The ICAEW’s restructuring and insolvency guide ‘Why early action is key to avoiding or surviving financial difficulties’ is a straightforward guide which explains the early warning signs of business failure and encourages early engagement with a corporate insolvency and recovery  specialist.

The key is to seek advice early so as to have the best likelihood of a successful outcome when are you are facing financial difficulty.

Once you recognise that a problem exists, the first step is to discuss your options with a licensed insolvency practitioner so that the best solution for your circumstances can be found.

Our objective is to achieve the best outcome available. To do this, we need to speak with you and analyse your company’s current position. Once you have made contact with us we will then arrange for a free face to face remote consultation via a virtual platform.

The purpose of this consultation is to assess your situation in-depth and provide free advice, explaining the options available to you and how you can move forward.

There are many options available to help you and they can vary depending on the company’s current situation. Options may include sourcing new funding, restructuring company affairs, or entering into one of the formal insolvency solutions detailed below.

Creditors are involved in the insolvency process and will be asked to vote on certain resolutions.

There are four Qualifying Decisions Procedures which can be used during Corporate Insolvency.  Further information on the decision procedures can be found here.