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7,200 businesses saved by the insolvency and restructuring profession in 2019

in Turnaround

Insolvency and restructuring trade body, R3, released a new report which shared that in 2019 the profession rescued 7,200 businesses and saved 297,000 jobs.In total, 60,000 businesses were advised by those within the sector, in 2019, regarding insolvency and restructuring matters. It was found that of those advised, 39% of businesses (4 in 10) remained in operation after the conclusion of the insolvency procedure used.There were five sectors seen to most commonly enter an insolvency procedure: retail; construction; accommodation and food services; professional, scientific and technical; and production.In terms of the insolvency procedures used, it breaks up into the following: 55% creditor voluntary liquidations, 33% administrations, 7% compulsory liquidations and 5% company voluntary arrangements.The top reasons for the struggles of such companies were management failure, financial issues, market loss and knock-on effect from the failure of another company (within/not of its supply chain).From the corporate insolvencies, an estimated total of £353 million was returned to creditors. Interestingly, 11 % of the cases of corporate insolvency involved some sort of fraud or criminal activity.Aside from corporate rescues, the profession also helped to save 144,000 individuals in 2019 with an average of £13,300 returned to creditors upon completion of every personal insolvency procedure.Read more here.

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7,200 businesses saved by the insolvency and restructuring profession in 2019
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Free tools to help your business!

in Turnaround

Below we’ve provided a handy list of free downloadable expert guides, toolkits and templates from across the whole of our site to help directors and accountants plan the next best steps for a struggling business.Download our daily cash flow templateIs your business insolvent? Take our testComplete list of warning signs (what the banks, creditors and suppliers are looking for)An expert guide to company voluntary arrangements (CVAs) – Online and downloadable PDF.80 page Worried Directors Guide!Struggling recruitment company? Read online or download our expert guide to turning around your recruitment company (PDF)Restaurant, pub or inn? Read our expert guide to turning around your business – downloadable PDFAn expert guide to creditors voluntary liquidation (CVL) – online and downloadable PDFAre you a sole trader? Visit our Sole Trader Rescue site for further tips and guides.Browse the Company Rescue site for more guides on time to pay arrangements, administration, pre-packs, dissolution, winding up petitions, partnership insolvency, members voluntary liquidation and everything in between!If you’re in need of specific advice, give us a call on 0800 9700539 or fill in our online form. One of our regional managers can visit you for a free face-to-face meeting to discuss the business’s situation and the best way forward.

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Free tools to help your business!