Debt and restructuring advice options

Insolvency procedures are just one part of a spectrum of ways to support a company or individual in financial distress. Frequently, the insolvency and restructuring profession will look to work with an individual or company long before they become insolvent. The earlier action is taken to resolve financial problems, the more options a company or individual will have.

Many insolvency and restructuring professionals will offer debt advice to individuals (and must be licensed to do so by the Financial Conduct Authority or a Recognised Professional Body), or they will work with companies on a restructuring or turnaround project. With the support of a restructuring expert, companies may carry out an operational restructuring (where they change the way their company is structured, or the way their company works), or a financial restructuring (where they seek to restructure the debts they owe to their creditors). Unlike corporate insolvency procedures, a licence is not needed to provide corporate restructuring advice, but advisors are likely to have many years' experience.

The UK's insolvency and restructuring profession includes a wide range of experts, such as licensed insolvency practitioners, restructuring experts, valuers, solicitors, barristers, bankers, investors and others. Individuals can also use debt charities as sources of advice.