There is likely to be a high volume of insolvency work in the Cayman Islands within the next few years due to the current global economic downturn, meaning that now is the ideal time to start your career in insolvency.

What Exactly is Corporate Insolvency?

Simply put, corporate insolvency work is created when a company cannot pay back those who are owed money. When this happens, the company enters liquidation and is liquidated. Liquidation involves the sale of a company’s assets, and the return of that money to its creditors (those owed money), or shareholders (those who invested in the company). It also involves an investigation into why the company has come to the end of its life.

What Does the Insolvency Market Look Like in Cayman?

In the Cayman Islands, the majority of the corporate liquidations involve liquidating a hedge fund. As the Cayman Islands has approximately 80% of the world’s hedge funds registered here , any liquidation of any of those hedge funds must be completed by an insolvency firm in Cayman.

Some liquidations are very simple and straight forward, however some become very complex, and extensive investigations need to be completed. This often includes fraud investigation, which occurs when someone involved has stolen money, and can be interesting and exciting to work on. Large and complex liquidations in Cayman will also often involve working to identify assets and manage operations located all over the world.

Given the nature of insolvency, a career in this industry is regarded as being lucrative and stable, as this type of work is always required as part of the financial lifecycle. This means you’ll have a job whether the markets are doing well, or not.

A Day in the Life of an Insolvency Trainee

One of our successful candidates recently started as an insolvency trainee a few months ago. We spoke with them to find out what the role of an Insolvency Trainee is like day-to-day so you can see if this might be the career for you.

1. Can you give me a brief description of what your role entails?

In my role, I’ve learned about insolvency concepts, legal processes, pre-insolvency options and international asset tracing. I support case managers with drafting correspondence to clients, preparing monthly billing and regularly updating our internal insolvency software. I’m also involved in client meetings and internal team case planning meetings.

2. What is your favourite element of your job?

I enjoy learning about the background of each case as each client is unique.

3. What helps to keep you motivated each day?

I create a do-to list each day in order to remain organised and complete tasks by expected deadlines. I also have a very lovely team that provides positive feedback on my work. This encourages me to continue to try my best to maintain high standards.

4. Who do you communicate with most regularly both inside and outside your organization?

I’ve been assigned a “People Manager” who often meets with me to discuss various aspects of work. These are very friendly catch-up meetings, where I can discuss my professional goals as well as raise any concerns. Outside of my organisation, I communicate with clients as well as colleagues from our organisation’s international offices. It’s amazing expanding my network and working with individuals outside of the Cayman Islands.

5. Since you first started, what do you think has been your biggest challenge?

Coming from a non-business background, I’ve had to learn a lot of new “business” terms and phrases. However, my colleagues are very supportive and always take the time to explain new concepts to me. I’ve learnt so much since I’ve first started working.

If you’re interested in strong work experience in the financial industry, this is a great area to work in. Also embrace this opportunity to enhance your professional development.

7. How did your past experience and education prepare you for this role?

I completed my Bachelor of Science in Human Biology with Mathematics in the UK. By completing my degree, I have demonstrated that I can manage my time and work effectively to meet deadlines. Studying Human Biology has also made me very detail-orientated, an important skill for this role. Meanwhile, Mathematics has provided me with problem solving and analytical skills.

Outside of university, I also worked and volunteered in a variety of administrative roles. This background has provided a strong foundation for working in a professional environment.

8. What is your proudest accomplishment through work?

I have learnt so much about official and voluntary liquidations. Recently, I’ve been involved with preparing various statutory items, which are essential once liquidations commence. A few months ago, I had no clue what official vs voluntary liquidations meant!

9. Where do you think this industry is headed next?

With the current pandemic, the industry is expected to be in high demand. Now is a great time to join as we expect a variety of insolvency cases in the near future!

10. What is your company culture like?

As soon as I started working on my first day, I was greeted with many friendly faces. Everyone in the team is very approachable and is always open to questions, no matter how small or big they may seem. It’s such a great environment to work in. I’m grateful for their contributions to my professional goals.

Let’s Talk About A Career in Insolvency

Insolvency is a very dynamic and exciting industry – no liquidation is ever the same, and there is always a new set of facts and issues to investigate. In the world of financial services, this is one of the most exciting niches to work in.

You don’t have to be completely sold that this is the career for you right this second. Speak with our recruitment team to chat in more detail about an opportunity in insolvency and if it could be the start of a promising and lucrative career.

Email info@nova.ky today or view our current trainee vacancy here and apply today.