What do you do for work? This is a question I get asked a lot. Truthfully, it is a difficult question to answer as my role as an Insolvency Administrator isn't as straight forward to explain as you may think.
I start my day like most people...with a strong cup of coffee! There is no typical day for me, although it does help to structure it in a way that means I can ensure any urgent, case specific or statutory work is prioritised. My case load varies from company administrations or liquidations to voluntary arrangements and bankruptcies, it is therefore essential that I am organised and flexible, as it is likely that one phone call could change my working day significantly.
As well as maintaining the efficient running of my existing cases, I will always be ready to take on a new case. This may be a call from an accountant who has a client wishing to wind up their company through a solvent liquidation. This is a straight forward task and can usually be undertaken by means of our Quickcap process.
My day can become consumed if I receive a call from a distressed director who is running a company that has been experiencing cash flow difficulties for some time, resulting in the company neglecting to meet its liabilities as they fall due. In some cases a simple Time To Pay arrangement can be proposed to creditors, thus avoiding any formal insolvency.
Quite often a creditor will have issued a winding up petition against the company, following many unsuccessful attempts to collect the debt. In most circumstances communication is key, I have dealt with many creditors who have been willing to set aside the petition, avoiding yet further costs, if the company is proceeding with a voluntary liquidation, or perhaps proposing a voluntary arrangement.
Once a suitable solution is found, I will work closely with the director/s, which may require travelling to the company premises, to ensure every aspect is dealt with. From handling the staff redundancy process, managing creditor expectations and securing company assets to name but a few.
As well as companies, I also help individuals that are having difficulties - this could be a bankruptcy petition that has been issued against the individual. The advice is very similar to that of a company, however the impact on the individual is far grater and often affects not only the individual but their family members also. This can be an emotional time for everyone involved. It is therefore paramount that I understand the client and work with them to achieve the best outcome for everyone involved.
It is safe to say that there is no standard day as the work I do is so varied. However there is one part of my job which doesn’t vary and that is the standard of help and advice I offer to all the clients I correspond with on a daily basis.