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 32
Dated: 19 August 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKCBI CHIEF SAYS RATE CUT DOOR REMAINS OPEN
CBI chief Digby Jones last Wednesday said the latest earnings data suggest there remains room for a further cut in interest rates.
"Inflation remains well under control," he said. "That is good news because it suggests there remains scope for a further cut in interest rates to soften the impact of the global slowdown.
"Employment has risen overall but manufacturing has seen more than 120,000 job losses over the past year. The sector is facing serious problems and there are real signs that service sector growth is starting to come off the boil."
Reacting to the latest UK labour market data, and to the minutes of the August meeting of the Bank of England, published last Wednesday, Ian Fletcher, Chief Economist at the British Chambers of Commerce said:
“Given the speed of events currently taking place in our economy business will welcome the fact that the Monetary Policy Committee has left the door firmly open to a further interest rate cut in September.
“Businesses are facing significant competitive pressures to keep prices under control and this should be reflected in wage negotiations over the coming months. There are also some signs that employment growth may be levelling off, which will help to ensure the labour market does not overheat.
“If interest rates are to come down further it is important that public sector wage setters are as constrained as the private sector and we look to Government to send a clear signal calling for restraint.”
SMALL AND MEDIUM-SIZED MANUFACTURERS HIT HARD BY GLOBAL SLOWDOWN
Small and medium-sized manufacturing firms report a further fall in business confidence, with small firms less confident than medium-sized companies, according to a CBI survey published last Monday.
Fifteen per cent of small and medium-size firms (SMEs) said they were more optimistic about their general business situation while 43 per cent were less. The balance of minus 28 per cent compares with minus 30 in April. Replies from small firms showed that 12 per cent were more optimistic and 45 per cent were less optimistic. The balance of minus 33 compares with minus 32 in April.
Export optimism among small firms fell to its lowest level since October 1998, in line with the overall results of the Industrial Trends Survey. However, medium-size firms were the only sector not to report a decline in export confidence.
Total new orders fell further over the past four months, by more than had been expected. Demand is expected to fall further in the next four months although less sharply than reported in this survey. Medium-sized companies however are expecting orders to recover over the next four months, indicated by a positive balance of plus six per cent.
Export orders fell at their sharpest rate since July 1999. Fifteen per cent of small and medium-sized firms said export orders were up, 37 per cent said they were down. The balance of minus 22 compares with minus 18 in April. Over the next four months SMEs expect a further, more modest decline, while medium-sized companies anticipate a pick up.
Simon Bartley, Vice-Chair of the CBI's SME Council, said: "SME manufacturers are facing extreme pressure from the global slowdown. They continue to experience falling orders whether they are suppliers to larger UK manufacturers or directly to US or international companies. Although the latest cut in interest rates may avert further declines in confidence, SMEs are reliant on an improvement in the global market for an upturn in business and an increase in investment."
SME output worsened in the four months to July, falling at its sharpest rate since October 1999. Expectations for output to stabilise did not materialise, with 24 per cent of firms saying output was up while 36 per cent said it was down. The balance of minus 12 compares with minus 9 in April. SMEs now expect a more modest decline in output, with medium-sized firms expecting a bounce back but small firms anticipating a continued decline.
Investment plans for plant and machinery weakened in July and the balance of minus 20 per cent of SMEs planning to spend over the next 12 months is the lowest since April 1999. Small companies were more pessimistic - as shown by a balance of minus 24 per cent - than medium-sized firms.
Employment in SMEs continued to fall and at a quicker rate than was predicted in the April survey. Both small and medium-size firms expect the numbers they employ to decline further over the next four months. However, these reductions are more moderate than reported among manufacturers as a whole.
Average unit costs dropped to nine per cent in July, back from their April peak balance of 16 per cent. They are expected to slow down further over the next four months. Domestic prices fell more quickly over the past four months than reported in the last survey. With similar price declines expected, the squeeze on profit margins looks set to continue.
