Editor: John Arnold. E-mail jarnold@creditman.co.uk
Pat Williams. E-mail pwilliams@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 5 Issue 15
Dated: 15 April 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKCBI WARNS OF UK ECONOMIC SLOWDOWN CAUSED BY FOOT-AND-MOUTH AND AMERICAN DOWNTURN
The Confederation of British Industry last Thursday forecast a sharp economic slowdown because of the foot and mouth epidemic and the downturn in the United States.
It has cut its forecast for economic growth this year from 2.5 per cent to 2 per cent because of the combined impact on businesses - last year GDP growth was 3 per cent.
The CBI says foot and mouth accounts for 0.3 percentage points of the reduction and it calls for further government measures to alleviate short-term problems.
It warns that the US slowdown is likely to have the greater long-term impact but it stresses that the UK economy is strong enough to weather the storm.
By the end of this year, the CBI predicts ILO unemployment will rise by around 50,000 compared to previous forecasts.
Britain's current account deficit is set to get worse, averaging 2 per cent of GDP this year compared to a prior prediction of 1.6 per cent.
The CBI does not expect foot and mouth to have a significant impact on inflation, which it forecasts will be around 2 per cent by the end of 2001.
It says the slowdown will leave a dent in government finances but this should not impact significantly on public investment.
Digby Jones, Director-General, said: "This is going to be a worrying Easter for many people in business. It is clear the foot and mouth epidemic and the slowdown in America will be strongly felt in many quarters.
"This preliminary forecast indicates a sharp slowdown in growth. But this is no time for people to panic because the UK economy is fundamentally strong. The word 'recession' should stay right off the agenda."
The CBI stresses that foot and mouth is hitting more than just farming and tourism because many other businesses often located away from the countryside depend on a healthy rural economy.
It suggests that the government should consider measures to:
extend rate relief to all small businesses affected by foot and mouth, not just those in rural areas as at present provide temporary subsidies to affected firms from October to compensate for the increase in the minimum wage from £3.70 to £4.10 an hour
urge employment tribunals to be sensitive to problems caused by the disease, given that to survive many firms will have to lay off staff
offer export advice to companies that urgently need to diversify products or services because of lost home markets postpone collection of the Climate Change Levy, the new energy tax that affects many farmers and rural businesses channel relief and assistance to affected areas through one body, not allowing dilution of effective help by too many confusing initiatives.
Digby Jones said: "Once businesses are lost to an area it is hard to get them back, especially in a rural economy. Government help now might ease long-term difficulties by making the difference between a company sinking or staying afloat."
CONFIDENCE STABLE DESPITE SLOWER GROWTH
Confidence in the manufacturing sector has risen back to its highest level for a year, despite slower growth at home and abroad, and worsening positions on investment and cash-flow, according to the latest quarterly economic survey from the British Chambers of Commerce, published on Thursday 12 April.
The survey, the largest and most detailed of its kind, covering over 7,000 firms across all UK business sectors, shows that manufacturers report slower growth in home sales (+15 down to +11) over the last three months, particularly among small firms employing 1-19 (+21 down to +6). However, the balance of manufacturing firms more rather than less optimistic about improving turnover in the next twelve months has risen to +50 from +46 in the fourth quarter of 2000, with smaller firms reporting a 7 point increase (+45 up to +52).
The survey also shows that export growth in the sector remains weak, showing an overall balance of just +1 for both sales and orders, though smaller firms are improving their position overseas. Those employing 1-19 / 20-199 staff report export sales up from –5 to +5 / -1 to +10 and orders up from –23 to +9 / -5 to +8. Significantly, exchange rate concerns in the sector are waning, with 39 per cent of manufacturing firms expressing concern compared to 53 per cent in the previous quarter.
In the service sector, growth has edged back from a strong base, with firms of all sizes reporting slower sales levels at home and in export markets. The trend looks set to continue in the next quarter.
David Sears, Deputy Director General at the British Chambers of Commerce said:
"Despite further evidence of slowdown and retrenchment, underlying strength in the domestic economy remains, with manufacturers confident of avoiding the worst of the impact of the global slowdown.
“The Bank of England’s two pre-emptive strikes this year have steered the right course to shore up confidence. However, as this survey reveals little of the impact of foot and mouth across business sectors, both government and the Bank must monitor carefully in the coming months the need for further interest rate cuts and other measures to keep the economy on track.”
