Corporate recovery involves the processes behind ensuring that creditors, suppliers or employees of failing businesses get the best deal. Specialists in this field are normally appointed through referrals from banks, lawyers and accountants. They may decide, after analysis, that it is possible to keep the business going if certain steps are taken, such as ceasing to trade in the loss-making areas of a business. If rescue is not a possibility then it becomes their task to wind up the business and recover as much as possible from selling the business’ assets.
The number of companies getting into trouble in the recent recession was lower than many in the industry expected. However, life could become difficult for businesses with large amounts of debt. Other possible casualties include companies exposed to the public sector, which, in light of heavy cuts in government spending, will see their margins squeezed.
Graduates with a wide range of degrees, including those in mathematical disciplines, business studies, economics, management or law are all well placed to seek employment in this field, but those with other good degrees with excellent negotiation and communication skills, such as marketing, may well find employment in this area. As a graduate you can expect to be involved in a number of roles gaining knowledge of how the industry works before moving on to specialise in your chosen area.
To work in corporate recovery you need an interest in the way that companies work. As well as good negotiation skills and an ability to deal with complex financial information, you need excellent people skills and sensitivity – recovery specialists often have to work with staffs who are losing their jobs.