Scottish chartered accountancy firm French Duncan has announced that one of its directors in the insolvency team has obtained his Insolvency Practitioner Licence.
David McGinness, French Duncan’s Restructuring and Debt Advisory director, has more than 10 years of experience in insolvency and is the third member of the team to now hold an IP license.
The move reportedly supports the firm’s wider ambitions to “provide the best counsel for clients preparing to face a still uncertain future”.
The license allows advisors to act on behalf of companies who are facing acute financial distress. A licenced practitioner can put actions into place and provide strategic advice to companies facing the threat of insolvency, whether through liquidation or administration.
The news comes as the insolvency team is set for “significant” growth on account of the current and projected economic climate.
In light of this, the firm is now planning further recruitment as the government support schemes are removed and the number of companies in financial difficulty increases.
McGinness highlighted the importance for businesses to reach out at the earliest stages of financial difficulty.
He said: “The earlier a business contacts an IP the better. The sooner we can become involved and understand the complexities of each situation, the greater the chance of a positive outcome.
“On too many occasions, the call has come too late, and the only viable option is liquidation. It doesn’t have to be this way. Our expertise and advice stands a much greater chance of promoting business rescue for those facing financial difficulties, if the call is made as soon as debt is recognised.”
He added: “It’s never too early to speak with an IP about business finance and debt management. Having these conversations early can provide the necessary tools to best manage company finances and the reassurance that they have the right support in place should it be required.”
Graeme Finnie, managing partner of French Duncan said: “Having a third licenced insolvency practitioner in the firm puts us in an excellent position to best meet the needs of our clients. David’s considerable experience coupled with his sure-footed approach to working with businesses and individuals, makes him a strong asset to have on the team.
“As the economy gears up for what is anticipated to be a rough road ahead, we are well placed to deliver the necessary expertise and guidance to take any company facing financial challenge, through the coming months.”