation’s CFOs to cost-cut their way to bonuses than to invest and grow their way.

And this at a time when money is actually free in real terms for big business. An interest rate starting with a one means, after tax and inflation, a negative real rate.

Yet there’s every indication the C suite and boards are largely sticking with double-digit hurdle rates for investment. So much for being brave and entrepreneurial.

It’s the Paradox of Thrift writ large – what might make sense for the individual creates a problem for all. *Michael Pascoe Contributing Editor, The New Daily

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 45

Insolvency

Yay! We’re on the road to recovery … but look out for the pot holes!

By Andrew Spring MICM CCE*

Andrew Spring MICM CCE

As the world begins to emerge from the uncertainty (and sometimes panic) of the pandemic, we all begin to dream of a life without lockdowns or trading restrictions and of course the elusive “vertical drink”! But the road to recovery is not likely to be paved in gold for all. The impact of business closures or altered trading conditions are not likely to fade as quickly as our fear of running out of toilet paper.

The Covid-19 pandemic has been the catalyst for our country’s deepest recession since the great depression; as well as unprecedented government stimulus and forbearance.

Unfortunately, like the floods in Western Sydney earlier this year, the mess that is left after the danger has past takes a lot longer to clean up – and it is likely to be credit teams that are trudging around in the muck. It is still unknown what the economic impact will be, but there is no doubt that the world will not return to how we knew it before Covid-19. As credit professionals the challenge will include staying on top of the risks that customers may be experiencing as we all move through this next stage.

The catch cry for the last 18 months has been “we’re in this together”, but as we have seen with

46 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

the vaccination roll out, state border closures and general lockdown fatigue that utilitarian approach was not going to last forever. So as the business world trends back towards its capitalist nature, the “herd” is likely to weed out the weak to maintain its strength.

It has been a topic of many a discussion and lots of head scratching over the last 18 months that, in a period of significant economic decline and unpredictable trading restrictions, the number of personal and corporate insolvency appointments have been at record lows. Since May 2020, corporate and personal insolvency appointments numbers have roughly halved from prior year levels. But can we simply pat ourselves (and our politicians) on the back and say “Well done chaps” or are there a few skeletons waiting within our closets?

Let’s consider some of the potential risks (over and above the multitude that already exist for business) as we begin to move out of the first stage of the pandemic and into our “vaccinated” world. The scariest of all being deferral, which really means accrual.

Over the course of the last eighteen months there has been a more compassionate approach

Insolvency

for your customer; the adjusted attitude of the consumer negatively impacting the sustainability of their business model. z Has your customers’ business case changed, with greater profits being found elsewhere.

provided by the Tax Office, the Banks and (most) landlords. Also, and particularly in snap lockdown conditions, by trade creditors when needed. In addition to this, the debtor also had extended statutory protection from creditor enforcement until earlier this year. I don’t think you need to be Nostradamus to predict that some businesses may have seen a deterioration in their balance sheets due to greater accrued liabilities. And with business conditions returning to normal, those businesses creditors are likely to begin conversations around repayment. As we all know, business-life is both challenging and difficult at the best of times. There will likely be a tipping point for some businesses, where the return to semi-normal trading conditions and profitability is not sufficient to repay the accrued liabilities before the energy of the business and its owners are exhausted.

It is quite often misunderstood that insolvency appointments tend to increase during the recovery phase after a recession or major economic downturn. In addition to the reason outlined above, crises tend to also

inspire a wave of innovation rendering some business models obsolete; or offering greater opportunities for entrepreneurs by following a different path or concept. The recalibration of purpose in a post-recession world will have “collateral damage”, which will impact the need for the use of our insolvency regimes.

With this in mind, it is likely that there will be an increase in the use of formal insolvency procedures, such as Voluntary Administration, Small Business Restructuring and Creditors Voluntary Liquidation over the short to medium term. The challenge for creditors will be to consider how the recovery period will impact their customers. z Have their circumstances deteriorated over the period of the pandemic to an extent that, from an objective position, the tipping point has passed. And if that suspicion is held, then whether or not to advance further credit as the business returns to normal levels of trade in the knowledge that the balance sheet hole may be too deep. z Has the world forever changed

So what actions should trade credit providers consider to help mitigate some of this risk? Below are some recommendations to consider: z Undertake a “recovery period” credit assessment; | Request a balance sheet; | Consider any ATO, finance or landlord deferred liabilities; | Understand any repayment arrangements agreed with those or other parties; z Understand the industry benchmarks and margins and consider the profitability of your customer in comparison to their accrued liability – how long “in a perfect world” will it take before the owners see reward for effort after paying back all liabilities; and does it feel achievable. z Consider your customer’s customer – any impacts to the broader industry, such as changing consumer demands, increased compliance or disruption.

The threat of snap lockdowns and forced trading restrictions may be diminishing, but the challenges for business and credit professionals are likely to be increasing. Now is a time for ensuring that the rush to recovery is not undertaken at the expense of good credit procedures and a careful understanding of the risk. The credit professionals’ role and voice has never been so important.

*Andrew Spring MICM CCE Partner Jirsch Sutherland E: AndrewS@jirschsutherland.com.au T: 1300 265 753

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 47

Legal

Saving legal costs by cost sharing

By Allan Kawalsky MICM*

Key Takeaways Creditors are constantly having to weigh up whether the legal costs they must incur to enforce their legal rights or defend an unmeritorious claim is going to be worthwhile.

Whilst this is an understandable exercise, it is also incredibly frustrating for a creditor who cannot press a legitimate claim (or defence) simply because the legal costs make it uncommercial to do so.

In this article, we examine the pros and cons of a cost sharing agreement, and the circumstances where such option is available. We also briefly explore how creditors can be funded to articulate claims where they are appointed as a contradictor.

“The first important point to note is that there is no rule that outlaws the use of a cost sharing agreement between parties to an action (or prospective action).”

Sharing legal costs with other creditors

Allan Kawalsky MICM

The first important point to note is that there is no rule that outlaws the use of a cost sharing agreement between parties to an action (or prospective action). In certain circumstances however they cannot be used, such as where there is a conflict of interest.

If the circumstances are appropriate the legal costs should be shared through a cost allocation agreement whereby the creditor parties can set out the terms of how the legal costs incurred are apportioned between those involved.

48 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

This can be done at any stage of the litigation process and, for as narrow or broad a purpose as desired. The formality of the agreement can be tailored to the circumstances.

Trade creditors, particularly those whose interests are subrogated through insurance, generally have only commercial interests at heart.

Costs are always in sharp focus and weighed up against the potential commercial outcomes. Because a cost sharing agreement will bring creditors together for a particular purpose, it is most appropriate to do so where creditors have a common interest, strategy and approach to an issue at hand.

Some situations where a cost sharing agreement can be advantageous include: z A right that would be uncommercial or only marginally commercial to pursue, now becomes commercial to pursue: | As an example, a creditor may wish to take steps to enforce its right to recover $50,000 from a director guarantor who is difficult to locate. It may be aware of concealed, substantial assets overseas but none in the jurisdiction. The creditor may be aware of 10 creditors of the director, each with similar sized debts. Each individual creditor may not want to invest funds to pursue the director and the concealed assets, but if they joined forces and shared certain costs (such as the investigation of asset position, strategy and advice,

Legal

“Because a cost sharing agreement will bring creditors together for a particular purpose, it is most appropriate to do so where creditors have a common interest, strategy and approach to an issue at hand.” and filing fees) it could indeed be worthwhile to pursue such a claim. z Place creditor in a stronger position in relation to a defence of a claim by paying for expert evidence which would normally be too expensive to obtain: | For example, a liquidator may have brought an action in relation to an unfair preference claim against a number of creditors, claiming that the company became insolvent as at a particular date. The Liquidator may have relied on a very detailed expert report to support that assertion, but the creditor may believe the assertion can be challenged.

In order to properly defend that allegation each creditor must rely on cogent evidence which would entail briefing an accounting expert. The cost to do so can be very expensive and the exercise may not be worthwhile for all creditors. Some creditors may face relatively small claims, others may have other stronger defences to rely on, such as a good faith defence. If all the creditors agreed on sharing the costs of briefing the expert it would mean that the costs to each individual creditor in obtaining this evidence is

considerably reduced. For only a small outlay a substantial forensic advantage can be obtained. z Reducing the costs to litigate, therefore enabling a creditor to defend rather than settle a claim: | For example, a number of creditors may find themselves defending a similar action by a liquidator. Each may believe they have very good prospects of defending the claim, perhaps for very similar reasons. The costs of defending the matter individually may mean each creditor would ordinarily simply pay the amount claimed, or try to settle the claim as best it could. However a costs sharing arrangement may result in a discount for each of the creditors such that each creditor may find it worthwhile to defend the claim and engage in the court process.

The proceedings may even be able to be heard concurrently, which would attract additional savings if the same lawyer is engaged in all matters. z Reducing the costs of engaging a barrister. | Costs savings can be enjoyed through the communal briefing of a single barrister who appears on behalf of a number

of creditors who are joined together in the proceeding and defending a claim. The barrister is only appearing once and so the actual attendance fee is shared. The cost saving can in fact be quite significant.

Some years ago I acted for a trade creditor defendant, who was one of many defendants of an unfair preference action brought by the liquidators of a failed department store. One of the creditors wrote to the other parties about a novel point they wished to raise about whether the relevant liquidators were entitled to bring an unfair preference claim or were statute barred from doing so. The liquidator was well resourced and had engaged senior counsel. There were many creditors who were persuaded that the point was a good one and agreed to share the costs of engaging a very experienced and skilled senior counsel to address the issue.

My client would ordinarily not have litigated the issue because the claim against it did not warrant the substantial costs of litigating the specific issue as a discrete point.

However, the cost sharing agreement enabled our client to take advantage of the point being raised (and which ended up being litigated in a series of actions and appeals) and therefore leverage its position to force a more attractive settlement than it would otherwise have been able to achieve. ➤

“Costs savings can be enjoyed through the communal briefing of a single barrister who appears on behalf of a number of creditors who are joined together in the proceeding and defending a claim. The barrister is only appearing once and so the actual attendance fee is shared.”

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 49

Legal

“The appointment of a contradictor is an avenue for creditors to have access to legal representation to present a point of view or argument before the court.” z Each creditor holds useful information which is not confidential. The fact that there is a cost sharing arrangement in place is likely to promote (indeed incentivise) a spirit of cooperation and facilitate assistance and information sharing to take place.

So, when should you avoid sharing?

A cost-sharing arrangement should be avoided in the following situations: z There is a conflict of interest in acting for both parties simultaneously. For example, where the one creditor seeks to make a contribution claim against the other. z Where creditors cannot come to an agreement about the cost sharing terms: | For example, if creditors agree to share costs to obtain an expert report, but cannot agree on the expert to be engaged, the questions to be asked or who should drive the process. | The creditors have different views about the strategy to be adopted in relation to the joint enterprise. For example, one creditor may not wish to concede on any issues, but others may take a different view and feel that certain points should be conceded as they are not good points. z Where the terms of the arrangement require an element of good faith and cooperation and that is not occurring. z It is impractical to share. For example, if the creditors have pleaded completely different defences or have different claims. z You simply don’t trust the other

creditors to comply with the cost sharing agreement. z You want more freedom and control than is being permitted under the costs sharing agreement. z The endeavor involves the potential of a joint and several adverse costs order and you don’t want to take that risk, but the others do.

Avoiding Costs through the Appointment of a Contradictor The appointment of a contradictor is an avenue for creditors to have access to legal representation to present a point of view or argument before the court.

The circumstances in which a contradictor appointment would occur commonly involve the following factors: 1. an external administrator (such as a liquidator) has been appointed and controls assets and funds to which a number of stakeholders have claims; 2. the external administrator must make difficult decisions which affect rights of those stakeholders; 3. the external administrator is concerned that its decision will expose it to liability by a disaffected stakeholder; 4. the external administrator seeks a judicial advice about the path it should take; 5. it is appropriate to appoint a contradictor to present arguments on both sides of issues affecting the rights of the affected stakeholders.

If a creditor wishes to be joined and advance arguments in its self-interest, it can seek to reach an agreement

50 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

with the liquidator to have its costs paid from the liquidation, and seek a costs indemnification order as soon as possible.

Ultimately, the costs discretion lies with the court and, even in the circumstances of a contradictor appointment, if the court considers the contradictor was acting only in its own self-interest, the court may order costs against the contradictor creditor if it fails.

However, as a general rule the costs of any necessary contradictor are generally paid on an indemnity basis out of the liquidation.

Accordingly, a creditor wishing to advance an argument in its favour (for example in support of a secured creditor claim) may find participation as a contradictor in such a proceeding very beneficial. It can press its claim with costs funded from the liquidation and avoid the risk of an adverse costs order.

Implications Commerciality is often the key issue in determining whether a creditor should take legal action to salvage value out of secured assets, or spend money on defending a claim brought by a liquidator (as opposed to settling).

However, what can be overlooked and should be explored in the right circumstance, is the possibility of sharing legal costs with other creditors who are in the same boat and face the same issues.

Moreover the obligation to pay legal costs directly and exposure to an adverse costs order may be avoided altogether if the circumstances warrant the appointment of a creditor as a contradictor.

