Not your usual NED
The role of director comes with responsibilities. Ordinarily there’s no need to scrutinise the decisions made by a director. However, if a company runs into financial difficulty, those decisions may be examined and may be challenged with the possibility that the director may become personally liable. Understandably, most NEDs are averse to taking on directorships in such situations and many existing directors wish to resign, rather than sully their CV with a company failure. David is not your usual NED and is willing to be appointed director to companies facing financial difficulties which may result in formal or informal insolvency proceedings.
David, is a highly experienced Chartered Accountant and Insolvency Practitioner, has spent his career advising numerous businesses and stakeholders on navigating financial distress and restructuring, as well as dealing with those issues that arise as a result of insolvency. David understands and has the expertise to implement contingency plans, applying his financial expertise to the hazardous period leading up to any formal or informal insolvency as well as restructuring of businesses. David has dealt with companies of varying sizes and complexities so is able, and willing, to assist in situations ranging from the straightforward company to complex groups.
David took insolvency appointments up until he stepped down as a partner at Grant Thornton in December 2023. In the 30 plus years prior to 2023, David dealt with hundreds of cases, accumulating an extensive knowledge of insolvency legislation and practice, and, in particular, its application. Consequently, David is exceptionally qualified to assist boards and stakeholders facing challenging decisions. He is an ideal candidate for directorship in businesses undergoing restructuring, whether by integrating into existing boards or replacing directors when stakeholders require a change in leadership. Equally, David is willing and able to take on directorships to effect formal insolvency, in cases where informal processes have been unsuccessful or are inappropriate, and in cases in which the incumbent director(s) are unable or unwilling to “bite the insolvency bullet”.
When a company is in financial difficulty, the obligations of its directors shift from its shareholders to the company’s creditors. David’s experience in dealing with companies and directors that have got it right and, perhaps more significantly, those that have got it wrong is of huge benefit to boards and stakeholders, trying to navigate these challenges. David is able to assist in dealing with situations involving creditor pressure or competing interests, ensuring legal compliance and minimising the risk of personal liability or disqualification as well as optimising the outcome for all parties.
David is also able to assist in cases in which administrators, liquidators, trustees or stakeholders wish to replace directors in subsidiary companies, including the management of “cascade” effects where multiple directors are removed from multiple companies. David is familiar with Companies Act requirements, particularly in respect of requirements set out in (unamended) articles of association and ensure compliance with the relevant legislation. This issue is particularly important when dealing with companies in “the twilight zone”, that period of time preceding a formal or informal insolvency process, where the conduct of its directors and the decisions they take, may be scrutinised and challenged at a later date. David’s involvement can address such risks, making him well-suited for directorship appointments in these scenarios.
David’s expertise extends to managing disputes that often accompany financial distress. David is an accredited mediator which, coupled with his accounting and insolvency background, allows him to guide boards on dispute strategy, oversee professionals engaged by the company and/or its stakeholders to ensure the highest chances of success.