Debt Collection Specialists - CBC International provides debt collection, debt recovery and ancillary services to businesses in the UK, Europe and worldwide.
This month, we have received a number of new instructions from a large tourist complex based in the Canary Islands. Instructions have been received from this firm for several years and we are pleased that our proven track record in recovering their accounts has resulted in us being instructed again.
We are also in discussions with other resorts throughout Europe who wish to utilise our expertise in this field
If you would like to discuss how CBC International can help your firm, or you would like to discuss any aspects of our services, please contact us by telephone on +44 151 515 3014 or email us and we will be happy to discuss any requirements you may have.
June 2010
Since our blog post in November 2009, we have secured work from another two large Vacation Membership organisations who are based in Malaga & Tenerife respectively.
We now provide our services to a number of main Vacation Membership resorts throughout Europe and we are looking to approach further operators within the industry to discuss our services in 2010 and beyond. We now have an in depth knowledge of the industry enabling us to resolve a number of issues and ultimately recover more outstanding fees for our clients.
November 2009
CBC International has been the appointed Debt Recoveryspecialists for a large tourist complex in the Canary Islands since 2006. We are pleased to announce that as of today, we have been appointed in a similar capacity by one of Europe’s leading Vacation Membership companies.
Stephen Rose, Client Services Manager of CBC International said, “I am pleased that CBC’s reputation has attracted another large client within this particular industry. I have no doubt we will provide them with an excellent service and we look forward to a long standing business relationship.”
It was described as “the most important development for Wirral since John Laird came to form his shipyard” by Birkenhead MP Frank Field.
And last night the £4.5bn Wirral Waters scheme was unanimously approved by the council’s planning committee.
The meeting at Wallasey Town Hall erupted into applause as councillors voted in favour of a scheme which was described by many of them as “transformative” for the borough.
The outline planning application will allow for the dockland area between Birkenhead and Wallasey to be developed by Peel Holdings with a scheme they say will rival waterfront developments across the globe.
All four of Wirral’s MPs had written in support of the application, which is the biggest of its type in the UK.
Covering 50 hectares of dockland – some of which is operational but vastly reduced from its heyday – the ambition of Peel is to repeat the success they have enjoyed in Salford Quays, with a scheme anticipated to grow over the next three decades.
The planning committee was being asked to effectively set the “ground rules” for the development as it is expected to emerge in the coming years. No detailed plans have yet been submitted and Peel director Lindsey Ashworth has said it would be 2012 at the earliest before any work is likely to start.
Following the meeting, Mr Ashworth said he “could almost cry” at the decision, which he has worked towards for four years.
He said: “Unanimous support is a big thing to me, as well as helping to avoid a public inquiry. If the Government call it in (for an inquiry) we will have serious problems.”
Because of the size of the scheme, it will be automatically referred to the Government by Wirral Council, and will shortly reach the desk of Eric Pickles, secretary of state for Communities and Local Government.
Mr Ashworth said: “If there is a public inquiry, we would either fight it – which is two years and a couple of million pounds – or back off. I don’t want to spend any more money.”
He added: “I was not going to appeal against refusal. I would have picked up my bag and gone away.”
But he declared himself “well pleased” by the council’s decision which is projected to create tens of thousands of jobs during the decades of construction and approximately 27,000 jobs when complete. The aim is to attract major international organisations to the site. During the meeting, councillors were told Wirral’s population had declined dramatically since the mid-1960s, a key indicator of economic fortunes, as people left the area for jobs.
In their presentation, planning officers highlighted the woeful state of some of the areas surrounding the docklands which suffer high rates of worklessness and deprivation. They also pointed to studies which show a lack of office space which prevents companies locating in the borough.
There were objections to the application, primarily from consultants for retail organisations, which were dismissed by committee member Cllr David Elderton as “mealy mouthed”.
Chairman of the committee, Cllr Dave Mitchell, echoed his colleagues in praising council officers who had worked with Peel on the application. He said: “People don’t realise this has been developed over five years and a lot of work has been done by our staff.”
