Many outsiders to the insolvency profession consider the sector recession proof. This is assuming that insolvency practitioners will thrive during times of economic hardship. Whilst in some instances this may be the case. However, the facts are that 2012 saw some challenging trading conditions for many in the industry.
For example, Begbies Traynor LLP, a firm which topped the RSM Tenon Top 20 Corporate Insolvency Firms league table for 2012, announced in March 2012 it had cut thirty one jobs in the preceding nine months. The cuts were made in an effort to reduce costs in view of decreasing business. While representing a 6% cull of all insolvency staff working for the group.
In addition, global firm KPMG announced in August 2012 that it was undertaking a restructuring exercise. This put approximately 3% of its workforce, equating to in excess of 300 staff, at risk of redundancy.
Whilst many in the industry anticipated an upturn in insolvency appointments as a consequence of the challenging economic conditions in recent years, it is fair to say insolvency figures have not reached the expected heights. This goes against historical trends. They have shown numbers of corporate insolvencies traditionally increase after the official end of a recession.
Or are we heading towards a triple dip?
With tales of redundancies and cost saving exercises sweeping the industry, it is refreshing to see one particular firm bucking the trend. Business recovery and insolvency specialists Wilson Field Limited have enjoyed unprecedented success during 2012, growing its business to new heights.
The firm finished eleventh in the RSM Tenon Corporate Insolvency Firms league table for 2012. This was after appointing an impressive 294 corporate insolvencies during the calendar year. This equates to 1.32% of all corporate insolvency appointments in the country during 2012.
This is an incredible feat for a firm which started from humble beginnings only twelve years ago. Wilson Field commenced trading in January 2001. This was when it employed just four staff and operated from small office accommodation in Sheffield.
Over the years, the directors and shareholders have grown the business consistently. By drawing upon industry expertise and experience to provide clients with expert business recovery, restructuring, insolvency and corporate finance solutions. The firm operates with particular emphasis on the development and growth of its employees, investing considerable resources in developing staff through training and courses.
Wilson Field have come a long way since 2001, now employing eighty three staff including six qualified insolvency practitioners. The firm operates nationwide , with regional offices in Manchester, Leeds, London, the West Midlands and the North West working alongside the Sheffield head office. With plans to open a further four regional offices March 2013, it is apparent that Wilson Field’s considerable growth will continue into 2013 and I am honoured to be a part of it.