Running a business often involves considerable discomfort, risk and often makes it difficult for entrepreneurs to function normally.
Usually, the bankruptcy of a company is the result of a long process that can be predicted. The key to staying out of bankruptcy is to exercise ongoing control over the company's finances and make responsible decisions.
Here is some advice on what to do to avoid bankruptcy:
1. Conduct an analysis the economic situation of your company
2. Consult with a restructuring advisor who will help you understand the legal processes involved restructuring and will present the possibilities of protection against bankruptcy.
3. Make a plan restructuring, which you will present to the restructuring advisor. Together you will decide whether to open restructuring proceedings.
4. agree with your advisor restructuring possible date of announcement of opening of simplified. restructuring proceedings. In accordance with applicable regulations, announcement of opening of simplified restructuring proceedings suspends executions.
5. negotiate with creditors, in the event of involvement in the restructuring process, creditors may be more willing to conclude a settlement/arrangement and suspend enforcement proceedings.
In the upcoming situation company bankruptcy first of all, you should stay calm and take rational actions. It is also important to be active and look for a way to repay the debt. Passivity and avoidance contact with creditors is the worst solution.
