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<br /> ICAEW<br /> RESTRUCTURING AND<br /> INSOLVENCY GUIDE<br /> Why early action is the key<br /> to avoiding or surviving<br /> financial difficulties<br /> ICAEW.COM<br /> 2<br /> RESTRUCTURING AND INSOLVENCY GUIDE<br /> Contents<br /> Stage 1<br /> GROWTH<br /> page 6<br /> Stage 2<br /> UNDERPERFORMANCE<br /> page 7<br /> Stage 3<br /> DISTRESS<br /> page 8<br /> Liquidity<br /> Growth<br /> Stage 4<br /> CRISIS<br /> page 10<br /> Insolvency<br /> Stage 7<br /> RECOVERY<br /> page 14<br /> Stage 6<br /> STABILISATION<br /> page 13<br /> Stage 5<br /> CRISIS MANAGEMENT<br /> page 12<br /> Recovery<br /> Time<br /> © ICAEW 2017. ALL RIGHTS RESERVED. IF YOU WANT TO REPRODUCE OR REDISTRIBUTE ANY OF THE MATERIAL IN THIS PUBLICATION,<br /> YOU SHOULD FIRST GET ICAEW'S PERMISSION IN WRITING. ICAEW WILL NOT BE LIABLE FOR ANY RELIANCE YOU PLACE ON THE<br /> INFORMATION IN THIS MATERIAL. YOU SHOULD SEEK INDEPENDENT ADVICE.<br /> 3<br /> Int<a title="ICAEW Insolvency Guide 2017 page 1" href="http://viewer.zmags.com/publication/6343e228?page=1"> ICAEW RESTRUCTURING AND INSOLVENCY GUIDE </a> <a title="ICAEW Insolvency Guide 2017 page 2" href="http://viewer.zmags.com/publication/6343e228?page=2"> 2</a> <a title="ICAEW Insolvency Guide 2017 page 3" href="http://viewer.zmags.com/publication/6343e228?page=3"> RESTRUCTURING AND INSOLVENCY GUIDE Contents </a> <a title="ICAEW Insolvency Guide 2017 page 4" href="http://viewer.zmags.com/publication/6343e228?page=4"> Introduction Most people launching a new business</a> <a title="ICAEW Insolvency Guide 2017 page 5" href="http://viewer.zmags.com/publication/6343e228?page=5"> RESTRUCTURING AND INSOLVENCY GUIDE INSOLVENCY</a> <a title="ICAEW Insolvency Guide 2017 page 6" href="http://viewer.zmags.com/publication/6343e228?page=6"> 1. Growth It may seem counterintuitive to think a</a> <a title="ICAEW Insolvency Guide 2017 page 7" href="http://viewer.zmags.com/publication/6343e228?page=7"> RESTRUCTURING AND INSOLVENCY GUIDE 2. Underp</a> <a title="ICAEW Insolvency Guide 2017 page 8" href="http://viewer.zmags.com/publication/6343e228?page=8"> 3. Distress If no remedial action is taken, an un</a> <a title="ICAEW Insolvency Guide 2017 page 9" href="http://viewer.zmags.com/publication/6343e228?page=9"> RESTRUCTURING AND INSOLVENCY GUIDE SIX SIGNS </a> <a title="ICAEW Insolvency Guide 2017 page 10" href="http://viewer.zmags.com/publication/6343e228?page=10"> 4. Crisis While the word crisis is somewhat overu</a> <a title="ICAEW Insolvency Guide 2017 page 11" href="http://viewer.zmags.com/publication/6343e228?page=11"> RESTRUCTURING AND INSOLVENCY GUIDE CORPORATE </a> <a title="ICAEW Insolvency Guide 2017 page 12" href="http://viewer.zmags.com/publication/6343e228?page=12"> 5. Crisis management There are usually several ro</a> <a title="ICAEW Insolvency Guide 2017 page 13" href="http://viewer.zmags.com/publication/6343e228?page=13"> RESTRUCTURING AND INSOLVENCY GUIDE 6. Stabil</a> <a title="ICAEW Insolvency Guide 2017 page 14" href="http://viewer.zmags.com/publication/6343e228?page=14"> 7. Recovery Is there a better feeling for a busin</a> <a title="ICAEW Insolvency Guide 2017 page 15" href="http://viewer.zmags.com/publication/6343e228?page=15"> RESTRUCTURING AND INSOLVENCY GUIDE FURTHER IN</a> <a title="ICAEW Insolvency Guide 2017 page 16" href="http://viewer.zmags.com/publication/6343e228?page=16"> ICAEW connects over 147,000 chartered accountants</a>