Declan Taite Discusses How Businesses Can Navigate Adversity and Weather the COVID-19 Storm

Declan Taite, Managing Director in Duff & Phelps Ireland’s Corporate Finance practice, was recently featured in Business Post discussing how firms can best position themselves to handle adversity and weather the COVID-19 storm. He underscores the importance of businesses taking timely action to navigate the challenging economic environment and ensure business stability, in particular the significance of proper cash management to help mitigate cash flow risks and bringing independent professional advisors on board early to assist with critical business decision making.

Declan commented, “There are many difficulties facing companies as a result of the pandemic, but one of the most problematic is uncertainty. Consumer confidence is at a low and trying to predict spending patterns, particularly in areas badly affected by COVID-19 such as hospitality and retail, is likely difficult...Another significant challenge that most companies are facing is a loss of turnover, and one of the biggest concerns is managing cash flow, which is their lifeblood...”

He added, “The government acted swiftly, put support packages and stimulus in place, including the temporary wage subsidy scheme. But there is a sense that a number of businesses are being artificially sustained because they are being propped up by these supports and once they are withdrawn, we will see an increase of distressed businesses in the market place; many of these firms will likely seek turnaround and restructuring.”

“We’re currently working with several companies preparing business plans, many of which may not previously have had a fit-for-purpose business plan, or those that have needed to be redefined or recalibrated. Many of these companies are availing of Enterprise Ireland grants to assist in preparing business plans and subsequent funding applications. Separately, we are working with another cohort of businesses assisting them in engaging with various stakeholders, banks, landlords and creditors to look at implementing informal restructuring arrangements, or where the situation is terminal, to provide formal insolvency services” Declan continued.

Business Post subscribers can read the full article here.

2020-09-18T00:00:00.0000000 0001-01-01T00:00:00.0000000 /about-us/news/declan-taite-featured-business-post /-/media/assets/images/news/featured-images/2020/declan-taite-featured-business-post.jpg news {C8894F56-FF6C-4DEA-AB91-58D66A7F0624} {9AE295AC-8FEF-486E-AD1D-883E7C9A8AFF} {F9B98A1D-14F6-47F5-85C2-A8C732361D98} {1615C0AB-0522-4BBF-AFDD-EF8BC151D688} {7E8E553C-0F29-4200-9149-F7FF7ABE4B3C} {D9BB10C5-C54A-4DC9-BE86-DFEC54FCEE33} {87E17F8A-4FA2-4967-A0F8-C8EFF6FBE09B} {BC19C787-C311-4168-8FEB-7B37059844B8} {5EBFC946-6F6F-4132-A5AB-EDBD18E3339E} {7073E543-546F-4066-8745-34E38E23F344} {F11F5571-60D8-454F-8F94-ACEC752859D4} {5BE10FB0-40A3-4BA1-8F1C-952E167480B6} {1E217912-BBE9-4550-9460-2C33CD2E88C4} {9E4D8892-2B11-4CAA-AC49-3F85DA2BB590} {DD3073FE-F3F6-497B-BD59-1EA99697F446} {18C1B96B-556E-4433-9A0A-CF280E4B47A3} {70E0C918-0162-44FE-9A7A-C6D05BB15ED2}

Other Areas We Can Help

Governance, Risk, Investigations and Disputes

Combined Duff & Phelps and Kroll disputes, investigations, cyber, business intelligence, cross-border restructuring and other advisory.

Governance, Risk, Investigations and Disputes

Restructuring Advisory

Helping companies, financial sponsors, lenders, creditors and other stakeholders involved in challenging situations and distressed transactions.

Restructuring Advisory

News