Frp Advisory Share Discussion Threads

[sunshine today] 10/5/2020 19:57

Boris speech tonight failed to inspire. Lots of employers will not want staff back at work with social distancing. Inefficient. Just getting to work is a big issue, kids off , public transport and so on. Working at half capacity is yet another killer.When does an employer sack the excess staff.How many companies will just opt to stay furloughed.?
Other companies will decide to call it a day with no end in sight. That’s without a possible second wave hitting us.

[moormoney] 10/5/2020 18:01

Sad to say I think you’re right. Absolute tragedy when we were looking forward to an economic turnaround and the end of austerity.

[sunshine today] 10/5/2020 14:16

The virus news today is not good and prevents things getting back to normal in the near future.

In South Korea, renewed restrictions are imposed after a series of transmissions linked to Seoul's leisure district



Virus spread accelerates again in Germany
Australian Associated Press
Douglas Busvine
Australian Associated Press10 May 2020


Posted at 13:4313:43
Wuhan reports first new case in weeks
Wuhan, the Chinese city where the coronavirus outbreak started, has reported its first new case of Covid-19 for more than a month.

[moormoney] 09/5/2020 21:38

I’m pleased I chose FRP after considering BEG. They are storming ahead!

[sunshine today] 09/5/2020 17:46

Thanks for the correction.

[hawaly] 09/5/2020 17:39

It's BEG

😎😎😎

GLA

[sunshine today] 08/5/2020 09:04

The upshot being, FRP did extremely well in the month, BAG did fine and KMPG one of the big four, were totally out of the running.

[sunshine today] 08/5/2020 08:56

Investors might like to check some facts re the above. I have double checked THE GAZETTE for all of April. If you would like to do the same search that site the following way. First go to corporate insolvencies. Then tick the Administration box. Then open that box and tick Appointment of Administrators. Finally in the search box enter the insolvency practitioner.
Then sort by latest in top of page box.
Let’s look at the results. 114 Companies, not 61 as in the article above, went into administration in April 2020.
Bottom of the list comes KMPG itself with it being appointed administrator for just one company. LOL.
BAG had eight appointments.
FRP had seventeen appointments.
The reason KMPG might not produce the same numbers is because it takes a few days for the notice of appointment of administrations to be published in The Gazette

[x54v] 07/5/2020 13:38

Companies fear insolvency

"Almost 600,000 businesses face the threat of collapsing into insolvency because of the turmoil caused by the lockdown, a survey has suggested."

[moormoney] 07/5/2020 13:30

All very gloomy no wonder frp is tipped to do well. Buyers back today 😁

[sunshine today] 07/5/2020 13:27

The Bank of England has warned that the UK economy is heading towards its sharpest recession on record.
The impact of coronavirus meant the economy would shrink 14% this year, based on the lockdown being relaxed in June.
Scenarios drawn up by the Bank to illustrate the economic impact said Covid-19 was "dramatically reducing jobs and incomes in the UK".
Bank governor Andrew Bailey told the BBC there would be no quick return to normality.
He described the downturn as "unprecedented", and said consumers would remain cautious even when lockdown restrictions are lifted.
Mr Bailey said: "Not all of the economic activity comes back. There's quite a sharp recovery. But we've also factored that people will be cautious of their own choice.

[devonking] 07/5/2020 12:11

Heath Snyder appointed to the Manchester corporate finance team. I think we may be in a growth phase :)

[sunshine today] 07/5/2020 05:23

Biblical" Wave Of Bankruptcies Is About To Flood The US

by Tyler Durden
Wed, 05/06/2020
One of the silver linings of the coronacrisis to date is that despite the unprecedented collapse in the broader economy and the 30 or so million unemployed, the pace of bankruptcy filings has been relatively steady compared to the pre-covid levels, as the following Goldman chart shows.



