On 7 July 2023, the Insolvency Service launched its director information hub, designed to assist directors in spotting the signs of company distress and contains other helpful guidance resources.
The Hub is reflective of the R3 Back to Business campaign launched in 2020. The consistent message is to urge anyone who is worried about their business finances to seek advice as soon as possible. It can be very hard to admit your company is struggling, especially if business owners are the founders or have inherited the business from family members, but doing so at an early stage gives you more options, more time to take a decision and usually results in a better outcome than if you’d waited until the issue became more severe.
Please see the following link to the Director Information Hub: https://www.gov.uk/guidance/director-information-hub
Our Restructuring and Insolvency team has considerable experience in advising businesses, directors and individuals facing financial distress. Should you require any assistance, please contact any member of the Restructuring & Insolvency team. We are experts in this field and are here to help.
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Please note that this blog is provided for general information only. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content of this blog.
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