Do’s & Don’ts

There are many different causes for business insolvency. The costs have gone out of control, the payroll bill is rising, your customers are demanding you drop your prices. All of these squeezes can put your business into insolvency.  If you suspect your business may be insolvent, here is a list of important ‘Do’s and Don’ts’

company insolvency Ireland Do

– Gather your company financial information together
– Prepare profit and loss and cash flow forecasts
– Be honest with yourself, your employees and your creditors
– Take stock of the company’s assets and liabilities
– Most importantly seek professional insolvency advice.

Don’t
– Panic!
– Think your problems will go away if you do nothing about them
– Take deposits for any work which you may not be able to finish
– Ignore any legal proceedings
– Pay any creditor in preference to another
– Make promises to creditors or staff members you cannot keep

Contact RP Consultancy today to see how we can help by calling 01 5252142, or by filling out the Contact Us Form.