We have become increasingly active with businesses at an early stage of crisis in a ‘company doctor’ role . The financial world recognises that insolvency is a ‘business problem’ and Irwin and Company are increasingly being asked to advise on corporate reconstruction, turnaround and work-outs before a state of formal insolvency is reached. Work-outs, in particular, have become important. Often creditor led, the objective is the reduction of indebtedness by way of the disposal of assets but, most importantly of all, formal insolvency is avoided and the business lives to trade another day.