Unfortunately the relative calm is not meant to last, because as we observed last month, Moody's recently expanded its "B3 Negative and lower list" which soared to its highest tally ever — 311 companies. That tops a former peak of 291 companies, reached during the credit crisis of 2009 and the commodity-related downturn in April 2016. At 20.7% of the total rated spec-grade population, the list also shot up above its long-term average of 14.8%, and closing in on its all-time high of 26.1%. This spike is the result of the confluence of a coronavirus outbreak, plunging oil prices, and mounting recessionary conditions, which created severe and extensive credit shocks across many sectors, regions and markets, the effects of which are unprecedented.

[daneswooddynamo] 06/5/2020 10:41

I am assuming they are already appointed given it was 2019!

[sunshine today] 06/5/2020 10:28

We expect the team to expand over the next year as our caseload increases.

It appears am not alone in thinking that insolvency is on the verge of rocketing.By the time these six successful candidates get appointed in July and take up positions in August, they may find the office windows are blacked out with case files, and their chairs and desks are placed in the corridor.

[sunshine today] 06/5/2020 10:23

Job advert from the U.K. government.

VACANCY NOTICE INSOLVENCY SERVICE CIVIL LAWYERS (LITIGATION)
DEPARTMENT: Insolvency Service (an Executive Agency of the Department for Business, Energy and Industrial Strategy)
DIVISION: Legal Services Directorate
JOB TITLE: Civil Lawyers (Litigation)
LOCATION: These roles can be based in London or Manchester, although regular attendance in London will be required if based in Manchester (at least 2 days per week in London during the first few months following appointment.)
CLOSING DATE & TIME: Midday, Thursday 6 June 2019
INTERVIEWDATES: 1to12July2019
WORKING ARRANGEMENT: Full time / Part time
APPOINTMENT TERM: Permanent
NUMBER OF POSTS: up to 5 (with reserve lists) one post at G6 and the remainder at G7 SALARY RANGE:
Grade 7 lawyer:
NATIONAL - £49,511 or LONDON £51,320
Grade 6 senior lawyer:
NATIONAL - £64,699 or LONDON £68,904
TRAVEL REQUIRED: Sometimes (Travel and subsistence costs will be reimbursed in line with Departmental policy)
CRB REQUIRED: Yes
GUARANTEED INTERVIEW SCHEME: Yes
RESERVED/NON-RESERVED Non-reserved
VACANCY DESCRIPTION
We are recruiting civil litigators, in particular to carry out work disqualification work under the Company Directors Disqualification Act 1986 and the winding up of companies in the public interest. This is an exciting opportunity in which we can offer a varied role, including operational advice. We can offer the full range of flexible working patterns, including being based in London or across the country in one of the Insolvency Service’s regional offices. We have a very supportive team environment.
Key responsibilities and activities will be:
• To work within an expanding team, managing a full and varied caseload from issue of
disqualification and winding up proceedings through to trial, maintaining high professional standards; providing clear, accurate and timely advice where required; actively progressing cases whilst acting fairly, efficiently and effectively; instructing Counsel or agent solicitors as appropriate.

• To develop effective working relationships with all those involved in our enforcement work, particularly with our investigators and examiners, travelling to regional offices as required.
• To undertake advocacy as appropriate.
• To provide a range of operational advice on statutory investigations and those under
the Company Directors Disqualification Act 1986.
• To contribute to the operation of the legal team and the Insolvency Service more
widely, acting as an ambassador, role model and senior leader.
• To make a positive contribution to the wider government legal profession, for
example in cross-Whitehall initiatives.
• Experience of insolvency, disqualification and winding up proceedings is desirable for
both roles.
• Experience of leading high profile projects or managing teams is desirable for the
Grade 6 role.
Grade 6 is a key leadership role within the team and the wider Insolvency Service. Post- holders may be required to manage Grade 7 lawyers. Those applying for the Grade 6 post will be expected to provide strong professional leadership qualities, whilst having close personal involvement in a range of complex and challenging cases. Post holders will need to demonstrate strong personal skills, excellent legal and strategic analytical ability, good judgement and pro-activity.
WORK OF THE INSOLVENCY SERVICE
The Insolvency Service is a Government agency that delivers economic confidence by supporting those in financial distress, tackling financial wrongdoing and maximising returns to creditors. We are an Executive Agency of the Department for Business, Energy and Industrial Strategy with headquarters in London. We have around 1,700 staff operating from 22 locations across Great Britain.
Our responsibilities are to:-
• Act as trustee/liquidator where no private sector insolvency practitioner is in place
Administer bankruptcies and debt relief orders, including dealing with bankruptcy and
debt relief restrictions orders and undertakings
• Conduct appropriate enquiries into the conduct of bankrupts and company directors
seeking civil and/or criminal enforcement in appropriate cases
• Act as an impartial source of information for the public on insolvency and redundancy
matters
• Advise BEIS ministers and other government departments and agencies on
insolvency and redundancy related issues.
THE LEGAL TEAM
The Legal Services Directorate conducts criminal enforcement work and civil disqualification and winding up proceedings. The civil litigation work comprises proceedings to disqualify company directors for misconduct and the winding up of companies acting contrary to the public interest. This work can be very high profile and may have wide policy or operational ramifications. We also provide operational advice on the conduct of statutory enquires and insolvent investigations.
On the criminal side, we prosecute a wide range of offences which underpin the insolvency regime in England and Wales, together with a number of niche areas arising from the Department for BEIS’ regulatory functions, such as matters referred by the Employment Agency Standards Inspectorate and Companies House. We provide both operational and

