What is a Recovery Professional?

A recovery professional specialises in corporate turnaround and rescue. Usually a Licensed Insolvency Practitioner with a detailed knowledge of legal recovery procedures, he will work with the directors in order to develop a plan to save the business.

This usually involves understanding the causes of the difficulty, formulating a workable plan, preparing reliable profit and cash forecasts and negotiating with creditors (such as the bank, HM Revenue and Customs etc) in order to get their agreement.

In some cases a formal procedure such as Administration or Corporate Voluntary Arrangement can be used to protect the company from its creditors in order to implement the plan.

The recovery professional should be able to advise on the most appropriate approach.

Please note that the above is provided for illustration purposes only and comprises a short view of extremely complex insolvency and other legislation. This is a complicated area and specific advice must be sought before undertaking any course of action or before refraining from any course of action. Gore and Company takes no responsibility for any loss incurred to or by any person who either acts or refrains from acting on the basis of the above or of any other item published on this website. The above note may not be reproduced without the prior written consent of Gore and Company.

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