Nick Hood (pictured), senior partner in the London office of Begbies Traynor, told last weeks BPIF "Navigating Your Way Through the Challenges" seminar his motto was "never mind the company its the business and jobs that matter".

He said his philosophy was especially relevant when considering printings poor record: while the industry accounts for 1.5% of the UKs Gross Domestic Product, it makes up over 6% of formal rescues and 2.5% of corporate burials.

But too many printers react to difficulties too late, giving insolvency practitioners little chance of rescuing their businesses.

Hood said administration was a relatively cheap method of buying time for struggling companies, typically costing under 5,000.

It needs bank approval, gives firms instant breathing space and allows them to continue trading, he said.

The Company Voluntary Arrangement (CVA) can also be an effective way of restructuring and improving cashflow. It can be less expensive than administration, said Hood, but is not as quick and needs approval from creditors representing 75% plus one of outstanding debt at a meeting.

But there are questions over a companys exit route from a CVA, as the process can last for years until creditors get their returns.

Hood said receivership offered instant relief, with approval "virtually on the same day".

"It enables the insolvency practitioner to focus on what the business assets are worth and get a deal done," he said. "There is no creditors committee so much more freedom of action."

The procedures major downfall, though, is that the receiver is often perceived as acting for the bank.

Hood said the government planned to abolish receivership through its Enterprise Bill, which he expects to go through Parliament next year.

Story by Gordon Carson