Course details

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VAT on Virtual and Online Programmes

VAT is applicable on virtual programmes to delegates attending from the UK*. If participating from the EU, a valid VAT number is required to ensure VAT will not be charged under the reverse charge mechanism. VAT is not applicable to attendees from all other countries.
*For virtual courses ran through our Asia office, VAT may be applicable to HK and Singapore residents only. Find out more by contacting learning@euromoney.com

 

Claiming Back Your VAT

All attendees of a London based course incur VAT as a part of the cost of attendance.

Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.

Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.


Claim the VAT that's rightfully yours in four simple steps:

1. Register your interest

2. Sign a few simple documents

3. VAT IT processes your claim

4. Receive your refund




Why choose VAT IT 

VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.

VAT IT will charge a percentage of the VAT refund if/when it is successful. 


Can I claim back the VAT myself?

You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.

 

You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.

Receivables Finance

Learn to finance trade receivables with our 3-day course.
  • Our Receivables Finance course allows the participant to gain a practical insight into the financing of trade receivables. The course will cover the key receivable finance structures, risk assessment and operation.

     

    The key risks encountered in open account transactions will be discussed together with the key corporate drivers which underpin the need for financing and risk mitigation. The importance of the days sales outstanding ‘DSO’ ratio to the working capital cycle and management of credit and liquidity risk will be highlighted.

     

    Emphasis is placed upon risk evaluation, facility structuring and risk mitigation. Attention is paid to the effective and appropriate use of receivables financing in meeting the seller’s needs, whilst satisfying the requirement for controlled financing and credit support.

     

    The course uses extensive case studies1 and exercises to develop the understanding of attendees in a practical and engaging way across a range of scenarios on the identification of risk, risk mitigation, structuring techniques and providing optimal working capital solutions for the bank and the corporate

     

    The case studies and exercises described are provided for indicative purposes only. 

     

    By attending this training course, the delegates will be able to:

    • Identify key corporate drivers and satisfy these through the use of receivables finance
    • Appreciate the importance of the underlying commercial contract and Incoterms® rules when financing open account trade receivables
    • Understand the key differences in credit risk assessment of a structured receivables finance proposition compared with conventional lending
    • Gather information to assess and evaluate the financing proposition
    • Undertake effective risk analysis
    • Evaluate the terms and conditions of credit insurance as a risk enhancing tool for finance
    • Construct a trade cycle timeline to evaluate financing needs, duration and risks
    • Describe the key trade receivable solutions and when they should be used
    • Structure trade receivables finance to mitigate risk for the seller and the bank and to optimise working capital
    • Appreciate the structure and key terms of a receivable debt purchase agreement
  • Day One
    Trade and working capital

    Key client drivers

     

     Conflicting requirements of seller and buyer (debtor)
     Importance and implications of trade credit:
    • Need for credit
    • Credit risk exposure
    • Liquidity risk
     Working capital optimisation:
    • Cash conversion cycle
    • Importance and calculation of the DSO ratio

    Exercise; calculation of the DSO ratio and assessment

    Need for receivables finance
     Financing open account transactions:
    • What receivables finance is and when it should be used
     Key benefits of receivables finance to the financier and treasurer

    Funding the trade cycle
     The trade cycle:
    • Key stages
    • Alignment of finance
    • Calculation of the receivables finance facility

    Exercise; Calculation of the trade receivables facility requirement

    Key documentation


    Incoterms® rules 2020
     Their relevance and importance to receivables finance:
    • Point or place of delivery
     Examination of the most commonly used Incoterms® rules
     Documented proof of delivery

    Exercise; consideration of the form of proof of delivery across a range of Incoterms® rules

    Commercial contract
     Key aspects of the commercial contract
    • Its importance to the receivables financier
    Case study; examination of a commercial contract and identification of areas of risk for the seller and financier and the required amendments to mitigate risk

    Nature of the receivable (and implications for finance)
     Sales invoice (example):
    • Key information:
    o Conformity with purchase order
    • Need for assignment
    • Risk appreciation and mitigation
     Nature of independent payment obligations:
    • Bill of exchange (example)
    • Promissory note (example)
     Non-eligible debtors

    The debtor listing
     The importance and use of the debtor listing
     Ageing
     Calculation of the debt turn

    Exercise; calculation of the debt turn

    Day Two
    Risk evaluation

    Seller
     Credit risk evaluation
     Intended use of receivables finance

    Credit quality of the receivable
     Debtor; ability to pay
     Political and country transfer risk
     Ageing of debtors; debt turn and trend
     Trade credit period
     Approved territories
     Encumbrance; can the financier achieve good title?

