Consultative Committee of Accountancy Bodies – Ireland (CCAB-I) Introduction to members of the Insolvency Committee
Welcome to another edition of the series which will introduce members of the Consultative Committee of Accountancy Bodies – Ireland (CCAB-I) Insolvency Committee over the coming months. We hope to provide information on the work of the Insolvency Committee and insights into the careers and experience of our Committee members.
Today we will hear from Shane McAleer. Shane is a Director in Insolvency at Somers Murphy & Earl with over 15 years of experience of advising on a variety of formal and informal restructurings. Shane jointed the CCAB-I Insolvency Committee in 2018.
Tell us about your career to date and your route to being an Insolvency Practitioner
I grew up in Belfast and from a young age worked with my Dad in the family business. I learned a lot of my good and bad business habits from Dad. As my wife would say “Shane has never paid full price for anything.”
Accountancy, never mind Insolvency, was far from radar growing up. Sitting in a lecture theatre in St. Malachy’s College at 17 years old deciding what University courses I should apply for on my UCAS Form was a daunting thought. For some reason Accountancy was my decision. And, I have to say I have never looked back.
During a summer term in University, I did some work experience in BDO Belfast where I was given my first taste of insolvency having worked on a few liquidations. Roll forward to 2000, I joined BDO Simpson Xavier where that piece of work experience landed me in the Restructuring department where my insolvency journey began.
After qualifying as a Chartered Accountant in BDO, and a short stint in BDO Sydney, I moved to Moore Stephens Caplin Meehan and then Farrell Grant Sparks, finally ending up in Somers Murphy & Earl with Derek Earl. I took over the Insolvency practice in 2019 and business has been continually growing and developing.
Are you where you expected to be in your career?
I can say that I am very happy with where I am in my career today. If anything, I have learned in my 24-year career to date is, to always expect the unexpected!
What was the best career advice you got along the way?
In two words “Stop” and “Listen.” Throughout my career I have been lucky to have worked in several practices and in each one got the benefit of working and learning alongside some of the most experienced insolvency practitioners in the country.
Based on your own experience, what advice do you have for young professionals looking to build a career in corporate insolvency?
In my experience working in Corporate Insolvency, no two days are the same. If you want to challenge yourself and develop new and broader skills, then Insolvency is a path worth considering.
There are many paths to working in Corporate Insolvency you should consider a professional qualification which will give you a strong knowledge and basic skills base but more importantly the ability to grow and develop professionally.
In today’s market many firms are looking for enthusiastic and energetic young professionals keen on building a career in corporate insolvency.
How would you define your work style, and how has this evolved over the years?
I am not sure I know what my style is! I am at heart a people person. Unfortunately, in our world of insolvency I come across a lot of difficult and emotional stories which has had an impact on my approach to dealing with people.
Notwithstanding the emotional side of insolvency, it is important to have a structure and plan in place of what you need to do along with a realistic period of achieving your plan.
In terms of managing teams and individuals, what are your insights and views?
In Insolvency, everyone must ‘roll up their sleeves.’ In any assignment, it is important that there is clear delegation to the team and each person knows what their role is and reasons for what they are doing.
Promoting and encouraging personal and professional development is essential. This should be worked one with each person on an individual basis to ensure that the best path forward is agreed upon. A person’s growth will not only benefit them personally but will provide additional skills to the team.
What about communication and negotiating the typical ups and downs of working life?
Effective communication is always important. Do not assume that someone knows or should know something.
Whether you are communicating with someone or waiting on a response from someone be clear at all times of what your point is or what you require.
Has networking played an important part in your career?
Your reputation is key to any future success and building a career. Effective networking with the right contacts and people allows you access to the ability to get work and refer work and developing your reputation.
Networking has been an essential part of my 24-year career, I am still in contact with many friends and colleagues who I trained and worked with along my career because you just never know where the next referral will come from.
What is the current position with regards to the level of insolvencies in Ireland?
If only I had a crystal ball! Covid, an energy crisis, interest rate increases, increased minimum wage, increased costs and €1.7bn of warehouse debt to be repaid. The current level of insolvencies based on the current climate appear low. From chatting with other insolvency practitioners there is an expectation that there will be more insolvencies, the question is when?
Disclaimer: The views of contributors to this series of articles may differ from official Institute and Consultative Committee of Accountancy Bodies - Ireland (CCAB-I) policies and are not necessarily endorsed by the Institute of Chartered Accountants in Ireland, its Council, its committees or any other person or entity associated with the Institute. The publishers, editor, and authors accept no responsibility for any errors or omissions or any loss resulting from any person acting, or refraining from acting, because of views expressed or advertisements appearing in this publication.
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