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The Publication for Credit and Financial Professionals I N A U S T R A L I A
Volume 23, No 3 March 2016
2016
How to cater for change
Change –
no small thing
Evolution of
the Credit
Profession
Where will
the risk be?
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YOUR COMPLETE COMMUNICATION SOLUTION
Volume 23, Number 3 – March 2016
Message From the President 6
Portfolio Update 8By Greg Young
Credit ManagementHow Credit Management shook its boring tag 9
What’s in a name 10By Alan Harries
Are you collecting your money right 12By Adrian Hunter and Robyn Erskine
Three risks to monitor in 2016 14By Maire Albert and Julien Marcilly
Change – no small thing 16By Barry Urquhart
ASIC releases report on debt management firms 18
Veda acquires EDX 19
Fraud and the impact on Trade Credit 20By Imelda Newton
LegalThe obligation of the insolvency practitioner to act 21 honourably and fairly in the administration of insolvent estates By Keith Bennetts
Electronic contracts – what’s new? 24By Peter Mills
Keith Bennetts
21
Adrian Hunter
Barry Urquhart
12
16
Alan Harries
10
Peter Mills
Greg Young
24
7
NSW Division: Pinnacle Awards – Joanne Mannah and Andrew Spring.
Qld Division: Simon Dawson, Nick Combis, Arthur Tchetchenian and Bruce Patane.
SA Division: Amanda Campbell, AJ Jaramillo, Rod Sims, Trevor Goodwin and Judy Verhoeff.
35
38
42
Vic/Tas Division: David Condello with Glenn Thomas.
WA/NT Division: Lauren Marsh, Raffaele Di Renzo, Lauren O’Hearn.
45
48
CREDIT MANAGEMENT IN AUSTRALIA • March 2016
EDITORIAL CONTRIBUTIONS SHOULD BE SENT TO:The Editor, Level 3, Suite 303, 1-9 Chandos Street, St Leonards NSW 2065 or email: [email protected]
DIRECTORS
Australian President – G.L. Morris MICM CCE
Australian VP, Legal Affairs – J.A. Neate MICM
Professional Development – S.D. Mitchinson LICM
YCPA & CCE – G.C. Young MICM CCE
Member Services – J.G. Hurst FICM CCE
Finance – G. Odlum MICM CCE
CHIEF EXECUTIVE OFFICER
N. Pilavidis MICM CCE
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
Email: [email protected]
EDITOR/PUBLISHER
Nick Pilavidis | Email: [email protected]
CONTRIBUTING EDITORS
Arthur Tchetchenian NSW
Stacey Woodward Qld
Gail Crowder SA
Warren Meyers WA
Donna Smith Vic/Tas
ADVERTISING MANAGER
John Field FICM, CCE, ACPM, Ph: 1300 560 996
Mob: 0412 732 831, Email: [email protected]
EDITING & PRODUCTION
Anthea Vandertouw | Ferncliff Productions
Tel: 0408 290 440 | Email: [email protected]
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, 2015.
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Statutory Trustee sale – creditor wins 26By Chris Cook
What is the threshold for suing a debtor 28By Roger Mendelson
AICM Training news 30
Can we Help? 33Unfair contracts
Around the StatesNew South Wales 35Queensland 38South Australia 42Victoria/Tasmania 45Western Australia/Northern Territory 48New Members 51
2016 Conference Promotion 52
For advertising opportunities in
Credit Management In Australia
Contact:JOHN FIELD
FICM, CCE, ACPM
Ph: (02) 9906 4563
Mob: 0412 732 831
Roger Mendelson
28Chris Cook
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Venue:
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aic
mFrom the President
6 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
Last year was an absolute cracker and this
year will be even better.
In 2015 we launched our Webinars and
followed this through in February with the
first of the 2016 National Partners Webinar Series – An
Economic Update with Stephen Koukoulas. These are free
to members although you are required to register for the
Webinar. We will then provide a copy to you immediately
following the broadcast. The Economic Webinars are now
held quarterly.
We have been working on our website and in the last
days of February released the long overdue and very
substantial upgrade which you will find more informative
and easier to use.
In late 2015 we released our animated video “Are you
a credit professional?” and this month we are continuing
our electronic campaign with our Ebook titled “10 signs an
account is heading towards bad debt, and how to stop it”.
A must read for all credit professionals and an important
addition to your library and training manuals.
The CCE exam is being made more accessible
and is being held across 2 weekends in March. Every
competent Credit Professional should have no difficulty
in attaining this confirmation of their knowledge and
skills and enhance their standing in our profession. If
you do nothing else this year to develop and promote
yourself simply set aside a few hours to complete your
CCE.
The first of our 2016 golf days was held in Victoria in
February. It was a full house with 144 credit professionals
attending at Southern Golf Club. This will be followed later
this year with events in Sydney and on Queensland’s Gold
Coast. The latter being in conjunction with the National
Conference.
We hold 9 of our monthly board meetings by
teleconference and the remaining 3 are face to face. Our
dour financial position has seen the latter be one day
FIFO meetings in Sydney. However our financial position
has improved very solidly over the last 3 years and we
are now able to improve board accessibility through the
holding of board meetings in each Division every second
year. We met in Melbourne in February and took the
opportunity to catch up with many Victorian members at
the post golf day function. Their feedback was invaluable.
At February’s Saturday Board meeting we continued
our programme of openness, Divisional interaction,
development and succession planning by inviting Lou
Caldararo from the Victorian Council and Roger Masamvu
from the Queensland Council to join us for the day. Lou
is the current Victorian President and Roger is a former
Queensland Young Credit Professional of the Year Award
winner and Queensland Councillor.
Following 2015’s successful launch of WinC (Women
in credit) events we are continuing with this popular
programme and we are excited to announce that thanks to
the support of Veda (Premium Sponsor), NCI and Results
Legal (Supporting Sponsors) the WinC events will now be
held in all divisions in 2016.
The National Conference is being held from October
12 – 14 at the new Sea World Resort Conference and
Convention Facility adjacent to Sea World theme park
on the Gold Coast. The programme is well advanced as
we take the learnings from the Sydney conference and
feedback from delegates and members to provide you
with the best information, education and networking
experience that can be packed into 3 days.
Plan now to get yourself there
z Include it in your annual budgets when you complete
them over the next few months
z Incorporate it as reward and recognition for achieving
your KPI’s or targets
z Add it to your training and development programme
Grant Morris CCE
Australian President
From the Presidentaic
m
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 7
Use it as motivation and reward for your staff ie offer to
send them along too, when they hit their targets.
The cost of the conference is far less than what
good organisations spend on the development of their
employees.
On the legislative front the Treasury Legislation
Amendment (Small Business and Unfair Contract
Terms) Bill 2015 received Assent in November 2015
and comes into force in November this year. It amends
the Australian Securities and Investments Commission
Act 2001 and Competition and Consumer Act 2010
to extend the unfair contract term protection to
businesses with less than 20 employees agreeing
to standard form contracts valued at less than the
prescribed threshold.
NSW Barrister Geoffrey McDonald and Rebecca
Ross from Gavin Parsons & Associates gave a great
presentation in February at the annual “Developments
in Law for Credit Managers” symposium held in Sydney
and spent some time on the small business and unfair
terms changes. The changes to extend unfair contract
terms to small business will be an interesting challenge
for credit professionals and be the subject of a number
of AICM events around the country this year. Stay with
us and stay up to date.
Last month Jan Rann retired from the AICM’s
Executive Office. Jan has been with us for 23 years and
provided support and assistance to many of us in her
own quiet but highly professional way. She is a true
lady who is unflappable in all situations. I thank Jan for
the tremendous assistance she has provided to myself
and all members over such a long time and I especially
thank her for the patience and kindness she has shown
to this old duffer. I know I speak on behalf of the AICM
office team and all present and past members in
wishing Jan a very long and happy retirement.
Grant’s Soapbox
We have received a lot of support of our proposed lobbying
of the Attorney-General and ARITA for changes to legislation
and practices in
z The period in which preference claims can be made ie the
3 year “statute of limitations” on making preference claims
is too long and should be shortened to a year or less.
z The recovery of preferential payments and those
Liquidator recovered funds not being paid in dividends
to unsecured creditors or any class of creditor for that
matter.
z Unsecured creditors who are genuinely at arm’s length
being subject to preference claims.
z Spurious and inflated preference claims from Liquidators
ie claiming $700K and settling for $10K.
z Fees charged by Administrators, Liquidators and
Receivers & Managers ie specifically annual increases of
5 – 10% and more.
Many feel the preference claim time should be a year or less
especially when you consider
z Administrators make a decision on the financial viability
of the company within a month,
z The speed of the electronic age
z The length of bankruptcies
The lobbying is now being actioned by James Neate and our
Legal Affairs portfolio with lobbying of the Attorney-General
to be our first action. James will provide an update on our
action in the next issue of this magazine.
I hope we see you at an AICM event soon as you support
the Institute which supports you.
– Grant Morris
Ph: 0407 405 198
aicm Portfolio Update
8 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
collections skills, law, legislation,
human resources, accounting
principles and general management
skills. Successful CCE candidates are
required to re-certify every three years
thus confirming the currency of their
credit management skills.
The CCE qualification is intended
to improve a CCE’s credibility and
stature amongst his/her peers and
senior company management by
confirming their credit management
skills and knowledge and their ongoing
commitment to the maintenance
of those skills and knowledge in a
changing business, financial and legal
environment. It should also act as
a catalyst for staff development by
encouraging managers and potential
managers to expand their knowledge
beyond their particular areas of
specialisation, whilst continuing to
learn and grow in the marketplace.
The CCE qualification aims
to improve opportunities as it
demonstrates to employers and other
industry practitioners that a CCE is
motived and accomplished, together
with being up to date in knowledge
and practice of credit management
skills. The aim of the CCE program
is to recognise and set standards
for excellence and professionalism
of individuals operating in the credit
industry. The AICM has a CCE policy
and procedure which establishes
minimum standards and guidelines
for those who both participate in and
administer the CCE program.
YCP Portfolio The Young Credit Professional of the
Year Award, has, since its inception,
been held in the highest regard within
the credit profession as a symbol of
excellence. It has brought valuable
career rewards to state and national
winners as well as value adding to the
organisations they work with.
Credit Professionals under the
age of 30 as at 30 June each year are
eligible to enter. Note: membership
is not a requirement to enter. The
award is designed to honour young
credit professionals who pursue and
achieve excellence within the credit
field. The award is an AICM initiative
to seek out and recognise the best of
Australia’s young credit management
professionals.
Each State division seeks
applicants. From these nominees a
shortlist is selected for formal judging.
The winner is announced at the
YCP Awards Dinner and goes on to
represent their Division at the National
Awards.
As National Director for
Queensland and Director of the CCE
and YCP Portfolios, Greg Young,
Partner of Forbes Dowling Lawyers, is
always keen to engage with members
regarding any issues concerning those
portfolios. Feedback from members
is vital to the ongoing management
of and improvement of the CCE and
YCP Portfolios. Greg welcomes any
direct contact on 07 3025 3723 or at
CCE and YCPAs part of an occasional series, we profile each National Portfolio to better inform members of the role of the National Board, its policy objectives and the work undertaken for members’ benefit.
Greg Young
CCE Portfolio The Certified Credit Executive
program is designed to be the
highest designation of recognition
within the AICM. Members achieving
this qualification demonstrate the
knowledge and expertise required
to manage the credit function at
an executive level. The program is
available to institute members only. It
is AICM’s commitment to maintaining
professional excellence in the field of
credit management.
Candidates are required to have
attained a minimum professional
and educational standard and
this is demonstrated through the
accumulation of the required number
of CCE points. Candidates are to be
proficient in the areas of credit and
The Young Credit Professional of the Year Award, has, since its inception, been held in the highest regard within the credit profession as a symbol of excellence.
Credit Management
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 9
Credit management function
had to change. The modern credit
manager is a new breed: part
salesperson, part statistician, part
accountant. This makes the position
not only more diverse, but exciting
too.
Thinking like a salespersonRisk monitoring is still vital to the
function, but today’s credit manager
also needs to spot opportunities
to maximise revenue. They need to
think like a salesperson and help the
business grow by considering the right
sale for each customer, exploiting
opportunities without taking an
unnecessary risk. This mindset is much
more positive than a risk-focused
stance that mostly considers the
negatives of a customer: cash flow
troubles, high debt and a troubled
market. It makes for a more involved
and enthusiastic credit manager.
Close collaboratorsThe new approach also needs the
finance team to work more closely
with its peers in sales and marketing
so the goals of each are aligned.
Information on credit scoring should
be fed to the sales team so they can
focus their efforts on up-selling and
cross-selling to the customer profile
that offers the most return for their
risk. The same data can also be used
by the marketing team to help them
put the company in the minds of
the ideal customer. Working closely
with these functions should see their
knowledge rub off on the credit
manager, broadening their skills while
adding variety to the role.
A proactive not reactive approachWorking in harmony with other
departments and spotting and
exploiting opportunities means
today’s credit manager is proactive
rather than reactive. Easy access to
tools such as big data, automated
actions and analytics models all help
them to take a predictive approach.
Risks can be identified when there is
time to react, and opportunities can
be spotted further ahead. There is
little sitting back to wait and see, as
credit managers have what they need
to be dynamic and hands-on.
A more valuable assetWith a longer list of responsibilities
and a greater importance placed on
the role, credit managers are a far
more valuable asset to a business
than they were before. Some depend
on them to advise on the stability
of suppliers, while others count on
their knowledge of customers and
the valuable marketing insights this
can offer. With business development
also among their remit, a credit
manager’s actions will be of interest
to shareholders too. Greater job
satisfaction is the outcome, as those in
the role can be sure they are bringing
greater value to the business. n
Reproduced from Nick Drivers Blog at https://www.graydon.co.uk/
How credit management shook off its ‘boring’ tagWe’ll admit that a typical credit
management job description from
the past didn’t make for very exciting
reading. Yesterday’s credit manager
was heavily focused on mitigating
risk by picking through high volumes
of company data to decide the
creditworthiness or otherwise of
customers. The role was laborious
and repetitive, otherwise known
as boring. Then things started to
change.
Working in harmony with other departments and spotting and exploiting opportunities means today’s credit manager is proactive rather than reactive.
Credit Management
10 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
AICM’s CEO Nick Pilavidis recently
asked me to comment on the
emerging trend in the UK away
from the use of the term “debtor”
to “customer” and whether there
was any similar change underway in
Australia.
Responding to this request
caused me to reflect that many in the
Australian collections industry over
recent years have been confused as to
what is the appropriate contemporary
term to use when referring to the
party being followed up for payment
of an outstanding account.
Terms like “debtor” and
“creditor” seem outdated now
despite valid origins relating to how
transactions have been described
within accounting conventions.
Accountants still use those terms
but the wide adoption of business
software applications such as
MYOB and Xero has changed how
others describe those transactions.
