October 2008
Andy Wood, partner at The P&A Partnership in Sheffield, is the new voice for insolvency professionals in Yorkshire and the Humber. He has been appointed regional chairman for R3, the Association of Business Recovery Professionals.
The current ‘credit crunch’ means that insolvency experts are busier now than they have been for ten years.
Wood says that many markets have been hit already: “We have a steady stream of businesses wanting advice about what they can do – pubs and restaurants are being badly hit, as are developers. Many of these bought a plot of land to develop for their pension fund.
“Unfortunately a large number will not survive the end of the year.”
Wood has advice for all businesses: “I can’t believe how many owners come to us without a clear picture of their current finances. They wait for their accountant to prepare year end figures before they know if they are making a loss.
“In this day and age, every business owner should have software on their computer and be watching the figures on a weekly or even daily basis and responding to them. It is not rocket science. If they don’t have the skills, they should ask their accountant to set this up. A small investment now could save their business in a few months’ time.”
Andy Wood has specialised in insolvency since 1985, particularly advising corporates. He joined The P&A Partnership in 1997 and was made partner in 2002.
The P&A Partnership is a boutique insolvency practice with more than 80 employees, giving advice to around 500 businesses across the UK each year.
R3 is the UK’s leading trade association for insolvency, business recovery and turnaround specialists. It promotes best practice for professionals working with financially troubled individuals and businesses and provides a forum for debate on key issues facing the profession.
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