Meeting Reports
ICM Essex Branch
ICM ESSEX INSOLVENCY CONFERENCE 2011
Thursday 24th February 2011
Report by Ruth Adesipe -Publicity Officer
Over 100 Credit Professionals and Insolvency Practitioners (IP’s) gathered at the central London offices of Baker Tilly in Farringdon Street for ICM Essex’s first Insolvency conference. Delegates were hosted by the exceptional team of staff at Baker Tilly, one of UK’s leading firms in the Recovery and Restructuring area.
The conference, which was such a success that it is now intended to make it a regular event for ICM Essex, was clearly the focal point for delegates- all with a common interest in the insolvency process that will bring about the best and expected result for both the debtor and creditor.
With more than 135,000 people in England and Wales declared insolvent last year and this number expected to rise this year 2011, this is clearly an important issue that needed to be addressed. The number of businesses and individuals ‘crying out’ for help is constantly increasing.
The conference was coordinated by the ICM’s new President and Chief Registrar of the High Court Stephen Baister. The welcome address and introduction was made by ICM Essex branch chair Claire Sandbrook, who set out the aims and purpose of the event and explained the growing need and demand for such an event.
The conference was put together to update, enlighten, educate and equip all credit professionals and IP’s who are dealing with insolvency cases on a frequent basis. We were given action steps that can be taken before and after legal action decision is made. The conference covered all aspects of corporate and personal insolvency and how creditors can maximise their returns.
It was a full day conference beginning at 10am. In session 1, David Hudson of Baker Tilly told us ‘How to Protect your position in the period up to Insolvency’ and Jenny Oldfield, the founder of The Quartz Partnership, explained the practical side of the insolvency process. She explained how to identify when a company is heading for financial distress, the warning signs and what creditors can do to protect their position. The Quartz Partnership provides credit management services to corporates, banks and business advisors such as cash generation, process improvement and policy definition and implementation.
In session 2, we were educated on ‘The role of an Insolvency Practitioner’ and the powers they are granted by David Hudson, Nigel Millar and Victoria Liemann of Baker Tilly. The Insolvency Practitioner has a Supervisory and Administrative role acting as a means of maximising realisations for the benefit of creditors.
Recovering assets in insolvency, Practical Assets Tracing & Fraud Investigations, possible remedies including actions against director’s third parties were all among the topics dealt with in session 3. Talks were given by the Baker Tilly team, Daryl Shorthose of Cobbetts, and Jenny Oldfield of Quartz Partnership.
Session 4 commenced after lunch and we had talks from Stephen Cowan of Yuill & Kyle one of Scotland’s leading debt recovery and credit control law firms, he shared with us ‘The Scottish View of Insolvency on both a Corporate and Personal basis’.
Kevin Still of Pentagon Group and Melanie Giles of Philip Gill & Co in session 5 spoke on Dealing with SMEs. Kevin explained the matters affecting small and medium sized enterprises and the sectors badly affected. They stated that up to 59% of SMEs are experiencing problems of delayed payments from customers. They gave us Business First Aid and workable solutions in getting SMEs out of financial difficulty. Melanie said it has never been as tough on small businesses as it is now due to the effects of the recession.
Nick O'Reilly of FRP Advisory LLP, brought some humour to the event by explaining the 'D-Curve' - death, divorce, disaster, disease, dinosaur & dispute - and its knock on effects. He explained how this curve can get deeper and deeper leading to the business failure if the problem of debt is not handled efficiently and promptly.
Tony Groom of K2 Partners Limited spoke on the ‘Art of Turnaround’ in session 7, explaining the steps involved from the moment one notices a business having financial problems to stage of bringing them back to survival and restructuring.
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Glen Bullivant, Vice President of the ICM and Chairman of FECMA gave an amusing short talk on the mission of the ICM and its aim to reach out to all credit professionals and meet their needs.
Going the extra mile ...
