Insolvency, bankruptcy and distressed assets
Minimising the impact and/or managing the legal issues relating to financial distress.
No-one sets out in business to fail. Unfortunately it happens that businesses do fail and it may have absolutely nothing to do with any decisions a business owner has or hasn’t made. If we all planned for a global pandemic, a stock-market crash, a technology disruption, a slow down of a major project, major shifts in exchange rate, the failure of a major customer etc., then very few businesses would exist because it would only be the very brave who would consider starting a new business. Business owners are optimists. They put their energy and capital on the line every day.
That doesn’t mean you should ignore these perils and at least consider the possibility of business failure and the impact of ‘putting it all on red’. Consideration of which entities own which assets, how to secure advances made to the business, whether a proposed loan needs to be cross collateralized, who should be a director of the company etc. are all decisions with which Apres Legal can assist.
If you do face financial difficulty the key to resolving the issues is to act quickly. Delay, or ignoring the financial issues you face will inevitably reduce the options you have to work through a successful turnaround/restructure of your business. Apres Legal can assist in providing sound legal advice to you to work through the options to save your business, or if that isn’t possible to minimise the impact of the failure of the business on the shareholders and directors.