On investment, manufacturers report further scaling down both in equipment (down from +11 to +7) and training (down from +22 to +19). Service sector investment also slowed last quarter from +24 to +21 (equipment) and +36 to +32 (training).
The balance of service sector firms intending to raise prices has remained stable at +32 per cent, but pay settlements are impacting further up 4 points with 32 per cent of firms now citing pressure from this source. Among most sizes of manufacturing firms pressure to raise prices due to pay settlements is also up slightly, with only the largest firms (employing 500+) reporting a fall, 34 per cent reporting pressures down from 43 per cent in the previous quarter.
Three quarters (75 per cent) of manufacturing firms in the survey experienced difficulties recruiting staff over the last three months, up on the 73 per cent reported for the previous quarter. Service sector recruitment difficulties are up one point, with 66 per cent reporting problems, particularly in finding professional and managerial staff (34 per cent). Employment expectations over the next three months fell slightly in services (+24 to +23) but picked up significantly in manufacturing (+4 to +13).
Ian Fletcher, Head of Policy at the British Chambers of Commerce said:
‘’While service firms’ intentions to raise prices and the pressures coming from pay settlements remain strong, the survey provides some tentative signs of a scaling down in recruitment activity and a cooling in growth, possibly as a result of easing domestic demand and the early effects of the foot and mouth outbreak.”
Both sectors cite competition as their main concern (51 per cent of manufacturers, 40 per cent of service firms) and concerns over interest rate levels fell back three points in both sectors last quarter (to 16 per cent of manufacturers, and 17 per cent of service firms). Inflation is now of least concern to all firms (11 per cent manufacturing / 12 per cent service).
CBI URGES CAUTION OVER LATEST EARNINGS STATISTICS
The apparent sharp rise in earnings growth in February needs cautious interpretation, the Confederation of British Industry said last Wednesday.
Sudhir Junankar, CBI's Associate Director of Economic Analysis, said: "We must be careful in what we read into these earnings figures. It appears some firms have brought forward their March bonuses to February so we will need to see the March data in order to get a fuller impression of the underlying trend.
"The further falls in unemployment on both measures, and the growth in employment is welcome. However the return to job losses in manufacturing is of concern and highlights the competitive pressures on firms as the world economic slowdown starts to take effect."
ILO unemployment fell by 42,000 between the three months ending November 2000 and the three months ending February 2001. The claimant count measure for March was down compared with February with a fall of 5,500 being recorded.
The number of jobs in manufacturing rose by 6,000 between January and February and now stands at 3.882 million.
Average earnings increased by 5.0 per cent over the year to the three months ending February 2001, which is up from the three months ending January (4.5 per cent), and down from 5.9 per cent in the three months ending February 2000. Average earnings, excluding bonuses, rose 4.1 per cent over the year to February 2001 against 3.8 per cent over the year to January 2001.
HOWELLS LAUNCHES INTERNATIONAL CRACK DOWN ON ROGUE TRADERS
New rules will help to tackle dodgy car dealers, holidays from hell and false prize draws
New powers to protect consumers from rogue traders operating bogus international prize draws, holidays from hell, and 'Arthur Daley' car dealers were introduced on the 10 April by Consumer Affairs Minister Kim Howells.
The powerful new 'Stop Now Orders' will allow British consumer protection bodies to pursue rogue traders operating both in the UK and from abroad by taking out court injunctions to prevent traders from breaking the law. Failure to comply with a Stop Now Order will be treated as contempt of court and punishable by an unlimited fine or imprisonment.
Previously, offenders received only small fines, which meant that many carried on afterwards exactly as before.
The Orders will come into force on 1 June this year, and can be used against:
A wide range of consumer protection bodies will have the power to use the Orders, including public bodies such as the Office of Fair Trading, local authority trading standards departments and enforcement bodies in other EU Member States. Organisations such as the Consumers' Association and Shelter will also be able to apply to the DTI to use the Orders.
Announcing the laying of the 'Stop Now' regulations in Parliament Kim Howells said:
"Stop Now Orders mean that we can stop rogue traders in their tracks.
"We want to ensure that consumers can buy cars, book holidays, and order goods over the internet safe in the knowledge that they are not being ripped off.