Cllr Phil Gilchrist said he had some concerns about the height of the tallest buildings in the scheme which would dwarf Bidston Hill, but ultimately backed the scheme, as did Cllr George Davies, who said he was “absolutely delighted” to be part of the meeting, and described seeing the transformation of Salford Quays from a similar wasteland.
He said: “I just hope the people of Birkenhead, Wallasey and Wirral can enjoy the same benefits in the future.”
Wirral Council leader, Cllr Jeff Green, said: “This is a fantastic day for the people of Birkenhead and Wallasey and the future of Wirral. We can now look forward to the site’s transformation over the coming years to help improve the economic fortunes of the Borough and that of its residents.”
Cllr Andrew Hodson, cabinet member for regeneration and planning strategy, said: “This is a great day for Wirral.
“We have been working closely with Peel for almost four years to bring jobs and regeneration to the borough.
“The approval of this planning application will lead to the total transformation of what is currently derelict brownfield land within East Float at Birkenhead Docks and when finished will create over 27,000 jobs.
“This has taken place against a backdrop of the worst recession in living memory and it is a credit to both Peel and Wirral council that we have kept the plans moving.”
Cllr Hodson added: “Subject to getting the OK from the Government, we hope work will start on site within the next two years, and officers of the council will continue to work with Peel as we move into the development phase.”
Deputy leader of the council, Simon Holbrook, said it was a “historic moment”, and described the application as a “new chapter” for Wirral and “shows ambition”.
Commenting on the current situation surrounding bank lending to business, Steve Hughes, UK economist at the British Chambers of Commerce (BCC), said:
“Bank lending is a crucial issue for Britain’s small and medium-sized businesses, and getting the existing concerns resolved quickly is essential if we are going to see a lasting private sector-led recovery.
“The current lending situation is much more complicated than simply forcing banks to lend when demand among businesses is muted. Nonetheless, the banks must be as transparent as possible when decisions are made, and ensure that their decision-making processes are not over centralised, tick box or removed from the front line.”
Please note: Information in this blog post is content property of Business Credit Management UK (www.creditman.co.uk) and the full original article can be found by clickin here.
Proposals by the financial regulator to strengthen the credit union sector and protect its members have been welcomed by a Liverpool credit union.
Lodge Lane & District Credit Union project manager Marie Gray described the proposals as “fair and proportionate”.
Credit unions are seen as an alternative to high street banks for people unable to open conventional bank accounts or borrow money from the big banking groups.
The Lodge Lane credit union was involved in the Financial Services Authority’s (FSA) original consultation process.
Among suggestions in the FSA’s “near final rules” were moves to ensure new credit unions had enough capital.
Smaller credit unions would have to secure initial capital of at least £10,000, while larger credit unions would need at least £50,000.
The watchdog also proposed a liquid assets level of at least 5% of liabilities for all credit unions, but not below 10% in two consecutive quarters.
And it has called for annual financial returns to be filed within six months instead of the current seven.
Any changes would be phased in by September 2013 to give credit unions enough time to comply.
FSA prudential policy division director Paul Sharma said: “We want to make sure credit unions are financially sound and well managed, with fewer failures and defaults.
“We are publishing near final rules now so that credit unions have enough time to be able to meet the stronger prudential requirements and to prepare for future Government legislative changes.”
New Government legislation, including proposals to allow credit unions to carry out a wider range of financial activities, is currently before Parliament.
Mr Sharma added: “Our reforms focus on improving the areas of weakness that we still see in the credit union sector, by raising requirements for capital, liquidity and financial reporting.”
Marie Gray said: “There was a consultation and we were one of the credit unions that responded. What is clear is that the FSA has taken note of a lot of people’s concerns.
“On balance some things are staying the same and some have a two to three year lead in period and I feel it is all fair and proportionate.”
She added: “The requirement to have a stronger financial base will increase the public’s confidence in credit unions.
“The proposals should also help the public perception of credit unions that we are not a ‘Mickey Mouse’ small savings club.”
