There’s nothing like a financial crisis to increase the profile of a Credit Professional.

Much like the steep learning curve many of us experienced during the 2009 crisis, 2024 will offer new opportunities and experiences for our profession.

Firstly, corporate insolvencies in England and Wales rose to their highest level since 1993 due to a stagnating economy, slowing demand and high production costs.  CVA’s were also up 9% from 2022, the highest since measurements began in 1960.

For those in the International space, the Eurozone economy also stagnated in the final three months of 2023 caused by shrinking German output and stalled French growth that offset a stronger than expected rebound in Spain and Italy, not normally known as “bright spots” for the Eurozone economy.  For the full year, the Eurozone economy only grew by 0.5%.  On top of that, China’s official statistics reported growth of 5.2% in 2023.  Whilst that might look impressive by comparison, given the size of the Chinese economy and historic growth patterns this is pretty woeful performance.   Also, consumer prices have been in deflation for the past 4 months having fallen at their fastest annual rate in 15 years and Chinese businesses are having to offer significant discounts to move excess or aged inventory.  In fact,  automotive prices in the market have fallen at their fastest rate in 22 years.

While interest rates may have peaked and signs of moderating inflation have been reported at the end of 2023, we now run the risk of inflation rearing its ugly head again due to the attacks on vital trade routes in the Red Sea in addition to the ongoing conflicts in Ukraine and Israel.

None of this is good news for businesses or consumers struggling with higher borrowing, raw material costs, slumping consumer demand and longer lead times.  The impact on Credit Professionals is that our customers’ cash flow will be constricted, collecting debt due will be more difficult, and there will be more requests for extensions, payment plans or even the dreaded debt “haircut”.    Ultimately, we’ll also have to deal with business failures, CVAs, Administration and Insolvencies which pile on added pressures and are  time consuming for the Credit Professional.

However, the silver lining is that you, as a Credit Professional, will gain better understanding and experience of crisis situations and the required mental strength to continue to manage your business’ debtor asset in an effective manner.  These are career defining events that will enable you to better weather future critical situations and will make you a more effective Credit Professional as well as prepare you for the next crisis.

So what’s Next?

Join AICDP for an engaging workshop delving into the latest changes. This promises to be a dynamic session where every opinion matters. The agenda includes:

  • 5 Minute Partner Presentations:
  • Economic Outlook – Key Learnings:
  • Keynote Speakers: Compliance & AML
  • Panel Discussion on “What a Time to be a Credit Professional:

Date: 16th May 2024
Time: 3.30pm – 5.30pm (UK time)
Location: Online – join us from the comfort of your desk


Don’t miss this opportunity to connect with peers, gain valuable knowledge, and contribute to shaping the future of credit management. We look forward to seeing you there!

Book your place here: