Listen to episode 189

Show Notes

When the worst happens in your business you need to get the best help possible.  Today on the show we’re talking about 3 ways to deal with an insolvency practitioner.  This is someone you go an see if you’re worried about becoming insolvent or if you have already declared bankruptcy.  This is one of the most difficult things a business person will have to deal with. Here are some tips about how to do it right.

 

  • Be honest
    Make sure you give them all the information they need. Like your lawyer or your accountant, if you don’t give them all the information that they can’t give you the right advice.

 

  • Don’t put you head in the sand

 

If you’ve engaged an insolvency practitioner don’t avoid the difficult questions.  It may be difficult to confront the mistakes you’ve made. But if you don’t things will only get worse.

 

  • It’s not the end of the world

 

Bankruptcy is never going to be something you want to happen.  But plenty of people have had this happen to them and they have gone on to bigger and better things.

#bankruptcy #insolvency #nextstep #smallbusiness

 

More about this Show

We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms.  Most importantly we want to help you to develop a plan to take your business successfully into the future.  There’s a startling statistic the underscores the importance of developing a solid plan.  The majority of business owners are just seven months away from losing everything.  A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly.   Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients.  We want to close that gap once and for all.  We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.

Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV.  We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with.  Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.