Restructuring and insolvency

Most people launching a new business do so with hope and optimism. All hope it will succeed, but most also know that along the way they will experience challenging times.

Cash rarely flows in the steady stream business owners would like. The cost of business can rise sharply and unexpectedly. This can make managing liquidity tough. The difference between businesses that survive and thrive and those that fail is how well they manage difficulties.

Being aware of the dangers from a very early stage and knowing whether they are at the start of a long-term decline, or merely going through a short dip, can help owners take the early action that can save their business. That might be a restructuring professional or a licensed insolvency practitioner (IP).

Insolvency remains difficult to talk about. There is still ‘failure stigma’ attached to even asking an IP for advice. It’s important to remember that while this advice can include putting a business into a formal insolvency procedure, not every visit to an IP leads to insolvency and it can involve advice that saves businesses. 

Tyrone is a turnaround and restructuring specialist and an ICAEW licensed insolvency practitioner. In this video he explains why getting support as early as you can will give you the best possible chance of a positive outcome. 

• The role of insolvency practitioners
• Restructuring success story
• The six signs a business is in distress
• The seven stages of business recovery
• Examples of corporate insolvency measures