Initiative promises business 'failures' a second chance

A ground-breaking initiative designed to help people who have ‘failed’ in business to reclaim their entrepreneurial spirit has been launched in Belfast.

The Second Chance Programme, which has been developed by Ortus, the Business Development Agency, will assist former sole traders, partners and company directors to get back into business.

Through structured training and mentoring, participants will first address the issues that lead to the failure of their former business and then be supported, step-by-step, as they seek to develop a business plan for a new venture.

The Programme will be delivered by a team of business advisors which includes insolvency practitioners, accountants and marketing executives.

Launching the Programme Seamus O’Prey, General Manager of Ortus said: “In Northern Ireland almost one hundred limited companies and an equivalent number of sole traders and partnerships are forced into liquidation or go bankrupt every year.

“There are a many reasons why businesses fail. While some factors such as an outbreak of foot and mouth cannot be mitigated against other factors such as a lack of business capital, skills gaps, inadequate insurance or an over reliance on one or two customers can be avoided.

“The Second Chance Programme aims to remove the stigma attached to business failure and to encourage participants and local financial institutions to view past business experiences as a learning curve rather than a barrier to future success.”

The Second Chance Programme is being launched to complement the new Enterprise Act, which is due to come into effect in Northern Ireland later this year.

Under the Act, which has already been implemented in Great Britain, insolvency and bankruptcy laws have been radically revamped.

Amongst other positive changes, the Enterprise Act will enable bankrupts to re-establish a new business within a quicker timeframe.

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