*Allan Kawalsky MICM Partner Turks E: Allan.Kawalsky@turkslegal.com.au www.turkslegal.com.au

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Melbourne Level 8, The Rialto Tower Sydney Level 44, 2 Park Street, Sydney NSW 2000 | T 02 8257 5700 | F 02 9264 5600 Brisbane Level 14, 10 Eagle Street, B Sydney Level 44, 8, 2 Park Street,Towers Sydney(South NSW 2000 | T525 02Collins 8257 5700 | F 02 9264 5600 Melbourne Level The Rialto Tower), St, Melbourne VIC 3000 | T 03 8600 5000 | F 03 8600 5099 Newcastle Level 5, Suite 5, 400 Hun Sydney 44, 210 Park Street, Sydney NSWQLD 2000 | T525 02 8257 5700 | F 02 5600 Melbourne Level The Rialto Towers (South Tower), Collins St,6700 Melbourne 3000 BrisbaneLevel Level 14,8, Eagle Street, Brisbane 4000 |T 07 3212 | F9264 07VIC 3212 6799 | T 03 8600 5000 | F 03 8600 5099 Melbourne Level 8,10 The Rialto Towers (South Tower), 525| T Collins St,6700 Melbourne 3000 T 03 8600 5000www.turkslegal.com.au | F 03 8600 5099 Brisbane Level 14, Eagle Street, Brisbane QLD 4000 07 3212 | F8257 07VIC 3212 6799 Newcastle Level 5, Suite 5, 400 Hunter Street, Newcastle NSW 2300 | T 02 5700 | F| 02 9264 5600 Brisbane Level Eagle Street, Brisbane QLD 4000 | TNSW 07 3212 6700 | F8257 07 3212 6799 Newcastle Level14, 5,10 Suite 5, 400 Hunter Street, Newcastle 2300 | T 02 5700 | F 02 9264 5600 www.turkslegal.com.au Newcastle Level 5, Suite 5, 400 Hunter Street, Newcastle NSW 2300 | T 02 8257 5700 | F 02 9264 5600 www.turkslegal.com.au October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 51 www.turkslegal.com.au

Legal

The “home ground advantage” and the impact of the COVID-19 pandemic on applications to stay proceedings under the Service and Execution of Process Act 1992 (Cth)

By Cameron Henderson MICM and James Devonish FICM CCE*

Cameron Henderson MICM

James Devonish FICM CCE

Much like the AFL or Rugby League, the home ground advantage can be also considered to be an advantage in litigation. For this reason and reasons of convenience, creditors often prefer to issue debt recovery proceedings in their home State.

This is the case even where relevant factors such as the location of the debtor(s) and the location of key witnesses are outside the creditor’s home State.

If a defendant objects to a plaintiff’s choice of jurisdiction, the defendant can seek to stay the proceedings pursuant to section 20 of the Service and Execution of Process Act 1992 (Cth)(Act).

In a Federation of State jurisdictions plagued by uncertainty and intermittent (and often sudden) border closures and home-bound lockdowns, such action has found heightened relevance in the context of the ongoing COVID-19 pandemic.

52 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

What is Section 20 of the Service and Execution of Process Act 1992 (Cth)?

Section 20 of the Act allows a Court to order that legal proceedings (which are not issued in a Supreme Court of a State) be stayed if it is satisfied that a Court of another State, that has jurisdiction to determine all the matters in issue between the parties, is the appropriate Court to determine the matter.

Accordingly, creditors need to make an informed decision about where to issue proceedings and ought to be cautious if they determine to take action against a debtor in the creditor’s home State, when there might be other factors which point to another jurisdiction being more appropriate.

Such factors could include which State the defendant debtor is located in, where the parties conducted business the subject of the dispute, and where relevant witnesses are located.

Legal

In determining applications under section 20 of the Act, Courts are alive to the issues faced by parties as a consequence of State border closures and lockdowns, and commentary in recent judgments has highlighted these considerations.

Factors taken into account by the Court Section 20(3) of the Act provides that: A court may order a proceeding be stayed if it is satisfied that a court of another State that has jurisdiction to determine all the matters in issue between the parties is the appropriate court to determine those matters.

In considering any application made to stay proceedings, pursuant to section 20(4) of the Act, a Court will consider the following factors: (a) The places of residence of the parties and of the witnesses likely

“Much like the AFL or Rugby League, the home ground advantage can be also considered to be an advantage in litigation.” to be called in the proceeding; and (b) The place where the subject matter of the proceeding is situated; and (c) The financial circumstances of the parties, so far as the court is aware of them; and (d) Any agreement between the parties about the court or place in which the proceeding should be instituted; and (e) The law that would be most appropriate to apply in the proceeding; and (f) Whether a related or similar proceeding has been commenced against the person served or another person.

The above considerations are not seen as a “code”, however they are “relevant matters to be taken into account in determining that question, those matters are manifestly nonexhaustive”.

Quite clearly a Court will, amongst other things, consider the physical location of the parties who are the subject of the legal proceedings.

For instance, if a national organisation headquartered in New South Wales is doing business with a debtor in Victoria, say through its branch network, just because it may be convenient for the creditor to issue legal proceedings in New South Wales, as that is where its credit ➤

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 53

Legal

“... the commencement of proceedings in the debtor’s home State (notwithstanding any inconvenience to the applicant/plaintiff) can sometimes be the safest way in which to protect against a stay application being made...” manager or any witnesses to might be located, that does not necessarily mean it is the appropriate forum for the proceedings to be heard.

If an application is made by a debtor to have proceedings stayed, the Court will consider the nonexhaustive list of considerations outlined in section 20(4) to determine whether such application should succeed.

Recent decisions in the context of the COVID-19 pandemic In a recent decision of the New South Wales Court of Appeal in Joshan v Pizza Pan Group Pty Ltd (Joshan), the Court granted an appeal that, among other issues, decided the South Australian Supreme Court, rather than the NSW District Court, was the more appropriate jurisdiction for the resolution of the dispute between the parties.

Among matters for the Court to consider was whether proceedings could be conducted by audio visuallink during the uncertainty of the COVID-19 pandemic.

In the leading judgment, which resulted in the granting of the appeal and a stay of proceedings (as South Australia was deemed a better forum to hear the dispute), the President of the NSW Court of Appeal, Justice Bell, noted that: “factors which may be relevant include whether or not the substantive dispute (as opposed to the application for the stay itself) may wholly or in part be conducted using audio-visual (AVL) means, a consideration that, after the experience of the

COVID-19 pandemic, is likely to be of greater significance as courts have become more comfortable with the use of such technology. This having been said, the possibility of taking evidence and even appearances by counsel remotely should not be used as an indirect means of circumventing the requirement in s 20(4) that the court of issue is not to take into account the fact that the proceeding was commenced in the place of issue. The possible use of AVL technology in what would otherwise be “the appropriate court” might neutralise any prejudice or inconvenience to the plaintiff in the court of issue in the event that proceedings are stayed”.

While Joshan was determined due to South Australia being considered the better location for the hearing due to the substantive disputes in the matter having their “centre of gravity” in South Australia, President Bell’s comments clearly identified a lack of prejudice to the plaintiff if proceedings were stayed, in that the plaintiff themselves could appear (as necessary) in any South Australian court as required through the use of reliable AVL technology.

In a recent decision of the County Court of Victoria in Connect & Communicate Pty Ltd v Russell, the Court considered a defendant’s application for stay of proceedings in Victoria where it was argued the Supreme or District Courts of Queensland were the more appropriate court to determine the proceeding.

The plaintiff in that case submitted the considerations of section 20(4) of the Act should be weighed in the context of the current environment concerning COVID-19 and online hearings.

Regarding the pattern of lockdowns that have occurred in Victoria (and across Australia), Judge Ryan said: “…there will be a risk that any witness would be prevented from travelling interstate. The only rational option would be to have the matter set down for an online hearing. Even if the case was heard in Queensland, it would be necessary to set the matter down for an online hearing in any event.

Accordingly, there is little to be achieved by staying the present proceeding given the matter will proceed in substantially the same manner whether heard in Victoria or Queensland. An online hearing would thereby diminish any disadvantage the defendant contends he would otherwise incur because of the matter being conducted from Victoria.”

The Court further noted that “given the position with the current COVID-

“If an application is made by a debtor to have proceedings stayed, the Court will consider the nonexhaustive list of considerations outlined in section 20(4) to determine whether such application should succeed.”

54 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Legal

19 pandemic restrictions, this renders nugatory any significance which might otherwise have been placed on the places of residence of the parties and the witnesses”.

Notwithstanding factors such as the residence of the parties and the witnesses to be called in any trial, the fact that evidence would and could be given by AVL, wherever the hearing was conducted, meant there was no obvious prejudice arising to either party such that one Court was preferable to another, and accordingly the application was dismissed.

Similar reasoning was given in Toyota Material Handling Australia Pty Ltd v Cardboard Collection Service Pty Ltd where it was held that where the matter would likely be held by virtual Court given ongoing pandemic restrictions, there was no obvious prejudice to either party in the proceedings continuing in NSW given any Victorian witnesses would readily be able to give evidence by virtual Court.

While a recent Magistrates Court of South Australia decision in Forbes (Aust) Pty Ltd v Joseph Moshe Fogel, did “… not consider it a relevant consideration as to whether parties might give evidence by audio-visual link”, it was ultimately decided (in allowing the application for a stay), that “given the majority of witnesses live in Victoria, it is more appropriate for any trial to be conducted there with any witness resident in South Australia who is not able to travel to Victoria, to be able to give evidence by audio-visual link…”.

Conclusion While there may be some inconsistencies in the determination of applications pursuant to section 20(3) of the Act and the Courts’ evaluative analysis of factors set out in section 20(4) of the Act, the emergent prevalence of AVL technology available in the legal system across Australia during the COVID-19

“While there may be some inconsistencies in the determination of applications pursuant to section 20(3) of the Act and the Courts’ evaluative analysis of factors set out in section 20(4) of the Act, the emergent prevalence of AVL technology available in the legal system across Australia during the COVID-19 pandemic has resulted in Courts giving additional weight to such technology...” pandemic has resulted in Courts giving additional weight to such technology when determining any prejudice to parties that might flow from a decision to stay proceedings, or otherwise.

While creditors ought to be alive to such developments, the commencement of proceedings in the debtor’s home State (notwithstanding any inconvenience to the applicant/ plaintiff) can sometimes be the safest way in which to protect against a stay application being made (although, each case will ultimately turn on its own facts).

In addition, this may result in far more streamlined enforcement options when judgment is eventually obtained.

*Cameron Henderson MICM Associate Oakbridge Lawyers T: 08 7079 0172 E: chenderson@oakbridgelawyers.com.au 2021 South Australian Young Credit Professional of the Year *James Devonish FICM CCE Managing Director Oakbridge Lawyers T: 08 8418 1410 E: jdevonish@oakbridgelawyers.com.au

2

Note section 20 of the Service and Execution of Process Act 1992 (Cth) applies where proceedings are issued in the lower courts of a State. If proceedings are issued in a higher court such as the Supreme Court of any State or the Federal Court, such proceedings are not subject to section 20 of the Act, but an application may be made for orders for transfer pursuant to section 5 of the Jurisdiction of Courts (Cross-Vesting) Act 1987 (Cth), and its State based equivalents. Similarly, orders may be sought in Federal matters to transfer to a registry in a different State, pursuant to rule 8.01 of the Federal Circuit Court Rules 2001 (Cth) and rule 5.04 of the Federal Court Rules 2011 (Cth).

3

Service and Execution of Process Act 1992 (Cth), Section 20(3).

4

Service and Execution of Process Act 1992 (Cth), section 20(4).

5

Connect & Communicate Pty Ltd v Russell [2021] VCC 1079 (26 August 2021), [8(c)].

6

Aqua Max Water Filtration Solutions Pty Ltd v Hurtado [2017] SASC 165, [30].

7

Joshan v Pizza Pan Group Pty Ltd [2021] NSWCA 219 (14 September 2021).

8

Joshan v Pizza Pan Group Pty Ltd [2021] NSWCA 219 (14 September 2021), [58].

9

Joshan v Pizza Pan Group Pty Ltd [2021] NSWCA 219 (14 September 2021), [115] and Chubb Insurance Company of Australia Ltd v Moor (2013) 302 ALR 101, [36].

10 [2021] VCC 1079 (26 August 2021).

11 Connect & Communicate Pty Ltd v Russell [2021] VCC 1079 (26 August 2021), [20].

12 Connect & Communicate Pty Ltd v Russell [2021] VCC 1079 (26 August 2021), [17].

13 [2020] NSWDC 6667 (29 October 2020).

FOOTNOTES: 1

Pursuant to section 5 of the Service and Execution of Process Act 1992 (Cth), a Territory is regarding as a State for the purpose of that Act. For the purposes of this article, we adopt the same definition of State to also include any Territory.

14 see Toyota Material Handling Australia Pty Ltd v Cardboard Collection Service Pty Ltd [2020] NSWDC 667 (29 October 2020), [44] – [45].

15 Forbes (Aust) Pty Ltd v Joseph Moshe Fogel [2021] SAMC 108.

16 Forbes (Aust) Pty Ltd v Joseph Moshe Fogel [2021] SAMC 108, [27].

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 55

Legal

Full Federal Court recalibrates the “running account defence” in preference recovery actions

By Sam Pearlman MICM CCE*

Receiving a letter from a liquidator demanding repayment of money alleging a preference is the curse of every credit professional. Because credit professionals are usually managing long term relationships between supplier and customer, amounts sought by liquidators can be large.

The “running account defence” (encapsulated in s588FA(3) of the Corporations Act) is of great importance in minimising the amount of a preference claim. Section 588FA(3) has the effect of treating a series of transactions entered into during the relation back period as single transaction, provided the goods were supplied and payments were made during the currency of a continuous business relationship. The rationale for the defence is to induce continued supply so that the customer can continue to trade on and avoid insolvency.

