Essential Traits for an Insolvency Professional
Communication is crucial for an Insolvency Professional to effectively engage, disseminate information, and navigate complex situations. Understanding the art of communication, its relevance in insolvency, and how to communicate with various stakeholders is key for success in this field.
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Presentation Transcript
COMMUNICATION 1 The most important trait for an Insolvency Professional
COMMUNICATION. TYPES & STYLES SILENCE MULTI TASKING TALK MANAGING TIME NEGOTIATE FLEXIBLE IGNORE MEDIATE MANAGING RELATIONSHIPS PATIENT VISUALIZE ASSESSING MACRO & MICRO EMPATHISE RESPECT CONTROL SYMPATHISE MEET & GREET & SMILE MAINTAINING BALANCE 2
BACKGROUND.. What is Communication? What is the relevance of Communication for an IP? Is Communicate just to: Send the message Tell or ask something Speak for the sake of speaking, making sure that you are alive. Meet people for the sake of knowing them, OR When to say and what to say? When to say silent? When to make others talk? Why Communicate? It s a way to engage, and disseminate information / knowledge, learn as well as teach. 3
WHAT IS COMMUNICATION An Art of conveying your intent while achieving the objective Communication is within yourself and also between yourself and others. Can Communication be one way? Communication is to Communicate (If only you yourself know how to communicate with yourself) Always good to think before you speak, exactly as is Always good to look before you leap As is also said, words like arrow never come back. All these and some more 4
BEING A COMMUNICATOR IN IBC Imagine you are a CEO/MD of a CD and assess the need of being a good communicator Your responsibilities and obligations are all of the following: As per mandate (IBC) As a head of an organization When the Powers of the Board are suspended When the environment is not conducive When the time is a constraint When stakeholders are watching every move of yours and most of the times, questioning it When you are on radar, all the time When IBBI, COC, AA can ask anything, anytime from you When disgruntled employees and frustrated OC s have queries you don t have an answer for When the Promoter who is on the verge of loosing his company can be as hostile as 5
WHAT STAKEHOLDERS TO COMMUNICATE WITH ... Team of RP Chartered Accountants Company Secretaries Lawyers Management Graduates Bankers Government Officials Sector Experts (Pure Technical People) Employees Promoters COC Members Operational Creditors Judge / Tribunal IBBI / IPA Homebuyers / Class of Creditors 6
WHO EXPECTS WHAT. People Want to listen what is good for them. Expect to hear what they like. Hence, the challenge is to either know what they want to hear, OR Know the Art of telling what needs to be told 7
WHERE ALL AN IP IS TO FOCUS ON COMMUNICATION AND HOW Taking over the Assignment / giving the Consent Taking over the Corporate Debtor Managing the Corporate Debtor (CD) as a Going Concern / Moratorium Period Business Operations, Sector, Locations, Scale, Dependency, Status, Group etc. Verification of Claims Financial and Operational Service Providers of CD: Managing COC Meetings EOI, Due Diligence, Interaction with Resolution Applicants (their teams) IBBI / IPA Compliance NCLT, NCLAT (filing of applications and representations / appearances) 8
COMMUNICATION INVOLVED IN ALL TOPICS Interaction with stakeholders even prior to the assignment. BD Advisory While building the team With the Applicant With the CD, KMP, Vendors, Service Providers, FC, OC COC Outside World Within RP Team 9
COMMUNICATION :: NEW PHILOSOPHY See, Hear, Feel, Absorb, Internalize, Assess, Prioritize, then, speak, if required. Silence can be Golden and a powerful statement and an amazing communicating tool Who to and What to speak is important but Why to and When to speak, is critical Choose a judicious mix of Words and Actions while communicating Communication in Uncertainty is an ART Communicating with yourself before communicating with the world is a super ART. 10
BALANCE :: GOLDEN WORD FOR A GOLDEN WORLD We deal with human beings, so we deal with subjectivity There is nothing Right or Wrong, Good or Bad. Its just appropriate or inappropriate for a given situation We all are intelligent in the hindsight The answers to most of the questions lie between yes and no There is a lot of grey in between black and white The only thing that is constant is CHANGE Change is of two types. One is with A and the other with T You win some You lose some You are in a Q, there are some ahead of you and some behind There is always the other side to everything. If you are not able to see, it does not mean its not there 11
SHUKRIYA 12
HELPING YOU DISCOVER: THE OTHER SIDE THE OTHER SIDE HELPING YOU DISCOVER: SANJEEV AHUJA DIRECTOR ENSEMBLE RESOLUTION PROFESSIONALS PRIVATE LIMITED ENSEMBLERP@GMAIL.COM SSMR.AHUJA@GMAIL.COM +91-9810600016 13
