Episode Title: The Right Experts at the Right Time: Why Directors and Debtors Need Both Legal and Accounting Advice Before Crisis Hits
Guest: Ann O’Connell, Special Counsel – Hall & Wilcox
Host: Alice Ruhe, Partner – SMB Advisory

Episode 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’Connell

https://www.linkedin.com/in/a-oconnell1/

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Until next time—be Wise in Business.

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