Remember when you were young and someone asked you what you wanted to be when you grew up? Me? An actress.
Once I realised I was not what you would call 'gifted' in this area, I had to make some life-changing decisions. The next best thing? Insolvency professional, of course!
[caption id="attachment_70" align="alignleft" width="507"] Holly Palmer - Transatlantic CIRP[/caption]Although it wasn’t my childhood dream, I do consider myself lucky to have chosen this career. I truly believe that the economic and financial health of a country is wholly dependent upon a sound and trustworthy insolvency and restructuring regime.
This post focuses on the benefits and challenges of working abroad. Future posts will include some of the specific challenges faced in cross-border insolvency, and the global impact of our high-profile cases.
Speaking English – easy, right?
I thought that working in Canada and the UK would be similar as far as writing and speaking goes. Boy, was I wrong. In multicultural London, I find myself in many meetings with people of diverse backgrounds. I remember my first meetings with accents from Ireland, Scotland, England, Egypt and Australia. I spent the first few confused - I could recognize most of the words, but could not for the life of me figure out what was actually being said.
For example, in east London, there is "Cockney Rhyming Slang". When someone says they are going to take a "butchers,” it means they are going to take a look at something because "Bucher's Hook" rhymes with "Look"(obviously..??). I am not kidding…this is a real example of how different variations of the English language can be challenging to interpret. I won't go into some of my embarrassing mix-ups with the word "pants" (underwear in England). Three years in, I think I've got the hang of most of the slang used here, but as it goes back hundreds of years, I fear I will never know it all!
Working abroad really challenges you to improve your communication. What is a clear message in one jurisdiction may not be understood in the same way in another. Even punctuation, grammar, and spelling are very different between the UK and Canada. Working abroad forces me to think clearly about the words I use and to consider my audience before speaking or writing.
In insolvency, although relief in both the UK and Canada is based on the same common law and statutory theories, terminology is much different. Receivership = Administration, Corporate Bankruptcy = Liquidation, Division I Proposal = Creditors Voluntary Arrangement, and so on. Not to mention the nuances of each regime.
As you can see, what you say may mean the same or a very similar thing, however, the words chosen can be the difference between your audience understanding or being confused. It has a great impact on your credibility, so you need to learn these differences as quickly as possible.
This also brings a challenge when communicating back home as you need to revert to your old spelling, grammar, terminology, and punctuation. You can't simply go on autopilot and use what you are used to now.
You really do need to constantly be alive to everything you are communicating.
Thinking globally
Working in insolvency abroad puts you into a global mindset. You are no longer only focusing on your own backyard, but also considering the international impact of decisions. You build international relationships in insolvency and other advisory fields maintained by social media, personal "catch-ups", and conference calls. You really start to foster a global network.
Working and living abroad gives greater experience and a more developed skillset. Discovering such a broad range of different perspectives, personalities, and values from around the word has been priceless. I have constantly been challenged beyond my comfort zone leading to significant personal growth.
Some final thoughts on London:
- Opportunities to travel from London are endless. The low-cost airlines makes it a breeze to travel around Europe, Asia, and Africa.
- Driving here is dangerous, the roads are very skinny and there are many foreigners on the road (like me) …stick to public transit if you want to stand a chance!
Please feel free to email me at holly.palmer@uk.gt.com for any queries you have on insolvency or life abroad.
Holly Palmer is a CIRP currently working in London, UK. She is a mentor and coach, a snowboarder, a sports fanatic, and an avid theatregoer.