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Nick Wilson presented at the recent CCR-i Conference at Tower Bridge London, October 4th 2011. The paper entitled: ‘Governance, Ownership and Corporate Insolvency’ is available from the author.
Email Nick Wilson nicholas.wilson387@ntlworld.com or nw@lubs.leeds.ac.uk
Today (13 October) is International Plain Language Day and campaigner Dave Fox is challenging credit card companies to come clean about the total amount borrowers are likely to have to repay.
“With so many people using the internet to apply for credit, the card companies should use the technology available to show borrowers the true cost of using their card,” said Fox, Director of the Sheffield-based Word Centre consultancy. “They should put a calculator on their sites allowing the borrower to see, before they apply, what the minimum monthly repayment will be at today’s rates and how much they will be repaying in total.
“In these tough economic times more and more people will be getting into credit card debt that will take them years to pay off. People are using their cards for long-term borrowing and often pay only the minimum repayment each month. A lot of this is of course swallowed up by the monthly interest payment, so the amount owing goes down by only a small amount each month.
“The only real guidance the credit card companies seem to publish is the mandatory ‘APR’ figure. This may be useful for making comparisons but it doesn’t tell the borrower the overall amount they are likely to be repaying.”
By contrast, Wonga – one of the fastest-growing lenders in the UK – uses a ‘slider-bar’ on its home page that allows borrowers to choose the amount they want to borrow, decide how long they want to borrow it for, and then see exactly how much it will cost them.
“If Wonga can do this, there’s nothing to stop the card companies having calculators on their own home pages,” Fox continued. “Then people can make an informed choice and understand the consequences of their actions. The Money Advice Service has a calculator on its site that shows how long it would take to repay a given sum, based on a monthly repayment you enter. So why don’t the card companies provide something similar?”
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 clicking here.
Businesses have raised concerns over signs of stagnation in the domestic economy.
The latest Quarterly Economic Survey (QES) from the British Chambers of Commerce (BCC) revealed that businesses are struggling to manage cashflow, as manufacturing, services and exports all show a decline in growth for Q3.
Exports remain low, while the survey also revealed a decrease in the number of manufacturers expanding their workforce, while services had a mild increase.
As a result, business confidence in both turnover and profitability has fallen, while intentions to invest have also declined.
But despite this, the UK can avoid a recession, the BCC claims, provided the Government makes some ‘tough policy decisions’.
Commenting on the results, John Longworth, Director General of the BCC, said: “The results of our latest survey are concerning, but not entirely surprising. Many of the balances are in positive territory, but they are not as strong as we’d like to see. The survey shows the real risks facing the economy and the need for the government to act now in putting business growth at the heart of all its policies. For example, cashflow remains a real concern for businesses, indicating they are under financial pressures. Many businesses are faced with unfavourable payment terms and a lack of access to capital.
“The pace of the UK recovery will remain slow. We can avoid a recession, but this relies on the government making some tough policy choices. While it is imperative that the government perseveres with its deficit-cutting plan, there must be a significant reallocation of priorities within the overall spending envelope. We need a much greater focus on those policies that will help businesses expand, take on more staff, export and invest.”
Speaking of the MPC’s decision to increase quantitative easing by £75 billion, David Kern, chief economist at the BCC said:
“The recent increase in the QE programme to £275 billion is welcomed, but more radical measures are needed. These should be mainly concentrated on purchasing securitised SME loans and other private sector assets. On its part, the government must reprioritise its spending plans to promote growth and wealth creation.”
The news comes as business secretary Vince Cable announced a £170 million boost to the manufacturing industry.
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 clicking here.
Treasury Strategies, a treasury consulting firm, recently reported that UK and Eurozone corporate cash levels had been rising strongly for nearly a decade. This report throws into question recent contentions that corporations have been hoarding cash since the financial crisis and contributing to delayed economic recovery.
“Concerned by allegations of hoarding, we looked at what corporations are really doing with their cash,” says Cathy Gregg, a Partner at Treasury Strategies. “In addition to client discussions and surveys, we also looked at macroeconomic data. What we found was surprising.”
Treasury Strategies analysis shows that corporate cash and GDP across the region rose almost in lockstep. However, in 2002 there was a dramatic shift that caused cash levels to grow more steeply than GDP for much of the ensuing decade. Today, corporate cash stands at £780 billion in the UK, and EUR 1.95 trillion in the Eurozone.
