Insolvency: Turnaround and formal arrangements

Formal arrangements provide an effective strategy but will require the help of a turnaround specialist.

Key points:

• Analyse the business to identify which areas have underperformed
• Write a strategic plan for recovery to cover a 12 month period
• Keep major creditors informed of the situation
• Constantly monitor and review the plan to adapt to circumstances
• Rule nothing out - look at all options if the required improvements are not happening

Remember, creditors would rather accept a percentage of the debt than to receive nothing through insolvency.

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• Insolvency options for sole traders and partnerships
  • Insolvency: Turnaround and informal arrangements
  • Insolvency: Turnaround and formal arrangements
  • Insolvency: Individual Voluntary Arrangements (IVAs)
• Insolvency options for limited companies
  • Company insolvency: Turnaround, formal and informal arrangements
  • Company Voluntary Arrangement (CVA)
  • Company Administration
  • Company Administrative Receivership
  • Company Liquidation