Waiting for Godot

The much-anticipated surge in Irish restructuring and insolvency may finally become visible later this year, but for now the wait continues

Next January will see the 70th anniversary of the first performance of Waiting for Godot, arguably the best English language play of the past century – written, of course, by an Irishman. Although its meaning is subject to much academic debate, Beckett’s circular narrative is really quite straightforward: two men wait for a third, who never appears.

There is perhaps some parallel with the much-anticipated arrival of a surge in Irish restructuring and insolvency work, particularly those of zombie companies – which earn just enough to continue operating and servicing their debt, but little more. Two men, both managing partners of their respective firms, offer their thoughts. “Insolvency lawyers have been waiting for a wave of insolvencies since the beginning of 2020,” says Declan Black, managing partner of Mason Hayes & Curran. “But we don’t see it yet.” Geoff Moore, his counterpart at Arthur Cox, echoes the point. “We still haven’t seen that wave of restructuring work, which 12 months ago seemed inevitable,” he says. “It’s still inevitable, it just hasn’t quite landed yet.”