How do you help your insolvency clients achieve the best outcome? In the first instance it is important to understand your client’s business and to get an accurate picture of the reasons why the business is insolvent as quickly as possible. Early intervention can be critical in allowing clients make fully informed decisions with the benefit of as much information and options available to them as possible. The longer clients leave it to speak to advisors with experience in the area, the more likely it is that the business may have reached the point of no return such that restructuring may no longer be an option. If a client is a viable candidate for restructuring, then often times your role is to bring the client through the process, which in most instances will be an entirely new and often stressful experience. In other cases the unfortunate reality is that the business is terminally insolvent and the only option is that it be placed into liquidation. In those circumstances you help your clients by being honest but empathetic. What parts of your job do you find the most challenging? What parts do you find the most rewarding? Managing the expectations of clients in financial difficulty can be challenging. Unfortunately not all insolvent clients are viable candidates for rescue. Similarly, even for those that may be suitable candidates, sometimes the required level of investment or creditor support cannot be achieved. Particularly in the case of established family-run or -owned businesses, it can be difficult to see a business close and the effect that can have on clients personally. Advising clients on the successful restructure or turnaround of a business that otherwise would have had to close is always very rewarding. It is rewarding to deliver a successful outcome to those at executive level with whom you have been working so closely. It is also very satisfying to consider that the successful restructure of a business will usually save jobs and the resulting positive knock-on effect that will have on the employees’ livelihoods and the welfare of their families. THOUGHT LEADER 87 About Jamie Ensor Jamie Ensor is a partner at Dillon Eustace and head of its Restructuring and Insolvency team. He regularly provides advice to insolvency practitioners, secured and unsecured creditors, companies, shareholders and directors in all aspects of restructuring and insolvency, and also boasts extensive experience in representing domestic and foreign banks – as well as non-bank lenders – on security enforcement and distressed asset recovery actions. He also lectures on restructuring on the Law Society of Ireland’s Professional Practice courses. About Dillon Eustace Dillon Eustace is a leading Irish law firm. Its focus is on asset management and investment funds, banking and capital markets, corporate and M&A matters, and a range of other services. The firm is based in Dublin, with further offices in Tokyo, New York and the Cayman Islands. Its team provides expert legal advice on a range of industries, enabling Ireland’s development as a leading global financial services centre. Contact Jamie Ensor Partner, Dillon Eustace 33 Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2, D02 XK09, Ireland Tel: +353 1 673 1722 E: firstname.lastname@example.org www.dilloneustace.com Unfortunately, despite the best efforts of all involved, not all insolvent clients are viable candidates for rescue.