Free advice offer on finances

Company directors in the North East are being offered a free guide to help troubleshoot financial problems.

Restructuring and insolvency trade body R3 has launched a free guide for company directors that explains how to spot signs of financial distress, the options open to them and where to find regulated advice.

The Get Back to Business guide provides a one-stop guide to the main options that are available to resolve corporate financial distress, and explains how the insolvency and restructuring profession can help to rescue viable businesses, save jobs and repay creditors what they’re owed.

R3 North East chair Alexandra Withers said: “At a time when many firms are still reeling from the economic impact of the pandemic, it’s important that their directors know about the range of options available to them.

“This guide has been developed to give a single authoritative resource that sets out the full range of options for addressing financial issues, where to find regulated advice and the importance of meeting their responsibilities as company directors.”

Recent R3 research 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.

The free Get Back to Business guide is available to download through the R3 website.