Peak indebtedness rule

Sam Pearlman MICM CCE

The running account defence has for more than half a century 1 been stripped of much of its potential

56 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

power, because the courts have chosen to rigorously apply the “peak indebtedness rule”. The rule provides that it is open to a liquidator to calculate the value of the preference claim by subtracting the debt due to the creditor on the relation back day from the debt due to the creditor at the highest point of indebtedness in the running account during the relation back period. The effect of the rule favours liquidators, maximising preference recoveries.

Criticism of the rule The rule can cause inconsistent outcomes and unfairness between creditors. A preference might exist in one case but not another, simply because in the latter case the transactions are deliberately structured to keep the peak indebtedness amount as low as possible. For example, by issuing consecutive invoices for smaller amounts and insisting on short payment terms, the peak indebtedness amount stays lower than if one invoice were issued for a larger amount in respect of the same supply.

Legal

The rule is also fundamentally offensive to the doctrine of ultimate effect, which forms the underlying rationale for the running account defence; ie no preference exists from a payment made in circumstances where there was ultimately a benefit to the company in making the payment.

Abolition of the peak indebtedness rule in Badenoch2 In two appeal judgments in May and June this year, the Full Court of the Federal Court put paid to the peak indebtedness rule. For reasons including those outlined in the last paragraph, the Full Court sought to adopt the approach of the High Court in Airservices Australia v Ferrier 3 of 25 years ago. In that case the High Court held that in considering whether a preference exists, the Court should not “ignore the practical relationship between the payments and the

subsequent supply of services and the ultimate effect of the dealings between the parties.” 4 The new way, post Badenoch, to calculate a preference on a running account the subject of a continuing business relationship, is to take the amount owing at the later date of either the start of the relation -back period, or the start of the continuing business relationship. Then deduct that amount from the amount owed at the earlier of either the relation back day or when the continuing business relationship stopped.

Practical implications for credit professionals Badenoch is on appeal to the High Court. Until the High Court finally decides the future of the peak indebtedness rule, the rule no longer applies. If these decisions are upheld on appeal to the High Court, it will be a win for credit professionals.

The focus in preference recoveries will now turn to the continuing business relationship, in particular when it starts and ends. Liquidators will be trying to run a preference recovery action by adducing evidence that will support a conclusion that payments were outside of the continuing business relationship.

*Sam Pearlman MICM CCE Special Counsel Colin Biggers and Paisley D: +61 2 8281 4508 E: sam.pearlman@cbp.com.au

FOOTNOTES: 1

Rees v Bank of New South Wales (1964) 11 CLR210,220-1 per Barwick CJ.

2

Badenoch Integrated Logging Pty Ltd v Bryant, in the matter of Gunns Limited(in Liq) (Receivers and Managers Appointed) [2021] FCAFC 64 and [2021] FCAFC 111(Badenoch No2) .

3

(1996) 185 CLR 483.

4

Quoted in Badenoch at [47].

“n two appeal judgments in May and June this year, the Full Court of the Federal Court put paid to the peak indebtedness rule.”

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 57

Leadership and High Performance

When nothing is certain, anything is possible.

By Stacey Copas*

Stacey Copas

If you’re anything like me, the events of the pandemic so far have left you reeling.

After starting last year with focus and enthusiasm, my plans and the work towards them got thrown into a spin by COVID-19.

My optimism, focus and progress were instantly replaced with uncertainty, shock, and fear as the familiar patterns of work and home life got taken away in a moment.

So many people lost their jobs, so many businesses were impacted, so many people started working from home, so many kids needed to be home schooled. All while “social distancing” and isolation from friends, colleagues, and even family became a thing.

What was the outcome? Panic and a feeling of having no control.

While the physical risk of the virus hasn’t been an issue for most of us, the reaction to it has certainly had a huge impact on our way of life and

mental health that will be with us for years to come.

How can we even begin to think about how to respond? I know what it is like to have life changed in an instant.

When I was 12, I had a devastating accident that left me a quadriplegic and needing a wheelchair for the rest of my life.

The progress I had made towards achieving my dreams to be a vet and elite athlete were replaced with fear, grief, anger, uncertainty and constant change in the years that followed.

I hated life and hated myself. At the lowest points I didn’t want to be here at all.

Slowly, though, I overcame the setbacks, first learning to cope and survive, and then to use the adversity, change and uncertainty to evolve and grow.

Eventually I reverse-engineered how I did that, and how I was able to turn a disaster into a positive experience.

“I’ve been using the same rituals that turned my life around every day and they’ve helped me again personally and professionally to grow through this pandemic rather than be shut down by it after the initial shock.”

58 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Leadership and High Performance

Over the years I’ve fine-tuned what I did to turn my life around into a framework – Rituals For Resilience – that you and your teams can use too to better cope with the current uncertainty and come out the other side, in a better position than you were before.

I’ve been using the same rituals that turned my life around every day and they’ve helped me again personally and professionally to grow through this pandemic rather than be shut down by it after the initial shock.

As restrictions are being eased and we are venturing back into our workplaces and our communities, there are new fears and new uncertainties coming up.

The reality is we’re in the midst of the ultramarathon of all

“Over the years I’ve fine-tuned what I did to turn my life around into a framework – Rituals For Resilience – that you and your teams can use too to better cope with the current uncertainty and come out the other side, in a better position than you were before.” ultramarathons that has no finish line in sight.

We’ve taken the hits, dealt with the shock and now it’s time to respond, recover and move forward.

With resilience and by creating individual rituals that work for you, you can not only learn to live through this, however long it lasts, and whatever it looks like, you can

move forward into the uncertainty and be better prepared for future challenges as they arise. When nothing is certain, anything is possible. *Stacey Copas CEO Academy Of Resilience T: 0438 636 458 E: bookings@staceycopas.com

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 59

DIVISION REPORT

Member anniversaries We recognise those members who achieved membership anniversaries between July and September 2021. Congratulations to these members on achieving such important milestones.

Name

Designation

State

Company

Years of Service

John

Cooper

LICM

QLD

Retired

50 years

Chester

Mollineaux

FICM

TAS

Retired

50 years

Justin

Denholm

MICM

SA

Stratco Metal Pty Ltd

35 years

John

Nesci

MICM

VIC

Laminex Group Pty Ltd

35 years

Frank

Fodor

MICM

NSW

Executive Collections Pty Ltd

30 years

Samuel

Testa

MICM

NSW

Cheque Recovery Services

30 years

David

Neumann

MICM

SA

Chevron Glass Pty Ltd

30 years

Julie

Michell

MICM

VIC

Simon

Olsen

MICM

VIC

Nigel

Fraser

MICM CCE

Ben

Pettitt

Kenneth

30 years Adaptalift Group

30 years

NSW

Hardware & General

25 years

MICM CCE

NSW

Trane Australia & New Zealand

25 years

Smith

MICM

QLD

Retired

25 years

Andrew

Stevenson

MICM

QLD

Bretts Timber and Hardware

25 years

Richard

Keates

MICM

QLD

Bradnam’s Windows & Doors Pty Ltd

25 years

Stephen

Duncan

MICM

SA

Duncan Powell

25 years

Shirley

Illingworth

MICM

VIC

Retired

25 years

Carole

McTavish

MICM CCE

VIC

Australia Post

25 years

Nunzio

Settinelli

MICM

VIC

MM Electrical Merchandising

25 years

Nola

Rinaldi

MICM

WA

Fuel Distributors of Western Australia Pty Ltd

25 years

Katie

Gorman

MICM

NSW

Tasco Inland Australia Pty Ltd

20 years

Christopher Benyon

MICM

NSW

LG Electronics Australia Pty Ltd

15 years

Dale

Campbell

MICM

NSW

Shield Mercantile Pty Ltd

15 years

Arthur

Tchetchenian

MICM CCE

NSW

TAFE NSW

15 years

Linda

McGee

MICM

SA

Pernod Ricard Winemakers Pty Ltd

15 years

Adam

Clarke

MICM

NSW

Boral

10 years

Courtney

Murphy

MICM

NSW

Vinidex Pty Ltd

10 years

Andrew

Smith

MICM CCE

NSW

Australian Recoveries & Mercantile Agents Pty Ltd

10 years

James

Imray

MICM

QLD

Rodgers Reidy

10 years

Katrina

Bromley

MICM CCE

VIC

Spicers Australia Pty Ltd

10 years

Alison

Said

MICM

VIC

AGL Energy Limited

10 years

Melanie

September-Jones MICM

VIC

Spicers Australia Pty Ltd

10 years

Adam

Stewart

MICM

VIC

Debt Recoveries Australia Pty Ltd

10 years

Archana

Chawla

MICM

NSW

NCI

5 years

Helen

Darvell

MICM

NSW

Industrial Galvanizers

5 years

Jackson

Heenan

MICM

NSW

QBE Insurance

5 years

Michael

Jones

MICM

NSW

Jones Partners Insolvency & Business Recovery Chartered Accountants

5 years

Natalie

Ledlin

MICM

NSW

Ledlin Lawyers

5 years

60 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Member anniversaries Designation

State

Company

Years of Service

Kim

Meredith

MICM

NSW

CQMS RAZER PTY LTD

5 years

Darrin

Mitchell

MICM

NSW

MSD Law

5 years

John

Pamboris

MICM

NSW

Buroserv Australia Pty Ltd

5 years

Grishma

Patel

MICM

NSW

Veolia Environmental Services

5 years

Gillian

Seddon

MICM

NSW

Bluescope Steel

5 years

Anthony

Skoulos

MICM

NSW

Frucor Suntory Australia Pty Ltd

5 years

Daniel

Soire

MICM

NSW

Jones Partners Insolvency & Business Recovery Chartered Accountants

5 years

Patricia

Talsma

MICM

NSW

Jaybro

5 years

Suyaty

Tandi

MICM

NSW

QBE Insurance

5 years

Glen

Tonna

MICM

NSW

Executive Collections Pty Ltd

5 years

Alan

Topp

MICM

NSW

Jones Partners Insolvency & Business Recovery Chartered Accountants

5 years

Susan

Verran

MICM

NSW

Vinidex Pty Ltd

5 years

Ruth

Williams

MICM

NSW

Veolia Environmental Services

5 years

Georgina

Wu

MICM

NSW

TurksLegal

5 years

Audrey

Kent

MICM

QLD

Chevron Australia Downstream

5 years

Mia

deLaine

MICM

SA

Darren

Maxfield

MICM

SA

National Credit Insurance (Brokers) Pty Ltd

5 years

Gemma

McGrice

MICM

SA

National Credit Insurance (Brokers) Pty Ltd

5 years

Beau

Mead

MICM

SA

CCC Financial Solutions Group

5 years

Matthew

Ormsby

MICM

SA

SV Partners

5 years

Nicola-JaneSwalling

MICM

SA

Julie

Black

MICM

TAS

Aurora Energy Pty Ltd

5 years

Christy

Francis

MICM

TAS

Aurora Energy Pty Ltd

5 years

Johnathon Fysh

MICM

TAS

Aurora Energy Pty Ltd

5 years

Jamie

Henderson

MICM

TAS

Aurora Energy Pty Ltd

5 years

Kim

MacFarlane

MICM

TAS

Aurora Energy Pty Ltd

5 years

Vicki

Marriott

MICM

TAS

Aurora Energy Pty Ltd

5 years

Craig

McKinlay

MICM

TAS

Aurora Energy Pty Ltd

5 years

Rachel

Reading

MICM

TAS

Aurora Energy Pty Ltd

5 years

Suzanne

Chhour

MICM

VIC

Recoveries Corporation Pty Ltd

5 years

Frank

Fisher

MICM CCE

VIC

Australia Post

5 years

David

Kullu

MICM

VIC

BP Australia Pty Ltd

5 years

Anthony

Livanios

MICM

VIC

BP Australia Pty Ltd

5 years

Lyndon

Miranda

MICM

VIC

Recoveries Corporation Pty Ltd

5 years

Sheryl

Natoli

MICM

VIC

Boral

5 years

Vicki

Plessas

MICM

VIC

Hanson Australia

5 years

Martina

Vucak

MICM CCE

VIC

Kingspan Insulation Pty Ltd

5 years

Lisa

Wilson

MICM

VIC

Dindas Australia Pty Ltd (Timber Wholesale)

5 years

Colin

Wagstaff

MICM

WA

QBE Trade Credit

5 years

5 years

5 years

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 61

DIVISION REPORT

Name

DIVISION REPORT

Queensland

Josh Mann representing both CreditorWatch and ARMA as the sponsors for the 2021 YCP award with finalists – Zandalee McKenzie (Oakbridge Lawyers), Madison Ryan (Dynamic Supplies) and Annie-May Paties (Atradius) with Qld Division Director Julie McNamara.

Great turnout from National Colleciton Services: Stuart Wilkinson, Olivia Hadok-Quadrio, Melissa Einam, Dale Hannan and Joanne Hill-Willis.

President’s report Spring is finally here and so much has happened in QLD over the last few months. Starting with our AGM held on the 23rd July, with then President Roger Masamvu taking a step back from his position as President and on council.

Roger has done a tremendous job over the last 2 years as QLD division President and the last 8 years on council.

I would like to personally thank him for everything he has achieved during that time and the support he has provided. We wish you all the best Roger!

After our AGM we had a council meeting to reconfirm the setup of council. Joining Julie McNamara as our QLD director, I was lucky enough to be elected as the new President with Michelle Kirkby being 62 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

elected as the new Vice President and Fiona Doherty as Treasurer. I am so honoured to be surrounded by an inspiring group of women, who together with your QLD council team hope to deliver amazing things to our members over the next 12 months and beyond. Your QLD councillors also include Steven Staatz, Carly RaeOrth, Ashleigh Mason, Maria Schandl, Melissa Jarvin and Merv Mahoney.

