14th June 2021
Accounts Receivable Mid-Year Review
Since launching In January 2019, CCICM’s in-house, specialist Accounts Receivable team has gone from strength to strength in what has been a challenging 18 months for all. Despite this, we have enjoyed working on a variety of interesting assignments both in the UK and overseas. These include Advisory, Support, and AR recovery jobs where were engaged by Insolvency Practitioners, Turnaround professionals, and the Asset Based Lending community (“ABLs”).
As part of an overall restructuring plan by an investor, CCICM was appointed to provide Credit Management assistance and advice to the management of a major facilities management provider. The company had been subject to a takeover that coincided with the first COVID-19 lockdown measures. All work was carried out remotely by a dedicated team from CCICM.
Additional challenges were posed by the high percentage of the client company’s customers who operated on the High Street (catering and retail sectors) and the ‘furloughing’ of key staff, both at the client company and its customers. In addition to the hands-on operational work, CCICM also provided an invaluable point of escalation for the company’s Credit Control function and advice on process improvement. The company was successfully restructured and continues to trade on a much stronger foundation.
In another case, at very short notice we were engaged by a major International Automotive tier one supplier to review the overdue accounts of their subsidiary in Germany. The scope was to provide solutions to accelerate the payment of these long outstanding debts. CCICM partnered with their German agent and mobilised within 24 hours, delivering a detailed report within one week of engagement.
During the pandemic, we engaged with several ABLs” to provide them with a telephone debtor verification services, enabling lenders to evaluate risks as part of the due diligence process. The variety of work included “new take on’s ”, regular audits, and one-off “issue-focused” assignments. CCICM is especially effective in international debtor verification utilising our International (ICE) network of agents when required.
CCICM was engaged in a variety of collect-out assignments in a variety of industries and portfolio sizes. We work on client sites, remotely or from our offices. In addition, we have been engaged on a sole mandate basis, by three large legal firms to recover their overdue International AR. International debt recovery has been a strong performing service for us and we believe that we are unchallenged in this market.
CCICM was privileged to be one of the sponsors of this year’s R3 Virtual conference and would like to thank Gareth Fitzgerald and his team for organising a very worthwhile event. We would also like to thank the many delegates who visited our stand and took an interest in the many services that we offer both domestically and internationally.
Witold and Graeme look forward to being of service during 2021 and meeting you all in person when we can do so. If you would like more information, please contact: