What's it like to start a career within Insolvency?

With Insolvency & Restructuring being at its busiest point in years; there’s become an increasing need to add a new generation of talent into the industry. I often speak with people considering moving into this area who are keen to know more about what it’s like starting out in the world of Insolvency & Restructuring.

With this in mind, I had a chat with Serge Akra, an Insolvency Administrator who we recently helped with securing his first job in the world of Insolvency.

What was your background before going into Insolvency?

“Prior to joining the insolvency firm I’m currently at I had no previous exposure to Insolvency! Funnily enough, the only background I had was from studying a module at university entitled Liquidation Risk and Financial Management. This module only touched on Insolvency briefly, which just goes to show that all it takes is hard work and dedication.”

What did you know about Insolvency beforehand?

“Honestly, I knew very little. Insolvency is quite a niche area so most people might not even know what it means! I’ll admit I was like this as well, but it turns out there’s a lot more to it than I originally thought.”

What was it about Insolvency that attracted you to the industry?

“I’ve always liked analysing things forensically and looking at reasons to why companies fail, or why an individual becomes bankrupt. It also interested me when I’d see on the news major companies becoming insolvent. So I think that’s what attracted me to the field at first, wanting to understand what makes an unsuccessful business, and also trying to help them improve their situation.”

How was the interviewing/recruitment process?

“The interview process was very efficient thanks to Chris and Rob. They guided me through each stage, giving me advice and tips along the way. Before having the first interview I met with Chris and Rob who briefed me on what to expect. There were two interviews in total, and during the process, Chris and Rob were always readily available on the phone to assist me the best they could!”

Since you’ve started your role, what sort of work have you been getting up to?

“I’ve been very busy. I’ve been hands-on with dealing with company voluntary liquidations, bankruptcies, individual voluntary arrangements and so forth. There are so many areas of insolvency and you meet so many people from lawyers to solicitors to accountants to judges... it doesn’t stop at just one thing.”

What’s been your biggest challenge in the role so far?

“Honestly, it hasn’t been easy. Coming into a niche field where there’s been so much to learn can be quite overwhelming. There’s a lot to take in, but this comes with everything. When I first started I thought I’ll never be able to do what I’m doing right now, yet here I am!”

What’s been the highlight so far?

“Taking on my own case. Coming into insolvency I pretty much knew nothing and had no prior experience. However, after being here for over 6 months it’s amazing to see how far I’ve come. Dealing with my own cases, handling clients, it’s amazing when it seems like only the other day I found it hard to even define insolvency!

Even as I say it now, I can’t believe I’m dealing with cases where I am the person of contact. If creditors have queries, they have to contact me, I go to court on behalf of my clients... 6 months ago I knew almost nothing about insolvency its crazy!”

Anything you’d say to someone that’s thinking about going into Insolvency?

“If you are thinking of doing it go for it! If you want a rewarding job, where you’re helping people this is the field for you. No two days are the same and you will be working with so many different types of people.” 

If you have any interest in pursuing a career in Insolvency please feel free to contact me or the team at insolvency@ambition.co.uk.