1. Is the industry ready to face the challenges that it’s going to encounter over the next 12 months?

A: We have never experienced a pandemic, so the next 12 months are going to be a challenge on every front. Whilst we can never entirely predict how the coming year will pan out, I think the industry is prepared by way of understanding what the landscape is likely to look like, with regards to a rise in pre-pack administrations as companies look to offload debt. Particularly as cash flow pressures increase on businesses as a result of the ongoing supply chain issues and soaring energy prices, and as CBILS and BBLS loans needing servicing.

2. What changes must those in the industry make to face those challenges effectively?

A: Good cash flow management and efficient credit control practices will be essential for businesses in order to get paid on time by customers. For lenders, it’s going to be more important than ever that their risk management strategies are robust in ensuring their clients have effective credit management processes in place, coupled with being vigilant and focused on identifying any early warning signs a client might be in trouble. In an insolvency or turnaround scenario, ensuring  relevant escalation processes are in place to enable swift action, potentially with a third party’s assistance, to ensure recovery of the company’s sales ledger will be equally important.

3. What do you think the industry will look like in the next five to 10 years?

A: In terms of the industry’s clients, everything points to a greater focus on technology and automation, and it will be interesting how many businesses shift their credit control towards this approach. Can automation be implemented effectively, and will this increase or reduce the risk to lenders – especially those in the asset based finance sector? Whilst a greater emphasis on technology has its merits it’s important that personal touch isn’t lost. Building rapports with customers will continue to be absolutely vital to encouraging prompt payment – and spotting the warning signs they may be in trouble financially.

4. Without giving too much away, what do you hope delegates will learn from your keynote at TRI Conference?

A: The key steps lenders and insolvency professionals can implement in order to maximise sales ledger recoveries in insolvency scenarios, both before and after the company enters administration.