Insolvency DOs & DON'Ts

Insolvencvy DO's

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

Insolvency 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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