“Since this disconnect is clearly not a recent phenomenon, it is incorrect to tie high corporate cash levels to the financial crisis of 2008 or corporate behaviour since then,” says Monie Lindsey, a Managing Director at Treasury Strategies who runs the firm’s London office.
The firm has several hypotheses regarding the broken link. Lindsey notes one cause might be an increase of “trapped cash,” which companies headquartered outside the region chose to not repatriate for tax or regulatory reasons. Another possibility is that financial executives have changed their view of prudent cash levels in a world of heightened unpredictability.
“In the end, many firms have consciously managed their working capital and maintained cash levels through rough economic waters. This positions them well for continued purposeful spending. It’s a far cry from behaviour for which they should be criticised,” says Lindsey.
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 clicking here.
The woman who won The Apprentice in front of 10 million viewers in December 2010, Stella English, has not only been let go by millionaire tycoon and television personality Lord Alan Sugar, but also faces financial worries.
Less than ten months after being officially crowned the Apprentice, Stella, 32, has been told by Lord Sugar that she would be out of a job by Christmas. After hearing the news, Stella handed in her resignation at her job as a commercial manager at set-top box firm YouView.
Stella told the Sunday Mirror: “I’m gutted. This was my dream and I had worked so hard for it… suddenly it’s all over.”
Stella quit her £85,000 a year job as a banker in the City to compete in the Apprentice. She said, “I didn’t see The Apprentice as a way out of banking, I saw it as a way into the commercial world.”
The show finished filming in November 2009, and Stella reportedly assumed that the winner would be announced within six months. As a result of Lord Sugar’s role as a Labour peer, however, there were concerns about him appearing on TV during the 2010 General Election campaign and so the results were delayed for ten months.
Despite being paid by TV company Talkback Thames, Stella struggled to afford it, telling the Mirror, “The money was just enough to cover the mortgage but I couldn’t pay the arrears, couldn’t pay the bills, I got myself in a mess.”
She relocated to be closer to Lord Sugar’s IT firm Viglen – where she began her employment with the tycoon – but ended up handing in her resignation in May of this year. The Mirror reports that the final straw was when she felt she was being sidelined on the schools projects she had expected to lead.
Lord Sugar then offered her a role in his set-top box firm YouView, where he is part-time non-executive chairman. She began the job of commercial manager in June, but was told on September 28 by Lord Sugar: “Your contract’s up at the end of December and I don’t know what to do with you after that because that’s it, so you might think about what you want to do,” the Mirror reports.
Stella stated, “What I took offence at was feeling my new job was just PR for the show. That was the nail in the coffin…every last bit of loyalty just went.” YouView confirmed that they could not give her a job. Stella added, “To be told I don’t have a job and realising I don’t know how I will support the kids at Christmas is tough.”
A source said that Stella “constantly complained” about being in debt despite her £100,000 salary. According to this same source, the Mirror has revealed, Lord Sugar and staff at Viglen felt she was “not as good as she thinks”.
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 clicking here.
The next 10 years will herald a ‘seismic shift’ in the business landscape in this country, the likes of which has not been seen since the original industrial revolution, finds a new report looking at the future of UK firms.
The 2020 Vision report by Bibby Financial Services foresees that wireless use of the web, giving businesses the ability to be truly mobile, will facilitate an upturn in the number of small and medium-sized businesses in the UK by 20% come 2020. It suggests that the impact the Industrial Revolution of the 18th and 19th centuries had on daily life is set to be felt again 250 years later due to a ‘jump point’ in the internet to 3bn users worldwide. This will herald a marked step in history as the rise in use of smart phones, tablets, online networking and social media changes the business landscape in the UK forever.
Researched and compiled by leading business behavioral intelligence experts Index B, the ‘2020 Vision – the Future of Business’ report focuses on the future of business over the next decade. Among its key findings, it predicts a surge in the number of micro-businesses, often operating outside of traditional business hours and premises.