Software developers keen to simplify
terminologies for persons not trained
as bookkeepers to understand
transactions being recorded made
some changes such that we have seen
“Debtor” replaced by “Customer” and
“Creditor” replaced by “Supplier” –
similarly Accounts Payable” became
“Pay Bills” whilst “Receive Payments”
replaced “Accounts Receivable”.
Regulatory languageA review of current regulations fails
to reveal any change to descriptors
being adopted by industry regulators.
Interestingly, the ACCC/ASIC Debt
Collection Guideline1 which is the most
important compliance document for
collectors and creditors alike, in its
Glossary of Terms defines “Debtor”
as “a natural person obligated or
allegedly obligated to pay a debt” but
does not include any definition for
either “Customer” or “Consumer”.
Potentially, the introduction
of the Australian Consumer Law
in 2010 (the ACL) presented an
opportunity to introduce a redirection
for consistent descriptors to be
used but I discovered its definition
of “Consumer” within this legislative
regime was not all embracing.
The National Consumer Credit
Protection Act 2009 includes a
definition for “Consumer” as a “natural
person or a strata corporation” but
has no definition for “Customer”.
The National Credit Code which
is Schedule 1 of that Act defines
“Debtor” as “a person (other than a
guarantor) who is liable to pay for
(or to repay) credit, and includes a
prospective debtor”.
Trend away from “debtor”Despite the lack of change within
legislation and regulations impacting
on debt collections, there is
nevertheless a trend in Australia away
from using the term “debtor”.
Such a trend however is not
without some issue for those in the
collections industry. For example,
in moving away from using the
descriptor “debtor’ a problem for
contingent collectors acting as an
agent for principal creditors is that the
term “customer” from the collector’s
own perspective refers to the party
it is acting for. The adoption of the
term “customer” within the collector’s
operations and records when dealing
with and referring to an individual or
business debtor owing monies to its
principal seems wrong and potentially
What’s in a name?Alan Harries* of the Institute of Mercantile Agents reviews changes in the language and tone of dealings between collections and individuals in debt.
Terms like “debtor” and “creditor” seem outdated now despite valid origins relating to how transactions have been described within accounting conventions.
Alan Harries
Credit Management
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 11
creates confusion as to which party is
being referred to.
In a recent UK article (by
Sean Feast, Managing editor of
the Chartered Institute of Credit
Mangements Magazine) about
the trend away from “debtor”,
an observation was made that
“a company being labelled as a
debtor appears to be viewed as less
confrontational than an individual
being identified in the same way” –
this has similar resonance in Australia.
The trend in Australia over
recent years has been away from
using “debtor” and instead the term
“consumer” rather than “customer”
has increasingly been adopted
whenever collectors and agents
refer to individuals and businesses
more traditionally known to them
as debtors. This trend appears to be
driven more by a change of attitude
and expectations rather than just
being a case of semantics. Some
reasons for this change include:
z Banks and other financiers
directing the use of the descriptor
for their customers
z The introduction of the National
Consumer Credit Protection Act
2009
A similar change has occurred in the
US where collectors now talk about
“connecting with consumers to
resolve accounts” rather than “chasing
debtors to pay bills”.
Setting the toneCollectors understand their role today
is all about communicating with
consumers – this involves engaging
effectively to understand what they
want and need in order to resolve the
specific outstanding debt.
By itself changing the name or
descriptor adopted when referring
to the individual owing the account
away from the traditional “debtor” will
count for little unless the collector’s
approach allows the individual to feel
respected and to maintain dignity in
discussions. An effective approach
includes the collector being aware of
the individual’s situation and offering
where appropriate assistance and
genuinely seeking an achievable and
affordable solution for the individual
The continuing challenge for
collectors is how to best engage
effectively whilst meeting the
regulatory requirements of what
to say and when to say it and at
the same time avoiding the risk of
misunderstandings which can arise
when the parties to the conversation
can’t see the other’s body language.
Another impediment to establishing
effective engagement is often the
strong negative views some in the
community hold about the collections
industry and processes.
More than ever there is a need for
collectors and agents to ensure the
right tone is achieved for conversations
so as to deliver effective outcomes –
a change in the name or descriptor
for the party being contacted to pay
a debt or account to something which
the individual sees as positive and
respectful is a good and subtle step
towards developing and maintaining
respectful conversations.
Compliance obligations and
expectations of collectors mean it is
not sufficient to communicate so as
to be understood but increasingly
to communicate in a manner so it
is impossible to be misunderstood!
Setting the right tone in conversations
between collectors and consumers
will assist to avoid unhelpful
misunderstandings. n
*Alan Harries is CEO of the Institute of Mercantile Agents and can be contacted at [email protected]
FOOTNOTES:1 ASIC Regulatory Guide 96: Debt collection guideline for collectors & creditors published 10 July 2015
You have what it takes to be the2016 Young Credit Professional.
Now it is your chance to be in the running for the 2016 Young Credit
Professional Award, sponsored by D&B, as nominations are now open.
If you are under 30 years of age as at 30 June 2016 and work in any
facet of the credit industry such as collections, customer service,
factoring and invoice discounting, credit analysis, credit control, credit
scoring, leasing and equipment hire, risk and/or loans, then you have
what it takes to be this years Young Credit Professional.
Each Division Winner wins their airfares, accommodation and registration
costs to attend the AICM National Conference to be held at Sea World
on the Gold Coast, on 12–14 October 2016 The National Winner receives
$1000 cash prize and Educational Scholarship from AICM (valued at
$2,000).
To register your interest and have an AICM representative contact you
with further information and assistance go to www.aicm.com.au
2014 joint winners Rebecca Edmiston of Bendigo and Adelaide Bank and Anna Goulubeva of Hilti.
Credit Management
12 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
New guidelines introduced in July
2015 by the Australian Competition
and Consumer Commission (“ACCC”)
and the Australian Securities and
Investments Commission (“ASIC”)
impact upon how creditors (or their
agents) go about collecting debtor
arrears.
The Debt Collection Guide (Guide)
is designed to help debt collectors
or those who use external collection
agencies to understand how the
Commonwealth Consumer Protection
Laws (“CCP Laws”) apply to them.
It is important to understand
that under the CCP Laws, a creditor
may be responsible for their agent’s
collection activities even if the agent
acts in a way that is contrary to an
agreement or understanding between
the creditor and agent about how the
collection is to be undertaken.
A creditor may also remain liable
for conduct regarding a debt despite
having sold or assigned the debt.
Whilst the Guide does not have
legal force, both the ACCC and ASIC
are encouraging businesses engaged
in debt collection to follow the Guide
and incorporate these into staff
training.
What is in the Guide?The Guide provides 24 guidance
areas for reference when a creditor
or their agent is seeking to collect an
outstanding debt. Various case studies
or practical examples are provided
to assist the reader in interpreting
the Guide. The importance of this is
that it gives strong guidance on what
a creditor or their agent should and
should not do if they wish to minimise
the risk of breaching the CCP Laws.
These steps range from making
contact with a debtor (including what
constitutes ‘contact’) to the types
and frequency of contact that can be
made to repayment negotiations and
complaints handling.
An overview of the applicable CCP
Laws is also provided in addition to
other Statutory and Common Law
obligations and remedies.
Some of the key takeaways
include:
z When making contact with a
debtor, ensure you are dealing with
the debtor and that you identify
yourself (i.e. confirm their identity
and do not misrepresent your
identity).
z If the debtor advises they are
unable to pay, you are entitled
to make reasonable enquiries
regarding their financial position,
particularly if they are seeking to
make repayments over time.
z Legal obligations under the
Privacy Act 1988 attach to the
information collected from or
about a debtor.
z Do not disclose information about
the debtor to third parties (e.g. if
an individual this includes work
colleagues or spouse).
z Avoid contacting the debtor via a
method that they have specifically
requested not be used.
z Contact with a debtor must be
made during reasonable hours
(e.g. 7:30am to 9pm).
z Excessive contact with a debtor
may constitute undue harassment
(e.g. more than 3 times per week).
z A debtor is entitled to respect and
courtesy and contact is to be free
of intimidation or humiliation.
Are you collecting your money right?By Adrian Hunter and Robyn Erskine*
Adrian Hunter
Robyn Erskine
Credit Management
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 13
z The Guide considers face-to-face
or “field” visits to be an option of
last resort (particularly if seeking
repayment from an individual at
their workplace).
z Do not trespass.
z If a debtor has an authorised
representative (e.g. financial
advisor, solicitor or carer) then
you should no longer contact the
debtor directly.
z You should maintain accurate
records of your dealings and
communications with the debtor.
z Evidence of the debt being
pursued should be provided on
request.
z Care should be taken when
making representations about the
consequences of non-payment or
the legal status of the debt.
Does this stop me getting my money backThe short answer is No. The Guide
does not impact upon the legal
enforceability of debts that a debtor
owes to a creditor. This Guide is
mainly concerned with non-court
debt recovery processes and informal
collection activities before a court
action is commenced or after a court
judgment.
The Guide does not limit any right
creditors (or your client) may have to:
z take legal action to collect a debt;
z conduct legal repossession
activities and other legal
enforcement of legitimate security
interests;
z seek and obtain pre-judgment
remedies, e.g. orders to prevent
the removal or transfer of property
from the jurisdiction;
z enforce judgment through a court
process – including examination
hearings, instalment orders,
orders for the seizure and sale
of property, garnishment or
attachment orders; or
z undertake all necessary
procedures (e.g. for serving
documents) associated with these
actions.
However, the Guide does state
that you must not threaten action
(legal or otherwise) that you are not
legally permitted to take, do not
have instructions or authority to take,
or you have no intention to take.
How legal action is threatened or
taken can, in certain circumstances,
amount to misleading or deceptive
conduct, unconscionable conduct
or harassment. It also reinforces that
when seeking to collect a debt a
creditor also must not misrepresent
their legal entitlement to seize goods.
Outside of any contractual rights
that may exist between a customer and
supplier of goods on Retention of Title,
the Personal Property Securities Act
establishes the rights and obligations
that suppliers of goods on Retention
of Title must comply with in order to
repossess the supplied goods in the
event that the debtor does not pay.
What if a debtor doesn’t pay?If a debtor doesn’t make payment and
you are looking to either have them
made bankrupt or put into liquidation,
please contact us as we may be
willing to act for you and all creditors
as either the bankruptcy trustee or
court appointed liquidator.
What if the debtor collapses after I get paid?If a debt is recovered and then within
six months of receipt of that payment
the client either goes bankrupt or into
liquidation, you may be forced to repay
these funds as an unfair preference to
the liquidator or bankruptcy trustee.
Unfair preferences are payments
or transfers of assets to a creditor
that gives them a ‘preference’ or
advantage over other creditors. (i.e.
they are paid instead or in preference
to another creditor as a result of the
action they took in attempting to
recover their debt).
The recipient of an unfair
preference must have suspected or
had reason to suspect that the debtor
was insolvent at the time of when the
payment to them is made.
Often this knowledge accrues in
the mind of the creditor as a result
of the collection process they have
undertaken and the information
provided to them during this process
by the debtor.
What happens if a liquidator demands I repay funds?One of the first actions you should
take before corresponding with the
liquidator or bankruptcy trustee is talk
with an expert in this field.
At Brooke Bird we have been
working with creditors for over 50
years in assisting them to defend
against the predations of liquidators
and trustees.
There are statutory defences
available that creditors need to
consider in addition to conducting
their own internal investigation into
what they know regarding the debtor.
It is important to understand
the strength of your defence before
liaising with the liquidator or trustee.
It may be that the demand you receive
is an ambit claim hoping to elicit an
uneducated payment from you. n
* Both Robyn Erskine and Adrian Hunter are Official Liquidators within the practice of Brooke Bird – Restructuring, Turnaround and Insolvency Specialists. Ph: (03) 9882 6666E: [email protected]
There are statutory defences available that creditors need to
consider in addition to conducting their own internal investigation into
what they know regarding the debtor.
Credit Management
14 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
A new year of political uncertaintiesA cautious approach to evolving
country risks will be necessary in
2016. In an environment of soft global
growth, forecast by Coface to be
2.7% (after 2.5% in 2015), the risks
that emerged in 2015 are expected to
remain this year. At the forefront are
the political tensions gaining ground
in both advanced and emerging
countries.
The elections in the United States
and, above all, the risk of a “Brexit” by
the United Kingdom (two advanced
countries that outperformed the
eurozone in 2015), are likely to
weigh on business confidence. In the
emerging world, uncertainties remain
high in the Middle East. The risk of
terrorism could lead to stronger
nationalist movements. According
to Coface’s political risk index1,
Turkey and Brazil particularly stand
out, due to their growing political
instability between 2007 and 2015,
following the significant deterioration
of their economic situations. Brazil,
whose political crisis and recession
are expected to continue in 2016,
thus saw its country risk rating
downgraded for the second time in
less than a year, to C.
Advanced countries: recovery under pressureOverall, advanced countries will
see moderate growth in 2016,
estimated at 2% by Coface. The main
concerns include their dependency
on commodity prices, the Chinese
slowdown and financial market
volatility.
The trend of low barrel prices
should continue in 2016, due to the
continued surplus of oil supply - in
part attributable to Iran’s return to the
market. Heavily affected by the drop
in oil sector investment, resulting from
the decline in its income, Canada has
fallen from the best risk category and
is now assessed A2. The continued
decline in oil prices has, however,
had a beneficial effect on households
and businesses in certain advanced
countries. With the exception of Japan
and Italy, the fall in energy bills has
helped to revive corporate investment,
particularly in Spain and the United
Kingdom.
Japan is also among the potential
victims of the more-pronounced-
than-expected Chinese slowdown,
given that 18% of its exports are
destined for China. Weak growth
(estimated at 0.9% for 2016),
the persistent risk of deflation
and the indispensability of fiscal
consolidation, explain the placing of
its A1 assessment under negative
watch. Not surprisingly, the decrease
in demand and in tourism from
mainland China will continue affect
activity in Hong Kong and Taiwan,
also under negative watch.
In the eurozone (with 1.7%
growth expected in 2016), the
situation of companies is gradually
improving. This is evidenced by
the insolvency statistics for France,
Germany, Italy (a decrease of
between -3.5% and -5% over the
first nine months of 2015 compared
with the same period in 2014) and
especially Spain (-26%). Italian
growth will be supported by
domestic demand, which will benefit
Three risks to monitor in 2016Three risks to monitor in 2016: weak growth, political tensions and company debts in emerging economiesz Advanced economies: many causes for concern, including financial market
volatility, cheap oil and the Chinese slowdown
z Emerging countries: in addition to sluggish growth, increasing indebtedness of companies
z Increased political risks likely to affect business confidence in all regions
By Maire Albert and Julien Marcilly
Credit Management
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 15
points more than in 2008. Following
China are Turkey (+30 points), Brazil
(+17 points), Russia (+14 points),
and Malaysia (+11 points). Turkish
companies, which have one-third of
their debt denominated in US dollars,
are proving to be among the most
exposed to currency risks. The main
glimmer of hope in the medium term
concerns the gains in competitiveness
resulting from recent depreciations of
emerging currencies.
