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It seems something of an paradox which a few insolvency experts annually meet up to slap the other around the back. Along with Oscar-like nomination announcements and gasps of excitement, lots of the category successes will unfortunately possess a corresponding tale of misery, with company closures and job losses in the shadows.
It wouldn't are already possible without.......
Like all business award ceremonies these mean little to anyone outside the industry. But whilst it's unclear what long-term benefits events like these might generate they must no less than supply a temporary boost for the ever struggling print industry. After all, one thing all overwhelmed and emotional winners do when the Champagne haze has cleared is usually to order print-runs from the company letterhead proudly displaying their victory.
It's my party and I'll cry if I want to
A good proportion from the firms attending won' doubt glance at the souvenir menu and programme and believe they're together with a fantastic potential for winning something. The list of categories can be so long it smacks a little from the concerned mother ensuring that all of the children attending her child's party go back home which has a prize.
A glance along the set of judges is interesting too and highlights the often confusing issue of just who is whose customer whenever a lender, an insolvency firm as well as an ailing business get together. But then again, should it really be confusing? The cozy relationship between the finance institutions along with the insolvency fraternity can be an old one, bound because it is with a mutual interest; fees. By sticking together they could share these out and also at one time give one another gongs at the annual love-in.
Service using a crooked smile
It's unlikely this too many business people who may have been with the anguish of insolvency proceedings would ever be called for input on categories like customer support and satisfaction. This shouldn't come just like any surprise if a person thinks back to famous brands Vantis. The recovery business that failed to recover itself and a regular target of Private Eye Magazine, Vantis certainly helped increase the amount of of the taint from what some already considered a dodgy industry.
Through a income generating scam, not entirely only at Vantis it needs to be said, these folks were often instructed by banks and also other finance institutions to provide "consultancy" services to customers considered to be struggling. After a few months spent consulting, using the hefty fees grabbed through the already cash strapped customer, Vantis would often recommend a brief sharp trip down the insolvency route. No points for guessing which insolvency firm usually got the appointment.
As a result, asking those who own firms that happen to be through the insolvency sausage machine could possibly not illicit way too many warm and helpful nomination soundbites.
A rose by some other name
This last-ditch income generating ruse couldn't stop the inevitable however and Vantis duly went bust itself in the summertime of 2010. Some in the individuals concerned rose phoenix-like into another firm of corporate undertakers with what was quaintly termed a management buy-out. Obviously with regards to describing its business heritage the insolvency marketplace is keen to prevent the saying pre-pack administration.
Stick or bust?
Coming full-circle and to the quandary of celebrating success or failure, it's clearly all up that side in the fence you're on. From a business perspective an excellent company is one that makes money. For an insolvency firm to generate money another business has got to fail. And whilst each will badge themselves up as turnaround and rescue specialists nowadays, the lifeboat isn't usually launched until a bust is inevitable and also the fee potential analysed.
You are cordially invited
The party itself is on 5th October 2011 at London's Lancaster Hotel in which a standard table of ten will surely cost ??2,500. Guests wishing to push the boat out further can upgrade to a platinum package where for ??4,500 they'll get three extra bottles along with a magnum of Champagne to assist them celebrate. It's probably unlikely that anyone will raise a glass in memory in the fallen.
Sleight of hand
The fun doesn't hold on there though. The platinum package comes with a magician that will perform up close ideas to individual tables during dinner. This does look like a waste of money though once the industry could easily consider considered one of its own to offer similar entertainment.
If a current story on The Telegraph website by Jonathan Russell about the spectacular failure of Bridge Business Recovery has any substance into it, then James Bradney, senior partner and co-founder could, allegedly, function as perfect man to show them making ??2.5 million disappear.
Sources
insolvencyandrescueawards.co.uk accessed 19th July 2011
Private Eye Magazine - issues 1265, 1266, 1267 and 1272 sections In the City and In the Back
Russell, Jonathan - Bridge Business Recovery finds ??2000 labradoodle puppy was place on company bank card - published on telegraph.co.uk and accessed 19th July 2011
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