Held on the same night was our Young Credit Professional Awards, newly sponsored by the wonderful team at ARMA & CreditorWatch. Unfortunately, due to lockdowns ARMA was not able to join us on this night.

We had Josh Mann from CreditorWatch introduce our three finalists Zandalee McKenzie, Annie-May Paties

Queensland

Melissa Bartley and Ashleigh Mason (both Shell Energy).

and Madison Ryan who all did a great job during their interviews with our judges Angela McDonald, James Smith, Josh Mann and myself.

However, there can only be one winner, with Madison Ryan from Dynamic Supplies taking out this years QLD YCP award. Congratulations Madison, you have the support of QLD behind you and wish you all the best for this year’s national YCP award. Well done to Zandalee and Annie-May for their achievement to make it as a finalist. You should all be very proud!

WINC, what an event! This year had to be rescheduled with a lockdown put in place early August, however this did not stop the amazing team from organising a high quality event. Thank you to the

WINC committee and our own Maria Schandl who put a lot of time and effort in delivering this event year on year. Shout to our sponsors Equifax, Results Legal and NCI for all that you do. This year we beat our own fundraising efforts with a record $8,064 raised for Endometriosis Australia.

For our upcoming events please keep an eye on your inbox for information on the Pinnacles which is always a successful event recognising and celebrating our credit colleagues. It’s also a great event to round out the year, catch up with other members and reflect on 2021 while also looking forward to what 2022 will bring.

I am very much looking forward to this year’s National Conference and although virtual, National Office is still ensuring we are receiving quality, up to date content in this ever-changing credit world.

Finally, I would like to say a big thanks to the wonderful QLD council and the National Office team who are still able to put together these amazing events and work with our members even with the uncertainty surrounding lockdowns and restrictions across the nation.

– Stacey Woodward MICM Qld Division President

Young Credit Professional Awards night Friday 23rd July – Darling & Co As events become less of a given in our ever-changing world, it was an absolute delight for all of the attendees at our YCP Awards Night. The venue did not disappoint in the beautifully turquoise filled Swayze’s Backstage Room at Darling & Co. October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 63

DIVISION REPORT

Finalist Zandalee McKenzie, Alida Chan (both Oakbridge Lawyers), Alia Hamid, Nick Lancaster, Joshua Wright (all Rodgers Reidy).

DIVISION REPORT

Queensland

Jason Hao and Kurt Wylie (both Atradius), Roger Masamvu (Qld Division President) and Vidya Khan (Equifax).

Angela McDonald (Optimum Recoveries) with Janelle Eldridge, George Wolf and Josh Mann (all CreditorWatch).

The Bunnings team: Marieta Pretorius, Kanani Seiuli, Megan Galloway, Sally Achlatis and Frances Duff.

64 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

The celebratory bubbles were flowing, and live acoustic tunes kept us entertained, a very exciting addition to our QLD events and something we look forward to having again.

It was the last event for our 2020/21 President, Roger Masamvu, a previous YCP winner – who along with some of our other YCP Alumni, gave some amazing insights into their own journeys and what YCP meant to them, to their careers and to the wider credit community.

To hear the amazing stories of professional growth and the industry spirit of how this award brings us all together, was a great way to warm everybody up for the much-anticipated announcement of the YCP Qld Divisional Winner.

Our 3 YCP finalists – Annie-May Paties from Atradius, Madison Ryan from Dynamic Supplies and Zandalee McKenzie from Oakbridge Lawyers, held their breath as the winner was announced – congratulations to Madison Ryan! The room certainly was a flutter as those there to support Madison were overwhelmed with excitement and pride. We cannot wait for what is in store for Madison over the coming months leading up to the

Queensland

National WINC supporter Results Legal with a huge contingent of guests at the WINC – THANK YOU for your ongoing support!

national judging. The continued support, encouragement, and mentorship that she has already received from Queensland’s panel of judges, council members and everyone in between will continue through to that all important night in October, as we hope to celebrate again on a national level at the President’s Dinner. Good luck Madi!

– Carly Rae-Orth MICM

Women In Credit The Annual QLD WINC Event was held at Cloudland with the beautiful backdrop of the waterfall room.

The theme was “being stronger together” After being postponed and uncertainty with snap lockdowns we were extremely grateful that in QLD we were able to host a face-to-face event for WINC. There was again a record attendance of 218 people, October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 65

DIVISION REPORT

An ecstatic Qld Division Council with their 2020 President’s trophy: Stacey Woodward, Steven Staatz, Toni Sawyer, Maria Schandl, Ashleigh Mason, Carly Rae-Orth, Madison Ryan, Michelle Kirkby, Fiona Doherty and Julie McNamara.

DIVISION REPORT

Queensland

Natasha Bate (Great Southern Bank), Michelle Souter (Equifax), Jelena Bright (Great Southern Bank), Vidya Khan (Equifax) and Hiral Patel (Great Southern Bank).

Gita Hettiaratchi (First Class Accounts), Ravina Krishna (ADP Australia), Louise Thompson and Emma Purcival (both Vinidex)

Maureen Greaves (Harrington Bobcat & Excavation), Alyson Treagear and Karen Louise Clarkson (both Iplex Pipelines).

66 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

the atmosphere was buzzing with much excitement and anticipation for the chance to catch up with the QLD network, hear from guest speakers, bid on fantastic auctions items, win on the raffle, and raise money for our chosen charity Endometriosis Australia.

The guest speaker was the wonderful Natasha Chadwick, Telstra woman of the year 2019 and CEO of New Direction Care. She talked us through why and how she raised $30m worth of funds to be able to apply innovation to aged care and change the industry for generations to come. What she is doing and why really struck a chord with a lot of people. We also got to hear from Laura Furiosi to discuss the effects and impacts of Endometriosis and hear about what the fund raising will do to assist.

Queensland

The Australian Institute of Credit Management welcomes our Partners for 2021 National Partners

Trusted Insights. Responsible Decisions.

Divisional Partners

Maureen Wilson (KBH Solutions) receives her raffle prize from our wonderful WINC MC Maria Schandl.

Official Division Supporting Sponsors

Over $8k was raised for charity and we were truly blown away with the generous donations received from AICM corporate members, AICM members, sponsors, partners and local businesses. A huge thankyou to everyone who year on year contribute to these events going from strength to strength, be it donating, turning up, bringing guests, sponsoring, or speaking.

Talks are already underway on next year’s event, watch this space.

Our National, Divisional and Professional Partners support and work with the AICM to promote the Institute’s activities, represent the Credit Industry and develop the careers of all Credit Professionals. As these organisations support your Institute and your Industry please consider them when you require assistance.

– Michelle Kirkby MICM CCE

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 67

DIVISION REPORT

Emma Larsen (Great Southern Bank), Tanya Aaskov (Transurban), Anneke Wilson (illion), Tracy Backshall (BOQ), Jody Groom (Foxtel), Danielle Ryan (BOQ), Kath Hack (illion), Rachel Hutt (Foxtel), Kellie Hebrard (Transurban).

DIVISION REPORT

South Australia

Our 2021 Young Credit Professional Finalists – Michael Harris (Credit Clear), Cameron Henderson (Oakbridge Lawyers) and Clare Venema (Restore My Credit).

SV Partners out in force – Lachlan Scott, Travis Olsen, Hannah King and Claire Muecke.

Presidents Report

National President Trevor Goodwin and SA Division Councillor Gemma Grice announce award recipients.

68 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

I’m extremely grateful and humbled by the trust placed in me by my fellow councillors and I look forward to working with them and serving the SA Division as President. I have enjoyed being involved with the AICM and have appreciated the opportunity of being both division treasurer and membership chair.

Thank you to our division’s immediate past president, Alice Carter, for doing a great job in executing her role and hope I can maintain the same standard that she has demonstrated. On behalf of the Council I wish her the best of luck with her growing family and appreciate that she’s remaining on the committee!

I would also like to congratulate Cameron Henderson for winning the YCP award in SA for 2021. There were some strong candidates this year but he excelled and

South Australia

Gino Polese (SA Colour) with Brenton Glaister (Credit Clear).

was a deserving winner. The past year has been a difficult time and I am looking forward to a positive year ahead with the committee and for the AICM. I look forward to catching up with you soon at a function.

SA Division President Alice Carter.

– Neil Fennell MICM SA Division President

YCP Overview The SA Division were very lucky that they were able to meet in person at The Kentish on the 12 August 2021 to celebrate this year’s Young Credit Professional of the Year Award.

The competition brought 3 strong finalists, being Michael Harris (Credit Clear Limited), Clare Venema (Restore My Credit) and Cameron Henderson (Oakbridge Lawyers).

The SA Division was very blessed to have an excellent

SA Division Vice President Neil Fennell.

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 69

DIVISION REPORT

Length of service recipients: Maree Kairl (NCI) 10 years, Travis Olsen (SV Partners) 5 years, Gemma McGrice (NCI) 5 years with Gail Crowder SA Division Director and Neil Fennell SA Division Vice President.

DIVISION REPORT

South Australia judging panel for the competition with seasoned credit professionals, being David Jovanov from ARMA, Jason Sutherlin from CreditorWatch, Kaden Davis from Samuel Smith & Son, and Maree Kairl from NCI (who is also a past national YCP winner). The AICM extends a huge thank you to the judges for the time they invested in the interview and selection process.

The SA Division also extends our gratitude to our outgoing President, Alice Carter, for being the MC for the night.

Congratulations to Cameron Henderson, who took home the SA YCP award for 2021 – the SA Division is very excited to see what he will bring to Nationals.

The SA Division is very grateful for this year’s national sponsors ARMA and CreditorWatch, as their support for this event facilitated a great evening of celebrating the rising stars in credit management.

What advice would you like to give to members of the AICM?

Meet the SA Division’s new President

Meet our new Vice President

The SA Division Council is sad to see Alice Carter step down as Division President and are so thankful for her dedication and leadership, however we are so excited for her new chapter in life as a new mum. We now, are excited to welcome our new President, Neil Fennell.

Neil has a vast amount Neil Fennell MICM of experience in the credit profession, and the SA Division welcomes him onboard as President.

Neil is keen to get started in his role, and has the following to say about his role as Division President for SA:

Following Neil Fennell’s election, I stood and was elected as Vice President.

I am thrilled to be elected and to accept this honour.

I’m keen to support everyone working in the credit profession and will do my Vice President role in addition to the Media Portfolio and council meeting minute taker.

Clare Venema MICM CCE I’ve had a long involvement with the AICM, having been the winner of the SA Division’s Young Credit Professional of the Year award in 2019, and being a Division Finalist for this year’s award.

I look forward to working with Neil and gaining experience in a leadership role with the AICM and being of service to the profession.

What attracted you to the role of President?

Having been on the committee for several years, I felt that it was a good time to ‘step up’ and help the committee – a natural progression.

What are you looking forward to bringing to the role as president?

I’m looking to work with the committee and all stakeholders to ensure that AICM delivers the correct resources and events that we all need to be successful in our careers.

What is one of your best achievements in the credit profession to date?

Providing assistance to financially distressed clients and helping to resolve some of their credit problems.

70 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

As a volunteer in various organisations I’ve gained so much from being a part of wider organisations that assist in development and community service. I encourage every credit professional to step outside their comfort zone to their best ability and to come along and be part of our profession in whatever capacity they can.

What is the best thing that the AICM has given you to date?

I have met some fantastic people within the AICM and attended some great functions. The AICM has also provided me with some very good professional networks that I am keen to foster and develop further in the future.

The SA Division welcomes Neil to this leadership position.

– Clare Venema MICM CCE SA Division Vice President

Meet SA’s newest YCP Winner Cameron Henderson has the following to say regarding the competition, and his role as SA’s Division Winner for 2021:

What interested you in entering the YCP competition?

Having recently re-entered the credit industry after a short hiatus working in Government, I was drawn to enter the YCP following engagement with the AICM at events and seminars over the past year, along with encouragement of my peers at Oakbridge Lawyers. Like

South Australia By revisiting and reflecting on the fundamentals of credit management. I will also review recent trends and changes in the credit industry, and keep an eye out for legal and policy developments which impact the day to day operations of the AICM’s members.

What are your interests outside of work?

I am an avid reader with a keen interest in history, politics, and public policy. I enjoy travelling throughout regional South Australia (about the only place I can travel at the moment) and exploring our amazing beaches and natural environment, along with our world renowned wine regions.

The SA Division are extremely proud to have Cameron represent them at the Nationals judging and also wish the best of luck to all other State Winners.

The Australian Institute of Credit Management welcomes our Partners for 2021 National Partners Cameron Henderson proudly shows off his YCP trophy.

many industries, the credit industry has encountered many challenges since the start of the COVID-19 pandemic and I am particularly interested in how we, as members, can do our bit to contribute to the national conversation around credit and the economy in these unprecedented times.

How has the AICM contributed to your professional development?

I have attended many AICM seminars, webinars and networking events, all of which have introduced me to wonderful people in the credit industry in South Australia and from elsewhere across the country. I had the pleasure of presenting at the AICM breakfast series in February 2021, which was an excellent opportunity to discuss recent trends in the credit industry and tips and tricks in credit management during the COVID-19 pandemic.

Trusted Insights. Responsible Decisions.

Divisional Partners

Official Division Supporting Sponsors

What current issues in credit management interest you?