The CBI carried out the survey between 21 June and 11 July 2001. Responses came from 915 manufacturers with fewer than 500 employees, 771 of which employed under 200 people.
THE EURO
The EURO hit a five-month high, rising above 90 cents against the dollar. The IMF gave a warning that America's current-account deficit was unsustainable and that the dollar was likely to weaken further. The dollar also slid against the yen.
THE USA AND GERMANY ECONOMIES
In the USA Industrial production fell for the tenth month in a row to end 3.2% down in the year to July. Germany's Economy is also in trouble. The Bundesbank estimated that GDP was flat in the second quarter.
Three businesses based in East London have had their appeals against the withdrawal of their licences issued under the Consumer Credit Act 1974 allowed by the Secretary of State for Trade and Industry following advice from the independent tribunal.
The three businesses concerned are Right to Buy Limited, Acam Finance Limited and Archibald Campbell.
Right to Buy Limited, which advises council tenants on their right to buy their council property and procures other services in support, appealed to the Secretary of State after the Director General of Fair Trading (DGFT) told the company in August 2000 that it was not fit to hold a licence under the Consumer Credit Act.
Acam Finance Limited, a mortgage broker, and Archibald Campbell, the controller of Acam Finance Limited, appealed to the Secretary of State from similar decisions of the DGFT in August and October 2000 respectively. Right to Buy Limited regularly referred its clients to Acam Finance Limited for mortgage broking services.
The Secretary of State appointed a tribunal to hear the appeals and the parties to the appeals put their case at a public hearing in London on 23 and 24 May 2001. The report of the tribunal recommended that the three appeals should be upheld.
In respect of Right to Buy Limited, the tribunal found that there was a lack of transparency in the fees paid to the company by consumers; that the company had acted unfairly and against the spirit of the Consumer Credit Act in its behaviour towards a consumer; and that it had published an advertisement that contravened the regulations relating to consumer credit advertisements. The tribunal concluded that these matters, although reprehensible, did not justify the revocation of the company's licence particularly in view of the small number of complaints.
In its report, the tribunal made no findings against Acam Finance Limited. As to Mr Campbell, the tribunal found that he had traded under a name which was not covered by his licence: although this was a serious matter, the tribunal concluded that, in the particular circumstances, it was not a sufficient ground for revoking his licence.
Accordingly, the tribunal recommended that the appeals be upheld. It is the policy of the Secretary of State to accept the recommendations of the tribunal, unless they are wrong in law.
In January 1999, the DGFT informed Right to Buy Limited, Acam Finance Limited and Archibald Campbell that he was minded to revoke their licences under the Consumer Credit Act 1974.
Right to Buy Limited made written representations to the DGFT's Adjudication Officer in February 1999. In August 2000, the Adjudication Officer notified the company that he had decided, on behalf of the DGFT, to revoke its licence. The company appealed to the Secretary of State in September 2000.
In February 1999 Acam Finance Limited and Mr Campbell make written representations to the Adjudication Officer. They made oral representations to the Adjudication Officer in October 1999. Further written representations were made in October 1999 and May 2000. In August 2000, the Adjudication Officer notified Acam Finance Limited that he had decided, on behalf of the DGFT, to revoke its licence. Similarly, the Adjudication Officer notified Mr Campbell in October 2000 that he had decided to revoke his licence.
Right to Buy, Acam Finance Limited and Mr Campbell appealed to the Secretary of State, and the appeals were heard together on 23 and 24 May 2001
Having considered the report and recommendations of the appeals tribunal, the Secretary of State decided that the three licence holders are "fit persons" to carry out the activities covered by their licences and allowed their appeals.
The Consumer Credit Act 1974 sets up a licensing regime for individuals, companies and firms carrying on regulated consumer credit or consumer hire business. Licences are issued by the DGFT, and it is a criminal offence to engage in regulated consumer credit or consumer hire business without one.
