When a company is in financial difficulties it’s essential that you get competent and professional advice.
If there is a prospect of the company failing and you being asked to fulfil obligations under personal guarantees, it can become more difficult to make rational judgments about the business you are running. Deciding if a company should cease trading (and if so, when?) is the most difficult decision a director will make. Creditors can play an important role in this process.
Indeed in certain cases they can be the key to companies trading through their difficulties. That is why a pro-active dialogue among all parties is vital.
First of all though, you need to be aware of the full picture.
Your insolvency practitioner will help you work through your situation. Here are some answers to some of the questions that you may have.
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