    Dispute risk
     Debtor; willingness to pay
     Nature of goods; product cycle
     Credit note history; importance of
     ‘Sell and forget’ transactions

    Case study; assessment of dispute risk and formulation of a risk mitigating funding solution

    Concentration
     Spread of debtors
    • Importance and implications
    Exercise; identification of a concentrated ledger, implications and actions arising

    Contra trade
     Description, identification and assessment
    • Importance and implications

    Exercise; identification of contra trade, implications and actions arising

    Dilutions
     Invoice dilutions; nature and implications
     Credit note history; actions arising
    • Outstanding credit notes; dealing with
    • Authority and provision
     Dealing with dilutions

    Deal structuring

    Principles
     Concept of the self-liquidating facility
     Debt purchase versus advance

    Prepayment
     Nature and operation
     Determining the amount to finance (prepay)
     Calculation and charging of interest

    Calculation of the credit facility
     Maximum funds in use ‘MAFIU’
     Funding limits

    Exercise; calculation of the maximum funds in use credit facility limit

    Disclosed and non-disclosed facilities
     Operation of disclosed and non-disclosed facilities
     Risk implications
     When to use

    Rights of recourse
     With recourse facilities
     Without recourse facilities
    • Repurchase events
     Limited recourse
     Deciding factors on which to use

    Retention of title
     Types; transactional and ‘all monies’
     Operation and use
     Importance when using credit insurance
     Commercial contract provision

    Exercise; identification of contra trade, implications and actions arising

    Capture of the receivable
     Trust accounts:
    • Use of
    • Risk implications
    • Security
     Collection account

    Trade credit insurance
     What credit insurance is and when it should be used
     The use, benefits and limitations of trade credit insurance
     Types and features of trade credit insurance policies
     Key aspects of credit insurance policy cover evaluation
     Performance risk; adherence to policy terms and conditions
     Claim history of the seller; its relevance to risk assessment
     Voidance of cover
     Using credit insurance as a financing tool
    • Importance of the maximum policy payment liability
    • Joint insured and loss payee endorsements
     Claims and recoveries

    Case study; identification of areas of risk from a financier’s perspective in respect of a schedule of credit insurance

    Fraud
     Fictitious ‘fresh air’ invoicing
     Pre-delivery invoicing
     Banking proceeds
     Encumbered trade receivables
     Multiple financing

    Audit and monitoring
     Monitoring of the facility
     Key aspects of audit

    Day Three
    Forms of receivables finance

    Specific insured debt purchase
     Description
     Client profile
     When it should be used
     Key aspects
     Operation and process

    Case study; structuring of an insured receivables finance solution for the sale of vehicles to a buyer in Africa on three years trade credit

    Factoring

     Description
     Client profile
     When it should be used
     Key aspects
     Operation and process
     Hybrid services
     Comparison with confidential invoice finance

    Pool purchase
     Description
     Client profile
     When it should be used
     Key aspects
     Operation and process

    Forfaiting
     What forfaiting is and when it is used
     Description, parties and process
     Without recourse finance:
    • Events of recourse
     Primary and secondary purchase
     Risk appreciation and due diligence
     ICC URF 800; appreciation

    Case study; consideration of a request to purchase an avalised bill of exchange, identification of the risk features and further information required to evaluate the proposition

    Facility agreement
     Key aspects of the debt purchase agreement
     Representations, warranties and undertakings

    Balance sheet treatment
     Market need for balance sheet management
     Concept and importance of ‘true sale’
     De-recognition of assets and liabilities:
    • Linked presentation
    • Separate presentation

    Case study; formulation of a receivables financing solution in the manufacturing sector. Identification and evaluation of key areas of risk, calculation of the facility amount, formulation of the structure and deal sheet

    Summary and close

     

  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run virtually online or as an in-house, tailored learning solution

Instructor

  • Stephen Jones

    Biography

    Stephen Jones is a highly experienced trade finance practitioner with over 40 years of trade finance expertise (35 of which was gained in the corporate banking environment). He has held senior trade positions in Lloyds Bank, NatWest and RBS.Stephen was the first in NatWest Corporate to win, structure and execute a multi-million pound limited recourse receivables finance structure for a new to bank major client. The structure used a syndicate of private insurers to transfer buyer and political risk. This resulted in the successful provision of 3 years trade credit to a buyer in Africa and off balance sheet receivables finance to the exporterDuring his time as Regional Head of International Trade, Stephen overviewed and structured his team’s trade finance submissions to the credit department achieving a 97% credit approval success rate over a 4 year periodStephen continues to work as a trade finance practitioner and consultant advisor handling trade transactions and letters of credit thus enabling him to deliver training material relevant to today’s market.

Venue

London

The course will take place at a Central London hotel.

The map attached details some of our most frequently used venues

If you need help booking accommodation for your visit, please contact accommodation@euromoney.com and one of our partners will help you get the best rate possible.