The DGFT will not issue a licence to anyone he considers is not a "fit person" to engage in the business activities which the licence would cover. If he considers that the licensee is no longer a "fit person", the DGFT has the power to revoke licences he has issued and to refuse to renew an expired licence. The DGFT makes this assessment taking into account all the relevant circumstances. There are a number of matters which the Consumer Credit Act particularly requires him to take into account, among which are evidence that the trader has contravened provisions of the Consumer Credit Act or other legislation regulating transactions with individuals, or has engaged in deceitful, oppressive or otherwise unfair or improper business practices.
Before the DGFT makes a final decision to revoke or renew a licence or to refuse an application for a licence, the trader concerned can put his or her side of the story to an Adjudication Officer at the Office of Fair Trading who acts on behalf of the DGFT.
If the DGFT decides to revoke a licence or to refuse the application for a licence or the renewal of an existing one, he tells the trader formally of his decision. The trader then has the opportunity to appeal to the Secretary of State for Trade and Industry.
Appeals to the Secretary of State under the Consumer Credit Act are heard by a tribunal of independent persons, appointed for that purpose by the Secretary of State. Both the DGFT and the trader can argue their case before the tribunal. The tribunal then decides whether it thinks the trader is a "fit person" to hold a licence under the Act and submits a detailed report to the Secretary of State with a recommendation about whether the Secretary of State should allow or dismiss the appeal. It is the policy of the Secretary of State to accept the recommendations of the tribunal, unless they are wrong in law.
Once the Secretary of State decides that an appeal should be dismissed or allowed, he notifies the trader and the DGFT of his decision. The trader then has a further right of appeal, on a point of law, to the High Court. In the case of a revocation or of a refusal to renew a licence, if the licensee appeals to the High Court, he continues to hold the licence until the appeal has been ultimately concluded against him.
SCOTLAND TO REFORM LAW TO PROTECT PURCHASERS FROM INSOLVENT SELLERS
Take the following example:
A purchaser of a house or factory makes over the price to the seller's lawyer. In exchange the purchaser receives a conveyance signed by the seller. Before the purchaser actually registers the conveyance in the Scottish Land Register the seller becomes insolvent. Should this happen where a purchaser makes over the price before his title is registered he can lose both the money and the property.
The Scottish case of Sharp -v- Thomson decided by the House of Lords in 1997 addressed this problem and although a practical solution was forthcoming from the Lords it was seen that it an effort to protect such an innocent purchaser this could be to the detriment of the Scottish land Register itself.
Now the Scottish Law Commission has looked at the problem in a discussion paper published in June 2001.
Different types of insolvency or debt enforcement can adversely affect a sale of land or other property. For example, the seller's creditors can block a sale by inhibition (approximately the equivalent to a charging order). If the seller is a limited company it could go into receivership or liquidation at the same time the property conveyance is being granted or, in the case of the seller being an individual, he could become bankrupt.
Whilst various searches will normally disclose such problems prior to the settlement of the conveyancing transaction it is not always the case that these searches will disclose the seller's insolvency. For example there can be a delay between the commencement of insolvency and details of this being registered in a public register. So there is a gap during which period of time the seller's legal status may be unknown to an innocent purchaser. Should the buyer make over the price when the seller is already insolvent then any conveyance granted by the seller may very well be invalid. The other scenario occurs when the seller becomes insolvent after the purchaser has made over the price but before the purchaser has actually registered the conveyance in the property register. In this situation the seller's Trustee in Bankruptcy, Receiver or Liquidator (as the case may be) may have a preferential right over the property and could argue that the purchaser has no right of ownership in it.
In the case of Sharp -v- Thomson the seller was a limited company. The purchaser paid the price for the property and was granted a conveyance. However, before the conveyance was registered in the property register the selling company went into receivership. The result of the selling company going into receivership was that the Floating Charge crystallised over all of the company's assets, including the property which had been sold.This was because it was argued the conveyance had not been registered in favour of the purchaser. What the House of Lords decided was that once the conveyance had been actually delivered to the purchaser then the seller would lose its beneficial interest in the land which could no longer be regarded as the seller's property. So the House of Lords held in these circumstances when the Floating Charge crystallised it did not catch the property as the purchaser would be able to take it free of the security.
