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Dealing with personal and corporate insolvency.

With the global credit crunch, the Business Recovery and Insolvency Services team are expecting to become busier than ever.

Since being established 12 years ago, The Dains Business Recovery and Insolvency department has grown into a team of 13 specialists who deal with all aspects of personal and corporate insolvency.

Martin Smith and Nicki Hawksley, who are both licensed insolvency practitioners and partners in Dains head up the team. Martin, who was responsible for establishing the specialist department into the general practice base, said "We have seen significant growth on a year by year basis, and we are anticipate another substantial increase this year"

At Dains we handle a broad range of work with underperforming businesses and individuals in financial distress. The introduction of the Enterprise Act was expressly aimed at helping businesses to survive a financial crisis. The team now spends much more of their time trying to rescue businesses where good negotiation skills are essential - whether it is talking to banks, other financial organizations, the creditors or interested purchasers.

Nicki added "One of our roles is increasingly to help directors to see the financial position of their business clearly, advising on the options available to them and how to protect their personal position, with regards to guarantees, disqualification proceedings and other offences under the Insolvency Act."

Licensed Insolvency Practitioners are still however appointed to formal procedures to recover funds for creditors, wind up companies and the estates of individuals. In carrying out these roles the Business Recovery and Insolvency team have worked in a variety of industry sectors, all with different challenges.

Martin, appointed member of the regional committee of R3 which is the trade body for business recovery professionals, said, "We always encourage people to seek advice as soon as possible and not to bury their head in the sand. If a business recovery professional is brought in early, jobs can be saved and the financial recovery maximized"

The team works closely with other departments in Dains, creating real synergies with other specialists. We believe this is a strength of ours, as we have the ability to deal with matters quickly, efficiently and in-house, which gives us a competitive advantage.

For example, there have been a number of occasions when companies whilst solvent, have other reasons such as succession planning for a restructuring exercise. The solution may require eliminating existing corporate structures by a formal winding up, particularly where there is a high value of share capital to be distributed; this can only be done by a Licensed Insolvency Practitioner.

Whatever the need of the client, big or small, the Business Recovery & Insolvency team is here to help.

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Nicki Hawksley
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Publication:The Birmingham Post (England)
Date:Nov 23, 2007
Words:445
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