"In the past persistent offenders caught duping the public have often been able to pay a small fine and go straight back out and continue making people's lives a misery. From now on anyone attempting a repeat offence could face a stiff penalty.
"There will be no escape for Arthur Daleys, whether they are operating at home or abroad."
Ashley Holmes, Head of Legal Affairs at the Consumers' Association, said:
"The introduction of Stop Now Orders is very welcome. They represent a major step forward in consumer law - giving bodies like Consumers' Association more opportunities to stand up and protect consumers from sharp practice and unscrupulous traders. We look forward to using these new powers and working with others to make sure the new law makes a real difference for consumers."
Nick Cull, Executive Director at the Local Authorities Co-ordinating Body on Food and Trading Standards (LACOTS), said:
"Local authorities want local markets that are fair, safe and thriving. Businesses and consumers must have confidence in the ability and desire of local and central government to maintain a clean and competitive trading environment. The new Stop Now law will certainly help in taking rogue traders out of the market and better protect shoppers and the great majority of good UK businesses."
R3, the organisation representing professionals who help underperforming businesses, has received assurances from the DTI that government departments will be as sympathetic as possible to any business that is affected directly or indirectly as a result of the foot and mouth outbreak.
"It may be that many individual traders and businesses need to seek the shelter of a formal rescue procedure like a voluntary arrangement," states R3 president and KPMG corporate recovery partner, Roger Oldfield:
"We have been assured by the DTI Insolvency Service that the Inland Revenue and Customs & Excise will be as sympathetic as they can to individuals and businesses that seek rescue as a result of the current foot and mouth outbreak"
"Also, the British Bankers' Association has urged businesses suffering from the outbreak to seek to negotiate their way out of trouble by talking to their banks.
"However, there appears to be a concern that they may not be seeking advice early enough and may damage the chances of a successful rescue as a result.
"Affected organisations should approach their professional advisors, banks, or a licensed insolvency practitioner, as soon as they become aware of problems.
"We are also aware that unscrupulous debt advisors may be targeting the rural economy - we urge people to ensure they are only dealing with licensed professionals or established agencies such as the Insolvency Service or the Small Business Service/Business Links".
A searchable directory of licensed insolvency practitioners can be found at www.r3.org.uk . The Insolvency Service's website for information leaflets, and local offices is www.insolvency.gov.uk
SCOTTISH MORTGAGE REPOSSESSION TO CHANGE
The Mortgage Rights (Scotland) Act will adopt current English practice by allowing debtors additional time to repay mortgage arrears where the security subjects form the debtor's sole or main residence.
What is the position pre-Mortgage Rights Act?
Broadly speaking a Scottish mortgage lender has three main remedies where a borrower is in default.
The three current remedies:
1. Calling Up Notice
Generally a secured lender will proceed with a Calling Up Notice where the borrower is in serious arrears and complete discharge of the Security is sought. The notice takes the form of a formal demand requiring the borrower to pay the outstanding amounts to the lender within a two month period, failing which the security subjects may be sold. Where title is in the sole name of the husband his wife and children could also be evicted from the family home.
2. Lender's Other Remedies
In contrast, the Default Notice is used where the borrower's breach is less serious. Normally they are used where the borrower is a regular late payer and the lender wants these arrears brought up to date within a one month period.
The Calling Up/Default Notices have been served - What should the lender do now?
As far as the lender is concerned the best case scenario will be before the two month period has expired following service of the Calling Up Notice for the borrower to have redeemed the loan in its entirety. Alternatively with the Default Notice the lender will be satisfied if within the Notice's one month time limit the arrears have been cleared.
But what happens if the borrower does not comply and decides to stay on in the security subjects despite either of the notices? Even although the lender is invested with the power to sell the security subjects how can this be done in circumstances where the borrower remains in possession?
In these circumstances the lender will have to raise an action of eviction.
3. Lenders "Catch All Remedy"
Section 24 of the Conveyancing & Feudal Reform (Scotland) Act 1970 provides an additional parallel and, some would argue, a more effective alternative to Calling Up & Default Notices. An action under Section 24 will be used where the intention is to remove the defaulting borrower from the security subjects.
Basically, if used, this Section allows the lender, rather than proceeding with the Notices, to take Court action to remove the borrower from the house.