However, the practical difficulty which the decision raised was, in effect, it would allow the purchaser the legal right to the property without it having been registered in the property register. In Scotland great store is placed on the doctrine of the "faith of the registers" and whilst the decision did help the purchaser (which was certainly equitable in the circumstances) the actual property register did not reflect the true position.
Basically the Scottish law Commission have suggested that legislation should solve the problem in the future by making a number of technical proposals.
Firstly, the Law Commission have dealt with the matter practically by suggesting improvements to the flow of information about insolvency and how such information can be included in the various registers without delay. The second proposal is to ensure that a person who acquires property and registers it promptly will be unaffected by the seller's insolvency.
It is to be noted that the reforms suggested by the Law Commission are not confined to what is known in Scotland as heritable property (fixed property such as land) but will extend to other types of registered property such as company shares and other types of intellectual property.Such reform has to be welcomed.
Stephen Cowan
Debt Recovery Lawyer, Scotland
Tel: 0141-572-4251
Email: scowan@yuill-kyle.co.uk
www.debtscotland.com
CORPORATE TAX SELF ASSESSMENT – THE TIMING OF THE FIRST QUARTERLY INSTALMENT PAYMENT
Under Corporate Tax Self Assessment, large companies have to pay their corporation tax liabilities in instalments. The first two quarterly instalment payments (QIPs) have to be paid before the end of the accounting period - which means that the company has to estimate its final liability and pay QIPs based on this estimate.
If a QIP is paid late, the Revenue will charge the company interest on the late paid tax. Companies may therefore decide to err on the side of caution and pay early, reasoning that the Revenue will credit them with interest on the tax paid in advance (albeit at a somewhat later rate). This is a cash management decision for the corporate treasurer, rather than a tax management decision - but corporate treasurers should beware of a tax trap. No credit interest is payable on the first QIP of the series if it is paid early - only on subsequent QIPs.
QIPs are large cash transfers, and so the moral is clear. There needs to be close liaison between corporate treasurers and those responsible for negotiating the company's (or group's) corporation tax liability with the Inland Revenue. Otherwise, the company or group may suffer unnecessary treasury costs.
SPECIAL CREDIT CONFERENCE 2001 NEWS - PART 2
International Credit Exhibition & Conference 2001 - http://www.internationalcredit001.com
Asia 2nd Biennial Event, held once in every 2 years only.
* Overview of the International Credit Conference - 24 to 26 October, 2001
Day One - Credit Conference 24 October, 2001
* Collection Management : - Take A Day Off... Your Days Sales Outstanding : Improving Your In-House Collection..
By Kevin Terrell, President & CEO, STAGraydon
Cash Flow in an Uncertain Economic Climate...Learn how to take advantage of the latest technology and strategies to educate your customers, improve communications, and collect more of your company's money in a timely manner. STA International, debt recovery and credit management experts, present the latest technological and motivational solutions for dealing with your slow paying customers. With over 46 years of experience in cash management and customer communications, STA can help you discover what works in the 21st Century's demanding and ever-changing business climate.
* Collection Operations : - Collector Performance Metrics
By Jill Jensen, Executive Vice President, Omnium Worldwide Inc
A key to successful collection operations, either for internal operations or outsourcing partners, is the clear definition of leading and lagging performance metrics. This session will look at performance metrics that are valuable in predicting success and that measure outcomes. Tracking the correct metrics can improve both the quality and quantity of results produced by collection departments. When management, associates and vendors, have a common understanding of what it takes to be successful everyone wins.
* International Debt Collection : - Pre-Legal & Legal Debt Recovery (Debt Collections) In Russia And C.I.S. Countries.
