Thank you to everyone that attended our evening seminar and drinks to mark the opening of our Manchester office. Sorry you couldn't make it to the others!
We had 44 people in attendance which, considering Manchester United were playing at home and the first round of Christmas parties was underway, we consider a good result!
Previously we would have purely turnaround subjects at these seminars but this time Keith Steven was joined by professionals talking about Insurance products for distressed businesses and the mis-selling of interest rate swaps by the banks.
We heard from Jane Shelmerdine of JLT Specialty ( our hosts) about how companies often pay for insurance they simply don't need. This could be such things as falling tree cover on their business premises when there isn't a tree to be found in the industrial estate!
Alison Loveday from Berg, fresh from her Panorama appearance, gave us an insight into how they are helping SMEs claim money from the banks involved in the mis-selling scandal of interest rate swaps. We were informed that about 60,000 SMEs are thought to have taken out some sort of hedging finance product in the years before and during the financial crisis. A fair proportion of these businesses we know did not understand what they were buying and were pressured into these deals. It was also revealed that many cases have been settled but are subject to strict gagging orders. So, if you know of a business that has suffered from mis-selling then there can be redress.
Keith Steven of KSA Group pointed out how we have come across swap mis-selling cases in companies we have restructured and gave us insightful analysis of how next year may pan out for distressed businesses and those of us that can help them.
A special thanks goes to the organisers, Amanda Eckersley, our new regional manager, and Jonathan Reeves our event coordinator and of course the speakers at the event. See you again in 2015 as we will be holding another similar event in London and Manchester.