The current economic climate is tough for all businesses. Government has introduced new insolvency legislation to give businesses in distress more opportunities to turn things around. Following successful lobbying by Co-operatives UK, these reforms will now apply to co-operative and community benefit societies as well as companies.
Our guidance for societies facing financial strife clearly outlines the steps societies should take when experiencing financial difficulties. It explains solvency and liquidity, the first steps you should take, two quick indicators of financial strife, ways that you can respond, and other governance issues that you should address during this time of crisis.