I am particularly interested in the significant downward trend of insolvency and bankruptcy throughout the pandemic and its interplay with what is happening on the ground, as experienced by credit managers in their day to day work. I am also interested in the policy mechanisms implemented by the Government in order to prevent the predicted economic pitfalls arising from lockdowns and health based restrictions imposed by the States.

Our National, Divisional and Professional Partners support and work with the AICM to promote the Institute’s activities, represent the Credit Industry and develop the careers of all Credit Professionals. As these organisations support your Institute and your Industry please consider them when you require assistance.

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 71

DIVISION REPORT

How will you be preparing for the national finals?

DIVISION REPORT

Victoria/Tasmania

Cindy Mayne, Sharon Fong, Karen McKenzie, Mandy Khanna (all MyState), Sarah Meridew (Presenter – TasNetworks), Olivia Hicks (Presenter – Endometriosis Australia), Karen Morrisby, Kristy Smith (both Tasmanian Collection Services) and Deb Silver (MyState).

Ivana Griggs (Murdoch Clarke), Shelley Brooks (Rodgers Reidy), Jennifer Bowerman, Georgina McGowan (both PDA Surveyors), Zoe Mackenzie, Bronwen Markham (both Australian Financial Security Authority), Julie Black and Danielle Goodwin (both Aurora Energy).

Presidents report Hello Vic/Tas Members! I am so excited to be writing this report to you this edition being my first since being elected by your division council to represent you as their President.

First on behalf of myself and the council I thank our outgoing President Sherif Hussein for her tireless work over more than three years as a councillor and then our President. A dedicated leader and a passionate credit professional, Sherif we’ll miss you on council.

I’m now to be supported by the spectacular Michelle Carruthers as my Vice President, who puts this magazine together for our division every quarter.

Your wider enthusiastic Council is working towards a common goal: giving back to the credit community.

I’m very grateful to each of my fellow councillors and appreciative for the deep commitment they have to AICM. This council works diligently to bring you events, articles and come up with more engaging ideas to keep our members informed and motivated to be the best credit professionals we can be.

Our other councillors are: Alison Said, Ricky Forster, 72 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Brian Kay, Mary Petreski, Farhan Hossain, Robyn Erskine, Alan Izra, Amaran Navaratnam and of course our Victorian Director – Lou Caldararo. Jump onto the website to learn more about the group that is working to represent our states within the AICM here: https://aicm. com.au/about-aicm/councillors/victas/. We’re planning to establish a few more sub-committees for this coming year and we’re looking for volunteers, so watch this space.

What a rollercoaster it has been here in Vic/Tas over the last few months. We went back into lockdown after successfully holding our YCP judging sessions in person in July. Unfortunately we had to postpone our face to face events in Victoria as the lockdown continued. We “pivoted” and moved to virtual sessions for our info session and the YCP finalist announcement.

We were very lucky to have held the first ever Tasmanian WINC luncheon in September. It was an absolute hit with the locals and we raised over $1,000 for our charity, Endometriosis Australia. I thank the organising committee for all of their hard work.

The Victorian interlopers were devastated to have to miss out on joining you for such a wonderful day.

Victoria/Tasmania

Vanessa McCourt (Huon Acquaculture), Carrie Carrick, (Bennetts Petroleum), Carolyn Hutchinson (Groombridge Civil), Christine Coad (All Tasmanian Towing), Leigh Garth (Bennetts Petroleum), Kylie McGeary (Southern Plumbing), Jill Mundy (Jackmans Group) and Sonya Latham (Clennetts Mitre 10).

Fingers crossed for a bit more stability with our events next year and some more Tasmanian fun.

I’m delighted to be your President for (at least) the next year. We have some exciting things planned for you.

We are here to work for you, our members. Please reach out to any of us on council if you have any bright ideas or something you would love an in depth session on.

We’re all credit geeks, so bring it on and looking forward to seeing you all in person at the next event.

– Catrina Galanti MICM CCE Division President Vic/Tas

2021 Women in Credit – Hobart The inaugural WINC function in Hobart on 10 September was remarkable in that we could all meet, with 47 attendees enjoying each other’s company. The lunch was a great opportunity to re-establish our networks which in recent Covid19 times has been inconsistent due to health orders. Our venue at the Hobart Convention Centre on Hobart’s waterfront was unique and such a picturesque setting.

Jill Munday from Jackmans receives a raffle prize from our fabulous WINC MC Teena Ryan (Woolworths)

Our guest Speaker, Sarah Merridew, provided insight into her professional and personal life, and I was impressed that she conducted research into the origins of credit management and shared her research with us.

A big shout out to Teena Ryan who was our MC for the day. Thank you for your amazing job Teena!

Another big thank you to AICM Event Manager October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 73

DIVISION REPORT

Holly Williams (Self Employed), Kathy Waddington, Jennifer Sparks, Sharon Barker, Katrina De Kaste (all Tasmanian Collection Services), Robyn Aver (Butler McIntyre & Butler) and Brenda Holt (Holts Hardware).

DIVISION REPORT

Victoria/Tasmania

Alisha O’Donovan (Harvey Norman), Shirley Wells, Francis Williams (both Huon Acquaculture), Suzanne Lucas (Coogans Stores), Allison Lonergan (Self Employed), Makayla Daly (Harvey Norman).

Brittney Henderson, who organised this event remotely and ensured the day proceeded without a hitch.

Over $1000 was raised for the charity of choice – Endometriosis Australia. Olivia Hicks of EA was kind enough to share her story and provided a deep insight into a disease that effects many women.

Many ladies were delighted to be the recipients of raffle and lucky door prizes and we thank each of the companies that contributed being: z Bennett’s Petroleum Supplies z CreditorWatch z Equifax z NCI z Results Legal z Tasmanian Collection Service z TurksLegal z Woolworths #StrongerTogether#

The Woolworths team: Skye Callinan, Jessica Lockett, Brigid Nichols, Anne Reid, Annette Joseph and Louise Wright.

– Leigh Garth MICM CCE

Thank you Sherif Hussein Let me start by simply saying thank you, your passion, drive, commitment and leadership for the last 3.5 years as President is a true reflection of your character and professionalism. Under your management you led the Vic/Tas team to take home the President’s Trophy in 2019 which is no mean feat. Another feather in your cap was Sunny Sharma winning the 2019 Young Credit Professional Award.

Your poise and diplomacy kept the Vic/Tas council focused on delivering the high level of events and education sessions to our members. 2020 to now has seen the challenges we all faced and we still are, during 74 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Teamwork for the raffle prizes: Leigh Garth, Jennifer Sparks and Teena Ryan.

this difficult position we find ourselves in as a result of Victoria’s COVID-19 lockdowns. You managed to accept the change and course set by national office to pivot from the traditional face to face events to online sessions during the lockdown periods.

Victoria/Tasmania

– Lou Caldararo LICM CCE Vic/Tas Director

Members in Spotlight

Needless to say, Carole’s motto is “always learning” and she has put herself through courses, training and the AICM membership, mostly at her own cost.

Career advice from Carole – always learn, talk to customers on the phone, not always by email. Build relationships with customers and your sales team.

On a personal note, Carole practices yoga and mindfulness every morning and loves the theatre. She especially enjoys musicals, for example Phantom of the Opera, Lion King and Hamilton. She openly admits that she is not very creative in the traditional sense but what she loves about theatre is the way performers interact with the audience and the audience reacts to the performers who, in turn, react to the audience in a constant cyclic interchange.

Carole McTavish MICM CCE National Credit Manager, Revenue Services, Australia Post

Dennis West MICM

25 years of membership

25 year membership

Carole has been a credit manager and a shared services leader at some very well-known businesses including Sara Lee, Pacific Brands (Hanes), Elders, Orica, IXOM, Toll Group and is now National Credit Manager at Carole McTavish MICM CCE Australia Post.

On behalf of the Victorian Division we can’t speak highly enough about Carole, she has been a huge supporter and promoter of the AICM. From the early days of her career, she has loved attending all the networking events, including the monthly networking nights on St Kilda Road, Christmas parties, state conference and bimonthly dinners. Now she has added keeping her CCE up to date, attending the insolvency seminars and attending the online conferences.

Carole has a business law degree and is very passionate about the legal side of credit. She enjoys simplifying the law to teach her credit team and her sales team, as she truly believes that understanding the law will help you stand out in your career. Ask her about her Knight and Trust example.

Carole began her career in England as a credit controller first in the motor trade and then at a newspaper and has now been in Australia for over 31 years. Carole first role in Australia was at Spotless catering and her potential quickly showed. Her manager Vince Smith saw something in her early on and pushed her forward into training and to be part of the AICM, where she realised that credit management could actually be a career. Vince said if you want to be taken seriously “you need to have a ticket” meaning you can’t expect to get promoted or get your next job unless you’ve done something extra such as training or legal updates.

Dennis, aka Westy, has been at Ripcurl as the National Credit Manager since 2001. He is full of life and energy and has been in the credit industry for over 45 years! He started his career in Perth in 1975 as a credit officer for Atkins Dennis West MICM Carlyle Ltd and then moved to Melbourne as a finance officer at Australia Guarantee.

Nursing was his passion and he worked at Bethany children’s home with the aim of getting into nursing in 1985. However, with a mortgage and a growing family, a previous employer convinced Westy to move back into credit management for Keep Brothers and Car Parts where he stayed for 13 years. After working at Borg Warner and Bridgestone he landed his current role at Ripcurl. Ask Westy about his first day on the job and getting a Shane Warne hair cut to look cool!

COVID has taught him to be very adaptable and lean into more of a psychologist role, treating each customer differently and understanding their circumstances. He prides himself on treating his customers like family and at Christmas time he gets gifts from some of his customers.

(All declared of course).

For 18 years, since his son was 4, Westy has been raising money for Motor Neurone Disease and the Salvos with his Christmas lights, and for the last 3 years prior to Covid he has been named the best Christmas lights in Geelong. Westy is also into hockey and used to play for WA State League & Country Victoria. Then went onto coaching junior and senior teams in Geelong. He now loves spending time with his beautiful partner and trying new cuisines.

National Credit Manager Rip Curl Australia & New Zealand

– Michelle Carruthers MICM

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 75

DIVISION REPORT

Sherif, you are a great ambassador of the AICM and especially the Vic/Tas Council. Your legacy will be continued to be admired by many.

I again say thank you for all your work and dedication to the credit profession. While understanding you might not be on council but the legacy you left for us will continue to educate and motivate all in credit.

It has been a great privilege working together on council for the last eight years, I wish all the very best in your endeavors and continued success for the future.

DIVISION REPORT

Victoria/Tasmania Meet your 2021 Vic/Tas Young Credit Professional Finalists Daniel Alley MICM

Young Credit Professional The YCP program has been a part of the AICM for as long as I can remember, and to this day, is still a highly regarded event within the credit industry.

This year, I had the opportunity to sit on the judging panel alongside two of the most influential people in credit who represented the sponsors ARMA and CreditorWatch – Nikki Dennis and Michelle Carruthers.

We were lucky enough to hold interviews on the 3rd of August face to face during a brief ease of restrictions, 2 days before a heavy lockdown. As a past YCP judge, I have an understanding of what to expect from candidates.

This year however, I was blown away by the calibre of individuals, their level of experience and the amount of effort they put into their submissions for the YCP. The level of passion, dedication and commitment to the credit industry by each individual was not only refreshing, but also inspiring. Each candidate brought something different to the table, and with the level of knowledge and experience we were presented with I can honestly say that all finalists should be extremely proud of themselves for their achievements.

I take this opportunity to thank all finalists, judges, sponsors and the AICM for all of their hard work in this space. I would also like to thank all peers and mentors that encourage our young people to take part in such a career changing program.

– Louie Tzakopoulos MICM

76 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Senior Credit Risk Analyst at Reece Group Congratulations! Daniel Daniel is confident and capable with a passionate interest in credit risk. He has foresight and demonstrates a real curiosity about how the credit industry is changing as a whole, as well as having Daniel Alley MICM a very active interest in the role of AI and data science, which he has applied in his jobs both here and overseas in the UK. One of the key focuses when choosing a winner for the YCP is thinking how they are going to contribute to drive industry change, challenge the norms and impart knowledge through ongoing mentorship.

Daniel is proactive in driving innovation, thinking outside of the box, and problem solving, both in his current and previous roles, streamlining processes using Robotics Process Automation, AI and Machine Learning. He is also clearly relationship driven, a good communicator, and has strong coaching and mentoring skills. This is evidenced in part by having been a successful Youth Group Leader for 5 years, a maths tutor for 7 years, and a soccer captain for 4 years.

Daniel makes us excited about the future of the credit industry, his enthusiasm and drive is infectious.

Alex Hawtin MICM Legal Recoveries & Reporting Officer, Middy’s Electrical (Tony Mammone Award winner) Alex presented well and had a really engaging manner drawing us in immediately to his various achievements around automated credit solutions and conflict Alex Hawtin MICM resolution; going the extra mile to improve both internal processes and outcomes, as well as the customer experience.

His credit knowledge is wide and varied covering everything from customer onboarding through to PPSR, unfair preference claims, creditors meetings, insolvencies and legal processes. This vast experience is testament to his work ethic which has been demonstrated from

Victoria/Tasmania

Zarah Butcher MICM Finance Officer, Mecwacare It was interesting hearing Zarah’s ideas around the future of the credit industry.

Zarah made an important point about the fact that while there is a continued need to automate and streamline processes, the human element and ‘empathy’ will always be Zarah Butcher MICM needed to run hand-inhand both to help interpret the data and to connect with customers on a human level.

Brigid Nichols Accounts Receivable Clerk, Woolworths Group Brigid has a good understanding of hardship, particularly in the Covid aftermath dealing with cafes and restaurants and had an admirable focus on fostering genuine customer relations throughout the entire credit management process.

Brigid Nichols – Nikki Dennis MICM

The Australian Institute of Credit Management welcomes our Partners for 2021 National Partners

Trusted Insights. Responsible Decisions.

John Torounoglou MICM National Account Director, illion John demonstrated an in-depth knowledge of different industry sectors from his client dealings. John is a real problem solver, not afraid to challenge clients and seek out better ways of doing things, which helps position him as an expert within his field.

Divisional Partners

CREDIT MANAGEMENT SOFTWARE

John Torounoglou MICM

Official Division Supporting Sponsors

Natasha Clarkson MICM Credit Officer, DuluxGroup Natasha has made a great achievement in managing the update of the point of sale system, that shows real practical project management and people skills. She is also not afraid to put her hand up when she doesn’t know the answer and is always there for her team.

Our National, Divisional and Professional Partners support and work with the AICM to promote the Institute’s activities, represent the Credit Industry and develop the careers of all Credit Professionals. As these organisations support your Institute and your Industry please consider them when you require assistance.

Natasha Clarkson MICM

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an early age, not being afraid to get his hands dirty literally (having being a kitchen hand whilst studying), to consistently seeking out new responsibilities and learning opportunities within his roles.

His continued thirst for knowledge is evident; he is currently pursuing a Masters in Professional Accounting in his spare time and he even had questions for the judges, seeking out our thoughts and insight as part of the interview process,which was great!

DIVISION REPORT

Western Australia/Northern Territory

WA Division President presents 2021 WA YCP Vaibhav Gupta with his trophy.

An ecstatic Debra Allen wins the lucky door prize.

Presidents Report Hard to believe that we have rounded the final bend and are now starting to accelerate into the last quarter of the calendar year, with Christmas fast approaching! Before long, we will be closing the curtain on 2021 and welcoming in the new year with new hopes and plans in face of uncertainty yet again. What is certain is that credit will still be a thing, money will still need to be collected and we will still need to front up each day to do what we do best!

As I may have forecast in my July report, our plans to hold the YCPA Proud Westrac team supporting their YCP finalist – Laurence Torpy, Stacey Newman, Scarlett D’Agnone (with her certificate), Julia Brazier, Nimisha Lad, Sharon Thiart and Gala Evening on the last Friday in Fiona Newman.

July had to be put on hold briefly as a COVID scare eventuated a snap lockdown and forced a reschedule to late August. We our attention to October and the National Conference, are extremely fortunate in the West that this only lasted with the cloud of COVID still hanging depressingly in for a week, and we can only imagine and empathise the air. Anticipation turned to disappointment when it with our Eastern colleagues as many of them are, at the became obvious that a face-to-face event would not be time of writing still subject to lockdowns and enforced possible, and we now know that again, the Conference restrictions. We are most definitely with you throughout will be held virtually. None the less, the conference will this difficult time. provide huge value to members, and I encourage all Our YCPA was held at Crown Perth on 27 August, WA members to take part in this. CCE points are still on and a separate piece in this edition gives an overview offer, and the insights and learnings you will take from of what was a very successful event. Our finalists, the sessions are invaluable.

Scarlette D’Agnone and Vaibhav Gupta both presented There was one other small event held in the extremely well. Congratulations to our winner, Vaibhav West during September, an event brought about by Gupta who now joins the WA Divisional Council where I circumstances that are just too extraordinary to pass know he will add great value to our YCP portfolio. by without a comment. I did comment before on our With the conclusion of the YCP Event, we turned heartfelt thoughts and prayers to our colleagues in the 78 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Western Australia/Northern Territory

SV Partners out in force: Nirav Shah, Gus Oliveira, Malcolm Field and Elny Martin.

WA Division President Troy Mulder, Scarlett D’Agnone, Vaibhav Gupta with WA Director Rowan McClarty.

– Troy Mulder MICM CCE WA Division President

Young Credit Professional Awards Friday 27th August 2021

at Crown Perth After suspending the event in 2020 due to COVID restrictions and impacts, the WA Division was fortunate to be able to hold its 2021 AICM Young Credit Professional of the Year award in a face-to-face event at Crown Perth on Friday 27 August, after rescheduling from late July due to a snap lockdown.

In front of a small and intimate gathering, Host and MC, WA Divisional President held the audience engaged as finalists Scarlett D’Agnone of Westrac, and Vaibhav Gupta of Metroll were introduced to their peers on the grand stage.

Sadly, YCP Sponsors could not be in attendance due to COIVD related travel restrictions, however WA Members heard from both Patrick Coghlan from CreditorWatch and Andrew Smith from ARMA via video message, who shared their disappointment in not being able to attend but sent their wishes and best regards.

Over dinner and drinks, and the wonderful service from the Crown staff, attendees were entertained during the presentations by the alluring and talented Taleisha Harris, whose wonderful music and melody provided the perfect backdrop for the evening and provided welcome respite from the hosts best attempts to provide comedic relief through several cringeworthy dad-jokes and anecdotes!

As with all YCP events, there can be only one state winner, and the night reached its pinnacle with the announcement that Vaibhav Gupta of Metroll was the the 2021 WA AICM Young Credit Professional of the October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 79

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East enduring through extended lockdowns, but I have been quick to remind them of the fact that rightfully, the AFL Grand Final made its way to Optus Stadium (or Perth Stadium as us Sandgropers call it), the best stadium in the Nation, and what a spectacle seeing Melbourne take on the Western Bulldogs and emerge the eventual and deserving winners of the 2021 Premiership.

Witnessing the success of this event, and the expertise with which Western Australia handled it, I have of late, cheekily suggested to our CEO that we should consider moving some of our AICM events (“ahem, National Conference”) to WA where Margaret River and Rottnest Island are not the worse places to quarantine – wishful thinking right?

The WA Council is now turning its focus to the National (Virtual) Conference and then onto the Pinnacle Awards and our End of Year function, to be held in early December at a venue to be confirmed. Our EOY Sundowner last year at the Camfield (which is also at the new home of the AFL, Perth Stadium) was an exceptional event and we are sure that this years will be just as successful, and a fitting end to what has been another challenging year in credit (and life!) in Australia.

DIVISION REPORT

Western Australia/Northern Territory

A proud Vaibhai Gupta surrounded by colleagues and family.

Stacey Newman and Scarlett D’Agnone (Westrac).

Nirav Shah (SV Partners) with Jeremy Coote (BGC).

Year, celebrated by a big contingent of his colleagues from Metroll.

Congratulations to both Scarlett and Vaibhav on their achievements, and thanks to WA Members and guests for making the night a memorable one. Thanks also to the WA Council Members in attendance for their assistance during the evening, Taleisha Harris for her entertainment and all staff at Crown for their wonderful service and attentiveness.

out of my comfort zone. Working in the credit industry has been my passion and being part of this opportunity has opened doors to networking, built my confidence, and showcase my knowledge for credit.

I am excited to strive harder and leverage off the opportunity that has been given to me.”

– Vaibhav Gupta MICM

Vale Malcolm Pickles LICM Meet our newest Young Credit Professional I am extremely privileged and honoured to receive the YCP award. The journey has been exigent in terms of expanding and harnessing my skills and for me to step 80 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Malcolm was a long serving and highly respected member of the West Australian credit management community indeed the AICM. Mal was an enthusiastic promoter of all the principles within the key role of Accounts Receivable for his employer and encouraged a spirit of camaraderie among

Western Australia/Northern Territory

his peers in the WA building industry. He was one of the mainstays behind WA’s leading Credit Bureau of that era, the Allied Building Trades Association or, as it was affectionately known, the ABTA which provided a framework of realtime support to members and the industry more generally. It was through Mal’s dedication that the bureau survived many ups and downs and his employer Bunnings effectively underwrote it with a large member fee contribution.

Mal was a gifted leader and willing to demonstrate positive advantages of excellence in Credit Management.

Both past WA Division Directors Steve Mitchinson and Steve Thomas recall that Mal was always one of the first to introduce himself to new members of the institute and to make them welcome at industry events.

Many of us benefited from Mal’s words of wisdom and guidance over long period of time. Life Member Bill Walter recalls that his first contact came when he was appointed Credit Manager at Whittakers in 1977 and was very new to the building industry. Bill recalls that Mal was always willing to help him on credit control even though our companies competed with each other.

Mal earned the respect of the insolvency professions even though he was firm when they became “casual” in their work.

Former colleague Dan Dowsett recalls that Mal always had a positive word for people and his senior management held him in high regard.

Once Mal retired many of us lost contact however we believe he was very keen on his lawn bowls.

Malcolm Pickles made a very significant contribution to growing professionalism of the credit industry and AICM. He will be sadly missed.

The Australian Institute of Credit Management welcomes our Partners for 2021 National Partners

Trusted Insights. Responsible Decisions.

Divisional Partners

Official Division Supporting Sponsors

Our National, Divisional and Professional Partners support and work with the AICM to promote the Institute’s activities, represent the Credit Industry and develop the careers of all Credit Professionals. As these organisations support your Institute and your Industry please consider them when you require assistance.

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 81

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Gus Oliveira, Nirav Shah, Malcolm Field (all SV Partners).

Kevin Allen (Equifax) with his wife Debra Allen, Adam Doyle (NCI) and Elny Martin (SV Partners).

DIVISION REPORT

New South Wales Presidents Report I am genuinely humbled and honoured to introduce myself to you all, my name is Theresa Brown and I will be your NSW Divisional President for the next 12 months. A little bit about me: I am a full time working mum of two beautiful teenage girls (Jasmin & Madison), I love spending time on the weekends taking long walks with my husband (Mick) and our two Theresa Brown MICM CCE cheeky puppies (Remy & Koda).

When not thinking about the AICM, I thoroughly enjoy my day to day role as Associate Director – Credit & Fraud Operations at Optus.

I have always had a wonderful relationship with the AICM, my first introduction was as a YCP candidate back in 2008, shortly after I joined as a member and for many years enjoyed attending conferences and training sessions. A few years back I plucked up the courage to sit the CCE exam, before joining as a NSW council member, not long after was promoted to NSW Vice President and separately as a Founding member of the AICM Education Foundation. And now NSW President…. It is fair to say that I have been an AICM Ambassador long before taking stepping into the Presidency role.

Taking on this new role is a little bittersweet, not only am I excited to see both myself and James Smith (NSW Vice President) step up into new challenging positions on council, but we also see the inspiring Balveen Saini resign as President but (thankfully) staying on council in a non-executive position. I have complete admiration for Balveen and for all of her efforts as President. Balveen took on the role under difficult circumstances, fostered a unified council, was unreservedly professional at all times and made long lasting genuine relationships with both members and sponsors alike and if that wasn’t enough she became a first time mum during her term as president. Thank you Bal for being an inspiring leader and a true friend.

I am excited for the next 12 months, both James and I aim to bring fresh fun ideas to the AICM NSW Members.

To help us achieve this we welcome to the team Gary Poslinsky, Gary is a great addition to the council bringing along an infectious bubbly personality and a wealth of industry knowledge. I know Gary will be a welcomed asset to any portfolio he is assigned to, Welcome aboard Gary!

For the past few months I have had the pleasure of working very closely with our YCP Finalists and can I say we have definitely been spoilt for choice! Through the judging and mentoring sessions we have challenged 82 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

the candidates with interviews, pop-up quizzes, networking events and workshopped presentation ideas.

Each candidate has brought a different background and experience but one thing is for sure, they all have a great passion for the industry and strong desire to win! I wish we could have 6 winners but for now I wish them all GOODLUCK!

Upcoming events: z We are currently planning a “virtual coffee chat” where you will have an opportunity to meet our council members & sponsors, here you can raise any questions you may have, put forward any suggestions for future events/webinars as well as have a general chat about what you are experiencing in your day to day. z WINC, unfortunately due to ongoing lockdowns, we have had to postpone our WINC event once more.

Whilst we have not yet finalised the new date, it is likely to be early next year, we will of course keep everyone updated once more information comes to hand. z PLUS, stayed tuned for details for both National YCP announcements & Pinnacles (fingers crossed these will both be an in-person event!)

For now, stay safe and hope to meet you all soon!

– Theresa Brown MICM CCE Divisional NSW President

NSW 2021 Annual General Meeting The NSW AGM went ahead virtually on Wednesday 8 September. There was a strong attendance by NSW members and council members.

In the meeting we ran through the Presidents report where Balveen shared some of the highlights from the year being: z Long-time supporters, CreditorWatch and Paycepaid formally joined as a Divisional Partner of the AICM. z The toolboxes and workshops have been very well received as NSW has reported record registrations by the current membership base. z The annual Young Credit Professional (YCP) Cocktail Function was substituted with an awards evening on 20 August 2020 where Christopher Holden, Credit Officer at Electrolux, was awarded NSW’s YCP. z Sponsored by Equifax, Results Legal and NCI, Women in Credit (WINC), was held at Dockside on 27 November 2020. WINC was a huge success, and with the added bonus of raising $4,619.23 for Beyond Blue, who were WINC’s chosen charity for 2020. z There were some great face to face events towards the earlier half of 2021 with the Insolvency Seminar, Youth Networking Night and Technology in Credit Seminar. z Council movements: Chris Lagana resigned from this

New South Wales DIVISION REPORT

position on the NSW Council. Chris served the Division honourably and his dedication to the Institute is commendable. A big thank you to Chris who worked tirelessly on the publications portfolio on Council.

We heard about the financial position of the NSW division, the keynotes being: revenues were significantly impacted by the inability to hold events since March 2020 but overall the division still returned a small surplus which is a great result given the circumstances.

