R3, the insolvency and restructuring trade association, has released advice for businesses in the South and Thames Valley which may be affected by the COVID-19 pandemic.
It includes a number of action points and advice from Garry Lee, chair of R3’s Southern & Thames Valley committee.
The checklist is:
Lee, who is a senior manager in the recovery and restructuring services team at accountancy firm Smith and Williamson’s Southampton office, urged firms to consider the help available.
He said: “There’s a massive amount of support available right now for businesses of all sizes in the South and Thames Valley.
“For many it could be an enormous help, and for some it may be the fundamental difference between success and failure.
“The best first step is to research what’s available and understand how you can apply for any relevant support, so you know how and where you can access support, and the kind of timescales that are likely to be involved.
“And, it will payback many times over to get professional advice to guide you through the process.”
Businesses starting to struggle have been advised that early advice from an insolvency practitioner or reputable restructuring professional can make the world of difference.
Lee said: “Any directors or business owners whose businesses are in difficulty or are starting to see signs that it may struggle should seek professional advice as early as possible.
“Early advice and early discussions with creditors give you a greater range of options to find and implement solutions to the challenges you face and enable you to make a considered decision, rather than a rushed one.
“Good advice can also protect you from personal liability if the business fails.”
Businesses can access the full coronavirus advice guide on the R3 website at https://www.r3.org.uk/press-policy-and-research/news/more/29370/page/1//
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