The report also looks at the rise of ‘semi-detached’ businesses – individuals and firms who will share expertise and develop their own professional networks to take advantage of open market opportunities. It is predicted that such businesses, which will build ‘enterprise hubs’ rather than be centered in cities or towns, will quickly overtake traditional firms. The report also foresees the blurred line between home and work, such as the conjoining of business and personal bank accounts and the lack of physical business premises, making companies themselves harder to identify. This will mean a change in how businesses behave, as well as how suppliers and customers communicate with each other.
However, despite the fundamental changes identified in the report, it does highlight that entrepreneurs of the next decade will still depend as much on business fundamentals, such as access to funding, as their present-day counterparts.
Edward Rimmer, UK chief executive of Bibby Financial Services, comments: “If anything, the past few years have shown that UK businesses have the ability to adapt to face challenges head-on and evolve to respond to new opportunities. However, despite their adaptability and exciting developments in how businesses operate ahead of us, entrepreneurs and company owners can do little without access to the cash they need to grow and develop. Along side a change in how we work in the future, the way companies need, use and access funding as well as the landscape for high street banks will certainly change in the coming years, so it is important the finance industry evolves to meet these new demands head-on.”
Another predication within the report is the rise of ‘lifestyle’ businesses as conflicts between traditional working environments and other responsibilities (notably caring for children and elderly parents) lead people to choose flexibility in their work over higher wages. This will see many enterprises currently dismissed as ‘lifestyle’ businesses grow in popularity.
Business psychologist and CEO of Xancam Consulting, Dr Maria Yapp, says : “These findings will certainly impact differently for each generation of workers in the UK and in particular, on Generation Y (born early-mid 1980s), as it is they who will be taking this new business model forward in the coming years.
“Generation Y are infinitely more comfortable with the idea of the ‘boundaryless workplace’. They have the technological savvy to make remote working entirely possible; they are stronger at ‘teamwork’ than previous generations and their networks are much wider. They also demonstrate a strong entrepreneurial streak and research indeed indicates that this generation will be much more likely than its predecessors to start up and run as many as 10 different ‘micro’ businesses over the course of one person’s career.
“The biggest challenge will be more for older generations who have grown up with the established corporate model and will need to adjust to the needs of Generation Y. Established corporations and businesses will need to create a very compelling proposition if they want to attract top talent in the future. There are also likely to be changes in the psychological contract between a business and its employees, with less of a sense that employees are ‘assets’ owned by the business, but moving towards a model of ‘delivery partners’.”
To download your copy of the Bibby Financial Service ‘2020 Vision’ report, please visit: www.bfs2020vision.com
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 clicking here.
New figures released last week show that fraud losses on UK cards decreased in the first half of 2011 compared with the same time last year, as did fraud on online bank accounts. However, cheque fraud and fraud on phone banking accounts increased over the same period.
Total fraud losses on UK cards fell to £169.8 million between January and June 2011 – a 9 per cent reduction compared with losses in the first half of 2010. This half-year total is the lowest for eleven years and also the third consecutive decrease. The sustained fall is due to the success of a number of industry initiatives such as the increasing use of fraud detection software, the roll- out of updated chip cards and the increasing roll-out of chip and PIN technology abroad. Lost and stolen card fraud losses rose slightly, increasing by £4.4 million. Initiatives such as chip and PIN have made it harder to commit ‘high-tech’ frauds, and criminals are instead reverting to more basic frauds centred around stealing people’s cards and PINs. These scams range from distracting people in shops or at cash machines and then stealing their cards without them noticing, to simply tricking them into handing over their cards and PINs on their own doorstep.
Online banking fraud losses totalled £16.9 million during January to June 2011 – a 32 per cent fall on the 2010 half-year figure. A variety of factors have contributed to the decrease in online banking fraud, including increased customer awareness of computer security combined with banks’ use of fraud detection software. However, phone banking fraud losses rose to £8.6 million (a 48 per cent increase) during January to June 2011. As with card fraud, criminals are focusing on the straightforward crime of duping a customer into believing they are dealing with a bank or police representative and getting them to disclose their financial security details – such as PINs, passwords and login details – which the criminal then uses to access the customer’s bank account over the phone.
Cheque fraud losses increased from £14.0 million in the first half of 2010 to £16.4 million during the same period in 2011. Although this is a 17 per cent increase, the overwhelming majority of this type of fraud is stopped before the cheque is paid. In fact, more than £254 million of attempted cheque fraud was spotted and stopped during the clearing process in the first half of this year.