The vast majority of Court actions under Section 24 are undefended with the opportunity for a relevant defence being formulated being dubious. There is Court authority to the effect that the Court has no discretion but to grant the lender his remedy.
So an action under Section 24 is a very powerful remedy available to a lender to remove a defaulting borrower from the security subjects even after only minimal arrears.
What Will the Mortgage Rights (Scotland) Act Do?
Section 1 of the Act will allow either the debtor under a Standard Security, or the proprietor of the subjects where this is a different person to apply to the Court for suspension of the creditor's right s of enforcement. The suspension will relate to a Calling Up or Default Notice as well as a Section 24 application.
So it can be seen a wide variety of individuals will be given protection under the new Act. Previously they had absolutely no rights at all to make representations to the Court. However, it is vital to remember that these rights will only be triggered where the property is the applicant's sole or main residence.
What powers will the Court have?
In terms of Section 2 of the Act the Court is given wide discretion. It may suspend the exercise of the creditor's rights to such extent, for such period, subject to such conditions as the Court thinks fit.
In so doing, the Court has to be satisfied that any order it might make is reasonable in all the circumstances, having regard in particular to the nature of any default, the reason for the default, the applicant's ability to fulfil the obligations within a reasonable period, and the ability of the applicant and any other person residing in the subjects to secure reasonable alternative accommodation.
As can be seen Section 2 introduces for the first time the needs and requirements of both the borrower as well as those living with them. This was totally absent in the 1970 Act both in its drafting and as interpreted by the Courts. This is why this Section recognises applicants should be allowed time to remedy a default, if possible, or alternatively for the applicant or others residing in the property to be given an opportunity to find alternative accommodation. The objective here is clearly to reduce homelessness.
The Act further permits either the creditor or the debtor to make application to have a Court's order varied or revoked. In addition proceedings may be continued to another date. Often such continuations were not permissible under the 1970s legislation if the borrower wanted further time to repay the arrears.
Conclusion
The new legislation has been welcomed as an attempt to reduce homelessness and hardship, focussing upon those have, through no fault of their own, fallen on hard times and are unable to meet, perhaps, the largest financial commitment they have.
With this protection being extended to others who reside in the main family home many argue the Scottish Parliament is responding to a long overdue need to protect Society's most vulnerable. In so doing Scottish legislation will now largely reflect what the position has been in England for many years.
It is likely far more Section 24 actions will be defended. Creditors may well be denied the almost automatic opportunity of eviction as of right. Many commentators have said this practice takes place with "indecent haste" by placing unbearable financial pressure and strain upon hapless borrowers.
But do we now have the correct balance? Hopefully if applications are made the Court will fully investigate all of the circumstances. They should ensure those who have genuinely fallen upon hard times with dependents are not evicted whilst also recognising rogue borrowers are given no further time to postpone the inevitable. But remember the rogue borrower may also have a "perfectly innocent" wife and children. The Act will now give them protection too.
Stephen Cowan
Yuill & Kyle
Debt Recovery Lawyers,Scotland
scowan@yuill-kyle.co.uk
www.debtscotland.com
KPMG PARTNER TO LEAD R3
Roger Oldfield, corporate recovery partner at accountants KPMG, has been appointed the new president of R3, the organisation for professionals that work with under-performing businesses.
The appointment was made on 4 April 2001 at R3's annual general meeting. It was also announced that David Buchler, of Kroll Buchler Phillips, will take over the role of vice president.
R3, more formally known as Association of Business Recovery Professionals, has around 1,800 members. These include insolvency practitioners and business rescue professionals.
Both Oldfield and Buchler are licensed insolvency practitioners.
Commenting on his appointment, Oldfield said:
"I thoroughly look forward to my year as president of R3, my chief aim will be to ensure that we do everything possible to promote a viable and effective rescue culture. I want to encourage people to seek the help of our members at an early stage, rather than allowing their problems to become terminal.
"I am also concerned about the rise in the inappropriate guidance some people are getting from unscrupulous advisors in relation to consumer debt. I want to help make the public more aware of their options in solving their personal finance problems and seek help from licensed insolvency practitioners rather than certain debt councillors whose advice and methods may be questionable.
"We now have a wider body of expertise to offer, following last year's decision to welcome turnaround professionals into our original insolvency practitioner membership. We look forward to the continued growth of the new intake."