Euler Hermes, the UK’s largest credit insurer, is urging UK companies to consider how they plan to release their 2009 company accounts which will inevitably give a picture of company performance at the depth of the recession, and may impact future credit.
September represents the looming deadline for limited companies, with a 31st December financial year end, to file their accounts with Companies House.
Whilst Euler Hermes employs regional risk analysts to obtain up-to-date information that is not publicly available from companies on which to base its underwriting decisions, most credit ratings agencies and other credit insurers do not, and only reference filed accounts, Kris Macauley, Head of Risk Information for Euler Hermes UK explains:
“As the economy has emerged from the recession we would hope to see a recovery in the health of UK businesses,” he says. “However, 2009 audited accounts being filed now will in many cases tell a very different story – possibly one of declining profits or losses – and this is unfortunately what many companies will be judged on in terms of their credit rating.”
Euler Hermes UK has long been campaigning for businesses to be more transparent in order to help credit insurance policyholders (and the companies themselves) but as the economy recovers and business performance with it, Mr Macauley expects to see more engagement from businesses who will want to share a more meaningful picture of their up-to-date financial position.
“Where end of year accounts play such a crucial role in credit ratings decisions,” he says, “companies should be aware of the impact they can have. If businesses feel the ‘recession-era’ information they are publishing in Companies House will reflect negatively on them, and they have a better story to tell, I can only urge them to be more transparent and open in their dealings with their suppliers and the credit insurers to ensure their lines of credit remain open.”
Please note: Information in this blog post is content property of Business Credit Management UK (www.creditman.co.uk) and the full original article can be found by clickin here.
Liverpool vision’s former chief executive Jim Gill says the city must stay optimistic despite the new waves of government cuts.
Mr Gill left the economic regeneration body this month after nine years having seen the city transformed by developments such as the construction of Liverpool One and the Echo Arena and BT Convention Centre at Kings Dock.
But in an exclusive interview in this month’s LDP Business magazine, out tomorrow inside the Daily Post, he said the city faced a “big test” to stay upbeat when the Government axe swings. He said there was still much more work to be done in areas such as North Liverpool – and said the city needed to retain its sense of confidence and not sink into 1980s-esque despair.
He said: “I get much more of a sense of real activity, enthusiasm and optimism about the future now than I ever did in the 1980s.
“The major improvement in kids’ performance at GCSE level is another reason to be optimistic about the future. If it means kids think there is a point to studying, then that is very different.
“The despondency of the 1980s – all that is largely gone now. People are more optimistic.
“But we have a big test coming.
“It feels a little like the 1980s all over again. The drastic restructuring of the public sector will pose challenges to that sense of confidence.
“It feels a bit like we are entering into a period when the daily news will be bad news, not good, once more.
“And that has the potential to feed despondency.”
Mr Gill, who has worked in the regeneration sector in the city since the 1980s, took over as chief executive of Liverpool Vision in 2001 and stayed at the helm when it was merged with quangos Liverpool Land Development Company and Business Liverpool.
His successor is Max Steinberg.
Mr Gill said public sector bodies in the city had vastly improved the way they work with private sector partners such as property developers. He said: “Take it from me – I have been on the inside – it is a million miles away from where it was 15 years ago.”
The major UK banks and the BBA have established a Taskforce to identify, analyse and review ways the banking system can, over the next 3 years, help viable UK business of all size access appropriate finance and other support. The Taskforce will set in train a number of work streams and aims to report by mid October in time for the Chancellor’s autumn statement.
High street banks already provide the bulk of lending to UK businesses – their current lending stands at a total of £720bn to all UK businesses. This is despite being required to keep back more cash and capital and having to plug the lending gap left as overseas and specialist lenders largely stopped operating in the UK.
Banks are willing and able to lend to businesses where they can see how the money will be paid back and where firms have a viable business plan. Indeed banks lent a net £6.8 billion in June to businesses and, despite the recession, lending to smaller firms is stable and borrowing by larger firms has shown some improvement.
Angela Knight, chief executive of the British Bankers’ Association said:
Banks already provide the vast bulk of business funding in the UK. But how much they can lend depends on many factors including new rules dictating how much cash and capital has to set aside before banks can even consider lending to customers.
