Most people launching a new business do so with hope and optimism. While only a handful expect their business to change the world, all hope it will succeed. But most also know that along the way they will experience challenging times. Cash rarely flows in the steady stream business owners would like. The cost of business can rise sharply and unexpectedly. This can make managing liquidity (the ability to access funds to meet outgoings) tough. The difference between businesses that survive and thrive and those that fail is how well they manage difficulties.

This guide is about how to cope with difficult situations, recognising issues early when they arise, and seeking the right advice at the right time from the right professionals. That might be a restructuring professional or a licensed insolvency practitioner (IP).

Insolvency – for businesses and individuals – remains difficult to talk about. There is still ‘failure stigma’ attached to even asking an IP for advice. But should this be the case?