Particularly, the ability to explain complex legal jargon to clients
Working in insolvency
Chartered accountants offer advice on how to improve a company’s cashflow and offer potential ways in which restructuring finances could enable the organisation to continue trading.
If a business cannot be saved, they will need an expert in insolvency to guide them through the process. This can often involve coordinating the sale of the organisation’s assets and paying creditors.
A chartered accountant’s role might also include explaining to stakeholders the nature of the agreements in place.
- advise the effective management of cash and working capital;
- renegotiate existing finances;
- advise on areas for business improvement;
- guide the business through the insolvency or winding-up process; and
- explain legislation and timescales for legal procedures.
Why work in insolvency?
Specialising in insolvency offers chartered accountants the opportunity to provide valuable advice to companies at challenging and difficult times.
The support you give can help struggling businesses to bounce back, offering massive job satisfaction, and for those undergoing insolvency your efforts can help to ensure the process goes as smoothly as possible.
The job can at times be challenging so you will need to be someone with strong emotional intellegence. You will be required to work professionally while also showing sensitivity to the situation the company finds itself in.
Who can you work for?
Chartered accountants specialising in business recovery and insolvency practice often work as advisers in accountancy firms, professional service companies, banks or independent advisory firms.
This specialism offers you the opportunity to work within accountancy firms of all sizes. You could work for a large multinational as part of a team or for a smaller specialist firm.
companies in England and Wales entered into insolvency in 2015**Data Source: Office for National Statistics, January 2016
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