In conversation with Michaela Daly of Begbies Traynor

What drew you to work at Begbies Traynor? 

Begbies Traynor has a great reputation and I’m proud to be part of the team. We are the UK’s leading corporate rescue and recovery practice, offering rescue or closure options to businesses in financial difficulties. There’s a real emphasis on providing the right solutions and support to help a viable business return to profitability. That is something I feel very passionate about. 

Whilst my team and I specialise in insolvency, which can involve the closure of businesses, there are often rescue options available if advised early enough, and it is incredibly satisfying to know that you have played a part in turning a business around. It does leave you with a very good feeling when you can rescue a business.

As director, what are your day-to-day responsibilities? 

As a director, my role is to meet with clients, either by phone or in face-to-face meetings, to fully understand their financial position so that I can suggest the solution I feel is most appropriate in their circumstances, working closely with the wider team to ensure that this is implemented in a timely manner. 

It is also my responsibility to ensure that the Staffordshire Office is running well and that the team is happy, which is very important to me. I am keen to promote a professional working environment which provides flexibility and support. I am a strong believer in collaborative working and our open plan office facilitates this work style.

Each business we deal with provides us with insight into different sectors, industries or professions, and I find that side of the job very fascinating.

What are the strengths of the insolvency team at the firm and what are their general responsibilities? How would you describe the insolvency team at the firm?

Our team is experienced; we have all taken different paths into insolvency. Many of us have additional experience within law or accountancy, which is a great asset within our roles. Day-to-day the team assists with meeting clients, liaising with creditors and stakeholders, dealing with HMRC, as well as ensuring that all statutory obligations are met. Team members have their own portfolio of cases, and if possible, they are involved with each case right from the start. This is especially important from the client’s point of view to ensure that everything runs smoothly and that they have the best experience.

I would describe our team as dedicated; the job is fast-paced and demanding, but they are always happy to go the extra mile and do what needs to be done. They are also incredibly supportive of one another, whether that is assisting with professional development or popping out for team treats from the local coffee shop.

What qualities do you look for when hiring insolvency specialists like Ben Gray?

Ben joined the firm with a wealth of experience, having worked in insolvency for 13 years. That sort of level of experience is crucial within a more senior role. It’s also important that the candidate is personable and likely to fit in with our team. I have been impressed with how well received Ben has been; he is incredibly well respected in the local marketplace and there’s been a great deal of interest in his appointment, both locally and nationally. He’s been a great addition and we’re really pleased to have him on board.

In what ways has the firm changed since you started? 

I started with Begbies in 2005, leaving for a few years before returning in 2018. In that time, the main difference is how big Begbies has become. There has been significant growth by either acquisition or natural growth. We have built on various other companies within the umbrella of Begbies so that we can offer a wider service to our clients.

What does the insolvency team offer that is unique to other firms in the area?

The Staffordshire office is situated in Newcastle under Lyme and covers the Staffordshire region and beyond. Whilst we operate a local office, we form part of a large national practice. As such, we have the benefit of additional resources that are available to the national network, meaning we can offer a wide range of professional services in addition to insolvency, such as finance and funding or property services. 

While we principally serve the market for SMEs, this enables us to deal with larger companies too. Because we are part of a national network, we have extensive coverage, which sets us apart as a local practice.

Are there any upcoming plans you can share with us? What does the future look like for the team?

We are very excited to have just launched our ‘practice portfolio service’ for accountants, which is a suite of added value services for accountancy practices to help them expand their service offering, enabling them to better service their clients’ needs. Services that are included in this practice portfolio include, but are not limited to, credit reviews, asset finance, outsourced HR, employment law and teaching e-services.

We’ll be busy over the next few months offering this service to accountants in the local area and beyond and we are looking forward to seeing how well this is received. The cost of living crisis and the imminent recession we are facing will mean many businesses could find themselves in difficulties and our team is here and ready to offer assistance, advice and to try to help those businesses to get through the storm.