Fraud figures released by the National Fraud Authority (NFA) earlier in the year serve to put these banking fraud losses into perspective. The NFA estimated that fraud in all its guises costs the UK more than £38 billion a year – card and banking fraud accounts for only 1.2 per cent of this figure. Furthermore, in the UK – unlike many other countries outside Europe – innocent victims of any type of payment fraud on their debit or credit card or account are protected and should not suffer any financial loss.
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 clicking here.
Brian Sims picks out the main points of the latest report issued by Financial Fraud Action UK which offers both encouragement and a modicum of disappointment for the anti-fraud community.
The latest set of statistics issued by Financial Fraud Action UK show that fraud losses on UK cards decreased in the first half of 2011 compared with the same time last year, as did fraud on online bank accounts.
However, cheque fraud – and fraud on phone banking accounts – increased over the same period.
Total fraud losses on UK cards fell to £169.8 million between January and June 2011. This represents a 9% reduction compared with losses in the first half of 2010. That half-year total is the lowest for eleven years and also the third consecutive decrease.
The sustained fall is due to the success of a number of industry initiatives such as the increasing use of fraud detection software, the roll-out of updated chip cards and the increasing roll-out of Chip and PIN technology abroad.
Lost and stolen card fraud losses rose slightly, increasing by £4.4 million. Initiatives such as Chip and PIN have made it harder to commit ‘high-tech’ frauds, and criminals are instead reverting to more basic frauds centred around stealing people’s cards and PINs.
These scams range from distracting people in shops or at cash machines and then stealing their cards without them noticing through to simply tricking them into handing over their cards and PINs on their own doorstep¹.
Online banking losses on the decline
Online banking fraud losses totalled £16.9 million between January and June 2011, representing a 32% fall on the 2010 half-yearly figure. A variety of factors have contributed to the decrease in online banking fraud, including increased customer awareness of computer security combined with banks’ use of fraud detection software.
Commenting on the survey results, William Beer – a director in PwC’s Information and Cyber Security practice – told SMT Online: “While these numbers look very encouraging it’s important to recognise the price customers have to pay for safe online banking. Two-factor authentication has now become common, with customers having to carry a keyfob or other device in order to log into their bank accounts. While this has lessened the risk of fraud, it has introduced an element of inflexibility into the system and should not be seen as a silver bullet.”
Beer added: “The fact that the banks are doing such a good job in protecting their customers and themselves from online fraud means that organised criminals are now moving more towards other, possibly softer targets, such as the European Carbon Trading Market. It’s also important to note that cybercrime is global, as are many of the banks that criminals target, so figures based solely on UK fraud might not tell the whole story.”
According to Beer, the threats from the Internet represent a massive challenge shared by public and private sectors worldwide.
“To meet the imperatives of the cyber era, we believe that public and private sector organisations will need to adopt new structures, roles and governance while also engaging in close and continuing collaboration around the cyber agenda with other organisations.”
Criminals focused on duping the customer
Phone banking fraud losses rose to £8.6 million (a 48% increase) between January and June. As with card fraud, criminals are focusing on the straightforward crime of duping a customer into believing they are dealing with a bank or police representative and getting them to disclose their financial security details – such as PINs, passwords and login details – which the criminal then uses to access the customer’s bank account over the phone.
Cheque fraud losses increased from £14 million in the first half of 2010 to £16.4 million during the same period in 2011. Although this represents a 17% increase, the overwhelming majority of this type of fraud is stopped before the cheque is paid.
In fact, more than £254 million of attempted cheque fraud was spotted and stopped during the clearing process in the first half of this year.
Fraud figures released by the National Fraud Authority (NFA) earlier in the year serve to put these banking fraud losses into perspective.
The NFA estimated that fraud in all its guises costs the UK more than £38 billion a year – card and banking fraud accounts for only 1.2% of this figure. Furthermore, in the UK – unlike many other countries outside Europe – innocent victims of any type of payment fraud on their debit or credit card or account are protected and should not suffer any financial loss.
DCI Paul Barnard, head of the dedicated Cheque and Plastic Crime Unit (DCPCU) – the special police squad which is sponsored by the banking industry and has an ongoing brief to help stamp out organised payment fraud across the UK – said: “Losses are appreciably lower than they were a few years ago and everyone involved in tackling fraud has reason to be encouraged by this – and that includes bank customers who, as their own frontline of defence, have certainly played their part, too.”