In this context of increased risks
for companies, Coface is issuing
a one-notch downgrade of the
assessments of several emerging
countries that were already under
negative watch. These include:
z Algeria (B) and Gabon (C), due to
the low price of hydrocarbons
z South Africa (B), negatively
affected by sluggish growth and
growing social tensions
z Tanzania (C) and Madagascar (D),
where growth is constrained by
political uncertainties n
Written by Coface Group Economists:– Maire Albert, Economist,
Head of Country Risk– Julien Marcilly,
Chief Economist
FOOTNOTES:1 Coface’s political risk index combines two
types of indicators: pressures from changes (inflation, unemployment, corruption control, etc.) which measure the intensity of socio-political frustrations in a given country and instruments of change (education, social networks, proportion of youth, role of women, etc.), which capture the ability of these societies to transform frustrations into political action.
CORPORATE DEFAULT PROBABILITY
A1: VERY LOW
A2: LOW
A3: ACCEPTABLE
A4: QUITE ACCEPTABLE
B: SIGNIFICANT
C: HIGH
D: VERY HIGH
Country under positive watch list
Country under negative watch list
Assessment either upgraded, or removed from negative watch list or placed under positive watch list
Country Country risk Country risk previous new
Hungary B A4
Italy B B
Latvia B B
Ivory Coast C C
Assessment either downgraded, or removed from positive watch list or placed under negative watch list
Country Country risk Country risk previous new
Hong Kong A1 A1
Japan A1 A1
Taiwan A1 A1
Canada A1 A2
Finland A2 A2
Namibia A3 A3
South Africa A4 B
Algeria A4 B
Bahrain A4 B
Kazakhstan B B
Brazil B C
Gabon B C
Tanzania B C
Zambia C C
Madagascar C D
from the return of confidence and
the progress in structural reforms.
This has led Coface to place Italy’s B
assessment under positive watch.
Excessive company indebtedness: a new malaise in emerging countriesThe situation for emerging countries,
where growth has halved in five
years (3.9% expected in 2016), is
further complicated by the growing
indebtedness of companies affected
by both the drop in commodity
prices and the highly expansionary
monetary policies which followed the
Lehman Brothers crisis. Only Central
Europe remains unaffected at this
stage. Hungary (whose assessment
improved by one notch, to A4) and
Latvia (B under positive watch) stand
out for their solid growth, supported
by household consumption, and
for increased exports to European
countries other rather than Russia.
According to Coface’s economists,
Chinese companies are among the
most indebted. Their debt represents
more than 160% of GDP and 60
Credit Management
16 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
Success in the introduction
of change is not difficult. It is a
consequence of detailed planning
and respect for the impact on and
perception of existing, prospective
and past clients.
Sadly, there is a long history of
negative and sub-optimal outcomes
as a result of change – big and small.
Causal factorsClearly, a majority of unsuccessful
change initiatives are derived from the
management, and more disturbingly,
marketing offices of companies,
including manufacturers, distributors
and retailers.
Greater knowledge, better
education, unbounded creativity,
originality and a marketing degree
do not guarantee success and market
acceptance.
Imposing and enforcing
change on consumer perceptions,
preferences and buying patterns is
fraught with danger and difficulty.
In such circumstances considerable
time, money and resources need to
be invested in the education and
re-education of those in the primary,
secondary and tertiary target markets.
Instant success is a rarity, if not a
myth.
Lessons to learnIt is refreshing to learn (and
reassuring to the owners, managers
and marketers of small businesses)
that major global corporations,
brands and product managers are
prone to falling short in successfully
implementing change. The frequency
of mistakes, shortcomings and
outright failures is high. The scale of
the consequences appears to be a
differentiating factor.
Cheers ...... to tearsFor some 15 years the largest selling
beer brand in Australia was Victoria
Bitter, “VB”.
The brilliance of the advertising
which featured the voice of the late
John Meillon resonated with Australian
drinkers and teetotallers alike.
A national market share of
between 12 and 14% was enjoyed
for an extended period of time until
someone decided to introduce a
low-alcohol option. That weakened
the presence and profile of the brand.
VB has slipped the ladder of
success to approximately 3-4% market
share.
The biggest selling beer brand in
Australia is now XXXX, once a regional
Queensland-based offering.
For global consumers the labelling
may imply that it targeted to illiterate
consumers. Not so. Although it
could be a strikingly adroit strategy
to impact among the 60%+ of
the world’s population who sign
documents with an X!
King of the roadFor decades the Holden 6-cylinder
Kingswood was Australia’s own family
motor car. Annual sales regularly
exceeded 150,000.
Given the vagaries of oil supplies,
and attendant price hikes, in the 1980s
and beyond it was noted that a trend
was emerging with the increasing
popularity and sale of smaller,
4-cylinder European cars.
Change – no small thingBy Barry Urquhart*
Barry Urquhart
Change is a big deal, particularly in
the current marketplace.
Whether it is self-generated
or imposed by external market
forces, change demands attention,
consideration, detailed analysis and
the formulation, documentation
and implementation of an integrity
strategy.
Incremental change and its
consequences, dictate the need for
respect. The scale of change differs
little in importance from the frequency
of that change.
In many, if not most instances,
all change is significant to
consumers. Accordingly, marketing,
communications, promotions,
merchandising, selling and service
initiatives need more than “tweaking”.
Credit Management
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 17
The decision was made – by whom
I do not know – that the Holden
Kingswood would be superseded
by the Commodore, with the brand
name Holden being removed or
de-emphasised.
Sales plummeted to around 80,000
per annum. It was a costly lesson. Most
changes come with consequences,
some larger than others.
Holden never recovered and will
cease production of motor vehicles in
Australia by 2017.
Wrapped upGlad Wrap is a constant in many
Australian kitchens.
A recent change in the packaging
and introduction of a new cutting
device hurt sales and a number of
customers. Revenue bled, so too
consumers, who could not effectively
use the innovative cutting device.
Appropriately, the new packaging
was promptly withdrawn, to the
delight (and well-being) of many
consumers.
The change to McDonald’s
product range with the introduction
of All-Day-Breakfast was hardly
a resounding success. It seems
consumers were happy to move
on from breakfast mid-morning.
McDonald’s franchisees found the
extended hours of a breakfast offering
was inefficient and impacting on
profitability and productivity.
In recent times, McDonald’s and
the broader fast-food sector have
been experiencing falling demand,
sales and squeezed profits.
The best change seems to be good
rather than fast ... consumer driven
rather than management rushed. The
margins for effort, like profits, can be
and are increasingly thin.
Change action plan fundamentals
z Identify, isolate and analyse the
demand factors for change
z Ensure customer drive, and
acceptance
z Differentiate wants from demands
– the former can create fads
z Formulate, document and
implement an integrated change
strategy
z Recognise and respect that to
consumers, all change is BIG n
*Barry Urquhart of Marketing Focus is a respected consumer behaviour analyst, business strategist and high impact conference keynote speaker.Mobile: 0419 835 555Telephone: (08) 9257 1777Email: [email protected]: www.marketingfocus.net.au
Credit Management
18 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
The research involved two phases:
z a qualitative analysis and mystery
shop of debt management firms
by BIS Shrapnel Pty Ltd.
z a survey on the involvement of
debt management firms acting
for consumers in Ombudsman
schemes covering the financial
services, telecommunications,
energy and water sectors.
Findings – qualitative analysis and mystery shop:
z fees and costs were opaque
making it difficult for consumers,
often in significant financial
hardship, to assess the cost
relative to the purported value.
z fees were often ‘front loaded’ –
that is, fees were payable before
services were provided thereby
increasing consumer commitment
through sunk costs.
z some sales techniques create a
high-pressure sales environment.
z little information was given about
important risks. Some firms had a
poor understanding of the relevant
law and the consequences of
particular strategies which may
lead to unsuitable services for
consumers.
Findings – Ombudsman survey data and analysis:
z a growing number of firms are
representing consumers at external
dispute resolution (EDR). This is
concentrated among a few large
players with an increasing number
of small firms entering the market.
z the disputes brought to EDR
schemes by debt management
firms relate almost exclusively
to arguments about the removal
of default listings on consumer
credit reports (despite the breadth
of other issues that can arise for
indebted consumers).
z while an increasing number of
consumers are being represented
at EDR by debt management firms,
this is not leading to more credit
reported related disputes being
found in favour of consumers.
“Where consumers go to debt
management firms, it is important
they understand what they are getting
and how much it will cost, so they
can decide if it’s worth it,” said ASIC
Deputy Chairman Peter Kell.
"The promise is always more
prominent than the price”, he said. “It
is hard to find information about fees
and they tend to be high, front loaded,
and not refunded if the promise isn’t
delivered.
“It’s also important for consumers
to understand that they have
alternatives to the use of these firms
that may be free of charge such as
financial counselling services.
“Many stakeholders have raised
concerns with ASIC and other
regulators about potential harms
posed by firms that may provide
unsuitable services, act in ways not
in the best interests of clients, or at
worst, engage in predatory conduct
leaving the consumer worse off,”
Mr Kell said.
ASIC releases report on debt management firms
While an increasing number of consumers are being represented at EDR by debt management firms, this is not leading to more credit reporting related disputes being found in favour of consumers.
ASIC recently released a research
report that aims to better
understand the debt management
industry in Australia and the
consumer experience in using
debt management firms. Debt
management firms promise to help
consumers in financial hardship or
with listings of payment defaults on
their credit reports.
The report, Paying to get out of
debt or clear your record: the promise
of debt management firms (REP
465), was commissioned by ASIC’s
Consumer Advisory Panel (CAP).
Credit Management
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 19
Whilst the ink is yet to dry on the purchase of
Veda by US credit bureau Equifax, Veda has
announced the acquisition of EDX, the experts in
Personal Property Securities across Australia and
New Zealand on 22 February 2016.
This acquisition strengthens Veda’s existing
offering across Personal Property Securities
registration and search. Established in New
Zealand in 2006 and expanding into Australia
following the introduction of the Personal
Property Securities Act 2009 (Cth), EDX offers
comprehensive registration, search, compliance,
and remediation services.
The EDX service includes ESIS,
Electronic Securities Information System, a
cloud based platform that hosts the Personal
Property Securities Register (PPSR) and related
details post-registration. This allows customers
to effectively manage and maintain their
registrations. In addition to this market-leading
securities management system, EDX brings to
Veda a network of independent brokers providing
Personal Property Securities compliance review
and advisory capabilities.
Nerida Caesar, Veda’s CEO said, “The
integration of Veda’s existing PPSR registration
and search capability with the EDX hosted
solution provides an even stronger offering for
our customers. It can help them to protect their
financial security interests in a more effective
way.”
The founders of the business, Kim Powell and
Mary Bayne, have created the market leading
platform and a successful business in Australia and
New Zealand. Kim Powell said, “We are excited
to take the business to the next level with Veda
through extending our expert services to Veda
customers and serving new customers with our
combined capabilities.”
Industry news
BackgroundDebt management firms promise to help consumers in
financial hardship or with listings of payment defaults on
their credit reports by:
z ‘cleaning’, ‘fixing’ ‘repairing’, ‘removing’ or ‘washing’
away default listings on credit reports
z developing and managing budgets
z negotiating with creditors, including lenders,
telecommunications companies , utilities companies or
debt collectors
z advising and arranging formal debt agreements under
Part IX of the Bankruptcy Act, 1966.
While the models are diverse, many debt management
firms operate one-stop-shop models offering a combination
of some or all of the above services.
The debt management industry has grown despite the
fact that consumers can freely access:
z their credit report and challenge an incorrect listing at
no cost.
z help from financial counsellors or community legal
services.
z independent ombudsman schemes to help resolve
disputes with lenders, telcos and utilities providers.
This suggests that there is a lack of consumer awareness
about the potential benefits of alternatives to debt
management firms.
There is no uniform regulatory framework for debt
management firms and barriers to entry are low or non-
existent. Consumers in financial hardship can be extremely
vulnerable and behavioural research shows that financial
stress can materially affect people’s ability to make good
decisions.
Case studiesThe report includes case studies, which demonstrate that
some consumers experience poor outcomes.
Tips for consumers in financial hardship or with credit or debt problemsTalk to your lender, telco or utility first about your
financial hardship or credit listing.
Talk to the free ombudsman scheme for help before
you pay a fee to a debt management firm.
Talk to a free and independent financial counsellor or
community legal services for help.
ASIC has information and guidance for consumers about
trouble with debt and credit repair on its MoneySmart
website. n
Source ASIC Media Release 21 January 2016 http://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-011mr-asic-releases-report-on-debt-management-firms/
Credit Management
20 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
Credit managers are experts at using various pieces of
information to make sound credit decisions but is enough
being done to detect fraud before goods are dispatched
and bad debts are incurred; not to mention the costs of
attempting to recover bad debts?
With fraudsters becoming more sophisticated, it’s
important for companies to protect themselves from fraud
and loss. Identity takeover has grown 59%1 in the past two
years which means it’s more important than ever to know
who you’re doing business with and proactively manage
the risk of fraud.
A recent fraud case
Background
We were recently made aware of a fraud case in the
trade credit industry:
z The fraudster applied for a new account using
a stolen identity. The applicant was posing as a
sole trader.
z The credit limit requested was under the
threshold for close due diligence to apply.
In other words, it’s likely the fraudster had
knowledge of commonplace thresholds.
z The application was approved.
z Building materials were immediately purchased
and dispatched.
z The “sole trader” did not pay.
z The investigation revealed that a stolen identity
had been used to secure the credit account and
goods could not be recovered.
Three ways to prevent fraudFraud detection methods used by major credit providers
such as banks and asset financiers are now available for use
by trade credit providers. The company in this case study
is currently implementing three different fraud prevention
processes into its customer on-boarding framework to
ensure they only deal with legitimate businesses, and you
can too. Here’s how:
1. Identifythepeopleyou’reabouttodobusinesswith
Verifying the identity of directors and sole traders at
the point of application (online or face-to-face) can help
minimise risk by ensuring you are doing business with a real
person, not a fraudster.
Veda’s identity verification service performs an identity
check in real time, in seconds, using up to 25 independent
data sources to confirm the person is who they say they are.
2. Runafraudassessment
Take identity verification one step further by running a
fraud assessment to determine the likelihood that an
application is an attempt at fraud. The assessment can tell
you if the person is using a stolen device, such as a laptop
or mobile phone, and if they have a history of fraudulent
behaviour.
3. Manageyourownrules
Develop your own fraud and identity verification rules
under a risk-based approach whilst maximising your
business objectives. n
*Imelda Newton is General Manager, Fraud & ID at Veda.www.veda.com.au
FOOTNOTES:1 Veda 2015 Cybercrime and Fraud Report
Fraud and the impact onTrade Credit
With fraudsters becoming more sophisticated, it’s
important for companies to protect themselves from
fraud and loss.
