Tom Murray, tutor on the upcoming Chartered Accountants Ireland Diploma in Insolvency explains how company turnaround is one of the critical skills and functions of the Insolvency practitioner.
"Core to our philosophy is that a viable business should be saved where possible" says Tom Murray - partner at Friel Stafford Corporate Recovery.
Business Turnaround
In the current environment, with businesses across all sectors experiencing financial difficulties clients rely on the advice of their professional advisor to an even greater extent. Murray believes that the possibility of turning a business around must be examined as the first option by advisors and hopefully help the client avoid going down the road of formal insolvency proceedings.
Whilst each turnaround assignment is different, the Diploma Murray hopes will demonstrate the key processes involved in a turnaround assignment from engagement to exiting the process.
The tools
It will examine the key diagnostic skills in analysing a business from top to bottom, looking at fundamental areas such as staff resourcing. It will also examine the issues around negotiating with Bank and key creditors, implementing informal schemes of arrangements with creditors and formal schemes under Section 201 of the 1963 Companies Act.
The plan
The programme begins to equip participants with the tools to design an effective business plan with their client and to stabilise and give a company as better chance of survival into the future.
To learn more about the Chartered Accountants Ireland Diploma in Insolvency visit our pages here.