What are the biggest lessons in your career so far?
One is the importance of setting realistic goals. Earlier in my career, I tended to overextend myself. Once, I juggled so many papers and work that I failed an exam, which came with serious consequences. Nowadays, I prioritize work-life balance as it ensures my team and I maintain a sustainable pace and, ultimately, better quality work. It’s truly the only way to a sustainable career.
You were named 2024 Woman of the Year in Restructuring by The International Women’s Insolvency and Restructuring Confederation (IWIRC). What does the award mean to you?
Receiving this award is an honour, not only because it recognizes professionals in this field from around the world, but also because it represents a positive step for women in Hong Kong. I hope my work, especially some of my projects involving high-profile clients, might inspire other women to pursue and excel in restructuring and insolvency. This is because I know my appointment as one of the liquidators of the China Evergrande Group is a key factor behind IWIRC’s decision.
What major challenges have you faced in your career?
The most challenging moments in my career have been when I feel limited by my own abilities. In accounting, logic is essential. However, I’ve found that, when overcoming obstacles, my best decisions often stem from a balance of logic and intuition. Understanding my strengths and weaknesses, while allowing my intuition to drive me forward, has been key to making impactful choices.
What key advice do you have for young CPAs in this specialism or those thinking to pursue a career in restructuring and insolvency?
When I was a junior, I asked my boss the same thing and he said, “Be persistent.” After 25 years in this field, I can tell you he was right. Restructuring and insolvency often takes years, not weeks to see results. It’s not for everyone. If you prefer a more structured environment, auditing or tax might be a better fit. If you are interested in quick deals, maybe consider M&A and IPOs. But if you’re curious about unwinding the history of a company and understanding its inner workings, then this is the field for you. It requires persistence, a deep understanding of business, and a commitment to finding the best outcome for creditors.
What are your predictions for the future of restructuring work?
I believe there will be an increase in formal insolvency and liquidation procedures compared to consensual restructuring in the future. This is because the consensual restructuring discussions of a number of large companies have been ongoing for over a year already. If little progress has been made in agreeing on the terms of a restructuring, it is likely that the liquidity position of these distressed companies has worsened over the past 14 months. As creditors start losing patience and confidence in the viability of an informal process, the filing of winding-up petition against debtors becomes more likely.
In what ways has your CPA qualification helped you in your career?
Having a CPA qualification has been invaluable in my career. It definitely opens a lot of doors and provides assurance of my professional skills. These skills enable me to make an initial diagnosis on the financial health of a business when I speak with clients, and the ongoing training ensures I stay current with the ever-changing landscape of the field.