Banks are happy to lend to firms where their business plan is robust and BIS has acknowledged in today’s green paper that conditions have improved and that the majority of businesses can raise the finance they need. But lending to SMEs is not risk free. Businesses need to show they have enough coming in from the goods and services they provide to repay any borrowing. It is in no one’s interests to lend where customers would struggle to repay the loan and get into difficulties.
“The greatest help there can be for business is to restart the securitisation market and get wholesale markets moving so there is a steady stream of new funds which banks can convert into loans to business.
Today’s consultation on lending to small and medium sized enterprises reconsiders some old solutions to lending as well as considering some new ideas. The banking industry is currently setting up a number of groups to work though the government’s plans as well as to make our own positive proposals to helping finance small businesses.
UK banks have already agreed with government the following principles for dealing with SMEs.
Banks will:
Welcome the support of the SME’s own professional advisers and are happy to work with them [acknowledging shadow directorship boundaries in the provision of advice];
Set out the factors that determine how much the loan will cost using either in house guides or industry-standard literature;
Inform customers how long it will take for a lending decision to be taken, starting from the point when a full suite of information is provided to complete an application;
Ensure they have fair and effective processes in place to review decisions to decline a lending request;
Provide proactive and clear feedback wherever possible when a decision has been taken to decline a borrowing request and will suggest possible next steps businesses might take [for example contacting Business Link for further advice and support]; and
Promote both these initiatives and the Lending Code itself. with SME representatives and with the Lending Code Standards Board.
Please note: Information in this blog post is content property of Business Credit Management UK (www.creditman.co.uk) and the full original article can be found by clickin here.
The Council of the European Union has officially adopted a new Invoicing Directive (10858/10 amending Directive 2006/112/EC) aimed at simplifying VAT invoice requirements, in particular electronic invoicing (e-invoicing). All EU Member State should now implement appropriate changes to its national VAT law in line with the changes set out in the new Directive by 2013, at the latest.
Marc Hoessels, indirect tax partner and head of the Deloitte e-invoicing group in Europe, comments: “This decision is a first step to reduce the “technological burden” regarding invoicing. Most companies are using a financial system which allows them to follow up on orders, transfers, invoices and finally on the payments, however, written proof was always required. We hope EU Member States will now draft a joint position paper where they elaborate a specific legislation on e-invoicing for their country with a view to applying this Directive very soon, preferably in advance of 2013.
“All financial systems can already store invoice documents in a secure way, so why not acknowledge this new technology is also secure for tax audits? In the UK and the Netherlands, for example, companies can already make arrangements with the tax authorities in order to ensure that they used all necessary procedures to ensure a correct tax return.”
In any case, it is necessary for the European Union to elaborate new instructions regarding archiving of the bookkeeping. Companies must be aware of the fact today the period of retention for e-documents is still 6 years in the UK (other Member States have differing retention requirements).
Please note: Information in this blog post is content property of Business Credit Management UK (www.creditman.co.uk) and the full original article can be found by clickin here.
Work got under way on Cammell Laird’s £44m aircraft carrier project yesterday with a Government minister dismissing as “absurd” a claim that the Queen Elizabeth may not enter service due to budget cuts.
Earlier this month Ian King, chief executive of BAE, one of four members of the Aircraft Carrier Alliance (ACA) overseeing the construction of the Queen Elizabeth and sister ship the Prince of Wales, said both carriers would probably be completed – but might not go into active service with the Royal Navy.
But yesterday Minister for International Security Strategy Gerald Howarth officially commenced work on the Birkenhead yard’s project by starting the crane that laid the first of the bulkheads into place on the ship’s giant flight deck. He then dismissed speculation about the vessel’s operational future.
He said: “I very much doubt the UK is going to complete a 65,000 tonne ship and not use it.
“I think that would be absurd.”
Bebington-born Rear Admiral Phillip Jones also expressed his confidence that Queen Elizabeth will survive the current defence spending review which should deliver its findings by October.