By Imelda Newton*
Legal
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 21
IntroductionThere is a fundamental principle
arising in the administration of an
insolvent estate. The insolvency
administrator is obliged to
demonstrate “right-mindedness”
and “fairness” in the course of the
insolvency process.
For example, on occasions a
payment received by the liquidator
of a company or trustee in bankruptcy
may have been made by mistake, such
that the party making the payment
in error may seek to have the funds
restored.
One option available to a claimant
in these circumstances is to invoke
the rule in Ex parte James. Under
this rule the essential argument is
that it is unreasonable and unfair for
the insolvency administrator to take
advantage of funds acquired in these
circumstances, irrespective of the
strict legal position.
At this stage it will be useful to
consider the nature and scope of the
rule in Ex parte James.
The nature and scope of the rule in ExparteJames Generally stated, the rule in Ex parte
James requires that a liquidator or
trustee in bankruptcy avoid invoking
strict legal rights where this would
result in outcomes contrary to ethical
standards of commercial fairness. As
the Court in Star v Silvia (No1) (1994)
12 ACLC 600 at 604 observed:
“The principle should be applied
to ensure that the liquidator does not
hold property where there are claims
of conscience against the property,
without recognizing those claims of
conscience.”
The following cases provide
examples of the operation of the rule
while also generating useful case
studies for trade credit professionals.
Application of the rule in ExparteJames in cases involving alleged unfair enrichment Re Paddington Town Hall Centre Ltd
(in liquidation) (1979) 41 FLR 239,
SC (NSW)
At the date of winding up, the
company had accounts with its
banker with credit balances totaling
$8,218 and loan accounts with a debit
balance of some $70,000. Following
his appointment the liquidator
requested the bank to transfer the
credit balances to the liquidation
account. The bank complied with this
request and then submitted a proof of
debt in the sum of the debit accounts.
Subsequently when the bank became
aware that it possessed a right of
The obligation of the insolvency practitionerto act honourably and fairly in the administration of insolvent estates
By Keith Bennetts*
Keith Bennetts
Legal
22 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
set off under the Corporations Act,
the bank sought from the liquidator
reimbursement of the sum of $8,218
in respect of which it claimed a set off,
while reducing the $70,000 proof of
debt by the amount recovered.
In the first instance the liquidator
took the position that the bank
was estopped from claiming back
the $8,218. Subsequently these
proceedings were commenced by
the liquidator seeking directions
from the Court as to the appropriate
disposition of the funds.
In applying the rule in Ex parte
James the Court reasoned that in
view of the bank’s mistake as to its
statutory right of set off, the liquidator
was in substance possessed of funds
belonging to someone else and so
ought to set an example by restoring
the funds to the bank which could
then proceed to give effect to its right
of set off.
Barringtons Accounting Pty Ltd v
Barringtons Your Business Advisors
Pty Ltd (in liquidation) (2015)
WASC 56, 11/2/2015
Recently the Supreme Court of
Western Australia had occasion to
review the rule in Ex parte James
with respect to payments made by
debtors to the wrong creditor, being
a company in liquidation.
In the case the plaintiff had
purchased a company’s business
assets. Subsequently the company
proceeded into liquidation. The
essence of the plaintiff’s claim was
that a number of its clients, who
had previously been clients of the
company, had mistakenly made
payments in respect of services
performed by the plaintiff into bank
accounts in the name of the company
in liquidation, intending that the
payments be made to the plaintiff.
The payments were made both
before and after appointment of the
liquidator in the amount of $268,646.
The plaintiff sought leave of the Court
to commence proceedings against the
company in liquidation with a view to
recovery of the funds.
For reasons beyond the scope of
this discussion the Court determined
that the applicant did not have
standing to bring proceedings against
the company that technically involved
the rights of the clients.
Importantly, however, the Court
identified an alternative to action
against the company, namely, the
supervisory role of the court with
the principles of the rule in Ex parte
James in mind. In canvassing the
relevance of the rule in Ex parte
James, the Court concluded:
“It is at least arguable that on
being discovered that money has
been mistakenly paid to a company
in liquidation under the control
of a liquidator appointed by the
court, the court would act in the
manner contemplated by the earlier
authorities [applying the rule in
Ex parte James] and direct that the
money be repaid. As the principle is
concerned with practical justice rather
than legal entitlement, it is at least
arguable that the court might make
a direction for repayment without
demanding an expensive and time
consuming inquiry….”
Clearly the Court envisaged
that the most appropriate means
of resolving the matter was an
application to the court with a
view to invoking the rule in Ex Parte
James aimed at redressing the
unfair enrichment of the company
in liquidation.
Legal
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 23
Does the rule in ExparteJames extend beyond cases involving recovery of mistaken payments?Cases involving the rule in Ex parte
James have moved beyond mistaken
payments, with potential to regulate
a range of events arising out of the
administration of insolvent estates.
For example, in Re Associated
Dominions Assurance Society Pty Ltd
(1962) 109 CLR 516, an employee of
a company in liquidation had a two
year limitation period to bring a claim
for payment in lieu of long service
leave. The employee had relied upon
the liquidator’s announced intention
to seek directions from the court on
the matter, and accordingly did not
make an application in the ordinary
way. When the liquidator eventually
made the application for directions
the two years had elapsed since
the termination of employment,
so as to prevent the employee from
pursuing the claim in the winding up
irrespective of the outcome of the
directions application. The High Court
held:
“In those circumstances I do not
think it would be proper to allow
the claim to be defeated by the
limitation…. And upon the principles
enunciated in Ex parte James ….
I propose to disregard the suggested
limitation.” (para 5).
Cases where the rule in ExparteJames has not been appliedOn occasions the courts have been
reluctant to apply the rule in Ex parte
James, particularly if it can be shown
that the insolvency practitioner
has not personally been involved in
the transaction or decision under
scrutiny.
In this regard the following case
provides important outcomes for
trade credit professionals. In Re Alias
Ayoub Ex parte: Brian Raymond
Silvia (1983) FCA 112, unbeknown
to the trustee in bankruptcy the
undischarged bankrupt commenced
operating a business. In the course
of trading the bankrupt purchased
stock and office equipment on credit.
The suppliers were unaware of the
bankruptcy when they extended
unsecured credit to the bankrupt.
Although the stock and equipment
supplied became after-acquired
property vesting in the trustee for the
benefit of pre-bankruptcy creditors
(section 116(1)(a) Bankruptcy Act),
the suppliers’ claims arising after the
date of bankruptcy were not provable
in the bankruptcy (section 82(1)
Bankruptcy Act).
As a consequence the trustee
sought directions from the Court
as to whether the rule in Ex parte
James justified the trustee paying
these debts out of the assets
available in the bankruptcy. In
deciding that the case “does not
amount to inequitable conduct
of the kind that has hitherto been
regarded as sufficient to invoke the
rule in James’ case,” the Court was
influenced by the fact that:
z There was no evidence as to what
steps, if any, the creditors took
to check the bankrupt’s credit
worthiness before supplying him
with goods
z The creditors ran the risk of doing
business with the bankrupt
z The trustee was unaware of the
transactions
z It was not to the point that
remedies available to the creditors
to recover their debts against the
bankrupt personally were likely to
prove fruitless.
Summing upIt is apparent that the enquiry
undertaken by a court in applying the
rule in Ex parte James will often be
fraught with vagaries and uncertainty.
Each case must be dealt with on its
own facts and the court is free to act
according to the judge’s opinion as
to what would be just and fair in each
case.
Moreover the enquiry undertaken
by the courts is not simply to
determine if a legal right exists in the
hands of the claimant. An enquiry
premised on “fairness” extends
beyond this into the realm of ethical
propriety and commercial morality.
As one Court observes:
“When the authorities employ
the phrase “just and fair” they
are not using it in the sense of
unconscionable as a matter of the
settled principles of equity, but
rather, just and fair in the mind of
the person on the Bondi bus.”
Notwithstanding the vagaries
involved and the likelihood of
questions raised becoming “the
subject of honest difference among
honest men”, the courts have not been
deterred in their willingness to apply
the rule in Ex parte James to ensure
that the highest standards of fairness
are achieved in the administration of
insolvent estates. n
*Keith Bennetts is National Consultant for BRI Ferrier
Cases involving the rule in Ex parte James have moved beyond mistaken payments, with potential to regulate a range of events arising out of the administration of insolvent estates.
Legal
24 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
Many rules which apply to “paper”
contracts also apply to electronic
contracts entered into by email,
online or otherwise electronically.
As many businesses and suppliers
move to online and electronic
credit applications, including with
customers who are not in Australia,
these rules are even more pertinent.
Some of these rules were recently
considered by a number of courts,
including the Supreme Court of
Queensland in Stellard Pty Ltd & Anor
(“Stellard”) v North Queensland Fuel
Pty Ltd (“NQF”) (“Stellard’s Case”)
which considered the electronic
signing by email of a contract which
created an interest in land. Thomson
Geer Lawyers acted for the successful
party, Stellard.
In a three part series, we will
discuss certain issues concerning
electronic transactions and how they
might affect you:
z PARTONE: can an email be a
“signature”? When do Credit
Applications and their Terms
and Conditions of Trade (called
“T’s+C’s”) and guarantees need to
be “signed” and are foreign laws
relevant?
z PARTTWO: who has sufficient
authority to “sign” on behalf of
a customer or guarantor and
what happens if they do not have
authority?
z PARTTHREE: when are the
parties bound during negotiations,
even when they say “subject to
contract”?
Can an email be a signature? Generally, if a contract (or a clause
therein) creates an interest in land or
is a guarantee, the laws in Australia
and elsewhere require that there must
be a memorandum or note in writing
signed by the relevant party or their
agent. This is especially relevant for
creditors who rely on charging clauses
to lodge caveats over interests in land
or on guarantees. In Stellard’s Case:
z Stellard wanted to buy land off
NQF and after a trail of various
emails sent NQF an email noting
the amount the company was
offering to pay and the general
terms of the offer (“offer email”).
z No formal contract document
had ever had a handwritten or
electronically encrypted signature
placed on them.
z An email (“the acceptance
email”) was sent by NQF’s agent
(being the director’s son “Drew”)
accepting Stellard’s offer email,
and containing the intentionally
typed name “Drew” at its end.
z NQF agreed that the acceptance
email was sent by Drew and that
it was a “memorandum or note in
writing”.
z NQF alleged that the acceptance
email was not an enforceable
contract for the land as it was
not “signed”.
Was the acceptance email a “signed” memorandum or writing? Australia has a national scheme for
electronic transactions laws. Similar
laws also exist in other countries.
In Stellard’s Case, the Court ruled
that, given the trail of emails, the
acceptance email contained a
“signature” and so there was an
enforceable contract for land as it was
Electronic contracts – what’s new?By Peter Mills and Robert Gallagher
Robert Gallagher
Peter Mills
Legal
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 25
a “memorandum or writing …signed”
by the registered owner or its agent:
In circumstances where parties
have engaged in negotiation by
email and in particular where
an offer is made by email then
it is open to the court to infer
that consent [to the method
of use being email] has been
given by conduct of [the
relevant party, being consent
by the seller NQF].
Drew, in communicating
negotiations via emails had implied
consent on behalf of NQF to the
method of signing by email.
Which of the relevant electronic
transaction laws apply to suppliers
T’s+C’s will depend on their wording
and whether a business uses an
online system, emails or other
electronic communications for credit
applications and guarantees especially
if there is no email trail.
If done correctly, “signing” of
documents may be possible by
an electronic means other than
emails, provided a supplier strictly
complies with the relevant electronic
transactions laws of Australia or
elsewhere.
When do T’s+C’s and Guarantee’s generally need to be “signed” to be enforceable for certain rights?T+C’s and guarantees will normally
contain express terms to secure any
payments owed to their supplier.
Common examples of these are:
z The supplier will retain ownership
of its goods until they are paid
for in full (called “a ROT clause”).
This is a “security interest” under
the Personal Property Securities
Act (2009)(Australia) (called
“the PPSA”) and the equivalent
laws of other countries that
suppliers might operate in. To be
enforceable against the goods:
— Under the PPSA, the T’s+C’s
may be either “signed” by
the customer, or “adopted”
by an act or omission of the
customer.
— Under the equivalent laws of
other countries, the T’s+C’s
must be “signed” by the
customer and cannot be
merely adopted. Failure to
have the T’s+C’s “signed” will
mean that there is no “security
interest”. The ROT clause is not
enforceable and the supplier is
at best an unsecured creditor.
z A charge is granted to the
supplier over any interest in land
the customer may have either
currently or in the future (called
“a charging clause”). A charging
clause entitles the supplier to
lodge a caveat over any interest in
land registered in the name of the
customer. This is a powerful tool in
debt recovery. To be able to lodge
a caveat under Australian law the
T’s+C’s (as in Stellard’s Case) must
be “signed” by the customer. Most
other countries have the same or
similar requirement for their caveat
lodgement systems.
z In guarantees, a charge is also
often granted over any interest
in real or personal property which
the guarantor has, or is capable
of granting an interest in (called
“a general charging clause”):
— Under Australian law, a
guarantee must be “signed”
by the guarantor or its agent
for its terms to be enforceable.
It cannot be “adopted” and the
PPSA does not override this
requirement;
— The test of whether an email
by a guarantor is a “signed”
guarantee is similar to that
discussed in Stellard’s Case; and
— The requirement for a
guarantee to be “signed” is
also common under the laws
of most countries.
Under the PPSA and equivalent
foreign laws, registration on the
relevant register is normally also
required.
TakeawaysIn summary, as suppliers more
commonly use online and other
electronic transactions for account
applications, guarantees and other
documents, it should be ensured that
their processes and documents comply
with various laws for how a document
can be “in writing” and lawfully
“signed”. Whilst an email can be a
signature, generally suppliers should:
z Identify the requirements of the
PPSA and relevant equivalent
foreign laws and whether their
T’s+C’s need to be “signed” or
need only be “adopted”.
z Ensure that guarantees are “signed”
as required under the relevant
Australian and foreign laws.
z Ensure that documents and
processes comply with Australian
and foreign electronic transactions
laws and other laws to ensure that
they can enforce their ROT clause,
charging clause and/or general
charging clause.
z Whether they use email, facsimile,
hard copy, a web portal or other
process, make sure that it satisfies
the relevant requirements for the
relevant document to be “signed”.
This will depend on the facts, the
relevant electronic transactions
laws, supplier documents,
processes & procedures and
whether a foreign country’s laws
are relevant.
z Consider the risk if they fail to have
their T’s+C’s and/or guarantees
“signed”, they may not be able
to enforce various rights against
the relevant assets, customer,
guarantors or third parties, or
lodge caveats.
z Ensure that they properly register
under the PPSA and the equivalent
foreign laws. n
Written by:Peter Mills, Special Counsel [email protected] T +61 7 3338 7921
Robert Gallagher, [email protected] +61 7 3338 7920
Legal
26 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
A lesser-known form of insolvency
appointment that is very effective
for creditors is a Statutory Trustee
appointment of real property.
So, what is a Statutory Trustee appointment?A creditor applies to court to appoint
a statutory trustee over real property.
Once appointed, the statutory trustee
secures and sells the property and
distributes the proceeds in a manner
ordered by the court. Typically
mortgagees are paid first and then the
creditor that made the application.
By doing so, the creditor effectively
makes themselves a priority secured
creditor over the property (i.e. second
only to any pre-existing mortgagee).
How does such an appointment occur?The creditor has a clause in the credit
application signed by the debtor
that says in the event of a default,
they agree that the creditor has a
charge over the debtor’s interest in
any real property they own. When the
default occurs, the creditor will secure
their interest by placing a caveat
over the property. They then have a
three-month window to commence
proceedings to enforce their charge.
Normally, an application is made
whereby the creditor demonstrates to
the court that they have the relevant
charging clause and due to the default
they request an independent party to
be appointed as a statutory trustee.
The more common orders made by
the court will be as follows:
1. Statutory trustee be appointed to
the real property in question
2. The statutory trustee secures and
sells the property
3. The property’s sale proceeds
be distributed in the following
manner:
a. All selling, conveyancing and
statutory trustees court costs
be paid.
b. Any mortgages over the
property be paid out in full.
c. The applicant creditor’s debt
be paid in full.
d. Any remaining funds be
returned to the owner of the
property.
Evidently, it is a very useful tool
for creditors to gain a priority status
and obtain some security over
tangible assets. The debtor is given
plenty of warning about the action
and therefore should the statutory
trustee be appointed it should come
at no surprise to the owner(s) and
therefore the appointment should be
very straightforward... well that’s not
always the case.
Recently I was appointed as
a statutory trustee to a property
whereby the process outlined above
had taken place. Although there was
one major difference, the property
was jointly owned by two people:
Owner A and Owner B.
Statutory Trustee sale– creditor winsBut, co-owner bears the burden of skeletons in the closet
By Chris Cook*
Chris Cook
Legal
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 27
Owner A had no idea that Owner
B had a charging clause over the
property. In fact, the two owners
had separated and were no longer
in contact. This is where things got
interesting. Upon our appointment
we contacted both owners. Owner
A was shocked to hear of our
appointment and claimed to have
had no knowledge of a court order
requiring us to sell the property.
Owner A disputes this position
entirely and takes legal action in an
attempt to terminate our appointment
as statutory trustees. Through this
process the following was revealed:
z Owner A and Owner B were
in a defacto relationship and
co-purchased the property.
z The two owners separate.
z The property is used as a rental
property with an unrelated tenant
occupying the premises for a
period.
z Owner B operates their own
business and as part of this
process, signs a document
whereby a charging clause is
included for Owner B’s interest
in any property, allegedly without
Owner A’s knowledge.
z Owner B’s business fails and
as a result we are appointed as
statutory trustee.
After significant time and
correspondence between all parties
involved, the legal action is dismissed
and our appointment as statutory
trustees is acknowledged. At this
time (after many months) we are
finally able to perform our duties and
proceed to sell the property. Once
the property was sold, the expenses
and mortgage was paid out and the
net proceeds were split equally to
each owner. From Owner B’s share
the creditor and the application
costs were paid resulting in Owner
B receiving no return at all. Owner
A was entitled to 50% interest in net
proceeds.
Unfortunately for Owner A, as a
result of their legal action there were
significant delays and increased costs
incurred by the statutory trustees,
their solicitors, as well as Owner A’s
own legal expenses. This resulted in
significantly less being available for
their interest in the property.
What could Owner A have done differently?Upon their separation, immediate
action should have been taken to
deal with the property, either by one
owner buying out the other or with
an outright sale to an external party.
If the property had been sold or
Owner A bought the property
outright, Owner B would be removed
from the legal title on the property,
in which case, the creditor would be
unable to lodge a caveat over the
property and therefore no statutory
trustee would have been appointed.
Some stamp duty would likely be
payable on any purchase between
the parties and possibly some capital
gains tax issues. However, by ignoring
the issue and allowing the property
to remain in joint names, Owner
A received significantly less. Not
only through the statutory trustee’s
costs but also through sharing any
appreciation in the property’s value
with Owner B which would be a
sole benefit had the property been
purchased outright by Owner A. n
*Chris Cook is a Partner at Worrells BrisbanePhone: (07) 3225 4386- See more at: http://www.worrells.net.au/eUpdateNewsletters/ViewArticleListing.aspx?ArticleId=5748#sthash.a1HnoRrX.dpuf
Legal
28 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
Most credit managers take the
view that legal action for debts
below about $5000 is simply not
worthwhile. This is usually because
of their poor experiences with legal
action.
The result is that literally hundreds
of millions or even billions of dollars
are being written off annually, which
are in fact quite collectable.
In this article, I will start from
the beginning and describe what an
excellent collection system would
provide for in terms of legal action.
The first step is to ensure that
the information collected from the
customer is not only correct in terms
of the exact name and the home
address but importantly a mobile
number and email address along with
details of where the customer works.
If the customer is a company,
the default position is that directors’
guarantees must be obtained. Legal
action against individuals will always
produce a better outcome than
against companies.
Obtaining work information for
debt granted to individuals is an
essential step to being in a position to
sue and successfully recover the debt,
as I will get to further on.
Your business must have proper
trading terms in place and there must
be a clause which provides that in
the event of default, the customer
will be liable for all costs incurred by
the creditor, including commission,
interest and indemnitylegalcosts.
By having this clause in place,
the decision to sue becomes a much
easier one because at that stage the
commission payable to your collection
agency can be added to the claim
along with indemnity legal costs. The
difference between “indemnity legal
costs” and normal “party/party legal
costs” granted by the court is usually
about 40% more.
Thus, if you have the correct
clauses in place, when you sue, you
will be adding all legal costs incurred
by you. This will significantly bump up
the amount of the claim and this alone
will increase pressure on the debtor.
When deciding to sue, you need
to ensure that you have a correct
address for service. However, if you
don’t but you have a verified work
address, it is possible to get an order
for substituted service and to serve
the documents at work.
A final piece in the jigsaw is to look
at the state in which the debtor lives.
As the overwhelming percentage of
consumer judgments will be enforced
by Garnishee of wages, there are
certain states which offer better and
cheaper processes for this than others.
Unfortunately, South Australia is
What is the threshold for suing a debtor?By Roger Mendelson*
"Obtaining work information for debt granted to individuals is an essential step to being in a position to sue and successfully recover the debt..."Roger Mendelson
Legal
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 29
effectively a no go area for garnishees,
whilst New South Wales and ACT
provide cheap, quick and effective
Garnishee Orders. All other states
provide worthwhile processes.
In all states, there will be an
additional cost order granted against
the debtor to cover the garnishee
costs.
In our experience, if all of the
above boxes have been ticked, then it
is commercially worthwhile suing on
debts as low as $500.
For company debts which exceed
$2,000 and are undisputed, we would
not sue but go straight to Statutory
Demand. This is quicker, cheaper and
more effective.
In order to handle volume legal
actions, you need a law firm which
specializes in debt collection and
which provides fixed price fully
inclusive legal action services for all
Australia jurisdictions.
If your policy has been to not
sue on consumer debts, I suggest
that you set aside ten or twenty
files and carry out a test run. The
results will not be immediate because
garnishee processes tend to invariably
involve payments over time but I am
confident of an overall recovery of the
net debt of 75-80%.
If you do so, you will find that
you are advantaged by the fact that
most credit managers don’t sue.
Accordingly, debtors will usually
ignore threats because they are aware
from experience that the threats made
are hollow. It does no harm to you to
be seen as being effective and tough
in your collections processes. The
upside to this is that debtors will know
that “they can’t mess with you”. The
result is that next time around, you will
get paid in preference to others, who
will probably be ignored. n
To ensure that you incorporate the correct wording in your trading terms, contact the Prushka Client Services Team on 1800 641 617 or go to www.prushka.com.au and obtain the complete wording, which is provided without charge.
*Roger Mendelson is CEO of Prushka Fast Debt Recovery Pty Ltd and is principal of Mendelsons National Debt Collection Lawyers Pty Ltd. Prushka acts for in excess of 53,000 small to medium size businesses across Australia and operates on the basis of NO RECOVERY – NO CHARGE.
The writer is also author of The Ten Mistakes Businesses Make and How to Avoid Them and Business Survival, both published by New Holland Publishers in 2009.
Mendelsons Lawyers Fixed Price Fully Inclusive legal action in all Australian jurisdictions.
30 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
aicm Training News
IntroductionEvery piece of written work tells a story. It has a beginning,
middle and end.
You may find it helpful to think of your written
assessment as a discussion of the topic(s) to which you must
respond. The introduction should clarify the terms that will
be used to introduce the ideas/concepts to be considered
and indicate your overall conclusion. The body of the written
assessment is used to explore the idea and facts at hand
and should inform the reader of your point of view. In the
conclusion you should not raise new ideas, rather you should
restate your case and support it by restating your strongest
points so that the reader is convinced of your viewpoint.
1. The QuestionWhat is the question actually asking me?
Try breaking down the question substituting words
and phrases with words and phrases of similar meaning
to cement and confirm your understanding of what it is
you are actually being asked to do. Write the question as a
statement incorporating your understanding of the question.
Next ask yourself what is the major idea(s) to be
explored within this written assessment? Do I agree or
disagree with this idea? From here you can begin to
formulate a plan for your assessment.
2. Who is my audience? When writing anything ask yourself, who am I writing this
for and for what purpose? It is here that you can decide on
the best style of writing. In most workplaces the style will
be a mix of academic and technical writing. Although this
sounds quite difficult we actually read and write reports
every day. You then need to decide is this explanatory
writing i.e. it will explain something to the audience or is
it responsive, that is responding to something already in
progress. The best way to address these questions is to
remember who has asked you to prepare this assessment
and for what purpose? What is their understanding of this
subject matter? What is their understanding of jargon and
other specific terms? Why are they asking for it? Do they
want your personal opinion or do they want you to evaluate
(for example a process or a policy)? Are you required to
come to any conclusion? Will one person be reading this
report or will it be read by many? It is important in an
assessment to write from the neutral third person. Rather
than saying “I believe…” or “I feel…” you need to say “it is
believed…” or “a common feeling…”
3. Plan Your WritingIt is a good idea to develop a plan or structure for your
assessment before you begin. For example, you may be
writing a 2000 word report in which you have to address
four different ideas each containing five supporting points.
In this case it would be a good idea to create a flow chart
or a mind map or even a simple list of dot points stating
your ideas and their supporting points. This way you can
structure the assessment and ensure you have a logical and
clear progression.
4. The Opening StatementThis is called the thesis statement, in your thesis statement
it is a good idea to restate your understanding of the
question in a statement but also address your argument
and the overall idea of the essay.
It is important that you do not conclude (i.e. answer the
question outright) in the opening statement but instead use
gentler language so that the assessor will be encouraged to
read on.
For example, if asked “Do you agree that a company’s
policies and procedures are of paramount importance
during the collection process?” A good thesis statement
would be “The importance of a company’s policies
and procedures during the collection process must be
recognised although there are other equally important
factors”.
5. The IntroductionWhen beginning a written assessment not only are you
introducing a topic but you are introducing the work
itself. After you have written your thesis statement it is a
good idea to define or clarify any points or language that
may have a specific meaning in the context of your work.
It is important to do this as words or phrases may have
alternate meanings and unless clarified your assessor could
be confused.
It is then a good idea to address the topics that you are
going to discuss devoting a sentence to each topic, these
are called topic sentences.
For example if you are writing a 1000 word assessment
you may wish to raise 3 separate ideas or topics. In
the introduction you would have 3 separate sentences
addressing each topic. This acts as kind of a road map so
that after the assessor has seen your thesis statement they
can understand the direction of the assessment.
Preparation guidelines for writing a written assessment/essay
aicm Training News
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 31
6. The Body Begin with the topic sentence, as this is the idea you will be
discussing. Then for every supporting point within that idea
it is recommended you follow this simple formula.
Point What is my point?
Example Where in the text or the workplace is this point
demonstrated/supported?
Effect How does this point support my initial idea?
Link Why is this relevant to my assessment?
For example a topic statement of “Another important
factor in the collection process is the legislative framework
that must be complied with.”
You would then go on with your P.E.E.L.
“Legislation directly affects the way that we interact
with our customers and what information we may hold
about them. One important piece of legislation is The
Privacy Act 1988 (Cth) this affects the information we
collect, who we can divulge that information too, how that
information is stored and transmitted and who we may talk
with during the collection process. This law is superior to
company’s policies and procedures and must be adhered
too at all times.”
P State your point clearly and concisely.
E Your example is where you have evidence of that point
either in a text or in the workplace. Examples support
the point you have made. They do not make the actual
point.
E An effect is what many people have trouble in
demonstrating. To find the effect a simple question to
ask is, how or why does this example support my point?
and how or why have I chosen this point to explore my
idea?
L The link is a statement that actually ties together the
information you have just written and relates it back to
the initial question you are answering, it is where you
show why it’s relevant within your assessment.
Headings can be an important part of an assessment.
Sometimes it may be beneficial that every time you begin
a new topic or idea you place a heading above it such
as a title. This heading does not take the place of a topic
sentence it simply supplements it.
7. ConclusionNow that you have written your assessment it is vital that
you actually then confirm your reader’s understanding of
what you are saying by concluding rather than just ending.
It’s recommended that you do not start a conclusion with
the words “In conclusion…” or “Therefore…” just start with
a sentence. A common way of starting a conclusion is by
actually writing a paraphrased version of your initial thesis
statement often with some of the extraneous information
cut out. Then you should go on to restate some (not all)
of your strongest points. Your points are not your ideas or
your topics but the facts that supported them. After you
have restated these you must finish the essay/report with
a strong concluding statement. By this, I mean you must
actually answer the question. If you are being asked for a
yes or a no answer then here is the time to give it. Integrate
your yes or no response into a sentence that resembles
your thesis statement or actually addresses the question.
An example of a conclusion would be:
“Although a company’s policies and procedures are of
vital importance, they cannot be considered to be the sole
paramount concern with the collection process. When you
look at legislation like The Privacy Act 1988 (Cth) and the
Uniform Consumer Credit Code, industry guidelines like the
correct contact procedures and the ability to have repeat
sales with an existing customer who we are collecting from,
the importance of a company’s policies and procedures
could not be considered of paramount importance during
the collection process. At best they would be of equal
importance.”
8. Quotations, Referencing, Bibliographies and PlagiarismPlagiarism; It is vital that your work is your own original
work. Plagiarism is when you use somebody else’s words or
ideas and present them as your own.
Quotations; When quoting from a text use “quotation
marks” then reference the author, the year of publication
and the page number. Include your text in your bibliography.
Bibliography; at the end of your assessment, under the
heading bibliography, write a list of all the texts you have
consulted. List their titles, their author and the year of
publication.
Student Testimonial
Commencing the Certificate III in Mercantile Agents meant a return to the books after a 10+ year absence which can be a little daunting when you balance work and family alongside.
The flexible learning option allowed me to pace the course along with those commitments. It’s a great feeling to have completed the course and receive certified validation of my many years of credit on the job experience.
I put my learning into practice every day and look forward to completing more courses in the near future.
RegardsHelen DicksonCollections Manager
MELBOURNE:
21st & 22nd March – Legal Compliance
(C,D and 4)
14th April – Personal Insolvency (C,D)
13th April – Manage overdue accounts
(C,4)
13th May – Manage and recover bad
and doubtful debts (C,4)
17th & 18th May – Manage factoring
and invoice discounting arrangements
(E,D)
21st & 22nd June – Developing your
credit policy and procedures (C,D)
BRISBANE:
6th April – Assess credit applications
(C,4)
7th April – Personal Insolvency (C,D)
8th April – Manage overdue accounts
(C,4)
9th May – Manage and recover bad
and doubtful debts (C,4)
10th & 11th May – Manage factoring
and invoice discounting arrangements
(E,D)
8th & 9th June – Developing your
credit policy and procedures (C,D)
SYDNEY:
9th March – Assess credit applications
(C,4)
11th March – Implement risk
management strategies (C,4)
17th & 18th March – Legal Compliance
(C,D and 4)
21st April – Personal Insolvency (C,D)
22nd April – Manage overdue
accounts (C,4)
23rd May – Manage and recover bad
and doubtful debts (C,4)
24th & 25th May – Manage factoring
and invoice discounting arrangements
(E,D)
27th & 28th June – Developing your
credit policy and procedures (C,D)
TABLE OF EXPLANATION:
C= Core Unit
E = Elective Unit
D = Diploma
4 = Certificate IV
Important Information:
You do not have to be a current
AICM student undertaking a full
qualification to attend any AICM
face to face training. You may
wish to undertake a program for
your professional development, or
enhance and update your current
skills and knowledge.
On the completion of the face to
face training, if you wish to receive a
Nationally recognised Statement of
Attainment you will be required to
undertake the online assessment/s
for the unit/s of competency.
Please register your interest early, as
there is a minimum requirement of
8 students to conduct face to face training.
32 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
aicm Training News
Referencing; AICM uses the Harvard referencing system.
This can be found easily on the internet by using the search
terms “Harvard referencing”.
9. Revision & ReviewIt is of upmost importance that you review and revise your
writing. After you have completed your essay report and
completed the spell checks, you should then read through
the essay and make sure that the sentences are complete;
that the essay/report has a logical progression and that you
are satisfied with your writing. It is also a good idea if you
can to have a third party review your writing. This way they
can give you their feedback and bring a fresh perspective
allowing you the opportunity to revise before submitting.
10. Common TermsThesis Statement is the opening statement to any essay
or report
Topic Statement is an opening statement whenever
you are addressing a new idea within
your essay report
Point is the point you are making that
supports your topic/idea
Other Information on Assessment/Essay preparation,
that you may find useful:
https://student.unsw.edu.au/essay-writing-basics
Recent Graduates
Allison Parry
Emma Hill
Heather Pfitzner
Kerrie Adams
Rebecca Jane Hebbard
Kirsty Gray
Robyn English
Meghan Gruber
Jennifer Tucker
Amelita Alfonso
Angela Kane
Stephanie Chisesi
Phillippa Davie
Lisa-Maree Monteith
Ross Barclay
Lisa Gram
Alexandra Papas
Helen Dickson
IN-HOUSE
Baiada Australia
2016 Face to Face Training Calendar
aicm Can We Help?
z Can you trust the sales team to negotiate the terms of
trade with every new customer, so that your terms of trade
contracts are not standard term contracts and therefore
outside the new laws?
z Is the real problem is going to be with the clause which
allows you to change the terms of trade by notice and
publication on the internet?
z Is it going to be too hard to monitor the position of
customers with the number of their employees and will
it be too hard to have different terms for different sized
customers?
z The $300,000 contract limit is likely to apply to each and
every order (viz. contract), such that customers with less
than 20 employees, but purchasing $millions each year
through separate “small” orders under $300,000 will seem
to have the benefit of the new laws.
z The new law will apply as soon as a customer places
a new order and thereby enters into a new contract after
12 November 2016.
A full outline of these issues will be in the May edition, the
AICM will also provide further workshops and seminars on the
changes throughout the year.
QuestionA Sydney Credit Manager asked “The Unfair Contracts
legislation being extended to small business seems to mean I
just need two Credit Applications. One for small business and
one for others.” Is it really that straight forward?
AnswerRebecca Ross, solicitor from Gavin Parsons and Associates
(www.gpalaw.com.au) and Geoffrey McDonald, Barrister at
9th Floor Windeyer Chambers (www.9windeyer.com.au/
geoffrey_mcdonald.shtml) investigated this issue at the
recent Credit Symposium in NSW recently, the matter is
definitely more complex.
In the December edition of Credit Management in Australia
(click here to view this issue) David Francis provided an
overview of the proposed laws and in our next edition
Rebecca and Geoff will be writing an article based on the
discussions which took place during the session on “unfair
contract terms”. These discussions touched on topics such as;
AICM receives questions from Credit Managers that it puts to a panel of lawyers, insolvency experts and credit professionals to answer. The brief is not only to answer the question but to
look into the root cause of the problem and contribute strategic thought.
All articles contain general information only. They are not legal advice. You should seek your own legal advice if faced with a similar situation.
Unfair Contracts
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 33
Call 02 9906 4563 or vist aicm.com.au
(or improve results from your credit staff)
Want to progress your credit career?
Consider an AICM Qualif cation course
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.
Diploma of Credit Management
Certificate IV in Credit Management
Mercantile Agents Training
A qualification course can help you achieve your targets. Offered nation wide, you can study in your own time (24/7) -
with support available. RPL credits could fast-track your qualification: If you have industry experience or prior
education, you may be eligible for Recognition of Prior Learning. Employer Grants: You may qualify for a training grant.
Find the qualification course that best suits your needs:
Or start small with a single unit: Each qualification is made up of a number of single units. You can start by completing one unit at a time, contributing to the relevant full qualification course, should you decide to complete all of the units in due course.
Stop putting it off & take the frst step:
Enrol to propell your credit career (or staff) to the next level.
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 35
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and 18-21 March. I encourage everyone who has attained
enough points and meet the criteria who are considering
becoming a CCE to seriously sign up and do so.
z The networking breakfast on the 16th March discussing
Practical Steps to Maximise Recoveries followed by the
networking night on the 5th April.
z Let’s not forget the YCP Trivia Night on the 5th May and
judging by how popular this event has been over the past
couple of years I encourage everyone to get in and register
early to avoid disappointment. It truly is such a fun night.
z The Women In Credit (WINC) Luncheon on the 20th May
is another not to be missed event and such a positive
initiative. I urge everyone who can to come along.
I look forward to seeing you all at these coming events.
In closing I would like to thank my council for all their help
and support. These Councillors do some unbelievable work
behind the scenes making all of our events so successful and
ensuring we provide the professional development Credit
Professionals need. I would also like to thank Nick and his head
office staff for all of their support.
– Arthur Tchetchenian, NSW President
2015 Masterclass The 2015 Masterclass was held prior to the Pinnacle Awards in
December with over 50 attendees.
The masterclass started with Anna Taylor from Results
Pinnacle Awards.
Pinnacle Awards.
National Conference: Grant Morris (National President) presenting the President’s Trophy to Arthur Tchetchenian.
President’s Report With this being my first President’s Report I want to start by
saying a massive thank you to our President for the past couple
of years, Colin Magee, who has stepped down due to personal
reasons. Col has effectively led a passionate, engaged and
dedicated NSW Council which led to NSW being awarded the
2015 President’s Trophy which was the first time in more than
10 years. On behalf of all NSW members and the NSW Council
I’d like to thank Col for his commitment.
In Col’s absence a new structure will get us through the rest
of the year with myself standing in as President and assisted
by a leadership team comprising Malcom Poslinksy (Treasurer),
Pete Morgan (Membership), David Hunt (Events) and Andrew
Smith (Awards) joining me in taking the lead and all other
Councillors maintaining their existing portfolios which they
perform so effectively already.
It’s the start of a new year and already the calendar is filled
with lots of events, so it’s a time to remind all our members
about upcoming dates of interest;
z The next CCE exam is scheduled from the 11th – 14th March
Andrew Spring (Jirsh Sutherland) and Gregg Odlum (Ecolab & NSW AICM Director).
Call 02 9906 4563 or vist aicm.com.au
(or improve results from your credit staff)
Want to progress your credit career?
Consider an AICM Qualif cation course
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.
Diploma of Credit Management
Certificate IV in Credit Management
Mercantile Agents Training
A qualification course can help you achieve your targets. Offered nation wide, you can study in your own time (24/7) -
with support available. RPL credits could fast-track your qualification: If you have industry experience or prior
education, you may be eligible for Recognition of Prior Learning. Employer Grants: You may qualify for a training grant.
Find the qualification course that best suits your needs:
Or start small with a single unit: Each qualification is made up of a number of single units. You can start by completing one unit at a time, contributing to the relevant full qualification course, should you decide to complete all of the units in due course.
Stop putting it off & take the frst step:
Enrol to propell your credit career (or staff) to the next level.
36 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
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Masterclass presenters Nicole Wales, Michael Brereton John Field and Anna Taylor.
New South Wales
2015 Pinnacle Awards sponsored by Dun & BradstreetAfter months of nominations and voting the Pinnacle Awards
dinner was held at the Novotel Darling harbour. This was a
glamorous event befitting the excellence of the finalists in this
years awards. The night was a huge success with 140 guests in
attendance. The event was completely sold out. Every section
of the credit industry was represented with only the National
Conference bringing more Credit Professionals together at the
one time.
A big congratulations goes out to all the finalists and the
winners of the night. Our thanks to Dun and Bradstreet and all
the individual award sponsors. The winners of the night include:
Credit Manager of the Year, sponsored by AMPAC
– Courtney Murphy from Vinidex
Membership pin recipients 5, 10, 15 and 25 years.
Martin Morris (D&B) and Daniel Grace (Go Electrical).
Joanne Mannah (Force Legal) and Andrew Spring (Jirsh Sutherland).
Andrew Smith (ARMA) and Sev Indrele (Coates Hire).
Legal taking us through PPSA and how it can help defend
preference claims. Followed by Michael Brereton from ARITA
who covered what to expect from Insolvency Practitioners.
John Field then looked at criteria for a quality credit operation.
Last but not least Nicole Wales from Human Tribe closed out
the masterclass with some insights into EQ and emotional
intelligence which really resonated for Credit Professionals and
how they interact with team members, customers and internal
stakeholders. These three speakers made an informative and
enjoyable half day seminar.
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The Australian Institute of Credit Management welcomes our Partners for 2015.
Professional Partner
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.
National Partners
Divisional Partners
Tuesday 8th March 2016
Wine Tasting NightKPMG, SYDNEY
11th-14th March 2016 and 18th-21st March 2016
Online CCE Exams
Wednesday 16th March 2016
Networking Breakfast – Legal Preference ClaimsASHURST OFFICE, MARTIN PLACE, SYDNEY
Tuesday 5th April 2016
Networking Night – Data & TechRYDGES PARRAMATTA – TBC
Thursday 5th May 2016
Young Credit Professional (YCP) Trivia Night
Friday 20th May 2016
WINC LuncheonKIRRIBILLI CLUB, MILSON POINT
Tuesday 14th June 2016
Networking BreakfastPARRAMATTA
Thursday 14th July 2016
YCPA DinnerKIRRIBILLI CLUB, MILSON POINT
Tuesday 9th August
City Networking NightVENUE: TBC – CITY LOCATION
Friday 9th September
Golf DayOATLANDS GOLF COURSE
9th-12th September 2016
Online CCE Exam
Friday 16th September
WINC High Tea
Tuesday 11th October 2016
National Golf DayGOLD COAST
12th-14th October 2016
AICM 2016 National ConferenceSEAWORLD, GOLD COAST
8th December 2016
Master Class & Pinnacle Awards
Events CalendarCredit Supervisor of the Year, sponsored by Dun and
Bradstreet
– Daniel Grace from Go Electrical
Senior Credit Officer, Sponsored by Austral Mercantile
Cynthia Li from Graincorp
Legal Representative of the Year, sponsored by Jirsch
Sutherland
– Joanne Mannah from Force Legal
External Collections Agent of the Year, sponsored by Byron
Thomas
– Ken Torres from ARMA
Recruitment Consultant of the Year
Nuala Cummins from Dash Recruitment
Consultant of the Year
– Andrew Spring from Jirsch Sutherland
The High Five! Award, Sponsored by ARMA
– Sev Indrele from Coates Hire
38 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
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End of year guests.
Queensland
President’s ReportBoth the last event of 2015 and the first event of 2016 were
executed brilliantly by all. With the AICM 2016 National
Conference to be held in Queensland, and more “fun” being
added to Queensland’s calendar of events, it promises to be
an extremely busy year. The Queensland Councillors, members
and other stakeholders are collaborating closely to make this
another successful year.
Firstly, the ongoing support in 2016 from our Partners, Veda,
Dun & Bradstreet, Austral Mercantile, Vincents, Results Legal
and Randstad has already been felt and greatly appreciated.
The engagement by their people make us all proud to be AICM
members.
It would be remiss of me if I do not mention the fantastic
support that our members’ employers provide in allowing AICM
members to organise functions and events, attend meetings
and take AICM enquiries during their normal working day. As
generous stakeholders, there is simply no way that most events
or business could be organised if done only after work hours.
Special mention this month goes out to employer Bruce
End of Year: Anniversary pins Simon Culotta and Carla Seirlis with Melinda Grob.
End of Year: Peter Mills presenting.
End of Year: Men's team – Simon Dawson, Nick Combis as MC, Arthur Tchetchenian and Bruce Patane.
End of year: Event Guests Austin Bull and Jordan Bennie.
End of Year: Peter Mills, Maria Schandl and Julie McNamara.
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 39
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Patane, of Patane Lawyers, and his fabulous team for providing
their long standing support of their employees to undertake
AICM business. Bruce even went the extra yard last year and
“volunteered” himself to be part of a panel discussion at our
2015 Xmas function.
After the success of the September 2015 WINC Luncheon,
another WINC will be held this year but much earlier. Details will
be published shortly.
Our 2015 Xmas function was held at “Customs House”
overlooking the beautiful Brisbane River. Two teams debated
“Who did you say makes the better Credit Manager – Men or
Women?”. (to be clear, if the topic sounds familiar, it was actually
chosen by us well before the 2015 AICM National Conference’s
last session debate). It was agreed that Bruce Patane’s use
of electric lights, small boxes and other props, provided the
valuable points required by his team to gain the audience vote.
Well done to Julie McNamara for organising another wonderful
event. A swag full of donated lucky door prizes were won. This
included a golf bag from Thomson Geer Lawyers, golf shirts
from Forbes Dowling, water bottles from Randstad and many
other wonderful prizes.
2016 started off with a superb YCP networking night at
“Social Sabotage” in Fortitude Valley. With a crowd of nearly
40 potential YCP candidates attending, we were fortunate
YCP: Lucinda Bell and Decia Guttormsen.
YCP: Stacey Woodward, Dominic Holland, Mark Moorhouse and Sheree Brittain.
YCP: Austin Bull, Roger Masamvu and Felicity Ford.
YCP: Melinda Grob and Dominic Holland.
enough to hear from a fascinating guest speaker Dominic
Holland. Dominic is the 2015 Brisbane Young Entrepreneur of
the Year (Retail & Services) and is also managing director of
the 2015 High Growth Business Start-up (Tow.com.au). Maria
Schandl, Melinda Grob, Stacey Woodward and Roger Masamvu
did a fantastic job. This is just the first of many YCP events to be
held as part of our “fun” calendar, inspired by the great work of
the other state councils.
Thank you all again for your support of the Queensland
council, and making the AICM informative and “fun” for its
members.
– Peter Mills MICM, President
The Great debate and end of year functionOur end of year event held in November at stunning Customs
House was a fantastic evening enjoyed by all who attended
especially those that participated in The Great Debate with a
‘twist’. Two teams, Men Vs Women, putting their best argument
forward for who would make a better credit manager, the twist,
the Men argued Women would make better credit managers
whereas the Women argued Men would make better credit
40 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
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CNN: Roger Masamvu, Peter Mills and Andrew Milne.
Queensland
Managers. Representing the Women were Carla Seirlis, Decia
Guttormsen and Melinda Grob and for the Men, Simon Dawson,
Bruce Patane and Arthur Tchetchenian with Nick Combis as MC
for the evening. The result – Men made the better argument
that of course Women make better Credit Managers.
An evening of laughs and entertainment with great prizes
on offer in our raffle draw, which raised $295 to support White
Ribbon.
We also handed out Anniversary pins to Simon Culotta and
Carla Seirlis celebrating 20 years membership with the AICM.
We look forward to this year’s end of year event!
Welcome to 2016! AICM and YCP Social NightTo kick start the New Year we had our first event at Sabotage
Social in the Valley. We had the pleasure of listening to Dominic
Holland speak of his success over the last few years and he
gave us his insight into the world of business and what it means
to be a young professional. Dominic won the 2015 Brisbane
Young Entrepreneur of the Year (Retail & Services) Award and is
also the managing director of the 2015 High Growth Business
Start Up, Tow.com.au. It was encouraging to see so many young
professionals attend and show an interest in YCP and the AICM.
CNN: Brian Mills and Ben Blake.
March 9th 2016
Credit Network Night – How PPSA can help you defend against a preference claim
TATTERSALLS CLUB
11th-14th March 2016 and 18th-21st March 2016
Online CCE Exams
13th April 2016
Credit Network NightEngaging and Retaining Credit Professionals
RANDSTAD OFFICES
20th April 2016
Credit Toolbox – Assessing Credit AppsRANDSTAD OFFICES
11th May 2016
Credit Network Night – Compliance and SecurityVENUE: TBC
13th May 2016
Credit Toolbox – Collect with ConfidenceRANDSTAD OFFICES
8th June 2016
Credit Network Night: Q&A – Time ManagementTATTERSALLS CLUB
13th July 2016
Personal Development Breakfast – InsolvencyVINCENT’S OFFICES
20th July 2016
AICM AGMRYDGES SOUTH BANK
20th July 2016
Awards Dinner – Young Credit ProfessionalsRYDGES SOUTH BANK
August 2016
Personal DevelopmentMagistrates Court Visit & Procedures
MAGISTRATES COURT
8th August 2016
Credit ToolboxRANDSTAD
9th September 2016
Women in Credit LuncheonCUSTOMS HOUSE
Events Calendar
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 41
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SCNN: Wayne Thomason, Toni Sawyer and Andrew Milne.
Queensland
Remember to apply for this year’s Young Credit Professional
Award before 31st May. A rewarding experience and a fun night
to be had at the awards dinner taking place in July at Customs
House.
CNN - 2016 ForecastsOur first CNN event of the year kicked off February 10th held at
the Tattersalls Club in Brisbane. Our speakers for the evening
were both from Suncorp. Andrew Milne (Executive Manager
Treasury Sales) and Wayne Thomason (Head of Debtor
Finance) put together a fantastic and engaging presentation for
the evening. Andrew focused on Business Forecast for 2016 for
QLD, what we may expect, where to expect growth and what
to watch out for Wayne focusing on Emerging Segments of the
Debtor Finance Industry, how these products are fast becoming
mainstream business finance and why.
We look forward to our next event coming up on March 9th
‘How PPSA can help you defend against a preference claim’.
CNN: Decia Guttormsen, John Playfair and Jade.
CNN: Melinda Grob and Julie Mcnamara.
The Australian Institute of Credit Management welcomes our Partners for 2015.
Divisional Partners
Our National and Divisional 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.
National Partners
CNN: Andrew Milne (Suncorp) Presenting.
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President’s ReportAdelaide is buzzing with the preparations for Clipsal 500 whilst
the Adelaide Fringe Festival is keeping the streets alive with
laughter and music till the wee hours of the night. What a way
to start the year!
The functions committee started with a ripper of an evening
at the Elder Park Café. Warm, picturesque, great networking,
paddle boats and a very enlightening interactive presentation
from Jane Calleja on ‘work/life balancing’. Trust the attendees
learnt a thing or two about the art of juggling these two very
important components of life!
This year we are focussing on quality events. In turn, we
have increased our PD committee to help put together more
educational symposiums. These have always been well
received over the years and we look forward to hearing our
members and credit professional’s feedback. Our first event is
on March 17th – aptly titled St Pat’s Power Panel. Being emceed
by one of our finest local entities in the industry and boasting
an array of credit professionals on the panel, you will have a
chance to ask some curly questions – Ask an expert to be Sure.
Introducing Women in Credit for the first time in SA is
exciting for the committee. Preparations are on their way with a
CBD venue already allocated. With national sponsorship from
Veda, NCI and Results Legal, we will have the expertise and
experience with us to ignite a new educational event. We look
forward to seeing some new faces as we discuss the highlights
and challenges for the female gender in the credit industry! I
have no doubt the men will have some input! Watch out for this
exciting event.
We thank our wonderful sponsors for their continued
support and hope you will take up the opportunities to attend
the functions and gain maximum exposure throughout the year.
We welcome any suggestions and comments from you all.
So come along members and professionals. We want to
Catherine Winter and Lyn McKell.
James Neate, Yulia Petrenko and Nick Cooper.
Steve Prescott, Diana Lee, Meagan Duerden and Gail Crowder.
Amanda Campbell, AJ Jaramillo, Rod Sims, Trevor Goodwin and Judy Verhoeff.
Kevin Hollister, kerry hammill, josh richards.
Debbie Foster, Merna Spain and Mike Hayes.
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 43
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see you at the events for 2016 and trust you will receive the
educational benefits of being involved with the AICM in South
Australia.
Always supporting our members and colleagues!
– Gail Crowder, SA Division President
SA Division Network NightNetworking on the Balcony! What a perfect summer evening
to have the South Australian Division’s final social function for
2015. The General Havelock Hotel offered the ideal setting for
this event.
Around 35 guests attended and made full use of the large
balcony fitted out with various casual lounges and greenery
which made for a very relaxing and pleasant atmosphere for all
to enjoy.
It was a fabulous end to the year with guests mingling and
chatting to their colleagues and industry professionals. The
variety of hot and cold cocktail food was most enjoyable.
Entertainment was provided by local Adelaide musician,
Jimmy Marin, whose easy listening and soulful voice was very
well received by all. What a wonderful choice for background
Fun on the Paddle Boats.AJ Jaramillo, Daniel Pjevac, Jane Calleja, Rod Sims, Julie Agostino, Trevor Goodwin.
Merna Spain, Susan Goodwin and Mary Jeffries.Montgomery Wolf, Neil Fennell, Stephen Flamer-Smith, Gail Crowder and Rebecca Edmiston.
music – we even saw some guests having a bit of
a sing a long!
The Functions committee, Gail and Trevor, thanked all in
attendance and wished everyone a Happy and Safe Christmas.
They highlighted the achievements of the year and encouraged
everyone to stay involved next year. We are looking forward to
a program that will be both “fresh and exciting”.
The committee has already got a number of innovative
events planned for 2016, starting with a social function at the
Adelaide Rowing Club in early February. Members will be able
to have a race on the paddle boats or just take advantage of
the rowing club’s balcony whilst chatting away taking in the
scenic views of the River Torrens and Adelaide Oval.
We hope to see you there.
Sundowner’s Networking Evening4 February 2016
“SPECTACULAR” is the first word that comes to mind when
describing the venue for SA’s first networking event of the year!
The Elder Park Café proved to be the most picturesque, tranquil
and scenic venue we have been to in Adelaide for some time.
44 CREDIT MANAGEMENT IN AUSTRALIA • March 2016
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The Australian Institute of Credit Management welcomes our Partners for 2015.
Divisional Partners
Our National and Divisional 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.
National Partners
Situated on the River Torrens, the evening warmed up boasting
some wonderful sunshine so we could enjoy the daylight
saving time to the maximum. After a chilly beginning to the
week casting some doubt over this outdoor event we were very
fortunate the weather turned out to be perfect!
The food and cocktail service from the friendly staff were
favourably received by the attendees. There was no shortage
of cold and hot food and some healthy fruit to finish.
It was good to see everyone have a wonderful time. As
well as people chatting, enjoying the scrumptious food and
soaking in the atmosphere. The well known Adelaide Paddle
Boats glistening on the river with the sun going down over
Adelaide Oval, provided extra fun. Fortunately no one fell into
the water whilst chasing each other (tired legs/calves the next
day) across the river… even though we were hoping to see a
funny incident.
Jane Calleja, Learning and Development Manager for NCI
Trade Credit Solutions, presented on the Work Life Balance of
day to day living. Jane had everyone participating by writing on
a card “What they think is most important thing to find time to
do in their busy lives”? It was not surprising that spending time
with the family was number 1. Jane reminded us how this must
be done to keep our lives healthy and happy. She certainly is
a leading presenter in our State and we thank her for giving us
her time.
This was a super start to 2016! We look forward to your
continued support and seeing you all at the next event.
– Functions CommitteeGail Crowder and Trevor Goodwin
George Vahaviolos, Leah Hanisch, Nancy Duong and Mark Draper.
Wade Bekesi and Mary Jeffries.
South Australia
Events Calendar11th-14th March 2016 and 18th-21st March 2016
Online CCE Exams
17th March 2016
Professional Development – St Pat’s Power PanelNAVAL MILITARY AIR FORCE CLUB
7th April 2016
Networking Breakfast
Date: TBC
Women in Credit LuncheonOLD LION HOTEL
12th May 2016
Networking YCPACATHEDRAL HOTEL
26th May 2016
Credit Symposium
17th June 2016
Function – Quiz Night
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President’s ReportWelcome to all of our Vic/Tas members, let’s hope the new year
brings exciting times.
I would like to introduce you to the Vic/Tas Counselors and
the portfolios they manage within our state divisions:
Jeff Hurst State Director
Lou Caldararo State President and Professional
Development
Charles Tims Vice President and Membership
Alison Said State Treasurer
Stacey Feaver Professional Development - Victoria
Donna Smith Editorial and Magazine
Frank Gambera Law and legislation
Louie Tzakopoulos Young Credit Professional
Rex Chang YCP committee
Amaran Navaratnam TCP committee
Patrick Barry 2015 YCP State Winner
Tony Mackwell Corporate Sponsorship
Suzanne Hughes Professional Development - Tasmania
Sherif Hasan Certified Credit Executive CCE
Neil Smith Pinnacle wards and Professional
Development Victoria Country
Robyn Erskine Finance committee
Australia Post big winners as David Condello takes out Credit Manager of the Year & Glenn Thomas accepts the High Five Award for Australia Post’s Legal Recovery Team.
Stephen Maloney (AMPAC) and Rhys Buzza (Reece Pty Ltd).
Vic/Tas Division Committee Members Lou Caldararo, Jeff Hurst, Charles Timms, Neil Smith with winner of the Consultant of the Year Award Shaun Odgers (CreditorWatch) (2nd from the right).
A happy couple – Winner Credit Supervisor of the Year Nunzo Sentinelli (M&M Electrical) and his wife Noula Sentinelli (Telstra). Our inaugural Pinnacle awards night was a great night and
was incorporated into the end of year Christmas party. I will let
the pictures tell the story. Congratulations to all the winners and
look forward to seeing you all back again at the next pinnacle
awards night.
The Calendar of events for 2016 covers a variety of topics
and events. Look forward to a seeing you at most if not all of
the events this year.
The Vic/Tas Golf Day held in February was another great
success with plenty of golf played. No one managed to get a
Hole in One on either of the two nominated holes and take
away a New Volkswagen Golf or Diamond ring. Thank you to
everyone who attended and especially to the all the Sponsors
for helping make the day such a great event.
We also had our First CCE event of the year in February and
there was keen interest by many of the attendees to complete
the CCE program. The first exam is in March and completion of
the paper there after, good luck to all. Thank you to Sharp and
Carter for their support of this event, including Stephen Carter
who spoke on The Digital Evolution and it impacts on Credit
Management. Stephen also had some great insights during the
vigorous discussion and Q&A.
I would like to take this opportunity to thank our 2016
National Partners Veda, Austral Mercantile and Dun &
Bradstreet also our State Partners NMCL and AMPC for their
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current and ongoing support. I would also like to announce
a new State Partner, Shaper and Carter. Welcome and look
forward to working together. National Collection Services leave
us as a State Partner and we thank Dale and his team for their
great support to the Vic/Tas division which we are sure will
continue in other forms.
We are always open to suggestions and feedback. If you
have any ideas for topics that will help you become better
credit professionals or if you have another idea of something
fun or informative for a social night, please let us know. Please
direct any ideas or queries to us on [email protected]
Vic/Tas Division 2015 Christmas Party and Inaugural Pinnacle AwardsApproximately 90 members and guests attended the 2015
annual Christmas Party and Inaugural Pinnacle Awards for
the Vic/Tas Division, held at Krimper in Guilford Lane. A good
time was had by all with sustenance provided while members
and guests eagerly awaited the announcement of the winners
of the 2015 Pinnacle Awards. Importantly we would like to
thank Dun & Bradstreet for sponsoring the event and for
their continued support of the AICM in general. Without
the support of suppliers like Dun & Bradstreet we would
not be able to provide members which such value at these
events. Our evening was hosted by Master of Ceremonies
Ersilia Barbone (White Cleland Lawyers) and Amit Jaiswal (realestate.com.au).
