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It seems something of an paradox that the bunch of insolvency experts annually get together to slap the other around the back. Along with Oscar-like nomination announcements and gasps of excitement, many of the category testimonials will unfortunately use a corresponding tale of misery, with company closures and job losses without anyone's knowledge.
It wouldn't are actually 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 such as these might generate they should a minimum of give a temporary boost for the ever struggling print industry. After all, the first thing all overwhelmed and emotional winners do as soon as 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 with the firms attending may no doubt consider the souvenir menu and programme and feel that they're together with an excellent possibility of winning something. The listing of categories is so long it smacks a little of the concerned mother ensuring all from the children attending her child's party go back home having a prize.
A glance along the set of judges is interesting too and highlights the often confusing issue of who is whose customer every time a lender, an insolvency firm as well as an ailing business bond. But then again, should it truly often be puzzling? The cozy relationship between your loan companies as well as the insolvency fraternity is surely an old one, bound because it is by way of a mutual interest; fees. By sticking together they're able to share these out and at one time give one another gongs in the annual love-in.
Service having a crooked smile
It's unlikely this too many business people who've actually been with the anguish of insolvency proceedings would ever be requested input on categories including customer care and satisfaction. This shouldn't come because surprise if an individual thinks time for famous brands Vantis. The recovery business that didn't recover itself as well as a regular target of Private Eye Magazine, Vantis certainly helped increase the of a taint to what some already considered a dodgy industry.
Through a wealth creation scam, not entirely exclusive to Vantis it must be said, we were holding often instructed by banks and other banking institutions to provide "consultancy" services to customers considered to be struggling. After a few months spent consulting, with all the hefty fees acquired by the already cash strapped customer, Vantis would often recommend a brief sharp trip along the insolvency route. No points for guessing which insolvency firm usually got the appointment.
As an effect, asking those who own firms that are already from the insolvency sausage machine could possibly not illicit too many warm and helpful nomination soundbites.
A rose by another name
This last-ditch wealth creation ruse couldn't stop the inevitable however and Vantis duly went bust itself in the summertime of 2010. Some of the individuals concerned rose phoenix-like into another firm of corporate undertakers as to what was quaintly termed a management buy-out. Obviously when it comes to describing its very own business heritage the insolvency marketplace is keen in order to avoid the words pre-pack administration.
Stick or bust?
Coming full-circle and to the quandary of celebrating success or failure, it's clearly all up to which side of the fence you're on. From a business perspective an effective company is one which makes money. For an insolvency firm to earn money another business has got to fail. And whilst all of them badge themselves up as turnaround and rescue specialists today, the lifeboat is just not 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 cost ??2,500. Guests desperate to push the boat out further can upgrade with a platinum package where for ??4,500 they'll get three extra bottles plus a magnum of Champagne to enable them to celebrate. It's probably unlikely that anyone will raise a glass in memory with the fallen.
Sleight of hand
The fun doesn't hold on there though. The platinum package comes with a magician who will perform close-up ideas to individual tables during dinner. This does look like a complete waste of money though if the industry could easily consider one of its very own to supply similar entertainment.
If a recently available story on The Telegraph website by Jonathan Russell concerning 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 steps to make ??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 wear company bank card - published on telegraph.co.uk and accessed 19th July 2011
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