Barnard continued: “However, there has been an increase in old- fashioned scams – criminals using distraction techniques and social engineering methods to get hold of people’s cards or phone banking details. We are urging everyone to be on their guard. Your bank or the police will never cold call you or e-mail you and ask you for your login details, cards or PINs. If anyone does, they are probably a criminal, so hang up the phone or delete the e-mail.”
Reduce your chances of being a victim
Consumers can significantly reduce the chances of being a victim of fraud by following these top tips:
Typical social engineering scams begin with a fraudster phoning and claiming to be from the prospective victim’s bank, and saying either that their systems have flagged up a fraudulent transaction on their card or that their card is due to expire and needs replacing.
By seeming to offer assistance, the fraudster tries to gain the victim’s trust. In most cases the victim is then asked to ‘activate’ or ‘authorise’ the replacement card in advance by keying their PIN into their phone’s handset. The fraudster uses the audio tones from the keypad entries to decipher the victim’s PIN.
The fraudster or an accomplice then poses as a bank representative or a courier to pick up the customer’s card from them at their home, sometimes also giving the victim a replacement card (which is a fake). In some cases, a genuine courier company is hired to pick up the card (which the victim has been asked to place in an envelope). Once they have the victim’s card and the PIN the fraudster uses them to withdraw cash and go on a spending spree.
Reasons for the drop in card fraud
There is no one single reason for the drop in card fraud. Rather, it’s the result of a number of initiatives.
The increasing use of sophisticated fraud screening detection tools by retailers and banks is helping to tackle phone, Internet and mail order fraud (card-not-present fraud).
Additionally, there’s the continuing growth in the use of MasterCard SecureCode, Verified by Visa and American Express SafeKey (online fraud prevention solutions that make cards more secure when online shopping) by both online retailers and cardholders.
The work of the DCPCU has proven highly successful: figures show that it has been responsible for keeping more than £370 million of customers’ money out of criminal hands since its launch in 2002
For its part, the card industry continues to work closely with the retail community to raise awareness of the ways in which retailers can protect their Chip and PIN equipment from criminal attack.
Increasing numbers of retailers are also implementing the cardholder Data Protection processes required of them through the Payment Card Industry Data Security Standard (PCI DSS).
‘Fraud abroad’ losses have fallen by more than two-thirds in the past three years. One of the factors causing this is the fraud detection systems used by the banks and card companies, which monitor for unusual spending – meaning that potential fraud is stopped before it happens.
Investment in technical defence mechanisms
Continued investment by cash machine owners in technical defences to help prevent criminals from copying or skimming the magnetic stripe details from genuine cards has reaped dividends.
Cards with an updated integrated circuit card verification value (iCVV) have been rolled out since 1 January 2008. These cards – there are now 135 million of these cards in issue (as at 31 March 2011) – help tackle the type of fraud seen where fraudsters tamper with chip and PIN terminals to harvest card details.
If an iCVV card was compromised in this way, the data would be useless to the fraudster (ie a fake magnetic stripe card created via a compromise of this type would not work overseas in a non-chip and PIN country).
Issuers are also rolling out Dynamic Data Authentication (DDA) cards and (as at 31 March 2011) there were 74 million of these in issue.
Detail on the anti-fraud organisations
The UK Cards Association is the leading Trade Association for the card payments industry in the UK. With a membership that includes all major credit, debit and charge card issuers and card payment acquirers, the Association advances industry Best Practice, contributes to the development of legislative and regulatory frameworks and safeguards the integrity of card payments by tackling card fraud, developing industry standards and co-ordinating other industry-wide initiatives.
More information about The UK Cards Association is available at www.theukcardsassociation.org.uk
Financial Fraud Action UK is the umbrella under which the financial services industry co-ordinates its activity on fraud prevention, presenting a united front against financial fraud and its effects.
Financial Fraud Action UK (www.financialfraudaction.org.uk) works in partnership with The UK Cards Association on industry initiatives to prevent fraud on credit and debit cards, with the Fraud Control Steering Group on non-card fraud and the Cheque and Credit Clearing Company on credit clearing and cheque fraud.
