As a trusted member of The Institute of Chartered Accountants in England and Wales (ICAEW), we have access to pre-eminent resources and world leading advice for individuals and business owners.

This Restructuring and Insolvency guide is intended to advise on the roles, and indeed the importance of Insolvency and Restructuring specialists. It encourages UK businesses to seek professional advice early, as to assure the most successful outcome possible.

The guide details:

  • How to cope with challenging financial situations;
  • The seven stages of business recovery (growth, underperformance, distress, crisis, crisis management, stabilisation, recovery) and;
  • Provides remedial advice in the form of appointing the right people, at the right time.

There is a long-standing stigma attached to Insolvency Practitioners and the services that they provide, which naturally elicits resistance by business owners in utilising their wealth of skills and specialisms, preventing them from seeking help before it’s too late. In a survey conducted by the ICAEW, IP’s believed the main reasons that business owners held back were:

  1. Worry about loss of control in the outcome (57%);
  2. Lack of knowledge of options (52%);
  3. Fear of impact on family and lifestyle (41%).

However, this needn’t be the case. Smith Cooper is dedicated to helping your business succeed. We understand that financial pressures present themselves in many ways, and our fundamental belief is that prevention is better than cure when it comes to debt matters.

We try and avoid formal insolvency at all costs, by conducting rigorous and comprehensive reviews of your organisation, recognising distress signs early in the decline curve, assessing ways in which to prevent any further damage to the business, initiating methods to try and restore liquidity, add value and ultimately rescue the business in whole or part, should it reach that stage.

To access the full ICAEW guide, click here.

Alternatively, please feel free to get in touch with one of our dedicated Business Recovery and Insolvency experts:

 

Dean Nelson, FABRP, Partner

T 01332 332021

dean.nelson@smithcooper.co.uk

 

Nick Lee, Partner

T 0121 236 6789

E nick.lee@smithcooper.co.uk

 

Michael Roome, Director of Business Recovery and Insolvency

T 0115 945 4300

michael.roome@smithcooper.co.uk

 

Andrew Stevens, Director of Insolvency

T 01332 332021

andrew.stevens@smithcooper.co.uk