By Hans Mund, M A - CEO, IGK Business Information Holding AG
Chances for amicable and pre-legal debt collection in Russia are real and serious. The crisis of August in 1998 in Russia had a strong impact on the economy. Most of the companies tried to settle their debts and continued working. The statistics show that every year the number of successful cases increases. Provided the documents are complete, debtor`s company still exists and the claim is not older than one year, the success rate for collection is 60%. Today there is a working legal-system in Russia and CIS countries.
Day Two - Credit Conference + Morning Workshop 25 October, 2001
* Improving Credit Control Skills .... Reducing Your Dso..
.By Kevin Terrell, President & CEO, STAGraydon
Morning Workshop covers - Understanding the non-payment culture, Reasons for delinquency, The total solution, Customer care v. cash collection, The art of assertiveness, Fundamental collection principles, Questioning techniques, Observing good conversation, techniques, Establishing clear objectives, The six steps to a successful call, Promoting customer co-operation, The art of successful negotiation, Trading concessions, Obtaining specific commitments, Techniques to collect more money, Principles for dealing with objections, Identifying stalling tactics..
* Outsourcing Receivables : - Contractual Issues For Outsourcing
By Jill Jensen, Executive Vice President, Omnium Worldwide Inc
Contracts with outsourcing vendors are often an overlooked communication tool between the credit grantor and the vendor. Often they are handled by purchasing departments or lawyers unfamiliar with the outsourcing needs of the collection department. Contracts not only help to set proper expectations between the parties, but the also help minimize the risk in the relationship and determine exit strategies in advance. This session will look at how to improve your outsourcing vendor contracts from the operational perspective so that you will be satisfied with the outsourcing relationships and results from beginning to end.
* Debt Litigation : - Debt Litigation In The Information Technology Age
By Ho Meng Third, Barrister-At-Law, Advocate & Solicitor
The widespread use of Internet and the advancement in the area of IT have increased the pace of litigation and clients' expectations of lawyers. In Singapore, Court documents can be filed from anywhere in the world. Clients, on the other hand, want information and immediate update on the status of their files. Time is of the essence. To meet these challenges, Mr Ho's firm is using a software which give their clients and lawyers access to the files via the Internet, review the status of the file and make immediate decisions any time of the day. The software is also able to generate the requisite Court Documents for immediate filing, monitor the disbursements incurred etc. All information on that file are readily available at their fingertips.
* Export Credit Insurance : - Evolution Of Credit Insurance
By Jef Vincent, Managing Director, Hermes & Euler Credit Insurance.
The development of credit insurance in Asia, its structure, and Credit insurance of e-commerce transactions: An analysis of the different concepts...
* For Full Details & Immediate Information Of the Credit Conference 2001 :
Credit Conference Registration Forms & Bookings at : http://www.internationalcredit001.com/conference.htm
Visitors On-Line Registration For Free Exhibition Pass at : http://www.internationalcredit001.com
Email or contact Organiser for Registration Form & Details Mailto:sales@internationalcredit001.com
Tel: (65) 392-9210
Expanding Horizons Limited and Vacation Travel Limited, two related companies, were wound-up in the High Court on 8 August 2001 on petitions of the Secretary of State for Trade and Industry presented in the public interest on 21 June 2001.
The petitions were presented following investigations carried out by the Department's Companies Investigation Branch (CIB) under section 447 of the Companies Act 1985.
Expanding Horizons Limited traded as a marketing/promotions company offering "free" holidays to members of the public conditional on their paying a travel service arrangement fee and arranging their insurance through the company. It also operated a holiday club called "Quality Vacation Club" where a lump sum payment for membership entitled members to 5 weeks holiday to be taken within a 35-month period. In both instances holidaymakers were required to attend a timeshare presentation at the holiday resort.
Vacation Travel Limited operated a call centre through which it arranged for members of the public to attend presentations held at its clients' premises.