The Fraud Control Steering Group is an unincorporated association of financial institutions who participate in retail banking and the payments market in the UK. It’s responsible for formulating and implementing policy and ensuring a co-ordinated industry approach to fighting payment, cheque and lending fraud.
The Cheque & Credit Clearing Company (C&CCC) is the industry body that manages the cheque clearing system in Great Britain, including the processing of bankers’ drafts, building society cheques, postal orders, warrants and Government payable orders.
Its wide remit also covers the management of the systems for clearing paper bank giro credits, euro-denominated cheques and US Dollar cheques. C&CCC shares information with Financial Fraud Action UK regarding fraudulent activity in the cheque and credit clearing world.
The Dedicated Cheque and Plastic Crime Unit (DCPCU) is a squad of police officers and banking fraud investigators who work together to help reduce the UK’s card and cheque fraud losses. It’s fully sponsored by the banking industry.
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 clicking here.
Taking most of the market watchers by surprise yesterday,the Bank of England has instigated another round of QE (Quantitative Easing) to the tune of £75 billion.
The idea is for the Bank to feed this sum ino the financial system and it will eventually feed through into cheaper loans, mortgages and hopefully money that the Banks will have lend to small businesses and start-ups who are starved of finance.
Sir Mervyn King, the Governor of the Bank of England said that the current financial crisis could be the worst ever seen in the UK and there would be further QE if necessary.
Behind the scenes, European leaders are trying to protect Banks from potential Greek fall out, depending on the amount of losses they might need to absorb. UK Banks shares have made gains in the region of 7% plus on the Bank of England moves and potential protection from the Greek default, with the Footise gaining just under 4%.
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 clicking here.
Almost 125,000 UK jobs have been saved in the last two years by finalists and winners of the Insolvency and Rescue Awards 2011 held at The Lancaster London Hotel last night. The Insolvency and Rescue Awards 2011 recognise individuals, teams and companies within the profession who have saved jobs, revived businesses and rehabilitated thousands of individuals’ broken finances.
Finalists such as The Royal Bank of Scotland, PwC, and KPMG have provided funding and advisory services to companies in troubled financial situations for a number of years. Since 2009, collectively the award finalists have been turning around approximately 3,000 struggling businesses, saving an estimated 124,490 jobs and contributing to the UK economy. The fourth Insolvency & Rescue Awards, organised by Insolvency Today magazine, celebrates these achievements.
The awards were judged by a panel of 15 industry leaders and respected authorities, including the chief executive of the Insolvency Practitioners Association, senior employees at the Business Support departments of Barclays Corporate and Lloyds Banking Group, and leading figures at KPMG, PwC and Ernst & Young.
Kamala Panday, publisher at Insolvency Today, and organiser of the Insolvency & Rescue Awards 2011 said: “The awards support the aim of raising standards across the industry. Both our award winners and finalists are all doing exactly that, providing excellence and best practice in a field that is too often misunderstood.”
“We asked our finalists and winners to calculate how many jobs they had saved by rescuing companies. Of those that responded, the total came to nearly 125,000. The figure is likely to be significantly more across the full list of finalists, which is fantastic for the UK economy.”
The 2011 Insolvency & Rescue Award winners:
Insolvency Practitioner of the Year – Personal
Joint winners
Insolvency Practitioner of the Year – Corporate
Turnaround Practitioner of the Year
Insolvency Manager of the Year
Lawyer of the Year
Rising Star Award
Banking Restructuring Team of the Year
Insolvency Support Team of the Year
Corporate Recovery Firm of the Year – Small firms (up to 3 licensed appointment taking IPs)
Corporate Recovery Firm of the Year – Mid sized firms (4-20 licensed appointment taking IPs)
Corporate Recovery Firm of the Year – Large firms (21 plus licensed appointment taking IPs)
Business Rescue of the Year – under £20m turnover
Business Rescue of the Year – £21m to £50m turnover
Business Rescue of the Year – £51m plus turnover
Debt Management Provider of the Year
Insolvency Law Firm of the Year
Business Rescue Funder of the Year – Asset Based Lender
Business Rescue Funder of the Year – Broker / Equity
Asset Valuer / Auctioneer of the Year
The Sabin Award for Outstanding Contribution to the UK Rescue Culture
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 clicking here.