Accountancy and Financial Management Area of Work
Corporate Recovery
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Bring afflicted businesses back to health.
Required skills
C
orporate recovery is usually appointed on the recommendations of banks, lawyers and accountants, and 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’s possible to rescue a firm, they’ll suggest a range of corporate, debt and equity restructuring strategies to aid in business objectives. However, in the case that recovery isn’t 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.
Finance Career Guide 2023
General overview Working in corporate recovery is exciting and challenging with cases ranging from small chain stores to MNCs. Team sizes vary according to the scale of the case. Graduates will be involved in the entire process of recovery and rescue, from corporate reorganisation, debt restructuring and informal discussions to formal insolvency procedures. As they progress, however, they’ll also be expected to specialise over time.
Although hopefuls with academic backgrounds related to business and economics will have an edge over others, applicants from non-related fields are also welcomed if they prove that they bear exceptional skills in negotiation. 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.