Juliette Claridge (Hallmark) and Frank Gambera (McMahon Fearnley Laywers) – Winner of Legal Representation of the Year.
11th-14th March 2016 and 18th-21st March 2016
Online CCE Exams
17th March 2016
Network EventTopic: Bankruptcy – The process explainedSpeaker: Ersilia Barbone (White Cleland Lawyers) Bankrupcty Specialist
VENUE: PARKVIEW HOTEL
30th March 2016
YCP Information NightLearn all you need to know to enlist in the YCP Awards program
VENUE: TBC
12th April 2016
Seminar/WorkshopTopic: Basic 101 of Credit
VENUE: TBC
21st April
Network EventTopic: Preference Payments – How to Avoid ThemSpeaker: Joseph Scarcella , Partner in the restructuring and insolvency group at Ashurst Law Firm
VENUE: PARKVIEW HOTEL
5th May 2016
Youth NetworkingTopic: Creating high performance work teams
VENUE: TBC
19th May 2016
Network EventTopic: PPS Registration Made Easy
VENUE: TBC
27th May 2016
WINC LuncheonVENUE: TBC
16th June 2016
Network EventTopic: Being Up Front- Presentation Skills
VENUE: TBC
21st July 2016
Awards Dinner: Young Credit Professional AwardsVENUE: TBC
18th August 2016
Network EventTopic: Time Management Skills
Events Calendar
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The Australian Institute of Credit Management welcomes our Partners for 2015.
Divisional Partners
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.
National Partners
Professional Partners
Neil Smith (Transurban) Vic/Tas Committee Member and
Functions Chair. Lou Caldararo Vic/Tas President made a brief
presentation, thanking the event sponsors and members and
guests for their attendance. Our congratulations go out to
the nominees and the winners for their participation in this
year’s Pinnacle Awards. Our winners were: Credit Manager
of the Year- David Condello (Australia Post), Credit Supervisor
of the Year- Nunzio Settinelli (MM Electrical), Senior Credit
Officer- Mary Petreski (Baxters Foods), Legal Representation
of the Year- Frank Gambera (McMahon Fearnley Lawyers),
External Collections Agent of the Year- Dale Hannan (National
Collection Services), Recruitment Consultant of the Year-
Lauren Pengilly (Inter Staffing), Consultant of the Year- Shaun
Odgers (CreditorWatch), The High Five! Award- Australia Post’s
National Legal Recovery Team. Many members expressed
their appreciation and enjoyment of the evening and
complimented the AICM on the event. The committee would
like to take this opportunity to thank the event organisers for
their hard work in organizing such an event,. We all appreciate
how challenging it is to come up with an event each year that
will attract more participants. A big thank you to all members
for their support in attending events during the 2015 year
and to the Committee Members and Event presenters who
volunteer their time to bring valuable education, interesting
Darin Milner (Dunn & Bradstreet) Event Sponsor with David Condello (Australia Post) Winner Credit Manager of the Year and Lou Caldararo Vic/Tas Division President.
Lauren Pengilly from Inter Staffing is presented her trophy for Recruitment Consultant of the Year by Lou Caldararo Vic/Tas Divisin President.
John Fijalski (White Cleland Laywers) finalist Legal Representive of the Year and his lovely wife Susan.
social events and support to the members of the AICM Vic/Tas
Division. We hope that 2016 will be a successful year for all.
Suggestion BoxAs a Credit Professional if there is a topic that we have not
recently covered that you would like covered or a social event
you would like us to try please email [email protected] and
we will raise it at the next committee meeting for consideration.
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2016 and the WA Credit CommunityWelcome back Class of 2016! I trust that you all enjoyed your
Christmas & New Year festivities.
The WA Credit Community has BIG plans for 2016. We are
kicking off the year with something different. This year Barefoot
Bowls has made its way into our lives. I hope that everyone
will have a great time and learn a skill that by all accounts
demonstrates team co-operation, strategy and endeavour.
West Leederville will be the location for this year’s inaugural
event and if it ‘gets feet’ it could be the start of something very
exciting for us here in the West.
We also have our first Breakfast Club Event booked and on
its way. In March, Bankwest Economist, Alan Langford will ask
the question “Is the WA Economy in Recession?” It has been
sometime since WA presented an Economic Outlook. The
venue will be at Matilda Bay, so get in early for this one.
The big project for 2016 will be our search for the WA Young
Credit Professional. I know we are getting in early but this
is a quest for the best. We are hunting out great operators,
with sound skills in collection, good judgement and a hint of
personality to represent the WA Credit Community during
the National Conference. Take a look around your credit
department. If you have, or know someone that you think
has something special in Credit, please encourage them to
nominate!
This is only the beginning for The West Australian Credit
Community. We are determined to get back on track and lead
from the front where we can. I encourage every one of our
members and supporters to get involved with TEAM WA – it’s
really going places.
Christmas on the Bay 2015The West Australian landscape never ceases to amaze me.
Our Christmas on the Bay at South of Perth Yacht Club did not
disappoint. The view across the water to the City of Perth was
a great backdrop for our Credit Family to enjoy the start of the
Festive Season. It was my first Christmas as President and it
was very special. There were many new people to meet and
plenty of supporters to thank. I believe we even had our first
WA Credit Community Selfie. Roll on 2016, we can’t wait to
meet you!
New Councilor Profile
Damien BarrPosition: Sales Manager at Austral Mercantile Collections
I joined Austral Collections
in 2015 as the WA Sales
Manager and have recently
been appointed as a WA
Councillor. I’ve always lived
in Perth and have a vast
network across the state
with a solid background in
marketing and advertising.
Since coming on board it’s been with great pleasure that I’ve
gotten to know the AICM team in WA and really excited to work
March 2016 • CREDIT MANAGEMENT IN AUSTRALIA 49
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as a councillor to grow the WA division with Lisa and the team.
I have a passion for meeting new people and always exploring
ways to help their businesses with their internal processes
and also provide opportunities for them to learn more about
credit and our industry. 2016 is shaping up to be a fantastic
year in WA as we explore ways to grow the AICM division and
provide our members opportunities to learn more about the
credit industry. I’m really looking forward to meeting existing
members and welcoming new members as we move through
the year with our great events planned for 2016.
The Young Credit Professional of the Year AwardWith the YCPA 2015 a distant memory it’s time to start
looking for our next Credit Professional Superstars of 2016.
The Young Credit Professional Award is looking for credit
professionals under 30 that are ready to showcase their credit
talent. If you are reading this and think….I‘m under 30, I’m a
credit professional and I think it’s about time my talents are
showcased or have a talented credit superstar in your team
then read on!
Byron Savage, Simon Williams, Paul Saunders, Tom Concannon and Kim Valenti.
Lauren Marsh, Raffaele Di Renzo, Lauren O’Hearn.
L-R Romina Stephan, Rae Vaisey, Tara Evitt, Donna Trezise, Mel Cooper, Karen Vogels, Lisa Marr MICM.
The Candidates
Over the years we have had Credit Controllers, Accounts
Receivable Officers & Business owners all go through to the
National Conference representing WA. What did they all have
in common? They were passionate about Credit Management.
They were looking for an opportunity to further their career.
They were wanting to meet some of the most experienced and
decorated members of the industry and had the desire to be
awarded one of the highest honours in Credit Management in
Australia. Are you always striving to deliver the best results in
your position? Do you think outside the box or are you always
on the lookout for different and innovative ways to manage
your credit portfolio? Are you confident and up to date with
legislative policy that impacts credit? These are just a few of the
qualities that the YCPA Panel Judges are looking for in the next
YCPA contender. Past winners for WA have said:
“If you’re under 30 and work in the credit industry, you need
to apply for this award. Just the experience of being a finalist is
invaluable” – Tamera Russell YCPA WA Winner 2014
“Any young credit professionals that are thinking about
involving themselves in the AICM or the YCPA should jump right
in, it’s an amazing experience and one that you will remember
forever” – David Brennan YCPA WA Winner 2015
The Process
To be in the running to represent WA a short application is
required with a resume, copies of any qualifications and/or awards
and a letter from your employer/supervisor confirming your
position. The application form can be downloaded from the AICM
website. If you are selected as a WA Finalist you will be invited
to attend an interview. The panel will assess each candidate
on their individual merits within their own field of expertise.
The questions will be designed to provide you the opportunity
to demonstrate your knowledge, experience, ambitions and
passion for the Credit Industry. As a WA Finalist you will receive a
complimentary invitation to attend the WA YCPA function, where
the Division winner will be announced. State winners will win
travel, accommodation and registration to the 2016 AICM National
Conference which is being held in SeaWorld QLD. The National
YCPA winner receives a $1,000 cash prize and AICM Professional
Development award to the value of $2,000.
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The Panel
The judging panel will consist of three members, two from the
AICM Council and a D&B representative (as the YCPA Sponsor).
All members have a long career in the credit industry but
started out just like many YCPA candidates.
The Opportunity
Being part of the YCPA process gives you and your employer a
great platform to showcase your talents to the wider Australian
Credit Community. The judging panel and AICM Council
provide great support and assistance throughout the process.
If you are successful and go on to represent WA at the National
Conference you will be rubbing shoulders with some of the
most successful credit professionals in the country as well as
hearing from highly respected and accomplished speakers in
the credit and finance sectors.
So what are you waiting for? Applications close on the 31st of
March 2016. We are looking forward to hearing from you!
WA AICM Members – Christmas on the Bay.
WA AICM Members – Christmas on the Bay.
The Australian Institute of Credit Management welcomes our Partners for 2015.
Divisional Partners
Our National and Divisional 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.
National PartnersCaption
11th-14th March 2016 and 18th-21st March 2016
Online CCE Exams
April 2016
Credit ToolboxVENUE: QBE CONFERENCE ROOM
May 2016
Networking BreakfastVENUE: MATILDA BAY RESTAURANT
June 2016
Credit ToolboxVENUE: QBE CONFERENCE ROOM
July 2016
YCPA DinnerVENUE: THE CROWN
August 2016
WINCVENUE: TBC
September 2016
Credit ToolboxVENUE: QBE CONFERENCE ROOM
October 2016
Sponsors LunchVENUE: TBC
November 2016
Credit ToolboxVENUE: TBC
Events Calendar
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SNew Members
QUEENSLANDChristine Funnell Wholesale Rental Finance Pty Ltd
Matthew Hudson SV Partners
Shireen Long DSS Law Pty Ltd
NEW SOUTH WALESRichard Andjelkovic BOC Limited
Apoorva Apoorva BOC Limited
Aruni Ariyaratne BOC Limited
Dale Austin BOC Limited
Sheree Averillo Brickworks Limited
Christopher Broad Vodafone Hutchinson Australia Pty Ltd
Luke Brothers BOC Limited
Narsi Burju Vodafone Hutchinson Australia Pty Ltd
Charlene Cartes Brickworks Building Products Pty Ltd
Carol Cassidy Vodafone Hutchinson Australia Pty Ltd
Amanda Consiglio Vodafone Hutchinson Australia Pty Ltd
Roslyn Dearnley Atlas Copco Australia Pty Ltd
Indri Dharma BOC Limited
Anita Dominello LG Electronics Australia Pty Ltd
Joseph D’Souza Atlas Copco Australia Pty Ltd
Patricia Eastcott BOC Limited
Matthew Egan Vodafone Hutchinson Australia Pty Ltd
Biliana Entchev BOC Limited
Aileen Faleono BOC Limited
Margaret Gardiner Atlas Copco Australia Pty Ltd
Khush Grewal Viadux Pty Ltd
Bhavna Gupta BOC Limited
Montana Hanley BOC Limited
Jacqueline Hutson BOC Limited
Dianne Isaac BOC Limited
Catherine James Actron Engineering Pty Ltd
Jessica Komolos Atlas Copco Australia Pty Ltd
Nancy Ling BOC Limited
Gio Maniacop BOC Limited
Bradley Morgan BOC Limited
Can Ozdemir Atlas Copco Australia Pty Ltd
Rohan Pal BOC Limited
Sharon Seaton Brickworks Building Products Pty Ltd
Sofia Singh Brickworks Building Products Pty Ltd
Bianca Tayler Brickworks Building Products Pty Ltd
Ruth Thomason Vodafone Hutchinson Australia Pty Ltd
Miroslav Todorovic BOC Limited
Lloma Vining Atlas Copco Australia Pty Ltd
Christopher Williams Arrium Limited
Samantha Wright Brickworks Limited
CORPORATE MEMBER
Bartier Perry Pty Ltd
VICTORIA/TASMANIAShonna Berthelsen Brickworks Building Products Pty Ltd
Michelle Challis The Challis Group
Lawrance Chen Cummins South Pacific Pty Ltd
Joseph Collidge Vodafone Hutchinson Australia Pty Ltd
Meecah Cooper Vodafone Hutchinson Australia Pty Ltd
Margaret Herold Cummins South Pacific Pty Ltd
Timothy Holden Foremans Business Services
Kylie Jones PFD Food Services Pty Ltd
Hollie Kane Rea Group Pty Ltd
David Mackintosh AG Coombs Servicing
Nicholas Mann Caltex Australia Petroleum Pty Ltd
Peter Millidonis Cummins South Pacific Pty Ltd
Jan Palmer CPA Australia
Margeaux Prinsloo Cummins South Pacific Pty Ltd
Jeanine Purdie Business Credit Solutions Pty Ltd
Lynn Ruddell B.J. Ball Pty Ltd
Atul Sharma Cummins South Pacific Pty Ltd
Nadine Sharp Cummins South Pacific Pty Ltd
Matthew Smith Cummins South Pacific Pty Ltd
Gillian Thomas UXC Keystone
Maxine Vallance Ambulance Victoria
Agatha Zaloumis BASF Australia Ltd
SOUTH AUSTRALIAJacob Alexander Credit Solutions Pty Ltd
Edith Chau National Credit Insurance
(Brokers) Pty Ltd
Daniel Mackintosh National Credit Insurance
(Brokers) Pty Ltd
Courtney McDonald Lynch Meyer Lawyers
Tate O’Connor National Credit Management Limited
Kerry Pearce Kemps Credit Solutions
Maxine Williams Kemps Credit Solutions
Kirsty Wright Credit Solutions
WESTERN AUSTRALIAChris Bond Baycorp Australia
David Green Intertek Commodities Australasia
Steven Lamb Brickworks Building Products Pty Ltd
NEW MEMBERS
The Institute welcomes the following credit professionals who were recently admitted to membership in November, December
2015, January and February 2016
Venue:
Sea World12 - 14 October
2016
ConferenceConference2016 National2016 National
See you at AICM’s
2016NATIONAL
Conference
Visit aicm.com.au
for details and earlybird registrations