Insolvency Practitioners Achieve Positive Outcomes
R3’s last survey showed 40% of Insolvent Businesses were rescued by Insolvency Practitioners
Many people relate dealing with insolvency practitioners as being a negative experience, with the expectation that financial difficulties leading to insolvency can only end up in winding up and liquidation. However, from R3’s most recent Value of the Profession Survey, we know that this is far from the case. Indeed, many positives can be achieved from seeking professional help from Insolvency Practitioners, with businesses being rescued and jobs saved, as Steve Illes, one of our partners explains in the video below.
As the recognised industry body for business recovery professionals, R3’s most recent Value of the Profession Survey was conducted in 2015. They have just launched another such survey, and we look forward to the results later in 2020.
What is clear from the last survey is the positive effect that appointing an insolvency practitioner can have on the fortunes of a business (or individual) that is struggling. To summarise the points Steve makes in the video, in the last survey it was found that R3 members had:
- Rescued 40% of the insolvent businesses with which they had worked in the previous 12 months
- Rescued 230,000 jobs in one year
- Advised 135,000 people about their finances in one year
- In the previous year, started work on cases which would help individuals repay £5bn of personal debt to creditors within five years
Those are impressive numbers, and ones that are well worth remembering as we approach the gradual return to ‘normal’ commercial life in the UK following the Covid-19 lockdown.
Antony Batty & Company are Members of R3
As members of R3, the first aim of the Insolvency Practitioners at Antony Batty & Company is to rescue businesses – and individuals – in financial difficulties. That is why our strapline is:
Insolvency . Recovery . Turnaround
The earlier we are called in, the more we can do to help distressed businesses. This includes those with: cash flow difficulties, creditor pressure, large tax bills, uncertain turnover and even the problem of furloughed staffed that businesses cannot afford to take back.
We have over 20 years’ experience helping and advising business owners with financial difficulties, and in that time have dealt with over 2,000 companies and individuals. Click here to see some of our testimonials.
Our aim is to help save businesses and the livelihoods of their directors and employees. If a formal insolvency solution is needed, we are Licenced and Regulated by the Institute of Chartered Accountants to give insolvency advice.
Despite the significant financial support given by the Government to businesses due to Covid-19, it is inevitable that many thousands of businesses are already suffering financial difficulties right now. We are here to help rescue as many as we can.
If worrying about your business is keeping you up at nights, it is time to speak to one of our insolvency specialists. The sooner you contact us the more we are likely to be able to help. The initial consultation is free, although of course we charge if we are formally engaged by you.