A BERKSHIRE trade body is urging Wokingham businesses to start talking debt now, as Government support comes to an end.
R3, insolvency and restructuring trade body, said firms should speak with their creditors before measures give way.
Garry Lee, chair of Southern and Thames Valley, R3, said it may be necessary to stop companies from going out of business.
He said: “Some businesses have built up debt over the pandemic for very understandable reasons, so it will be better for them to have productive and frank discussions with those they owe money to about the best way to proceed.
“Aggressive action to recover debt, while shortly to be allowed once more, would go against the spirit of everything that the Government has done to keep many businesses afloat, and to protect the jobs that they support.
“We would hope creditors will realise that compromise and reasonableness are a better route forward. After coming through so much, it would be a terrible waste to see firms in Berkshire unnecessarily falling by the wayside.”
He said there are many firms in the region that have “barely” kept their heads above water.
“The clear concern now is that too swift a return to these businesses having to meet their full cost liabilities, in an economy that’s not yet fully functional, will be enough to push many of them under,” Mr Lee added.
“Any business owners who are concerned about the state of their finances need to seek advice from a qualified and regulated adviser as early as they can.