GOOD JOB FROM THE INSOLVENCY PROFESSION!
By Tim Corfield
It’s not often insolvency professionals get any praise! But, here’s a few statistics and thoughts showing the positive contribution we bring to the economy.
Around two in five insolvent businesses avoided insolvency in 2013-2014, after receiving advice from insolvency practitioners (IP’s) according to research from the insolvency trade bodies, ComRes and R3.
R3 members helped to rescue 6,700 businesses from insolvency, with 10,400 businesses continuing to trade following guidance from an IP and an estimated 540,000 jobs saved.
Philip Sykes, President of R3 said, “There is much more to insolvency than business or personal finance failure. As the economy continues to recover from recession, business recovery and renewal will be an important part of the economic landscape. Insolvency practitioners witness first hand the human cost of business failure and will make every effort to protect jobs where possible. The sooner insolvency practitioners’ advice is sought, the more chance there is of business and job rescue. The insolvency profession is increasingly helping businesses outside of formal insolvency procedures too.”
As an IP, I am never surprised by being presented with a set of circumstances that would have been difficult to make up! That’s where years of experience of advising directors about their businesses are essential to find the right solution.
Our work not only includes dealing with formal insolvency processes but also involves many practical issues which can have some considerable risk to the IP. If you haven’t already booked your place at our next seminar on 6th October 2015 and would be interested to hear more about some of these issues we come across – please contact Janet to book your place now!
But, don’t forget, if you have any clients or contacts that have financial warning signs with their business please ask them to get in touch with me or Richard Owen on 01922 722205 for a free, confidential chat – we will be able to help! In many cases a formal insolvency can be avoided – the sooner we get involved, the sooner we can help put a survival plan together.