R3 is the trade association for the UK’s insolvency, restructuring, advisory, and turnaround professionals. We represent insolvency practitioners, lawyers, turnaround and restructuring experts, students, and others in the profession.
You have probably already been approached by a number of organisations offering you help with your business’s financial situation. This can be very confusing and it is often difficult to know where to turn for the advice you need. Sadly, not all of these organisations are reputable and many are unlicensed and unregulated, even though their marketing letters and websites may make them seem to be legitimate and trustworthy. Taking advice from them may, in fact, make your situation much worse.
The UK’s insolvency regime is effective but has an important capability gap: there is no breathing space from creditor pressure that allows directors of struggling companies the opportunity to consider their options and take difficult decisions without risking a calamitous collapse of the company’s supply chain and increased pressure on cash flow, both of which could hasten the onset of formal insolvency. Filling this gap could help save more businesses and consequently return more money to creditors.
R3 recognises that the ‘Football Creditors Rule’ is considered an important part of maintaining a competitive league, but calls on the football authorities to do more to protect, and improve the position of, the unsecured creditor community by redressing the balance of the rule. Redressing the balance of the rule will also encourage League clubs to manage their finances more sustainably.
In this paper, R3 looks at the current treatment of gift vouchers and consumer deposits and considers the difficult balance between enhancing protections for consumers whilst protecting business rescue and promoting a healthy lending culture.
In February 2015 the government announced changes to the business rescue culture that would save more than 2,000 businesses a year as a result of an R3 led campaign.
R3 members can provide advice on a range of business and personal finance issues. To find an R3 member who can help you, click below.