Winding Down of a Semi-Governmental Entity
Context
The center of government in a GCC country was looking into winding down a major semi government entity specialized in developing and managing the government’s assets within a specific industry; the entity has been incurring considerable losses over a long period of time.
The Ask
Pace consulting was approached in order to support in completing the wind down of the entity which has been delayed repeatedly due to multiple legal and operational obstacles.
What We Did
We identified various workstreams required for the completion of the wind-down, identified bottlenecks, and built a governance structure to organize the interactions with various stakeholders. The team also led the implementation of the plan by supporting various teams and functions in close coordination with senior management through detailed and regular monitoring, highlighting progress and risks to be mitigated. The workstreams were split in three categories:
- Operational workstreams: includes bottlenecks that require operational support
- Legal workstreams: require managing all ongoing litigations and claims and contracts novation
- Project Management: workstreams that require coordination across several stakeholders and decision making
The various workstreams were mapped based on progress and intervention level in order to highlight priorities and allocate resources and efforts accordingly:
The team developed:
- A comprehensive assessment report of current status of the entity addressing the challenges, risks and required mitigation, in addition to the required governance for the project
- Detailed project plan explaining the timelines, milestones, stakeholders and associated risks for each workstream of the project
Once the above foundation components were completed, we commenced orchestration and tight management of wind-down activities until it was completed as per the defined plan.
Outcomes
Over a period of 6 months we have provided support to internal and external stakeholders in order to facilitate project execution, and decision making by the management. The team managed to wind down the operations of the entity and to convert the organization into a Shellco.