Begbies Traynor Scotland appointed to help tackle ‘unprecedented’ Northern Ireland insolvency levels
Leading insolvency and professional services practitioner Begbies Traynor has won a major insolvency services contract for the Northern Ireland government’s Department of Enterprise, Trade and Investment (DETI).
Headed by regional managing partner Ken Pattullo, the firm’s Scotland and Northern Ireland -based insolvency team has been brought in by the government department to help the DETI manage the province’s historically high levels of both individual and corporate insolvency.
The government has had to cope with large number of insolvencies, which have risen to unprecedented levels over the past six years as the Northern Ireland economy emerges from recession.
In the year to 31 March 2015, 1,592 new cases were received by the Insolvency Service, the highest number ever recorded in a single year, and up by 30 cases on the previous year, with more cases than ever being processed by the courts. Northern Ireland’s official receiver was dealing with more than 4,000 open insolvency cases by March 2015.
While insolvencies have shown a marked reduction in the current year, Begbies Traynor has been appointed to assist the DETI in managing its historic caseload of insolvencies, after they have been investigated by the official receiver, and to progress and close those cases.
Ken Pattullo, Begbies Traynor said:
“The Northern Ireland economy is still reeling from the after-effects of the darkest days of recession and this is taking its toll both on businesses and individuals in the province. We hope to be able to play a part in alleviating the misery that so many are facing by helping to process these cases more rapidly and reach a positive conclusion for everyone involved.
“This government appointment highlights Begbies Traynor’s reputation in the insolvency field and we are looking forward to working with the DETI to help them manage this challenging situation.”
Ken Pattullo will be working on the DETI project with colleagues Kenny Craig and Lawrence O’Hara.
Begbies Traynor Group plc is a specialist professional services consultancy providing independent professional advice and solutions to businesses, financial institutions, the accountancy and legal professions and individuals in the areas of recovery, corporate finance, investigations and risk management.