#TheBigShift, Insolvency and Independence.
As news of the merger between Wedlake Bell and Moon Bever reached our desks this week, and the increasing conversations around #TheBigShift it gave us cause to reflect upon Isadore Goldman, our business model and the way we continue to operate in the marketplace.
#TheBigShift for our part has made us think carefully about how we as a business can aptly meet the needs of our clients now and crucially, over the coming months and years.
Rather than actively seeking to add other practice areas outside of the insolvency and restructuring sphere, we continue to build our teams in London, Norwich and Portsmouth with dedicated insolvency specialists.
Our niche status means that we don’t come across the same conflicts that other multi-disciplinary firms do and quite simply we can hone our craft, always looking at new ways to deliver exceptional client service with a “director led” approach. This has included moving to flexible working and a vastly expanded internal learning and development programme.
This, we feel, leaves us well placed to deal with what can only be described as an unprecedented financial landscape for businesses. Although the government’s monthly insolvency stats show that corporate and personal insolvencies are holding steady and are still generally lower than pre-pandemic levels, the true impact for these businesses is yet to be felt.
Delays to the easing of restrictions originally planned for the 21st June, although mitigated in part by the extension of some government support measures (restrictions on statutory demands and wind up petitions, for example) , as well as fears of new variant strains of the virus have not helped an already uncertain future for businesses in the UK.
Like most in this sector we expect to see a steady increase in corporate insolvencies towards the end of the year (although not the tsumani that some have predicted), particularly linked to the ending of the moratorium on presenting winding up petitions – which had just been extended to the end of September. We also see a likely increase in individuals needing advice regarding personal guarantees, that they have given in respect of their businesses, which are being called on.
Whatever happens, we are proud to be one of the last truly independent insolvency and restructuring boutique legal firms with the skills and focus to cover all areas of corporate and personal insolvency, restructuring and asset recovery.