Although Vacation Travel Limited is not ABTA registered, its name and letterhead indicated an association with a travel agency business which is.
On the application of the Secretary of State the Court appointed the Official Receiver as provisional liquidator of both companies on 21 June 2001 to protect and preserve the assets and financial records of the companies until the hearing of the winding-up petitions.
The Official Receiver is now liquidator of the companies and is responsible for investigating the circumstances of the companies' failure and the conduct of the directors in relation to the companies' affairs.
Expanding Horizons Limited was incorporated on 15 February 1996. Its registered office and former trading address is 239-241 Commercial Road, Portsmouth, Hampshire, PO1 4BJ. The soledirector off the company is Blue Ridge International Marketing Limited, a Bahamas registered company, appointed on 15 February 1996. The secretary of the company is Ms Joanna Rushton who, from 10 September 1998 to 31 December 1999 was also a director of the company.
Vacation Travel Limited was incorporated on 23 November 1998. Its registered office and trading address is 239-241 Commercial Road, Portsmouth, Hampshire PO1 4BJ. The directors of the company are Ms Amanda Boyland and Mr Peter Meades. The secretary of the company is Ms Dawn Cobb.
The petitions were presented under Section 124A of the Insolvency Act 1986.
All public enquiries concerning either company should be made to:
THE OFFICIAL RECEIVER
Public Interest Unit
21 Bloomsbury Street
London WC1B 3SS
Tel No: 020 7637 1110
Further information on company investigations is available from http://www.dti.gov.uk/cld/inv_htw.htm
Public Enquiries: 020-7215 5000 Textphone (for people with hearing impairments): 020-7215 6740 http://www.dti.gov.uk
*** FORTHCOMING CREDITORS MEETINGS ***
For detailed information on all the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.com/cgi-bin/gazette/liq/nots.pl
TW LW TW LW
USA 1.44 1.42 Canada 2.22 2.18
Austria 21.79 22.14 Portugal 317.53 322.58
France 10.38 10.55 Belgium 63.89 64.90
Finland 9.41 9.56 Italy 3066.86 3115.49
Germany 3.09 3.14 Sweden 14.80 14.75
Holland 3.49 3.54 Switzerland 2.40 2.42
Spain 263.54 267.72 Ireland 1.24 1.26
Australia 2.76 2.78 Denmark 11.79 11.98
Hong Kong 11.28 11.09 Euro 1.58 1.60
Africa Com 11.96 11.78 Saudi Arabia 5.42 5.33
India 68.14 67.06 Malaysia 5.49 5.40
Singapore 2.53 2.52 Norway 12.86 12.81
Japan 174.57 175.63
TW This week LW Last week.
Bayer, a German drug company, said that it was considering a co-operative venture for its drug business with a larger pharmaceutical company; a sell-off could follow. It had previously announced the withdrawal of an anti-cholesterol treatment. That will wipe up to $650m ($590m) off full-year profit and result in the loss of 5,000 jobs.
US Airways became the latest airline to reveal that it was suffering from the economic downturn and the decline in business travel. It issued a profit warning, saying that losses for the next quarter will exceed $160m.
Blue-chip companies were glum on both sides of the Atlantic. Continued huge losses and an ever-dwindling share price persuaded Mark Schneider to quit as chairman and chief executive of UPC, a Dutch cable firm. Enron, the world's largest energy trader, lost its president and chief executive, Jeffrey Skilling. He quit the American power giant for personal reasons after just six months in the job.
Source - The Economist
Armitage Bros. announced pre-tax profits of 0.696 million pounds, after exceptional credit, on turnover of 19.8 million, for the year ending 27th May 2001. Earnings per share stand at 16.9p.
MacFarlane Group announced pre-tax profits of 7.15 million pounds, after exceptional credit, on turnover of 105.1 million pounds, for the six months ending 30th June 2001. Earnings per share stand at 3.9p.
