Insolvency warning from new R3 Yorkshire vice chairman

CORPORATE recovery and insolvency lawyer Andrew Walker is urging struggling local SMEs to seek professional advice as quickly as possible because of improving financial support from banks and HM Revenue & Customs.

Mr Walker, a partner at the national law firm Irwin Mitchell, made the call following his appointment to the regional board of The Association of Business Recovery Professionals, R3.

Mr Walker will start his new role this month as vice chairman for the Yorkshire region of R3 – one of the most active branches of the leading professional association for insolvency, business recovery and turnaround experts in the UK.

He said: “While many SMEs that are otherwise insolvent are holding out in the face of the recession particularly because of HMRC’s support in deferring payment, it is important they use this breathing space to address any fundamental problems by taking advice.

“R3’s role is more important than ever in helping struggling local businesses in turning their financial problems around.”