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It seems something of a paradox that the lot of insolvency experts annually meet up to slap the other person around the back. Along with Oscar-like nomination announcements and gasps of excitement, lots of the category success stories will unfortunately have a very corresponding tale of misery, with company closures and job losses without anyone's knowledge.
It wouldn't are actually possible without.......
Like all business award ceremonies these mean little to anyone outside the industry. But whilst it's unclear what long-term benefits events like these might generate they ought to a minimum of give a temporary boost for your ever struggling print industry. After all, one thing all overwhelmed and emotional winners do as soon as the Champagne haze has cleared is to order print-runs of the company letterhead proudly displaying their victory.
It's my party and I'll cry if I want to
A good proportion from the firms attending canno doubt go through the souvenir menu and programme and think that they're together with an incredible possibility of winning something. The listing of categories is really long it smacks a little in the concerned mother ensuring that all with the children attending her child's party return home using a prize.
A glance on the set of judges is interesting too and highlights the often confusing issue of who is whose customer when a standard bank, an insolvency firm plus an ailing business bond. But then again, should it truly be rather puzzling? The cozy relationship involving the loan companies as well as the insolvency fraternity can be an old one, bound as it's with a mutual interest; fees. By sticking together they are able to share these out at the same time frame give one another gongs on the annual love-in.
Service using a crooked smile
It's unlikely this too many business people who've actually been from the anguish of insolvency proceedings would ever be called for input on categories like customer support and satisfaction. This shouldn't come just like any surprise if a person thinks time for the kind of Vantis. The recovery business that didn't recover itself along with a regular target of Private Eye Magazine, Vantis certainly helped add more of a taint as to the some already considered a dodgy industry.
Through a income generating scam, not entirely only at Vantis it should be said, these were often instructed by banks along with other banking institutions to offer "consultancy" services to customers thought to be struggling. After a few months spent consulting, while using hefty fees acquired through the already cash strapped customer, Vantis would often recommend a quick sharp trip down the insolvency route. No points for guessing which insolvency firm usually got the appointment.
As a consequence, asking those who own firms that are already from the insolvency sausage machine would probably not illicit a lot of warm and helpful nomination soundbites.
A rose by another name
This last-ditch income generating ruse couldn't stop the inevitable however and Vantis duly went bust itself in the summertime of 2010. Some from the individuals concerned rose phoenix-like into another firm of corporate undertakers with what was quaintly termed a management buy-out. Obviously with regards to describing its own business heritage the insolvency companies are keen to avoid the words pre-pack administration.
Stick or bust?
Coming full-circle and back to the quandary of celebrating success or failure, it's clearly all the way down which side in the fence you're on. From a business perspective a successful company is the one which makes money. For an insolvency firm to earn money another business has got to fail. And whilst all of them badge themselves up as turnaround and rescue specialists nowadays, the lifeboat is not usually launched until a bust is inevitable as well as the fee potential analysed.
You are cordially invited
The party itself is on 5th October 2011 at London's Lancaster Hotel where a standard table of ten will surely cost ??2,500. Guests desperate to push the boat out further can upgrade to your platinum package where for ??4,500 they'll get three extra bottles of wine plus a magnum of Champagne to assist them celebrate. It's probably unlikely that anyone will raise a glass in memory with the fallen.
Sleight of hand
The fun doesn't stop there though. The platinum package comes with a magician who will perform close-up ideas to individual tables during dinner. This does appear to be a total waste of money though once the industry could easily turn to certainly one of its very own to supply similar entertainment.
If a current story on The Telegraph website by Jonathan Russell about the spectacular failure of Bridge Business Recovery has any substance with it, then James Bradney, senior partner and co-founder could, allegedly, are the perfect man to show them making ??2.5 million disappear.
Sources
insolvencyandrescueawards.co.uk accessed 19th July 2011
Private Eye Magazine - issues 1265, 1266, 1267 and 1272 sections In the City and In the Back
Russell, Jonathan - Bridge Business Recovery finds ??2000 labradoodle puppy was wear company bank card - published on telegraph.co.uk and accessed 19th July 2011
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