Business Recovery and Insolvency – Do's and Don'ts

Home Our Services Business Recovery & Insolvency Do's and Don'ts

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.