The more things change, the more they stay the same
21 November 2016: Alan Limb, a Licensed Insolvency Practitioner from BRI’s Southampton office, looks back to the start of his Insolvency career.
It is 25 years ago this month since I started out on my career as an Insolvency Professional. In some respects the world of business has changed a great deal since then; one of the first companies I dealt with still used a telex machine to communicate with its customers in the Middle East. However, if I consider the reasons why some of the first cases I encountered became insolvent there are some common themes that I still see today:
- A retail business that had expanded its shop portfolio rapidly but management ability in the company had not grown at the same rate;
- A manufacturing company that experienced a temporary hole in its order book but had failed to reduce costs accordingly as cash flow dwindled
- A family business that was being run by the founder’s grandson who took it from “clogs to clogs” in three generations
The senior members of the BRI team have more than 150 years’ cumulative experience between them in advising businesses that are struggling financially. For most situations they are asked to assist with, one of them will have dealt with something similar before. If you or one of your clients would benefit from this wealth of knowledge please contact us to explore the options available.