Over the last few years, we’ve seen a lot of commentary on how insolvencies were expected to increase. Various economic headwinds such as inflation, rising interest rates (since reversed), labour shortages, supply chain issues and increased geopolitical uncertainty were cited.
The reality is Irish businesses have been very resilient in dealing with the challenges of the last five years. While there has been an increase in insolvencies in sectors such as hospitality and retail, it is still a relatively quiet restructuring market when compared to the late 2000s and 2010s. The economy performed better than expected this year and is projected to grow again in 2026.
Any business in financial difficulty should explore their restructuring options early
The challenges businesses have faced over the last few years remain pressing concerns, nevertheless. Among them is the rising cost of doing business and, from a broader perspective, the uncertainty created by current geopolitical climate, which is hampering badly needed investment in certain sectors. I see the challenges facing SMEs and large businesses continuing into 2026, and we will continue to advise them on how to navigate the uncertainty.
Any business in financial difficulty should explore their restructuring options early by seeking professional advice. I would welcome corporate rescue processes such as SCARP and examinership being more widely availed of. There is still a very low uptake of SCARP, with only 19 to date in 2025 and 22 in 2024. There has been more enforcement action taken by the Revenue Commissioners, who are seeking to wind up noncompliant companies through the High Court.
In July, I was appointed restructuring partner with BDO – one of seven partner appointments so far this year across audit, tax and advisory. My clients are across a wide range of industries with particular focus on retail, construction, financial services, real estate, aviation, healthcare, motor retail and hospitality. Key to the role is working with financial institutions and secured lenders on enforcement strategies and their implementation. I also advise and represent lenders and borrowers on consensual debt restructuring agreements
Take ownership of your own career path rather being reactive
We are a team of 30 led by three partners – who have collectively racked up 65 years of restructuring experience – across our Dublin and Limerick offices. Our restructuring, corporate finance and deal advisory skillset is supported by a strong and experienced management team of 12 people, including four directors.
We recently launched our ACCA Employer Community to build a professional network ACCA students and members within BDO. The ACCA qualification opens the door for opportunities across many different careers.
The most important business lesson I have learned in my career is to take ownership of your own career path rather being reactive or waiting for career development opportunities to arise. It’s also important to continue to develop new skills and capabilities, to be willing to collaborate with others and to be ready to learn from your mistakes.
