p16 columnist apr3 1/4/09 17:47 Page 16
news comment
ttglive.com
Kane Pirie Travel Republic
“Just because a company
fails, it does not mean the
directors are guilty of crime
or ethical transgression”
F
ree-range hens display a curious When a business has failed, I would urge
mob mentality. They tend to select other commentators to show a bit more
one of their own, probably already compassion rather than just sticking the boot
weakened in some way, and subject in. Among other things, luck plays a role and
that luckless victim to repeated attack. no company has a God-given right to exist.
Sadly, I see the same pattern in some of the While convicted fraudsters such as Christakis
recent travel industry stories. Just because a Philippou deserve an industry backlash, in
company fails it does not mean the directors other cases directors should be shown
are guilty of any crime or ethical transgression. sympathy instead of being barracked.
In the vast majority of corporate failures, the Comments made following the XL failure
directors have done everything they can to were simply ridiculous. I am pleased
save the business, and the final demise Paul Moss has bounced back with Kiss
weighs heavily upon them. – I have complete confidence in him
Some time back, fresh from and his new business, which is
university, I turned up for my first trading very well with us.
corporate recovery assignment. Equally, I am disappointed to see
My main tasks were to Steven Freudmann has resigned
get to the premises at from Abta. I suspect his position
7am every day became difficult once Paul Evans
“to stop people succeeded in publicly casting
nicking stuff”, aspersions, which so far appear to
answer calls be totally without foundation.
from homicidal This year, to date, has been better
unsecured than was generally expected. I am
creditors who increasingly hopeful the current recession
shrieked abuse at will be lighter and shorter than feared.
me, and make endless However, corporate failures are a natural
trips to McDonald’s for the rest phenomenon in all market conditions. Where
of the team. companies do fail, I hope the rest of us can
I remember one of the company start to avoid the unwarranted ritual
directors of the ailing business besmirching of the hapless directors and,
seemed to age terribly before to be blunt, show a bit more decorum.
my eyes. He loved the Let’s call time on the chicken mob.
business and was worried
sick. Before I moved on, he Kane Pirie is managing director
had died – from a heart attack. of Travel Republic
16 03.04.2009
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