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What is the impact of the coronavirus on the (international) debt collection activities of the TCM Group?

Coronavirus puts globalisation to the test

 The coronavirus has grown into a pandemic, a global problem. Logically it also infects the operation of our international debt collection partners, who are connected to the TCM Group network. Globalization stands or falls with collaboration, something they have understood very well within the TCM Group. The biggest asset of our network is shared experience and know-how regarding the collection of unpaid invoices.

In a similar way, we should tackle the coronavirus. Situations in Italy gave us a hard lesson in why it is extremely important to contain the disease together, at the right time, and with far-reaching measures. In any case, the hour of truth seems to have come for economic globalisation. Will the pandemic allow countries to fall back into nationalism, or will it just lead to greater cooperation?

 

Flatten the curve

 However, in addition to the economic impact of possible further infections, businesses should also consider their role in society. TCM Belgium (and by extension the TCM Group) is very aware of that role, as our employees come into contact with the most vulnerable people in our society. Consequently, we have a comprehensive code of ethics, which has remained untouched over the years. Respect, for both creditor and debtor, plays an extremely crucial role in our operations.

“So even if you’re young and healthy, it’s your job to follow social distancing measures to avoid spreading it to others, and keep the epidemic in slow motion.” (Emily Landon)

It therefore seems only logical to us as a company to take our social responsibility, hoping to protect people as best we can. Drastic government measures have serious economic consequences worldwide. But if we all try to contain the virus together, we will save people’s lives. Flatten the curve, we hear as a global shout-out. Weaken a possible peak in sick people, so that the health care system has enough beds available to provide everyone with the necessary care.

flattening the curve

 Measures taken by TCM Belgium & the TCM Group

  • All collection partners within the TCM Group are already pulling in the same direction. We have decided unanimously not to host the AGM TCM Group week in Brussels (planned between 11 – 16 May 2020).
  • Due to the (inter)national character of the client day of TCM Belgium (the International Credit Management Day on 13 May 2020 in Brussels), this event will also be cancelled and moved to 12 May 2021.
  • All internal credit controllers of TCM Belgium have the possibility to work from home thanks to Voice Over IP telephony.
  • All external credit controllers (visitors) are urged to cease their activities until 3 April 2020 (as recommended by the Belgian government). We will inform you of subsequent visits as soon as possible.
  • Our partner’s collection employees in the United States have received permission from the government to work from home if possible. In the U.S., it is usually only possible to carry out debt collection activities out of a licensed office.
  • The 6000 collection employees of our Chinese department try to continue their work as much as possible. The entire TCM Group tries to support them, starting with collecting and sending 100,000 mouth masks. In China itself it was no longer possible to obtain a large quantity of masks as early as January.
  • Our partner in Italy (the country most affected by the corona pandemic outside of China) reports that all judicial activities in the country have been suspended until 3 April 2020. All collection activities will be continued to a limited extent.

 

TCM Belgium remains in any case, as always, available for further questions regarding your claims and/or measures that affect (the collection of) your invoices in particular countries. Feel free to contact us at any given time. 

 

Sources:

What is the impact of the coronavirus on the (international) debt collection activities of the TCM Group?

Coronavirus puts globalisation to the test

 The coronavirus has grown into a pandemic, a global problem. Logically it also infects the operation of our international debt collection partners, who are connected to the TCM Group network. Globalization stands or falls with collaboration, something they have understood very well within the TCM Group. The biggest asset of our network is shared experience and know-how regarding the collection of unpaid invoices.

In a similar way, we should tackle the coronavirus. Situations in Italy gave us a hard lesson in why it is extremely important to contain the disease together, at the right time, and with far-reaching measures. In any case, the hour of truth seems to have come for economic globalisation. Will the pandemic allow countries to fall back into nationalism, or will it just lead to greater cooperation?

 

Flatten the curve

 However, in addition to the economic impact of possible further infections, businesses should also consider their role in society. TCM Belgium (and by extension the TCM Group) is very aware of that role, as our employees come into contact with the most vulnerable people in our society. Consequently, we have a comprehensive code of ethics, which has remained untouched over the years. Respect, for both creditor and debtor, plays an extremely crucial role in our operations.

“So even if you’re young and healthy, it’s your job to follow social distancing measures to avoid spreading it to others, and keep the epidemic in slow motion.” (Emily Landon)

It therefore seems only logical to us as a company to take our social responsibility, hoping to protect people as best we can. Drastic government measures have serious economic consequences worldwide. But if we all try to contain the virus together, we will save people’s lives. Flatten the curve, we hear as a global shout-out. Weaken a possible peak in sick people, so that the health care system has enough beds available to provide everyone with the necessary care.

flattening the curve

 Measures taken by TCM Belgium & the TCM Group

  • All collection partners within the TCM Group are already pulling in the same direction. We have decided unanimously not to host the AGM TCM Group week in Brussels (planned between 11 – 16 May 2020).
  • Due to the (inter)national character of the client day of TCM Belgium (the International Credit Management Day on 13 May 2020 in Brussels), this event will also be cancelled and moved to 12 May 2021.
  • All internal credit controllers of TCM Belgium have the possibility to work from home thanks to Voice Over IP telephony.
  • All external credit controllers (visitors) are urged to cease their activities until 3 April 2020 (as recommended by the Belgian government). We will inform you of subsequent visits as soon as possible.
  • Our partner’s collection employees in the United States have received permission from the government to work from home if possible. In the U.S., it is usually only possible to carry out debt collection activities out of a licensed office.
  • The 6000 collection employees of our Chinese department try to continue their work as much as possible. The entire TCM Group tries to support them, starting with collecting and sending 100,000 mouth masks. In China itself it was no longer possible to obtain a large quantity of masks as early as January.
  • Our partner in Italy (the country most affected by the corona pandemic outside of China) reports that all judicial activities in the country have been suspended until 3 April 2020. All collection activities will be continued to a limited extent.

 

TCM Belgium remains in any case, as always, available for further questions regarding your claims and/or measures that affect (the collection of) your invoices in particular countries. Feel free to contact us at any given time. 

 

Sources:

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