Insolvency DOs & DON'Ts

Insolvency DOs

• 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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