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

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 ourinternationaldebtcollectionpartners, who are connected to theTCM Groupnetwork.Globalization stands or falls withcollaboration, something they have understood very well within theTCM Group. Thebiggest assetof our network issharedexperience and know-howregarding thecollection 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, asour employees come into contact with the most vulnerable people in our society. Consequently, we have acomprehensive 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.

 Measures taken by TCM Belgium & the TCM Group

• All collection partners within theTCM Groupare 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 (theInternational Credit Management Dayon 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 ofour Chinese departmenttry 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 tocontactus at any given time.  Sources:

• Grenzen gaan dicht, wereldhandel keldert. Overleeft de globalisering de coronacrisis? (John Vandaele, 12/03/2020, Mondiaal Nieuws)https://www.mo.be/analyse/corona-een-moment-van-waarheid-voor-de-globalisering
• 153 nieuwe besmettingen in ons land, spoedartsen luiden alarmbel: “We weten niet hoe we het gaan bolwerken” (Floor Bruggeman, Hanne Decré, Pieterjan Huyghebaert, Rik Arnoudt, 13/03/2020, VRT nws)https://www.vrt.be/vrtnws/nl/2020/03/13/liveblog-13-maart-corona/
• How canceled events and self-quarantines save lives, in one chart (Eliza Barclay and Dylan Scott, 10/03/2020, Vox)https://www.vox.com/2020/3/10/21171481/coronavirus-us-cases-quarantine-cancellation

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 ourinternationaldebtcollectionpartners, who are connected to theTCM Groupnetwork.Globalization stands or falls withcollaboration, something they have understood very well within theTCM Group. Thebiggest assetof our network issharedexperience and know-howregarding thecollection 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, asour employees come into contact with the most vulnerable people in our society. Consequently, we have acomprehensive 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.

 Measures taken by TCM Belgium & the TCM Group

• All collection partners within theTCM Groupare 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 (theInternational Credit Management Dayon 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 ofour Chinese departmenttry 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 tocontactus at any given time.  Sources:

• Grenzen gaan dicht, wereldhandel keldert. Overleeft de globalisering de coronacrisis? (John Vandaele, 12/03/2020, Mondiaal Nieuws)https://www.mo.be/analyse/corona-een-moment-van-waarheid-voor-de-globalisering
• 153 nieuwe besmettingen in ons land, spoedartsen luiden alarmbel: “We weten niet hoe we het gaan bolwerken” (Floor Bruggeman, Hanne Decré, Pieterjan Huyghebaert, Rik Arnoudt, 13/03/2020, VRT nws)https://www.vrt.be/vrtnws/nl/2020/03/13/liveblog-13-maart-corona/
• How canceled events and self-quarantines save lives, in one chart (Eliza Barclay and Dylan Scott, 10/03/2020, Vox)https://www.vox.com/2020/3/10/21171481/coronavirus-us-cases-quarantine-cancellation