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.

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