Business at the Birmingham Office – Insolvency, restructuring and gaining IPA authorisation
February 19, 2018
Business rescue, restructuring & insolvency practice, Opus Restructuring & Insolvency announced its office expansion into Birmingham last summer. Director, Gareth Wilcox looks back over the last quarter and the investment that is going into Birmingham.
How has Opus Restructuring & Insolvency been settling into Birmingham?
Well actually. Our new office location is working out well and the time has flown by. It has been great to get out, meet our contacts as well as new people. We can do it with such ease now we are in Birmingham. Our contacts know they can meet us in a convenient central location, and I believe you are thought of more often when you are local. We opened up a dedicated office here exactly for this reason.
What has the reception been like?
It has been very positive. I have a huge amount of gratitude for the partner group. The support of everyone at Opus has been fantastic in this important step. The contacts that I am meeting or reconnecting with have also been very receptive and supportive. There has been a great buzz about my returning to Birmingham, with people seeming genuinely happy to see me back, and keen to work with the firm.
What is the latest with insolvency & restructuring?
In addition to building the profile of the Birmingham office, I remain head of the team at Opus which deals with solvent restructuring engagements. I have a number of these engagements which are keeping me busy at the moment. This includes a couple of fairly complex restructures involving either a large number of connected entities, or which form part of a wider s.110 reconstruction. It is a really positive specialism to have. I am looking to build on this in Birmingham as well as offering business support for distressed situations.
How is business in Birmingham currently?
The substantial investment being made in Birmingham is clear to see and its fantastic to see the city thriving. There are significant opportunities for property investment. Business growth is being seen in numerous markets such as manufacturing. The heritage and strong skill set available in the region is clearly driving this.
However, as any business hub will recognise, growth does not eliminate some of the more challenging cases. Sudden financial and/or operational change can catch out any business, even in a thriving environment. Challenges such as raised interest rates, negative cash flow, loss of a significant customer or new competition coming in can impact your own business. Taking early advice is key when this happens. Rather than dealing with limited options at serious decline, early advice ensures that the maximum options are available to the business.
As such, there is always the need for responsible, qualified and reliable insolvency support. Any business needs to know that the correct processes are followed efficiently and with suitable outcomes for all parties involved. For business owners, it also helps to have a local person supporting them through the process. Someone that they feel is accessible, at any time. With the nature of our work, this is not something we solely manage at the end of a phone or email. I am always happy to get in amongst a business, to get a feel for how it operates and provide the best solution possible.
You have also been busy with your insolvency qualifications
That’s correct. As well as getting out to meet up with all our contacts and building our network here, I have also been busy gaining my authorisation from the IPA. I am pleased to announce that with effect from 1 January 2018, I am authorised by the Insolvency Practitioners Association. Whilst I have been managing insolvency cases for a number of years now, it was important to me and my position within Opus to be authorised under the Insolvency Act. I can now take my own appointments as office holder of the relevant company or individuals. My contacts can be reassured that their clients will be offered the highest level of support and service, since I will be in control of the entire process.