• Current students
      • Student centre
        Enrol on a course/exam
        My enrolments
        Exam results
        Mock exams
        Learning Hub data privacy policy
      • Course information
        Students FAQs
        Student induction
        Course enrolment information
        Key dates
        Book distribution
        Timetables
        FAE Elective Information
      • Exams
        Exam Info: CAP1
        E-assessment information
        Exam info: CAP2
        Exam info: FAE
        Reasonable accommodation and extenuating circumstances
        Timetables for exams & interim assessments
        Interim assessments past papers & E-Assessment mock solutions
        Main examination past papers
        Information and appeals scheme
        JIEB: NI Insolvency Qualification
      • CA Diary resources
        Mentors: Getting started on the CA Diary
        CA Diary for Flexible Route FAQs
      • Admission to membership
        Joining as a reciprocal member
        Conferring dates
        Admissions FAQs
      • Support & services
        Recruitment to and transferring of training contracts
        CASSI
        Student supports and wellbeing
        Audit qualification
        Diversity and Inclusion Committee
    • Students

      View all the services available for students of the Institute

      Read More
  • Becoming a student
      • About Chartered Accountancy
        The Chartered difference
        What do Chartered Accountants do?
        5 Reasons to become a Chartered Accountant
        Student benefits
        School Bootcamp
        Third Level Hub
        Study in Northern Ireland
        Events
        Blogs
        Member testimonials 2022
        Become a Chartered Accountant podcast series
      • Entry routes
        College
        Working
        Accounting Technicians
        School leavers
        Member of another body
        International student
        Flexible Route
        Training Contract
      • Course description
        CAP1
        CAP2
        FAE
        Our education offering
      • Apply
        How to apply
        Exemptions guide
        Fees & payment options
        External students
      • Training vacancies
        Training vacancies search
        Training firms list
        Large training firms
        Milkround
        Training firms update details
        Recruitment to and transferring of training contract
        Interview preparation and advice
        The rewards on qualification
        Tailoring your CV for each application
        Securing a trainee Chartered Accountant role
      • Support & services
        Becoming a student FAQs
        Who to contact for employers
        Register for a school visit
    • Becoming a
      student

      Study with us

      Read More
  • Members
      • Members Hub
        My account
        Member subscriptions
        Annual returns
        Application forms
        CPD/events
        Member services A-Z
        District societies
        Professional Standards
        Young Professionals
        Careers development
        Diversity and Inclusion Committee
      • Members in practice
        Going into practice
        Managing your practice FAQs
        Practice compliance FAQs
        Toolkits and resources
        Audit FAQs
        Other client services
        Practice Consulting services
        What's new
      • Overseas members
        Key supports
        Overseas members news
        Tax for returning Irish members
      • In business
        Networking and special interest groups
        Articles
      • Public sector
        Public sector news
        Public sector presentations
      • Support & services
        Letters of good standing form
        Member FAQs
        AML confidential disclosure form
        CHARIOT/Institute Technical content
        TaxSource Total
        The Educational Requirements for the Audit Qualification
        Pocket diaries
        Thrive Hub
    • Members

      View member services

      Read More
  • Employers
      • Training organisations
        Authorise to train
        Training in business
        Manage my students
        Incentive Scheme
        Recruitment to and transferring of training contracts
        Securing and retaining the best talent
        Tips on writing a job specification
      • Training
        In-house training
        Training tickets
      • Recruitment services
        Hire a qualified Chartered Accountant
        Hire a trainee student
      • Non executive directors recruitment service
      • Support & services
        Hire members: log a job vacancy
        Firm/employers FAQs
        Training ticket FAQs
        Authorisations
        Hire a room
        Who to contact for employers
    • Employers

      Services to support your business

      Read More
☰
  • The Institute
☰
  • Home
  • Articles
  • Students
  • Advertise
  • Subscribe
  • Archive
  • Podcasts
  • Contact us
Search
View Cart 0 Item
  • Home/
  • Accountancy Ireland/
  • Articles/
  • News/
  • Latest News

Lastest news

What’s the ‘next normal’ for business?

Apr 09, 2021

Although Government supports are currently keeping businesses afloat, business owners question how they will move forward in the absence of these lifelines. Sarah-Jane O’Keeffe examines what business owners can do now to secure their future.

With the introduction and rollout of the vaccines, those living in Ireland now have a degree of hope. As such, the recovery of the economic landscape post-COVID-19 is front of mind. We are now asking two critical questions:

  1. what does the future of business look like?
  2. how will we transition post-pandemic to the next normal?

‘Hybrid’ working

We have become accustomed to new ways of working, and a full return to the office looks unlikely for certain industries. It seems that hybrid work models are here to stay for the foreseeable future, allowing employees to split their time working between the office and home where possible. Business owners will be aware of this demand for new and innovative flexible working arrangements and will react accordingly. This may involve maintaining office locations but downsizing commercial property. The possible downsizing of office space and exiting of leases must be considered sooner than later, as potential conflict may arise between landlords and tenants.

Business supports

Undoubtedly, Government supports are keeping distressed industries like hospitality, non-essential retail, and aviation in business during COVID-19 lockdowns. However, business owners have questions and concerns, with some wondering what will become of their business when these supports cease.

Understandably, a reasonable level of uncertainty exists, with many business owners worried that the demand for their products or services in a post-pandemic world will be insufficient to service the level of debt that has accumulated since operations were halted. Directors of these businesses should take proactive steps to engage with experts and be aware of their director duties and the restructuring options available to them, such as examinership and the new Summary Rescue Process. The basis of this newly proposed legislation is to help small- and medium-sized enterprises (SMEs) restructure in the face of difficulty, providing access to a cheaper corporate restructuring tool that will give them the best chance of survival. The primary focus of the examinership legislation regime is rehabilitation and job preservation.

While Government supports for business are due to finish on 30 June 2021, they will likely be extended while COVID-19 restrictions remain. However, when they eventually end, businesses – particularly within the hospitality industry – will need the public’s support to help them get back on their feet. With international travel off the cards for the foreseeable future, these businesses will rely on the domestic market. The hospitality industry is a vital element of the economy, and the public will play a central role in ensuring that it thrives again.

Act now

Companies must think about the future and potential issues now as opposed to later when Government supports cease. Companies should seek the relevant restructuring advice and consider possible options now. Also, they must consider lease commitments and perform stress tests on the company’s finances in the current climate and whether it has a reasonable prospect of survival post-pandemic. A restructuring expert, and indeed the examinership process, can guide companies on these issues.

Sarah-Jane O’Keeffe is a Senior Manager at Baker Tilly, a contributor to the recently published book A Practical Guide to Examinership, and Ireland’s first female Examiner.

The latest news to your inbox

Useful links

  • Current students
  • Becoming a student
  • Knowledge centre
  • Shop
  • District societies

Get in touch

Dublin HQ

Chartered Accountants
House, 47-49 Pearse St,
Dublin 2, Ireland

TEL: +353 1 637 7200
Belfast HQ

The Linenhall
32-38 Linenhall Street, Belfast
Antrim BT2 8BG, United Kingdom.

TEL: +44 28 9043 5840

Connect with us

CAW Footer Logo-min
GAA Footer Logo-min
CARB Footer Logo-min
CCAB-I Footer Logo-min

© Copyright Chartered Accountants Ireland 2020. All Rights Reserved.

☰
  • Terms & conditions
  • Privacy statement
  • Event privacy notice
LOADING...

Please wait while the page loads.