Flint Bishop holds event to help Senior Credit Professionals learn about the dramatic changes coming to the world of credit on 01 October 2017 with the introduction of the Debt Pre-Action Protocol (PAP).
The world of credit is due to see a dramatic change on 01 October 2017 with the introduction of the Debt Pre-Action Protocol known as PAP.
On the 22 June 2017, senior credit individuals gathered at Derby County Football Club to attend an event hosted by the Debt Recovery team at Flint Bishop to learn more about the Pre-Action Protocol (PAP), the implications and requirements this will have on the role of credit professionals.
All attendees also received their own Pre-Action Protocol Toolkit which has been designed specifically to help guide credit professionals through the PAP changes containing various checklists, flowcharts, tips and a timeline.
Managing Partner of Commercial Services and Head of Litigation, Qamer Ghafoor commented: “If you adapt early and anticipate the changes that are needed, the effect on your costs and time expended to recover debt can be minimised. It is an ideal opportunity to tighten and improve your in-house credit control procedures. Creditors may wish to reduce the timescales of their overall credit control process and increase the number of early referrals to their legal partners, in order to deal with the requirements of the PAP and start the debt recovery process sooner”.
Lead Presenter and Litigation Partner, Lorna Trueman also commented: “The steps creditors need to take against individual debtors and sole traders will change and creditors may need to adopt different processes to deal with different debts within their business, the introduction of the new protocol means that it is now more important than ever that you know your customer at the time you enter into a contract or agreement”.
For more information regarding the Debt Pre-Action Protocol, please click here.