Corporate Recovery or ‘turnaround’ specialists use their financial and business experience to assist clients facing serious and significant business problems, often administration and insolvency.
Corporate recovery is the practice of working with a company facing financial and other difficulties in order to return the company to a safe financial situation to allow it to continue trading.
Corporate recovery specialists are usually qualified accountants working as licensed insolvency practitioners whose services are requested by the board of directors of the company facing serious financial problems and the possibility of being unable to trade.
Duties include:
Working closely with clients to gain a full understanding of their financial positions.
Business reviews.
Working with clients operating under administration and taking operational control in order to rescue the company as a going concern.
Recovering debts and dealing with creditors.
Liquidating or winding up companies where no recovery is possible - in order to obtain the best possible outcome for creditors.
Qualifications
Corporate recovery specialists are qualified financial specialists. To be a licensed insolvency practitioner you must also pass the exams administered by the Joint Insolvency Examinations Board (JIEB).
Salary Snapshot
Recent salaries advertised on TopFinancialJobs (November 2009) include:
£48-62,000 per annum for a qualified (ACCA, JIEB) Corporate Recovery Manager working for a boutique corporate recovery firm in London.
£45-50,000 per annum for a qualified (ACA, studying for JIEB exams) Corporate Recovery Manager working for a leading insolvency practitioner in Leeds.
£51-60,000 per annum for a qualified (ACA, ACCA, with a desire to study for JIEB exams) working for a Big 4 recovery team in London.
£61-70,000 for a qualified (ACA, JIEB preferred) Senior Manager - Restructuring and Recovery working for one of the country's leading advisory firms in Manchester.
Are you a corporate recovery specialist? Would you like to contribute to our "Day in the Life of..." series? Email us at info@topfinancialjobs.co.uk for more details.
