Insolvency work: Is the stress and strain worth it?
Article Abstract:
Bankruptcies have been at record levels for England and Wales since 1983, with the largest number of such casualties being accounted for by small businesses and new business enterprises. Insolvency practitioners in Britain are extremely busy. A survey of their attitudes to this overload of work indicated that: (1) most insolvency practitioners feel themselves to be inadequately trained in business and management, (2) the primary problem among bankrupting companies is inadequate resources with which to satisfy corporate financial obligations, (3) the risk of legal repercussions if liquidators are appointed by the court to replace the insolvency practitioner is perceived to be high, (4) maintaining a good reputation is important to continue practicing in insolvency, and (5) the stress experienced by such practitioners related to negotiations, social pressures, professional responsibilities and image.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1986
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Scotch off the rocks?
Article Abstract:
The whiskey industry of Great Britain is experiencing a financial upsurge and has successfully weathered the 1990-1991 recession. The question that remains is whether it will again become a victim of its past cyclical trends. This possibility lurks because of two problems that distillers constantly face: inaccurate prediction of future sales to assess the needs of production leads to the generation of sales which the company may not be able to supply, and the heavy pre-financing of whiskey stock while the product is aged for distribution and consumption. Distillers have learned to cope with this cyclical trend by patterning their manufacture and marketing strategies to those of the champagne and cognac companies who use prestige, premium pricing, amd margins instead of volume sales to turn in profits.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1991
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The administration angle
Article Abstract:
The British Insolvency Act of 1986 formulated company administration as an alternative to liquidation or receivership. An administrator is a licensed insolvency practitioner appointed by the court to carry out the administration order. The administrator is not authorized to make payments to creditors. Successful administration of the company will result in a voluntary agreement with the creditors and survival of the company, liquidation of the company, or the sale of the shares in the company.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1988
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