A guide, not advice. This explains how things generally work. A licensed insolvency practitioner will tell you what applies to your company or to you.
Business restructuring and turnaround support
Restructuring is everything a struggling business can do short of - or alongside - a formal insolvency process: cutting the cost base to fit reality, refinancing, renegotiating with creditors, and reshaping operations around the parts that make money.
What a turnaround actually involves
The honest diagnostic first: which parts of the business generate cash and which consume it - because turnarounds fail when they preserve the whole instead of the viable core.
Then the levers: cost surgery (premises, headcount, contracts), working capital fixes (debtor discipline, stock reduction, invoice finance), creditor negotiation (Time to Pay with HMRC, informal standstills with suppliers), and new money where the plan justifies it.
When informal restructuring isn't enough
Where the debt pile is beyond negotiation, the formal tools take over: a CVA to bind creditors to a repayment plan, or administration to protect and sell a viable business - and where even the core isn't viable, an early orderly closure is the turnaround's honest conclusion.
The discipline that decides success
Turnarounds run on cash and creditor goodwill, both of which drain while directors deliberate - and a restructuring plan that isn't stress-tested against the insolvency tests is hope with a spreadsheet.
Our practitioners test plans against the numbers before recommending anything - including telling you when restructuring isn't the answer.
Call our licensed insolvency practitioners in Manchester on 0333 023 5090 - free, confidential, and directly with an ICAEW-licensed IP.
InsolvencySupport.co.uk is operated by Xeinadin Corporate Recovery Limited (company no. 11415156), 8th Floor, 100 Barbirolli Square, Manchester M2 3BD. Our insolvency practitioners are licensed and regulated by the ICAEW.
This page is intended for general information purposes only and does not constitute financial, legal, or professional advice. Always take advice from a licensed insolvency practitioner about your specific position.