He said: “We are in the middle of a spending review so speculation is understandable, particularly with contracts that are under way at the moment, so it is important not to have that speculation about Queen Elizabeth.
“But this is a contract being run very well by the ACA.
“The ship is ordered, but more importantly there’s a clearly identified role for the Queen Elizabeth in the future, not just five or 10 years but 50 years, so I think on all these tests she comes out pretty well.
“But there are difficult decisions to be taken and the review will get to all those decisions and we will find out in due course.”
It was an emotional return for the Rear Admiral whose sister still lives in Birkenhead and whose mother, who still lives in Bebington, attended the shipyard ceremony.
His late father Edgar also served his time at the yard before retiring as senior engineering manager in 1986.
He said: “This is a particular pleasure for me to join you at Cammell Laird as the son of a former employee who served his time during the Second World War when the yard was turning out warships faster than the canteen was turning out hot dinners.”
Cammell Laird is one of six UK ship building yards constructing the Queen Elizabeth which is due to enter service in 2016.
About a third of the yard’s 1,200- strong workforce and many of the 72 apprentices will work on the two-and-a half-year project building nine separate sections that will be floated by barge from the Mersey to Glasgow’s Rosyth yard for assembly as the vessel’s 7,500-tonne flight deck, hangars and crew accommodation, covering the equivalent of three football pitches.
The contract is worth £44m to Cammell Laird and the minister, a former banker, stressed the importance of the work to the nation.
Mr Howarth told VIPs and more than 100 yard workers at yesterday’s ceremony: “I was an international banker, but it is important we remember that this country does not survive on financial services alone.
“We have always felt passionately that the manufacturing industry has a very important role in our country.
“What has happened over the past 18 months should send out a signal that we cannot build a sound economy purely on financial services.”
Cammell Laird managing director Linton Roberts said the contract is vital to showcase the yard’s facilities and skills to attract more work, including the possibility of a first complete vessel since the launch of the submarine HMS Unicorn in 1993: “This is about our ability to deliver complex projects, so future contracts may be new ships.”
Among apprentices watching the ceremony yesterday were 19-year-old Lacie Cadden from Moreton, the yard’s first female apprentice, 19-year-old Ben Birch, from Oxton, who followed his father Peter into welding at the yard and is representing Cammell Laird at a national welding final in Scotland this October, and 17-year-old Oliver Rowland from Upton who joined the yard straight from school.
British businesses have failed to return to pre-credit crunch levels according to new research, raising new questions over the UK’s economic recovery and concerns over the prospect of a new insolvency epidemic.
RSM Tenon’s Business Barometer found that 76% of entrepreneurs are still waiting for their business to return to the levels seen before the credit-crunch hit in 2007.
Three years on and one in ten entrepreneurs believe it will take another three years for their businesses to return to ‘normal’ levels. 27% predict it will take one to two years and 20% think two to three years is a more realistic timeframe for business levels to be restored.
The wobbly recovery is likely to threaten entrepreneurs’ plans as a double dip recession could re-infect businesses causing another epidemic of insolvencies. RSM Tenon believes there is likely to be more than 20,000 business failures this year.
The research, which questioned more than 300 entrepreneurs throughout the UK, also found the risk of a double dip recession has sparked 43% of entrepreneurs to review their business.
Entrepreneurs are still suffering despite the recession officially coming to an end – 22% see a lack of cashflow as a serious threat to their business over the next 12 months.
Carl Jackson, Head of Recovery of RSM Tenon, said:
“There has been little progress down the road to recovery and many entrepreneurs remain skeptical that they will see any meaningful revival in the near future.
“The problems caused by the credit crunch have continued to linger and show no signs of disappearing. Margins remain tight for businesses, with many owners still unable to secure the additional funding they need. Further failures are inevitable in this climate and we can expect to see 2010 corporate insolvency levels match the record totals that we have seen in the last two years.”
Please note: Information in this blog post is content property of Business Credit Management UK (www.creditman.co.uk) and the full original article can be found by clickin here.
