R3, the restructuring and insolvency trade body, has launched a free guide for company directors on how to spot signs of financial distress, options open to them to resolve it and where to get expert advice.
Called Get Back to Business: A guide to dealing with corporate financial distress, it is available to download from www.backtobusinessuk.com
The guide: 
- Looks at 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,
- Points directors to qualified and regulated sources of this advice,
- Sets out the duties and responsibilities of company directors and the importance of meeting them.
R3 South West chair Philip Winterborne, pictured, a partner at Bristol law firm Temple Bright Solicitors, said: “At a time when many companies are still reeling from the economic impact of the pandemic, it’s 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 a single resource that sets out the full range of options for addressing financial issues, where to find regulated financial advice, as well as outlining the importance of meeting their responsibilities as company directors.” 
Research published by R3 in May showed the insolvency and restructuring profession rescued 7,200 UK businesses and saved around 297,000 jobs in 2019, while 39% of businesses advised by R3 members remained open after their insolvency procedure concluded.
Philip Winterborne added: “Rescue is always the profession’s priority wherever this is possible, and this 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 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.”
