What just happened then?
20 December 2016: With only a few days to go until the office end of year celebrations, our thoughts turn to the year just gone. No-one, except perhaps our bank manager, wants their local insolvency practitioner to be reporting “another stunning year”. We would look quizzically at any IP who suggested it had been. The fact remains that the economy is behaving very strangely and, overall, the insolvency statistics make for happy reading – unless you are an IP – the number of cases remains low.
So what of the year in BRI? From 1 January to date of writing we have recorded exactly 600 new enquiries. These will be more than just a 5 minute discussion on a technical matter – they are calls where there is a prospect, named or otherwise, who the caller believes needs the help of an IP.
The number of cases we have taken on in the year, with a real spike of solvent liquidations in Feb and March, is around 120 (some cases have not yet been “signed up” but are on our system) – exactly 20% of those who called in. Given that around 48 cases happened in March alone (the spike in solvent cases) we think that this reflects well on us as a firm.
Why? We believe that it demonstrates that we will only convert a prospect, solvent or insolvent, into a fee paying client if they absolutely need an IP to become involved. Where possible we will turn the work away, recommend alternative solutions, and we do so willingly knowing that each time we are making an investment in our goodwill bank. The majority of our introductions still come to us from accountants and so we are always pleased to be able to tell them that their client is saved or that a distribution from a solvent client won’t need our formal involvement.
Right advice, first time, every time. We are here for the long game and, as our Northampton office approaches its 35th year of specialising in Business Recovery and Insolvency, we remain disarmingly straightforward to deal with.
We take this opportunity to wish anyone reading this a peaceful holiday period and a prosperous 2017.
The BRI offices will be closed from 4:00pm on Friday 23 December 2016 and will re-open at 9:00am on Tuesday 3 January 2017.