Begbies Traynor to help address NI's huge rise in insolvencies
BEGBIES Traynor’s Scottish insolvency team has won a major contract for the Northern Ireland government’s Department of Enterprise, Trade and Investment (DETI).
Headed by the firm’s regional managing partner for Scotland and Northern Ireland, Ken Pattullo, the team will help the DETI manage the province’s historically high levels of both individual and corporate insolvency levels.
Insolvencies have rocketed over the past six years in Northern Ireland as the economy battles to emerge from the 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.
While insolvencies have shown a steady fall 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 of 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.”
Pattullo will be working on the DETI project with colleagues Kenny Craig and Lawrence O’Hara.