When restructuring a company in distress, early specialist engagement is vital says Ryan Grant, Partner in BDO and an Insolvency Practitioner.
When a business is running out of cash, options are severely limited, says Grant. A complication of the pandemic is that many companies have built up significant legacy creditor positions and these will have to be unwound in a controlled manner if any restructuring is to succeed. This all takes time, expertise and the involvement of the right stakeholders.
At the moment, very few creditors can take any enforcement action and the extent of the true creditor position for UK businesses is largely unknown, he continues. What we do know is that there’s money available to support businesses coming out …
Read the full article at: https://www.icaew.com/insights/viewpoints-on-the-news/2021/april-2021/business-rescue-timeliness-is-everything