Sherbet foundation, founded by Shergroup Ltd, is a debt charity that helps families that have been affected by enforcement action. Claire Sandbrook, Chief Executive, and the team at Sherbet, wanted to be able to do more than just walk away from a family affected by any enforcement action. The foundation provides families with durable supplies such as vacuum cleaners, fridges and washing machines as these cannot be taken away by bailiffs; as Tracey Wright, Shergroup’s Training Officer, explained in her presentation on the day-to-day working of Sherbet.
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Master Robert Turner, Chairman of the Sherbet Foundation, and the outgoing ICM President, was presented with a cheque of £1,000 by Baker Tilly. The money, presented by David Hudson on behalf of Baker Tilly, will be used to pay for beds and bed linen for seven children who have been affected by debt enforcement. This presentation was followed by a short talk by Master Robert Turner.
The final session was an open forum which allowed delegates to ask questions or raise any areas of concerns that needed clarification or advice.
In summary, we see that the insolvency process is never an easy task for the creditor, the debtor or the IP. But when left with no other option, it must be carried out in the best possible way that will bring about the best result for both the creditor and the debtor bearing in mind the aim is to save the respective business! The creditor must make every effort to get involved in the process and not remain quiet in order to maximise their return.
Appreciations
It should be said that all of our guest speakers willingly accepted our invitation to give their speeches without any charge. For this, the ICM Essex branch Committee will like to thank them. We are extremely grateful to them for their time and efforts.
We would also like to appreciate our branch Vice Chair Carol Baker who worked extremely hard to put this wonderful conference together, as well as Richard Brown our branch Treasurer and Denise Bassingthwaite, Carrie Ockleford and Sharon Housden for their efforts. We also thank Claire Sandbrook, Chair of ICM Essex for keeping us all focused.
Our special thanks and heartfelt gratitude goes to all the staff at Baker Tilly for hosting this event and their contribution to the success of the event, in particular, Natasha Stanley who worked tirelessly to organise the logistics of the event. Not only did they offer all delegates useful information, practical steps and knowledge and provide us with a delicious lunch, but we also want to thank them for their financial contribution to the great work of the Sherbet Foundation. It is greatly appreciated.
AGM at Smith and Williamson
The AGM was a well-attended, enjoyable and constructive event, at which acting Chairman Richard Brown thanked departing Committee members Claire Sandbrook, Denise Bassingthwaighte and Tracey Wright.
Attendees reflected on yet another productive year that has included a successful Insolvency Conference attended by over 100 people and sponsored by Baker Tilly, as well as an enjoyable Golf Day, held jointly with London branch and sponsored by TSC Trade.
A discussion concluded that the Branch should continue to concentrate on large events and hold the AGM in London. Carol Baker was talking to major companies about 2012 conference sponsorship. After much informed and positive debate, a fraud theme was chosen.
It was decided that the forum of the Branch section on www.linkedin.com <http://www.linkedin.com> has removed the need for a newsletter, and the Branch charity for 2012/2013 would be the Far East Prisoner of War Charitable Trust.
Thanks went to Michael Wykes, Smith and Williamson, and all those who offered help to the newly elected Committee.
The AGM was a well-attended, enjoyable and constructive event, at which acting Chairman Richard Brown thanked departing Committee members Claire Sandbrook, Denise Bassingthwaighte and Tracey Wright.
Attendees reflected on yet another productive year that has included a successful Insolvency Conference attended by over 100 people and sponsored by Baker Tilly, as well as an enjoyable Golf Day, held jointly with London branch and sponsored by TSC Trade.
A discussion concluded that the Branch should continue to concentrate on large events and hold the AGM in London. Carol Baker was talking to major companies about 2012 conference sponsorship. After much informed and positive debate, a fraud theme was chosen.
It was decided that the forum of the Branch section on www.linkedin.com <http://www.linkedin.com> has removed the need for a newsletter, and the Branch charity for 2012/2013 would be the Far East Prisoner of War Charitable Trust.
Thanks went to Michael Wykes, Smith and Williamson, and all those who offered help to the newly elected Committee.
