Episode Title: The Right Experts at the Right Time: Why Directors and Debtors Need Both Legal and Accounting Advice Before Crisis HitsGuest: Ann O’Connell, Special Counsel – Hall & WilcoxHost: Alice Ruhe, Partner – SMB AdvisoryEpisode Overview:In this episode of SMB Wisdom, host Alice Ruhe is joined by Ann O’Connell from Hall & Wilcox to unpack the essential role that both legal and accounting advisors play in helping directors and debtors navigate financial distress—before a crisis unfolds.Ann is a Special Counsel in dispute resolution with a strong focus on restructuring, insolvency, corporate workouts, and debt recovery. With extensive experience advising both private and public clients—ranging from SMEs to top-tier banks—Ann brings deep insight into the intersection of legal risk and commercial reality.What We Cover:✅ Legal vs. Accounting Advice— When should directors engage a lawyer versus their accountant?— How can both advisors collaborate to guide decision-making?✅ Legal Professional Privilege— What is it, and why is it crucial during times of financial pressure?— How can it shape strategy before formal appointments?✅ Beyond the Balance Sheet— Financial health is just one part of the picture.— What other legal risks should directors be thinking about early?✅ Legal Risks in Employment and Leasing— Why these areas often trip up directors during restructures.— Common pitfalls when legal advice is overlooked.✅ The Cost of Delay— Why early engagement with professionals makes all the difference.— How timely advice can help prevent escalation.Key Takeaways:Early advice is good business—especially when facing financial headwinds.Legal professional privilege is a strategic tool, not just a protection.Directors need to think holistically—legal, financial, and operational risks all matter.Connect with Ann O’Connell:You can find Ann’s full bio and contact details in the episode notes and on our website:Ann (Watson) O’Connellhttps://www.linkedin.com/in/a-oconnell1/Enjoying the SMB Wisdom Podcast?🔔 Hit subscribe so you never miss an episode⭐ Leave us a rating and review to help others find the show📢 Share this episode with a business owner who could use a little wisdomUntil next time—be Wise in Business.#SMBWisdom #BusinessAdvice #LegalAndAccounting #FinancialRestructuring #InsolvencyInsights #DirectorDuties #EarlyIntervention #LegalPrivilege#RiskManagement

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