Prime Minister Theresa May will ask the European Union to delay Brexit by at least three months after her plan to hold a third vote on her fraught divorce deal was thrown into disarray by a surprise intervention from the speaker of parliament.

The decision by Speaker John Bercow to deny a third version of the so-called meaningful vote could result in several possible outcomes- a no-deal Brexit being one of them.

British banks are seeking government support to help businesses deal with potential fallout from Brexit, including cash flow problems and shipment delays that are predicted to lead to a spike in insolvencies.

Last month Trade credit insurer Euler Hermes suggested that a no-deal Brexit could result in a 20% jump in insolvencies, compared with a 9% rise if a Brexit deal was secured – either increase is significant and the directors of those companies need to be careful – protecting their position and the creditors.

 Ed Starling, insolvency and restructuring partner, at law firm Wedlake Bell offers his view on what finance directors need to know about each outcome.