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Do's and Don'ts Insolvency and Business Recovery

Do's

  • collate financial information together
  • form an understanding of the company's position
  • have regular meetings and take notes and minutes of any decisions made
  • prepare profit and loss and cash flow forecasts
  • be honest with yourself, your employees and your contacts
  • build a picture of the company’s assets and liabilities
  • most importantly seek professional insolvency advice

Don'ts

  • think your problems will go away if you do nothing about them
  • take deposits for any work which you may not be able to complete
  • ignore any legal proceedings
  • pay any creditor in preference to another even if they are more demanding or
  • make promises you cannot keep.

 

 

 

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