The number of businesses failures in Britain fell by 12.6% - from 10,710 to 9,360 - in the first three months of this year compared with the same quarter last year. This is the largest drop in business failures for the first quarter of the year since 1994 according to the latest survey by Dun & Bradstreet, the business information company, published on the 9 April 2001.
In Wales and the South West the number of businesses going bust has dropped by more than 30%. In the North business failures have dropped by more than a sixth and in the South East by more than a fifth. In the Midlands and East Anglia failures have dropped by about a tenth.
The only areas of the country to register increases in business casualties are London where business failures have increased by 15.4% and Scotland where the number has risen by 12.5%.
Mr Philip Mellor, Senior Analyst at D&B, commented: “This is great news in view of the fears of an American recession and the onset of foot and mouth disease in Britain. It is perhaps too early to predict whether the epidemic will mean the closure of businesses but in the areas of the country most affected - the North West and South West - there are no signs of foot and mouth leading to company closures. Next quarter’s business failure results will be crucial.”
Small businesses are even more buoyant than larger companies. Less than 5,000 small businesses went bankrupt during the first quarter of this year - a drop of 17.5% compared to a 6.3% drop in company liquidations (from 4693 to 5395). The largest drop in small business failures was in the South West (34.2%) and the largest drop in company liquidations was in Wales where the number of bigger businesses going bust dropped by more than half (55.3%).
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TW LW TW LW
USA 1.43 1.43 Canada 2.24 2.26
Austria 22.36 22.03 Portugal 325.90 321.09
France 10.66 10.50 Belgium 65.57 64.60
Finland 9.66 9.52 Italy 3147.67 3101.15
Germany 3.18 3.13 Sweden 14.67 14.76
Holland 3.58 3.52 Switzerland 2.46 2.44
Spain 270.48 266.49 Ireland 1.28 1.26
Australia 2.89 2.96 Denmark 12.12 11.96
Hong Kong 11.21 11.20 Euro 1.62 1.60
Africa Com 11.56 11.67 Saudi Arabia 5.39 5.38
India 67.14 66.92 Malaysia 5.46 5.45
Singapore 2.59 2.60 Norway 13.13 13.07
Japan 179.10 180.85
TW This week LW Last week.
Marconi, the British telecoms-equipment manufacturer, said that it would shed 3,000 jobs, over 5% of its workforce, over the next year. The company hopes to reassure investors that it will be in a strong position to weather the downturn in America's economy.
A leaked document suggested that Marks and Spencer, the troubled British retailer, would make profits of only (£)430m ($610m) for the year to the end of March, a figure predicted by only the most pessimistic analysts. M&S's problems worsened after a French court ruled that plans to close its 18 outlets in France, part of a restructuring aimed at improving its terrible performance, contravened labour law.
Amazon, a leading online retailer, surprised investors with the news that performance in the latest quarter would be better than expected. Sales were 22% higher than in the same period in 2000, and net losses were forecast at less than $255m, an improvement. Amazon's shares leapt by 34%. Separately, the firm also announced a link-up with Borders, in which Amazon will take over its rival bookseller's online operations.
Sales at British supermarkets boomed. Tesco reported that pre-tax profits for the year to February rose 13% to just over (£)1 billion ($1.4 billion), with sales increasing by 12%. Sainsbury, the UK's second-largest supermarket chain, said its sales in the first quarter were up 4.8%, unexpectedly higher than anticipated.
Prudential, the British life insurer, filed a lawsuit against AIG, the world's largest insurer, alleging that AIG had "interfered" with Prudential's $21 billion all-share bid for American General. Prudential's bid for the American insurer, originally worth nearly $27 billion, was hit after its share price sagged alarmingly. AIG are accused of "jumping the gun" by making an all-share offer worth around $23 billion.
Source - The Economist
Anglo-Eastern announced pre-tax profits of 4.4 million pounds, on turnover of 11.6 million, for the year ending 31st December 2000. Earnings per share stand at 5p.
ARM Holdings, designers of micro-processors, announced pre-tax profits of 11.4 million pounds, on turnover of 32.5 million, for the three months ending 31st March 2001. Earnings per share stand at 0.8p.
