R3 launches free guide for company directors
Restructuring and insolvency trade body R3 has launched a free guide for company directors in the south and Thames Valley to help them cope with financial problems.
The guide explains how to spot signs of financial distress, the potential options open to them for resolving issues and where to find qualified and regulated sources of advice.
- provides a one-stop guide to the main options that are available to resolve corporate financial distress
- explains how the insolvency and restructuring framework and profession can help to rescue viable businesses, save jobs and repay creditors
- sets out the duties and responsibilities of company directors and the importance of meeting them
- helps to point directors to qualified and regulated sources of this advice
Garry Lee, chair of insolvency and restructuring trade body R3’s southern and Thames Valley region, said: "Many companies are still reeling from the economic impact of the pandemic. So, it is important that directors know about the range of options available to secure the future of their firms.
“That’s why we’ve developed this guide – to give directors in the south and Thames Valley a single resource that sets out the full range of options for addressing financial issues, where to find regulated advice, as well as outlining the importance of meeting their responsibilities as company directors."
Research published by R3 in May of this year showed the insolvency and restructuring profession rescued a total of 7,200 UK businesses and saved around 297,000 jobs in 2019, while nearly four out of ten (39%) businesses advised by R3 members remained open after their insolvency procedure concluded.
Lee, who is an associate director in the recovery and restructuring services department at accountancy firm Smith & Williamson’s Southampton office, added: "Rescue is always the profession’s priority wherever this is possible. The research showed how the profession helped businesses survive in a far less turbulent economic climate than this one. But the prospects for business rescue are always better, the earlier issues are identified. We urge anyone in the south and Thames Valley who is concerned that their business could be struggling to download our guide, and to seek advice as soon as possible. It can be difficult to talk about your business worries, but the sooner you have the conversation, the sooner you can begin to explore the options for improving your situation – and for turning it around."
