Award Winning Team In Demand As Credit Crunch Bites

Following the recent CBI survey, statistics show that 33% of businesses surveyed expect output to fall and only 20% expect output to rise during the credit crunch. These statistics are reflected in the changes in work levels within the Business Recovery and Insolvency team at law firm Sydney Mitchell as they are reporting dramatic increases in turnover as the credit crunch bites.

The team which was brought together earlier this year to combine the skills of insolvency, business recovery and debt recovery has seen a 60% increase in turnover. With high demand for the firm's skills following the award of Law Firm of the Year 2008 there has also been an increase in the number of legal advisors.

Partner Peter Adkins comments 'There is little doubt that with the tightening of credit facilities businesses are becoming more focussed on improving cash flow, controlling credit and avoiding increases in bad debt'. He added 'Whilst our focus is still on our well established client base of Owner Managed businesses we are now making strides in acting for the major accountancy firms and financial institutions. It is clear the downturn in the economy is biting and we will do all we can to assist our clients in these difficult times'

The increased respect for the Insolvency team, under partner Kam Majevadia, is demonstrated by instructions being received from all levels of Accountancy practices, from the Big 4 top tier, through the middle tier to smaller practices. Mr Majevadia says 'When businesses are struggling and time is critical, our approach of immediately focussing on each client's specific needs and addressing those is leading to excellent results with the minimum of delay'.

The team, which also includes partner Tony Lewis and associate Leanne Schneider-Rose is supported in depth by Dhani Uppal, Elaine Buffery and Khalid Salim. Between them they have countless years of experience with all areas of Business Recovery and Insolvency.

With the current economic climate as it is and the ever increasing number of companies seeking assistance in the collection of their debts, the development of the combined team has come at the right time.