The NSW councillors were given the option to exit, renew or commence their position on council – here we were delighted to welcome Gary Poslinsky to council – be sure to check out his BIO later in this NSW Division Report.

Meet our newest YCP – Olivia Berger

What does it mean to you, to be crowned NSW YCP? It is such an honour to be given the opportunity to participate at the state, and now national level of the AICM YCP award.

To have been announced as the division winner for NSW, from such an exceptional group of finalists, was an unbelievable experience and one that I won’t forget or take lightly.

My hope is that, through this, I can inspire others to take on similar challenges and move beyond their comfort zones, to gain access to the learnings and opportunities that are awarded as a result.

Why do you think the YCP award so important?

I think the YCP award is so important because it recognises and celebrates people who take pride and demonstrate passion in their work and the broader industry.

As a program tailored specifically to those in their career’s early stages, the YCP is able to connect likeminded people and provide its participants with opportunities to forge lasting relationships, which I have no doubt will prove invaluable as we continue to support each other through the growth of our careers.

What did you learn throughout the YCP process?

The YCP process has provided me with an invaluable learning experience, both in my own personal skills and my knowledge of the industry and industry-specific content.

From a personal perspective, the process taught me how to prepare for high pressure situations, and to have confidence in my own abilities. By being given the opportunity to present to a group of peers and industryexperts, I was challenged and pushed beyond my comfort zone. This experience has left me well-equipped

Olivia Berger proudly displays her trophy.

to face situations within my working life with a renewed confidence and self-belief.

The breadth of expertise held by the panel, as well as the other applicants, also encourages you to learn and explore every facet of our industry. This has pushed me to build a far more holistic and complete view of Credit and the interplay of its parts.

What would you say to those considering applying next year?

In three words: please do it! I think the YCP provides such a rare and invaluable experience, no matter what the outcome. Anyone who knows me, knows that I am not a natural public speaker – so I definitely had my reservations whilst applying. I am so grateful to my manager for believing in me and encouraging my application, as it has been the single best thing I’ve done to overcome my fears.

The YCP has really demonstrated to me the opportunities that await when you push yourself and pursue new challenges, and has encouraged me to actively seek these out.

Thank you so much to the AICM, CreditorWatch and ARMA for creating such an unforgettable and rewarding experience for all involved!

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 83

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New South Wales Member in spotlight Frank Fodor MICM - 30 Years

Frank has been an AICM member for 30 years and is one of our most loyal and longest serving members. Since 1987 when Frank started Executive Collections, he has steered it to what it is today; a highly successful mercantile agency spanning the eastern seaboard. Executive Collections Frank Fodor MICM now services the collections requirements for a multitude of commercial clients, multiple State Government Departments & many Local Councils across NSW, VIC & QLD. I spoke to Frank during the middle of the Sydney lockdown. We discussed the impact of COVID on the collections business and the difficulties faced by the industry. He credits his company’s success during this period to his hardworking staff, dedication to clients and a good mix of commercial and statutory body clients.

It was nice to hear Frank comment on the value he attributes to his long time connection with AICM, which spans from the 1980’s when interest rates ran at nearly 20 per cent, right up until now, which sees the situation in complete reverse. While it may not be Frank personally who these days attends a National Conference or AICM seminar, there is usually an Executive Collections representative in the audience somewhere.

– Sam Pearlman MICM CCE

Councillor Profile – James Smith

When I was a young boy growing up in Newcastle I certainly didn’t dream of becoming a debt collector. Maybe a police officer, a dentist or even a builder like my Dad. Like many, my career in credit began as a happy accident – for me it was 2012, I was studying at the University of Queensland in Brisbane and I needed a part time job. When I James Smith MICM CCE arrived for the interview I must admit I did not really understand what the company did or what the job entailed but my application was successful and just like that I jumped right in on the phones. I found myself talking to customers who owed money for all sorts of reasons and to all sorts of organisations, telcos, energy, credit cards, pay day loans – you name it. The debt was purchased from the original 84 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

credit provider and was some of the toughest to collect because by this point we were not the first (or second, or sometimes third) company to have tried. The people that I was talking to came from all different backgrounds, financial situations and varied in their willingness or capacity to “resolve their accounts”. One thing that was consistent though was I felt it was my obligation to treat people with respect, dignity and take a positive approach to debt collection. Not only did I feel that this was morally the right thing to do, but also I found that it got better results – for everyone involved.

Not long after I was promoted to Dispute Resolution Manager dealing with some of the most difficult complaints, including those that had been escalated to the Ombudsman level. I found my university studies in psychology to be very helpful in understanding people’s behaviour and negotiating difficult but mutually agreeable outcomes to disputes. I was and still am interested in how people find themselves in debt, how they respond to it and how I can help them to overcome their financial challenges. The most satisfying and rewarding debt collection calls often start with a lot of conflict, heightened emotion and negativity but end in both the customer and myself thanking each other for taking the time to understand the situation, finding common ground and putting in place a plan to get the debt paid so that we can move forward.

Not long after graduating in 2014 I found out that my cousin (not uncle) Andrew Smith was also working in the credit/debt collection industry in Sydney. Being the brilliant salesperson he is it didn’t take long until I found my life uprooted again and before I knew it I was driving my ’66 Hillman Minx from Brisbane to Sydney to work at a tiny start-up debt collection company called Australian Recoveries & Mercantile Agents (ARMA).

I have been working at ARMA now for more than six years, with my roles spanning operations, dispute resolution, compliance and now sales and account management. ARMA takes the concept of respectful and positive debt collection techniques to an organisational and company culture level – something that I am so incredibly motivated by and proud to be a part of.

As someone who has worked in and understands the operational side of the debt collection business I find that this experience gives me credibility in my sales role. This is because in many cases I have found myself in my client’s shoes and can relate directly to their needs. When I started my career I never thought I would be working in a sales role but my genuine belief in the value of the services that we provide and the problems that we get to help our clients solve makes each day at work incredibly rewarding.

After moving to Sydney in 2015 one of the first events that I attended was an AICM YCP Awards Night. I was inspired by the talented finalists and the incredible support and mentorship that senior credit leaders within

New South Wales companies publicise details of their major shareholders and the information is easy to obtain from them.

Last week I had an unlisted public company approach me and I had to obtain the information direct from them.

They are not required to put it in the public domain but instead maintain their own register of shareholders, available to members only.

If I want to check this data down the track then back to the customer rather than subtly through ASIC or a reseller of this information such as illion etc. I am unable to get alerts if there are changes. I’ll stop there.

Perhaps the AICM could lobby for change?

The Australian Institute of Credit Management welcomes our Partners for 2021

– James Smith MICM CCE

National Partners

An open letter to all NSW CCE’s The Certified Credit Executive (CCE) is the highest recognition of a credit professional in Australia. To certify you need to confirm your skills and knowledge through an exam process and to maintain currency of your CCE you need to recertify every three years.

This recertification demonstrates maintenance of your knowledge and that you are staying abreast of legislative changes and ongoing credit best practices.

I have spoken with many of you in the last year or two, to help you work through the recertification process, and whilst I remain happy to do this I make one suggestion to you. As you complete an exercise which earns CCE points send an email to the AICM office (aicm@aicm.com.au) letting them know you have just done so. This will mean you will recertify as a matter of course and not have to complete forms and look back on past activity.

When I attend an illion, Equifax, Creditorwatch, Results Legal, Turks or whoever webinar I send the email invitation to the AICM (aicm@aicm.com.au) with a simple request to be awarded the point (s) for that session. You don’t need to do that for AICM events as the office will automatically accredit your points, but they don’t know what else you do.

I really do suggest you do the same, please.

Trusted Insights. Responsible Decisions.

Divisional Partners

CREDIT MANAGEMENT SOFTWARE

Official Division Supporting Sponsors

– Grant Morris LICM CCE

What really gets my goat It’s important to me to know who the owner of the business is with which I am dealing. Sole traders and partnerships – easy. With private companies I can search ASIC, or a reseller of this information such as a bureau, eg: illion and easily learn the shareholders. Listed public

Our National, Divisional and Professional Partners support and work with the AICM to promote the Institute’s activities, represent the Credit Industry and develop the careers of all Credit Professionals. As these organisations support your Institute and your Industry please consider them when you require assistance.

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 85

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the AICM had to offer. The very next year I put my hand up to become a YCP candidate, I would go on to be a NSW Finalist twice and NSW winner once. To me the result never really mattered, getting involved, learning as much as I could and never giving up were the most important things. Now as a proud member of the NSW Divisional Council since 2019 and having recently been elected to the role of NSW Vice President my goal is to continue to give back to the AICM and the credit community. I am forever grateful for the support of mentors, colleagues and most importantly friends that I have made and see it as my responsibility to give back to future credit professionals in every way that I can.

If you’ve gotten this far thank you so much for reading – I love talking about credit, debt collection and a whole range of other topics. You can contact me on 02 9154 7010 or james@armagroup.com.au. It’s always great to connect with new people.

DIVISION REPORT

New members The Institute welcomes the following credit professionals who were recently admitted to membership between July and September.

Australian Capital Territory

Nalini Muthanna

NTT Australia Pty Ltd

Nisha Desai

Alicia Olsen

Credit Collections Services Group Pty Ltd

Ivelina Paneva

Aon

Herme Pante

Hunter Bay Financial

Sunil Pillai

Woodwards Foods Aus Pty Ltd

Rickey Pillay

Deloitte Touche Tohmatsu

Jason Rebeiro

Optus

Mark Ritchie

CCSG

Naomi Rolfe

Bega Cheese

Joseph Safi

ARMA

Hayley Sheen

CCSG Collect

Anil Sironmani

Deloitte Touche Tohmatsu

Narissa Sitthirat

Optus

Dhruv Sud

Deloitte Touche Tohmatsu

Jocelyn Tannous

Master Wealth Control Pty Ltd

Tania Tran

Veolia

Richa Verma

Veolia Environmental Services

Scott Williams

Nutrien Ag Solutions

Clive Wing

Equifax

Bega Drinks and Dairy

New South Wales Angela Axisa

Holcim Australia Pty Ltd

Angelita Bernadus

Holcim Australia Pty Ltd

Joseph Bernier

Optus

Amanda Best

Aon

Geraldine Case

Aon

Annie Chau

MM Plastics Pty Ltd

Yoyo Chen

Thrifty

Michael Cheng

Holcim Australia Pty Ltd

Sean Cockerill

CCSG

Lucinda Curry

CCSG Collect Pty Ltd

Jessica Duarte

CCSG

Lynley Everest

CCSG

Peggy Gineta

Deloitte Touche Tohmatsu

Khemendra Goundar

Holcim Australia Pty Ltd

Mel Grech

Aon

Shant Hovagimian

Nutrien Ag Solutions

James Hunt

Holcim Australia Pty Ltd

Maxine James

Deloitte Touche Tohmatsu

Jayan Jayasooriya

Lantrak NSW Pty Ltd

Nick Johnson

Singtel Optus Pty Ltd

Kate Johnston

Optus

Keiani Johnstone

Credit Collections Services Group

Raminder Kaur

Coregas Pty Ltd-Wesframers

Lesley King

Deloitte Touche Tohmatsu

Saleshni Kumar

Holcim Australia Pty Ltd

Pravin Kunhiraman

Equifax

Sharlain Larkin

CCSG Collect Pty ltd

John Li

mecwacare

Ben Lowe

Finstro

Chris Marcantelli

CCSG Collect Pty Ltd

Ying Marriott

Home

David McDonald

Optus

Roni Millard

Equifax

Rebecca Mouawad

Optus

86 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

Northern Territory Sandra Kantros

Power Water Corporation

Queensland Lauren Broom

Lantrak

Amy Burde

Findex (Aust) Pty Ltd

Rhys Chamberlin

Vinidex Pty Ltd

Suzanne Dassen

Aon

Helen Dickson

Optimum Recoveries

Benjamin Ebelt

Holcim Australia Pty Ltd

Anita Finnis

Bis Industries Limited

Jill Ford

Lantrak Pty Ltd

Kath Hack

illion

Carmen Hernandez

Stoddart Group

David Howard

Wyndham Destinations

Stephanie Hughes

Cloud Collections Pty Ltd

Ravya Jain

Innovate Access

New members

JHK Legal Australia Pty Ltd

Victoria

Matthew Joiner

Cor Cordis Chartered Accountants

Melissah Allan

Bega Cheese Limited

Wes Kolka

Stoddart Group

Chris Baker

Lantrak

Kylie Lagerroth

Cor Cordis

Matthew Booth

illion

Tamra Langdon

Holcim Australia Pty Ltd

Angela Giakoumakis

William Adams Pty Ltd

Mark Lathwell

National Credit Insurance (Brokers) Pty Ltd

Tyran Groves

Moula Money

Liam McMahon

Enyo Lawyers

Maree Hill

Lantrak Pty Ltd

Dafydd Owen

Aon

Jim Karakyriakos

CollectAU

Melissa Rafferty

Optimum Recoveries

Guannan Lu

Bega Dairy and Drinks

Matthew Spann

NCI

Jamie Mason

Reece Pty Ltd

Mitchell Steven

MM Electrical

Shaun Matthews

Cor Cordis

Grace Tapine

Innovate Access

Carla Morales

illion

Sally Taylor

Scotpac Business Finance

Tania Murfitt

Findex (Aust) Pty Ltd

Kristy Verner

Optimum Recoveries

Gareth Nicholls

Aon

Samantha Wooding

SGT Legal Pty Ltd

Charlotte Pennicott

Reece Pty Ltd

Spiro Pikoulas

Australian Recoveries and Mercantile Agents Pty Ltd

Christopher Ross

illion Australia Pty Ltd

Eric Seignol

AON

James Short

Reece

Rodger van Buren Schele

Lantrak Management Pty Ltd

Phuong Vu

Intrax Consulting Engineers Pty Ltd

Clare Whitworth

illion Pty Ltd

South Australia Yasmin Adamopoulos

National Credit Insurance (Brokers) Pty Ltd

Sonia Battersby

Eagers Automotive

Lorraine Cook

Northline

Mark Evans Paul Holmes

National Credit Insurance (Brokers) Pty Ltd

Georgina Porter

Northline

James Thornberry

National Credit Insurance (Brokers) Pty Ltd

Carly Voiklis

National Credit Insurance (Brokers) Pty Ltd

Tasmania Martyn Wells

TASCORP

Western Australia Dan Chapman

Aon

Vaibhav Gupta

Metroll Perth

Dermot Horkan

Water Corporation

Brian McClure

Keystart Loans Limited

Matthew Teh

Nutrien Ag Solutions

James Watson

Cor Cordis

Reina Mendoza

Wyndham Destination

Overseas Annelize van Blerk

Findex NZ Limited

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 87

DIVISION REPORT

Daniel Johnston

AICM Marketplace Directory of services For information, options and pricing please contact Andrew Le Marchant on +61 2 8317 5052 or E: andrew@aicm.com.au COLLECTIONS AICM Divisional Partner

AMPAC Debt Recovery Level 5, 35 Clarence Street Sydney NSW 2000 Tel: 1300 426 722 Email: info@4ampac.com.au Web: www.4ampac.com.au Trust AMPAC, we guarantee to give you the right advice……

AMPAC provides a complete range of debt recovery and receivables management services to big business, government and thousands of SME’s nationally, so next time you are deciding how to deal with that difficult customer, pick up the phone and call us. We are ready to help you too.

