Bring afflicted businesses back to health.
U
sually appointed on the recommendations of banks, lawyers and accountants, corporate recovery entails providing assistance to ailing ventures. Hence, specialists in this field are responsible for analysing the state of the company and advising on subsequent steps. If corporate recovery professionals believe it is possible to rescue a firm, they will suggest a range of corporate, debt and equity restructuring strategies to aid in business objectives. However, in the case that recovery is not feasible, it falls upon them to help the enterprise salvage as much monetary worth as possible from remaining assets to repay outstanding debts. In Singapore, the Insolvency Practitioners Association of Singapore (IPAS) provides guidelines and training for both existing and aspiring corporate recovery specialists.
General overview Working in corporate recovery is exciting and challenging with cases ranging from multinational corporations to small chain stores. Team sizes vary according to the scale of the case. While graduates will be involved in the entire process of recovery and rescue, from corporate re-organisation, debt restructuring and informal discussions to formal insolvency procedures, they will also be expected to specialise over time.
Required skills Although hopefuls with academic backgrounds related to business and economics will have an edge over others, applicants from non-related fields bearing exceptional negotiation skills are also welcomed. People and persuasion skills are of the utmost importance for managing stakeholders, creditors and laid-off employees as well. Other skills such as analysing complex financial information and working in flexible settings are valued, and graduates will be expected to have empathy for others while remaining resolute in their directives as interaction with staff is frequent before they are laid off.
Pros and cons Prioritising work is a key strategy as professionals often work on several cases at the same time. Other than handling employees affected by lay-offs, graduates will need to pitch difficult decisions to reluctant managers. On a more positive note, building networks is one of the many opportunities present, as is the chance to learn about trending markets in real-time – good preparation is needed if going into consultancy is a future ambition.
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ACCOUNTANCY AND FINANCIAL MANAGEMENT - Area of Work
CORPORATE RECOVERY