Theo Fennell announced pre-tax losses of 1.02 million pounds, on turnover of 11 million pounds, for the year ending 31st March 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:Completed acquisition by Marconi Corporation plc of control of Easynet Group plc
Proposed acquisition by O'Rourke PLC of Laing Construction PLC and John Laing Construction Limited
Completed acquisition by GE Capital Bank Limited of IGroup
Completed acquisition by International Power Plc of Rugeley B Power Station from TXU Europe
Completed acquisition by United Group Plc of Unilodge Holding Limited
Proposed acquisition by Roadstone Provinces Limited of Tyrone Brick, a division of Redland Tile & Brick Limited
Proposed acquisition by Enterprise Oil plc of Petrobras UK Ltd
ALAN JOHNSON REFERS KODAK'S PROPOSED ACQUISITION OF ASSETS FROM COLOURCARE LTD
DTI Minister Alan Johnson today referred the proposed acquisition by Kodak Processing Companies Ltd of certain assets of ColourCare Ltd to the Competition Commission (CC). His decision was in accordance with the advice of the Deputy Director General of Fair Trading (DGFT).
Mr Johnson said:
"The Deputy DGFT has advised me that this proposed acquisition raises competition concerns in respect of the market for the supply of amateur photographic development and printing services in the UK. The transaction would bring together the two largest competitors in the supply of wholesale development and printing services and would give Kodak a high (50 - 70%) share of the market. The Deputy DGFT has recommended that these competition concerns warrant reference to the CC.
"I have carefully considered the Deputy DGFT's advice and agree with her conclusions. I am therefore referring the proposal to the CC so that it can be fully investigated. The decision to make a reference to the CC does not in any way prejudge the question of whether or not the merger would be against the public interest. It is for the CC to report on this after investigation. The CC will report by 26 November 2001."
Kodak wish to acquire certain photographic development and printing assets from ColourCare, including laboratories, equipment and operators.
Monday 3 September Wessex Branch of the ICM Motivation - Speaker/Sponsor Robert Half International Ltd Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Wednesday 26 September Sussex & Surrey Branch of the ICM A speaker from Surrey Police Fraud & Financial Investigations Unit Venue - The Bridge House Hotel Reigate Time: 700 for 7.30 p.m. Sponsored by ICC Information Systems Ltd 8th and 9th October 2001 FCIB's 107th International Round Table Conference In Europe Brussels Hilton Hotel 38 Boulevard de Waterloo, 1000 Brussels, Belgium FCIB's International Conference 'The Art of Country Risk Analysis' Further information can be obtained from: Tim Lane, Director of European Operations, FCIB Corporation, 7200 The Quorum, Oxford Business Park North, Garsington Road, Oxford OX4 2JZ, England Tel: 44 1865 481630 Fax: 44 1865 481482 (From within the UK, substitute zero (0) for 44) E-mail: timlane@fcib-europe.org Monday 15 October Wessex Branch of the ICM Retention of Title - Speaker/Sponsor Fanshawe Lofts Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Thursday 18 October Magazines in Credit 2001 Conference and Awards Grosvenor House Park Lane, London W1 Telephone Justin Barry on 020-7400-7534 for more information or e-mail justin.barry@ppa.co.uk or visit the website at www.ppa.co.uk/events/credit2001 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 Monday 12 November Wessex Branch of the ICM European Credit Checking - Speaker/Sponsor ICC Information Ltd Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Thursday 22 November Sussex & Surrey Branch of the ICM Factoring/Invoice Discounting/Asset Finance Speaker: To be advised Venue - HSBC, Farncombe Road, Worthing Time: 7.00 for 7.30 p.m. Sponsored by HSBC Monday 10 December Wessex Branch of the ICM Quiz Night - Sponsor Virtual Mailroom Ltd Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Thursday 24 January 2002 Sussex & Surrey Branch of the ICM Annual General Meeting Followed by Dinner. Speaker: To be advised Venue - The Imperial Hotel, Hove Time: 7.00 for 7.30 p.m. 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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