What careers can you branch into through the insolvency

Corporate insolvency is a highly volatile industry as market activity is mostly determined by economic conditions. Insolvency professionals play a pivotal role in shaping a business's financial health and securing a prosperous future. The industry is highly regulated and highly regarded as it provides a compass to businesses at any stage of their journey. Chelsea Williams, a business debt help expert at Scotland Liquidators, looks at what neighbouring career paths you can step into from insolvency.

Personal insolvency

As you address a business's financial health, you’ll also touch upon personal liabilities, as this will determine what options are available to the business. After meeting with company directors on the brink of bankruptcy, you may consider entering the personal insolvency trade.

Corporate restructuring and turnaround

While insolvency professionals guide the company closure process, they are also at the forefront of initiating company rescue. If there’s a possibility that a business can be rescued and turn a profit, an insolvency practitioner will seek to preserve the company.

Company restructuring and turnaround services are essential for growing businesses that wish to operate at the height of efficiency. While this area of expertise is highly technical, it can provide a beacon of hope to businesses looking to revive financial health and increase value.

Financial advisory

If you have a background in accounting and finance and work in insolvency, you may naturally gravitate towards financial advisory as your next career path. As an insolvency professional delivering business rescue advice, this may naturally skirt financial advisory territory.

Working in financial advisory with an insolvency head and finance background can give you a unique advantage. You will have the technical expertise and knowledge to absorb the wider picture and use your wider skill set to craft highly effective solutions.

Financial advisory is integral to company restructuring and business turnaround, supporting business recovery and growth. Your background in insolvency will strengthen your footing in the financial advisory arena and bolster your ability to engineer highly tailored strategies.

Corporate finance and funding - Part of initiating a business recovery may be connecting the director with a reputable corporate finance provider or a funding expert. Whether it’s a short-term cash injection or a government grant, these options can breathe life into a business and are essential tools in the insolvency practitioner’s playbook.

Through longstanding relationships with providers, you may develop an interest in this field and choose to pursue a career in corporate finance or funding.

Unlocking opportunities through corporate insolvency

Whether you step directly into the insolvency profession or stumble into it through another route, the career paths available to insolvency professionals are countless. From specialising in business turnaround, transitioning to personal insolvency, to honing your financial advisory skills, your insolvency experience will give you a unique perspective and help build an indisputable track record.