NED MURPHY

Moore Ireland

Moore has 11 partners and over 120 staff, with offices in Dublin and Cork. Insolvency expert Ned Murphy advises clients in the area of turnaround strategy, fundraising, debt structuring and due diligence.

ACTIVITY The overall impact of the pandemic on the practice has not fully materialised yet. Our clients are likely to face their biggest challenges during 2021, with a knock-on effect for us. We have seen a significant slowdown in transactions, M&A, reorganisations etc, which have been put on hold. There has also been a decrease in FDI activities, which we see as a temporary impact of Covid-19. Our banking and restructuring team have seen an increase in demand for their service offerings.

A stand-out feature of the pandemic has been the escalation of communication with clients. Regular e-zines supported by follow-up calls to discuss the worries of clients and keep them fully appraised of the government supports available, have strengthened our relationships with clients. The pandemic has forced us to conduct audit and consulting services remotely. Our investment in electronic audit tools, and online portals and platforms, meant we were able to do this successfully during 2020.

BUSINESS SUPPORTS The CRSS, EWSS and warehousing of tax liabilities have been critically important for SMEs. The concern is the impact of weaning vulnerable businesses off support while they require additional working capital to restart their businesses. SMEs will need to be well advised regarding funding structure to navigate their way through this period. We have noticed a reluctance of business owners to take on additional debt to fund losses in a time of great uncertainty.

The reality is there is not only financial stress but also structural change emerging in anything hospitality or retail-related. We envisage that our significant experience in funding and restructuring will be required to help ensure a viable and sustainable exit from the pandemic period.

‘Structural change is emerging in anything hospitality or retail-related’