COLLECTION SYSTEMS AICM Divisional Partner

Esker Australia Pty Ltd Suite 1502, Level 15, 227 Elizabeth Street, Sydney NSW 2000 Tel: 02 8596 5126 Email: info@esker.com.au Web: www.esker.com.au Cash is the heartbeat of your business, so give your AR department the tool they deserve! Esker’s AR solution help companies reduce costs for invoice delivery, accelerate their cash collection process and automate the reconciliation of payments. Contact us to easily achieve your cash collection goals, tackle root causes of payment delays and reduce collection disputes while improving customer relationships.

AICM Divisional Partner

COLLECTION SYSTEMS

INFORMATION

AICM Divisional Partner

AICM Divisional Partner

Paycepaid

CreditorWatch

Tel: 1300 438 729 Email: hello@paycepaid.com.au Web: www.paycepaid.com.au

GPO Box 276 Sydney NSW 2001 Tel: 1300 501 312 Web: www.creditorwatch.com.au

Paycepaid is an automated accounts receivable and invoicing solution. We automate your payment reminders to your customers via customisable Emails, SMS and IVR calls, saving you hours of manual work and getting you paid faster. l Create and manage invoices l Automate payment reminders l Customer self-serve portal: download invoices, make payments, see payment history l Can be white labelled and fully customisable

CreditorWatch is a leading commercial credit reporting bureau used by over 50,000 businesses across Australia. CreditorWatch offers a variety of products including customer monitoring/alerts, credit reporting, an indepth trade program and online credit applications to assist with customer onboarding and decisioning. Contact us today for more information or to organise a FREE TRIAL of any of products.

CONSULTANCY

AICM National Partner

AICM Divisional Partner

Equifax

Credit Solutions Unit 1/245 Fullarton Road, Eastwood SA 5063 Tel: 08 8418 1450 Email: gcrowder@creditsolutions.net.au Web: www.creditsolutions.net.au Credit Solutions, a division of the Credit Clear Group. A debt collection partner you can trust.

Working with some of the country’s leading providers of information management and data intelligence solutions. Since 1965 Credit Solutions has set the benchmark for providing quality collection and recovery services to South Australian businesses and government.

Tel: 13 83 32 Web: www.equifax.com.au Equifax is a global information solutions company, providing data and insights that help organisations and individuals make more informed decisions.

As a leading provider of credit information and analysis in Australia and New Zealand, Equifax serves key markets in risk management, marketing services and HR solutions.

Drawing from trusted sources to compile and process data, Equifax helps its customers see things and make connections that others can’t.

AICM National Partner

DISTRIBUTION & PRINTING AICM Divisional Partner

Trusted Insights. Responsible Decisions.

illion

CREDIT MANAGEMENT SOFTWARE

Tel: 13 23 33 Web: www.illion.com.au

Lane Communications OnGuard Tel: 1800 123 613 Web: www.onguard.com OnGuard’s Credit management solution will help you hit your collection targets – each and every month.

By working smarter and providing better visibility, OnGuard will help you reduce your DSOs. Why not give your staff a friendly solution that will make their life so much easier.

Contact us to show you how OnGuard has made life a whole lot easier for our customers.

Tel: 08 8179 9900 Web: www.laneprint.com.au Lane are widely regarded as one of the largest and most technologically advanced print production and distribution companies in Australia. We are an industry leader in digital and offset print, point of sale signs, complex embellishments and print finishing, storage, kitting and mailing. With innovation at our core, our services extend beyond transactional mail and promotional print production to include SMS, bulk email communications, and electronic billing solutions. Lane are your partner in print and multi-channel communications.

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Dun & Bradstreet has changed. We are now illion.

Bringing data, analytics and insights to life is at the heart of what we do, and we will continue to break new ground in the product development and innovation space. Our commercial and consumer databases enable Australian businesses and consumers to make informed decisions, based on real time data drawn from an extensive range of sources. We remain a reliable and trusted partner to a wide range of global organisations, who use our solutions for credit reporting, risk management, sales and marketing and receivables management.

AICM MARKETPLACE

AICM Marketplace Directory of services For information, options and pricing please contact Andrew Le Marchant on +61 2 8317 5052 or E: andrew@aicm.com.au INSOLVENCY AICM Divisional Partner

BRI Ferrier Unit 3, 99-101 Francis Street Northbridge WA 6003 Tel: 08 6316 2600 Fax: 08 9227 8008 Email: info@brifwa.com.au Web: www.briferrier.com.au BRI Ferrier is a national affiliation of insolvency accounting firms with offices across Australia as well as the United Kingdom and New Zealand. BRI Ferrier prides itself on being experts in business recovery, insolvency, forensic accounting, and advisory.

All BRI Ferrier offices offer extensive experience across several industries, laying the foundation of our outside the box reputation. At BRI Ferrier, we focus on providing transparent solutions to financial challenges to help financially distressed businesses and individuals recover, change, and renew.

LEGAL

INSOLVENCY AICM Divisional Partner

Oakbridge Lawyers Pty Ltd

SV Partners Level 8, 68 St George’s Terrace, Perth WA 6000 GPO Box 2527, Perth WA 6001 Tel: 08 6277 0026 Fax: 07 3229 7285 Email: perth@svp.com.au SV Partners is a specialist accounting and advisory firm with 17 offices across Australia. Our expert accountants have the skills and experience to provide tailored insolvency, turnaround and advisory services. We partner with professionals and their clients, providing expert advice with a human touch.

AICM Divisional Partner

Tel: 1300 265 753 Web: www.jirschsutherland.com.au/

insolvencyintelligence/ Email: intelligence@jirschsutherland.com.au Insolvency Intelligence: a specialist provider of insolvency and turnaround advice and services for credit managers. Backed by national firm Jirsch Sutherland, our friendly team is just a phone call or email away, providing members with practical, strategic advice about corporate and personal insolvency. Free initial consultation; networking opportunities; training and presentations; knowledge database access. Contact us now to find out how we could assist you.

Tel: 1300 154 597 Email: contact@oakbridgelawyers.com.au Contact: Nikita Klar Web: www.oakbridgelawyers.com.au Oakbridge Lawyers is a national specialist credit litigation firm. Our friendly and experienced team understands that recovery action must be prompt, cost-effective and strategic, and we consistently achieve exceptional outcomes for our clients.

Oakbridge acts for a broad range of creditors (from ASX listed entities to SMEs and everyone in between) in all major industries. Oakbridge Lawyers are also experts in the PPSA, privacy law and insolvency law.

AICM Divisional Partner

Results Legal

Vincents Insolvency Intelligence for Credit Managers

National Supporting Sponsor

Level 34 Santos Place, 32 Turbot Street Brisbane QLD 4000 Tel: 1300 VINCENTS

(07) 3228 4000 Web: www.vincents.com.au We live in a world of increasing complexities; the need for true expert advice is now more evident than ever. Established for more than 25 years Vincents is an Australian firm of accounting experts and business advisers specialising in assurance and risk advisory, business advisory, corporate advisory, financial advisory, forensic services, and insolvency and reconstruction. Gain insight and take control with Vincents.

Level 4, 183 North Quay Brisbane QLD 4000 Tel: 1300 757 534 Web: www.resultslegal.com.au Results Legal is a national firm with a focus on promoting and protecting the rights of trade creditors.

Our clients are some of Australia’s largest trade credit companies who rely on our assistance for legal recovery, dispute resolution, preference claim defence and PPSA rights. Results Legal are the obvious first choice for companies seeking a national solution to resolve commercial disputes and pursue swift, successful and cost effective legal recovery action.

AICM National Partner LEGAL

AICM Divisional Partner

AICM Divisional Partner

TurksLegal SV Partners Level 4, 12 Pirie Street Adelaide SA 5000 Tel: 08 7077 2444 Email: adelaide@svp.com.au SV Partners is a specialist accounting and advisory firm with 17 offices across Australia. Our expert accountants have the skills and experience to provide tailored insolvency, turnaround and advisory services. We partner with professionals and their clients, providing expert advice with a human touch.

Tel: 02 8257 5700 Web: www.turkslegal.com.au Contact: Daniel Turk

Nova Legal Level 2, 50 Kings Park Road West Perth 6005 Tel: 08 9466 3177 Web: www.novalegal.com.au Nova Legal can assist with the recovery of problem debtors (large and small). Founding director Raffaele Di Renzo acts for creditors, debtors, directors, credit managers and insolvency practitioners in relation to solvency issues and dispute resolution.

AICM MARKETPLACE

TurksLegal is a specialist commercial law firm with 33 Partners and over 160 staff across our Sydney, Melbourne and Brisbane offices. We are proud to look after the interests of trade creditor suppliers and financial institutions in: l Portfolio debt recovery using our market-leading, real-time client interface, ‘TurksFocus’ l Resolution of complex debt disputes l PPSA recovery l Defence of unfair preference claims l Supply documentation and guarantees.

October 2021 • CREDIT MANAGEMENT IN AUSTRALIA 89

AICM Marketplace Directory of services For information, options and pricing please contact Andrew Le Marchant on +61 2 8317 5052 or E: andrew@aicm.com.au TECHNOLOGY

TRADE CREDIT INSURANCE

TRADE CREDIT INSURANCE

National Supporting Sponsor

Trade Credit Risk Pty Ltd CreditSoft Solutions

National Credit Insurance Brokers

Tel: 1300 720 164 Email: info@creditsoft.com.au Web: creditsoft.com.au

Tel: 1800 882 820 (freecall) Email: info@nci.com.au Web: www.nci.com.au

CreditSoft specialises in providing credit managers with innovative products that will save your business significant operating costs and allow you to manage your time and resources more efficiently. We offer contact, tracing, payment, reporting and analytic solutions that redefine the way credit departments operate. Our goal is to ensure you achieve the best possible return on your investment.

National Credit Insurance Brokers (NCI) has established itself as the premier trade credit insurance broker in Australia, New Zealand, Singapore and Malaysia. Trade credit insurance is a highly specialised area of insurance and with its 35 years of experience, NCI has developed an unmatched depth of expertise in arranging the right protection at the best price for your particular trading needs.

Tel: 03 9842 0986 Email: Siobhan@tradecreditrisk.com.au or

Sharon@tradecreditrisk.com.au Web: www.tradecreditrisk.com.au Trade Credit Risk (TCR) is a Boutique Specialist Broker for Trade Credit Insurance. TCR has a very experienced team to provide personal service on all aspects of credit management. We provide the following services: l Insurance against bad debts for domestic and export ledgers l Credit Checks l 24/7 Monitoring of debtors for adverse information l Credit Limit Opinions

EDUCATION

FOUNDATION ABOUT THE FOUNDATION In late 2018, the Board of Directors of the Australian Institute of Credit Management (AICM) proudly approved the establishment of the AICM Education Foundation.

The AICM Education Foundation has been established to provide financial assistance to credit professionals and students striving to continue their education. Funds are gathered from generous donations from the AICM and Credit Community, as well as fundraising activities and events of the AICM and it’s supporters throughout the year including but not limited to the annual AICM Conference.

The Education Foundation will also bolster the vision of the AICM to be the primary learning, knowledge and information source for credit professionals and support the AICM’s objective of providing opportunities for growth throughout their careers.

For more information on the foundation, make contributions or interest in supporting the Management Committee contact the AICM National office (aicm@aicm.com.au, 1300 560 996 or click here).

90 CREDIT MANAGEMENT IN AUSTRALIA • October 2021

AICM MARKETPLACE

The Publication for Credit and Financial Professionals

IN AUSTRALIA

Level 3, Suite 303 1-9 Chandos Street St Leonards NSW 2065 PO Box 64 St Leonards NSW 1590 Tel: 1300 560 996 Fax: (02) 9906 5686 www.aicm.com.au