Insolvency practitioners to the rescue

Insolvency practitioners rescue businesses as well as wind them up, research has shown.

Approximately two out of every five insolvent businesses were supported to continue trading by insolvency professionals in 2013-14, according to insolvency trade body R3 and ComRes.

R3 members helped about 6,700 businesses, or more than 40% of formal insolvencies, to continue trading and rescued about 230,000 jobs.

Phillip Sykes, President of R3, says: “There is much more to insolvency than business or personal finance failure.

“As the economy continues to recover from recession, business recovery and renewal will be an important part of the economic landscape. Insolvency practitioners witness first-hand the human cost of business failure and will make every effort to protect jobs where possible.”