AN insolvency practitioner has moved to dispel the myths surrounding his profession as he set up business in the region.

Ted Fergusson, who left Haines Watts last year, has more than 20 years' experience assisting businesses in financial difficulty.

He started his career with KPMG, qualified in 1985 and from the start specialised in financial recovery and insolvency.

In 1999, he moved to Haines Watts as a partner, covering the North-East.

Mr Fergusson set up Fergusson and Co, in Stockton, to help businesses in the region without the financial demands of a large partnership or a general accountancy practice.

He said: "Businesses in the area are doing well and confidence is high, but with that comes the very real possibility of over trading and cash flow difficulties."

He believes financial recovery and insolvency is a much-maligned and misunderstood practice.

He said: "IPs often see companies trade out of difficulties without recourse to formal insolvency. Common issues, relating often to taxation, cash flow or bad debt are easier handled if faced early rather than at the 11th hour".

Fergusson and Co specialise in receivership, administration, liquidation, company voluntary arrangements, individual voluntary arrangements and bankruptcy.