Events Reviews                                    

Putting together the right conference, trying to concoct the chemistry that makes for a great gathering is both a subjective exercise, and not without its challenges. Having assembled the best mix of presenters and topics, the next trick is to get the delegates there.

You have to overcome a certain worldly weariness, the huge time pressures on the leaders in asset finance and, for some, an ague known as conference fatigue.

Each of our five previous conferences has logged 90%+ wish to re-attend votes and even allowing for a measure of kindness from the many friends present, maybe this reflects our policy of addressing the red-hot sector issues rather than parading the great and the good reeling off the platitudinous efforts of their PR teams.

Conference number one focused upon the finance of retail inventory and retention of title issues that proved to be more illusory in their effectiveness than real. This was followed by gatherings that looked very hard at the threats and opportunities offered by changes in pension law. Following conferences examined intellectual property as collateral and its value, we examined the philosophy of pawn broking the asset or a partner in the strategy? We tried to always have a speaker from America for where they go we tend to follow. We traced the path from invoice finance-led to genuine all-asset finance. I could go on, for those who have been there have helped to shape the next one. This is how they succeed.

I was delighted with the turnout for 2009. We had senior teams from GMAC CF, Lloyds TSB Commercial Finance, Bank Leumi, Barclays, KBC Business Capital, JP Morgan, Leumi ABL, Burdale, Centric Commercial Finance, Bibby, Challenge, Aston Rothbury, Close and Venture Finance, we had most leading corporate reconstruction practices booked plus some valuers and we were joined by the Insolvency Service team, led by Michael Chapman, head of insolvency practitioner regulation.

We had four former chairmen of ABFA and Maurice Craft was only detained at the last moment by an unexpected visitor to Manchester from Bangkok. We had Brian Capon of The British Bankers’ Association. On the operations front we had HPD Software with a great display and we were joined by Edwige Lemercier from Bayside.

We were honoured by Erik Timmermans, secretary general of International Factors’ Group training in from Brussels to join and expressing his surprise at the quality of the agenda and its presenters.

With a turnout like this the conference had to be good: and it was.

Paul Hancock, chairman, made a thought provoking opening address that set the mood for the day.

Grant Jones, from our sponsors Squire, Sanders & Dempsey, has opened every conference we have held and he was in superb form, taking the latest banking legislation to pieces, the topic of lender insolvency suddenly becomes very relevant if you are in a syndicate with them and as Landsbanki stumbled during the year, there was much interest in this topic.

Mike Symes covered brand management and the concept that marketing could well now fall into one of the several areas now found under the corporate governance umbrella. There were many laughs amongst the more serious material.

Our visitor from America was from SSD’s office in New York and apart from some hesitancy on the PowerPoint switch, we were treated to a first class commentary on the progress of ABL during the present mood in America.

Sandra Mayerson gave an informed presentation, one that gathered in pace and confidence as she progressed through her delivery.

The state of the commercial property sector is relevant, not just to those holding it as security but also to those who see it as a barometer of economic confidence.

William Newsom, head of valuation at Savills, is about as good as they come and his animated, highly detailed, well articulated delivery was supported by a great range of graphics. His message though was sobering.

Then we came to the billed highlight. The pre-pack debate.

A tremendous, detailed, sometimes emotive session involving Karen Dukes, of PwC, Michael Chapman of the Insolvency Service who opened by taking us through the new SIPP 16, and Dr Sandra Frisby of Nottingham University who added a wealth of finding and analysis to the discussion: all allowed us to air the topic thoroughly.

In truth, there is no definitive answer to this argument from all sides of the fence but in the main, pre-packs have much to offer.

Those dismayed at the same directors emerging with the largely debt free new business are often in reality, the only one who could run it. Many SMEs depend upon personal relationships or specific personal skills. And also in reality, we all know that not all of the injured creditors lose too much blood. If the new company needs supplying then backdoor preference takes place with supplies being maintained but on different payment terms and pricing aimed at eroding the old debt. In extreme cases baseball bats play their part too.

Asset-based lenders tend to be ok, their debt being rolled or repaid and with exit and commitment fees, not always notable for their fine trimmed profiles, playing a part.

Survival rates are better than you might expect with little difference between old, and new, managers taking the phoenix forward.

Tony Groom of K2 Partners expressed the John Moulton line, John detests the idea of old management staying on but he does tend to play his games on a much larger pitch where more stereotyped turnaround skills can be parachuted in and make huge improvements, at least in the short term.

A curse for conference organisers and chairmen is a crop of speakers leaving him 10 minutes short on every presentation and scratching around for questions to fill the allotted time. This time around all of our speakers kept an involved and proactive delegate gathering fully occupied and the criticism from one or two that time for questions was limited was fair.

A convivial drinks and lunch gathering saw the afternoon session commence. I had intended Paul Beveridge to stimulate a discussion on where we go now. In the event he delivered a first class, one man, summary of the challenges and the opportunities facing us to an attentive audience. Paul did so well that we had too little time to develop the debate but his sessions scored some of the highest marks in a very high scoring conference assessment. Great to have minds like Paul’s around at times like this. Ted Ettershank was one who would have liked this session to have run for longer.

John Shulman then made a sobering presentation on credit insurance reminding us of the value of risk reward ratios and posing the question as to just whom takes what risks for what rewards.

Andrew Knight’s closing session broke all records by being made to more than two thirds of the delegates. It is always difficult tying down so many busy people for a whole day but Andrew is the man where documentation is concerned and just now a lot of people are taking a close interest in just how good their paper is when it is being tested daily by insolvency practitioners and the courts.

At the end of the day, no matter how good the agenda, it is the folk attending that make a great conference. My thanks to all of you, especially those like John Onslow, Phil Lamas, David Robertson, Nick Sellars, Paul Beveridge and Steve Websdale who allowed me to bring them into debates. And to any whom I may have overlooked.

A key to the success of our conferences is the interactivity, there being no point in having minds of this calibre and not engaging with them.

My thanks too to Paul Hancock for so successfully chairing the day.