JJB Sports, the sporting goods retailer, announced pre-tax profits of 71.4 million pounds, on turnover of 663.3 million, for the year ending 31st January 2001. Earnings per share stand at 37.1p.
Metnor announced pre-tax profits of 4.37 million pounds, on turnover of 39.2 million, for the year ending 31st December 2000. Earnings per share stand at 18.8p on increased capital.
Walker Greenbank, the home furnishing company, announced pre-tax losses of 5.49 million pounds, after exceptional charge, on turnover of 64.1 million pounds, for the year ending 31st January 2001.
MERGER NEWS
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger/s to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Acquisition by Nomura International Ltd through Grand Hotels (Cumberland) Acquisition Company Ltd of the Cumberland Hotel
Proposed acquisition by Prudential plc of American General Corporation Completed acquisition by Icopal A/S of Monarflex A-S
COMPETITION COMMISSION'S INVESTIGATION CLEARS ICOPAL HOLDING/ICOPAL MERGER
The Competition Commission has found that the acquisition of Danish roofing company Icopal a/s by Icopal Holding A/S is not expected to operate against the public interest.
Publishing the Commission's report last week, Kim Howells, Consumer and Competition Minister, said:
"The Commission has concluded that the merger has created the basis for a relationship between Icopal a/s and IKO Sales Limited (one of the members of the consortium company that has acquired Icopal a/s) which would encourage their mutual co-operation, and thus could bring about a reduction in the degree of competition between their respective UK subsidiaries.
"However, a two thirds majority of the Commission members carrying out the inquiry concluded that the structure and the character of the UK markets for the relevant products were likely to prevent any detriment to the public interest."
The Commission found the consortium shareholders of Icopal a/s could decide to act co-operatively and conduct their UK operations in a way which would enable them to avoid or reduce head-to-head competition, in at least some parts of the market. However, the majority of the Commission also found that there were five aspects of the UK market which would prevent customers being exploited by Icopal and IKO Sales acting together:
Icopal a/s is a Danish company with subsidiaries which produce a wide range of roofing materials in many parts of Europe, including the UK, and the USA. IKO Sales Limited, one of the members of the consortium company that has acquired Icopal a/s, is a Canadian company which also manufactures roofing materials. It has a wholly owned UK subsidiary, Ruberoid plc. IKO Sales Limited, through its UK subsidiary, and Icopal, through its several UK subsidiaries, each have a significant share of sales in the markets for bituminous flat-roof coverings, pitched-roof underslatings and damp proof courses in the UK.
23 to the 24 April FCIB Corporation - A Global Association for Managers in Finance, Credit & International Business FCIB's 106th International Round Table Conference In Europe Hilton Budapest Hotel Hess Andras Ter 1-3, H 1014 Budapest, Hungary Further information may be obtained from Tim Lane, Director of European Operations on 01865 481 630 or email timlane@fcib-europe.org21st to 23rd May, 2001 GARP Credit & Counterparty Risk Summit, London. For full programme details please visit www.garp.com or contact GARP on tel. +44 (0)20 7626 9300. 22 May The Institute of Credit Management National Conference and Exhibition Cumberland Hotel, Marble Arch, London W1 European Outlook ICM Members £165.00 - Non-members £190.00 Retired & Student members £95.00 all plus vat Buffet Luncheon 8.30am to 5.00pm To register telephone 01780-722907 Fax 01780-721333 Thursday 24 May Sussex & Surrey Branch of the ICM Telephone Collections Speaker: Manager of Equifax Risk Management The Imperial Hotel Hove Time: 7.00 for 7.30 p.m. Sponsored by Equifax Risk Management Monday 11th June Stoke on Trent Branch of the Institute of Credit Management Credit Management Organisations in Europe - an Overview International speaker Russell KENNARD, MBA AIMC Places at this event are limited - those interested in attending should contact Catriona COLERICK on Telephone Number (01782) 28 2430. Coffee and biscuits will be served from 1830hrs, the presentation will commence at 1900hrs and will be followed by a light buffet to facilitate networking and discussion. The venue is Knight & Sons premises in The Brampton, Newcastle-under Lyme, Staffordshire. 22 June The Institute of Credit Management Fellows' Luncheon Dartmouth House Mayfair, London Tickets £42.00 plus vat To reserve places telephone 01780-722907 E-mail training@icm.org.uk Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk
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