policy advice for example on drafting new criminal offences and enforcement strategies. The diet of casework is wide from the most simple to complex and challenging fraud cases, and we vigorously pursue confiscation in appropriate cases.
Our legal team is growing and currently comprises around 20 lawyers in two teams (based in London and regionally) and as well as a team of 13 law clerks. We expect the team to expand over the next year as our caseload increases and we explore what other legal services we can provide to the Insolvency Service.
We have a strong training and development ethos across all of our enforcement work.

[sunshine today] 06/5/2020 10:07

Am I correct in thinking they can be employed to do the mountains of dog work under supervision of an Administrator. FRP have directors under the partners, and those directors must have a team below them .

[daneswooddynamo] 06/5/2020 09:41

Pity they are not qualified to undertake insolvency work. It takes several years to obtain your qualification. Probably the hardest qualification to achieve and the average age is mid 30s showing how hard it is

[sunshine today] 06/5/2020 09:20

The above will slash hourly rates charged. Insolvency practitioners will be able to hire good quality staff from both the legal and accounting professions.

[sunshine today] 06/5/2020 09:14

55% of leading law firms have insufficient cash and thousands of high street firms may go bust
MAY 6, 2020 | EYE CORRESPONDENT

A report in the Law Society Gazette yesterday says that a review of leading law firms’ accounts shows that years of enhanced partner distributions and lean approaches to cash management have left firms vulnerable to financial shock.

The study, published by Augusta Ventures, a litigation funder, shows that out of 40 LLPs studied, 55% had insufficient cash on their balance sheets to cover one month’s operating expenses, and 38% would not be able to meet one month’s salary bills.

The review was based on the publicly available financial accounts of the top 40 UK LLP law firms by revenue that report on a consolidated basis.

Firms that are under-capitalised will find it all the harder to deal with the impact of Covid-19, which is inflicting a massive financial shock to all sectors of the economy.

Author of the study, Andrew O’Connor, concludes: ‘The rate of cash burn experienced by law firms during this period will place significant strain on balance sheets.’

Last week a survey of nearly 8,000 legal practices by the Law Society suggested that thousands of high street firms could shut within six months because of financial pressures as a result of the crisis.

Cash flow pressures and lower fee income have put more than half of all the legal practices in England and Wales at risk.

“The shock to the legal services sector has been sudden and severe,’ commented Law Society president Simon Davis.

“There are widespread concerns over liquidity as firms face a dramatic plunge in income with work falling away.

“Although a firm may be open for business, this does not mean it is business as usual.

“Residential property transactions have ground to a halt.

“Reduction in court hearings has massively impacted on the amount of work available – while social distancing and the lack of face-to-face meetings is causing difficulty delivering in other areas, such as the execution of wills

[sunshine today] 06/5/2020 06:24

To put the above in prospective, 18,500 companies went bust in 2019.