As the economy continues to struggle, many businesses will find they need to restructure debt with their creditors or file for bankruptcy. Liz Freeman, a partner in Jackson Walker's Bankruptcy, Restructuring, & Recovery practice, lists three things for struggling business owners to consider right now.
1) "Cash is King." Maintaining liquidity is important for a business to continue operations through the process. It is possible to be too broke to go bankrupt.
2) There are creditors (and taxes) that still need to be paid.
3) Gather data about your business, and make sure you know your business operations well enough to understand if there is a viable business to be saved.
Timing is important as well. Do not wait too long before contacting a restructuring advisor, as delays could destroy a good business.
The music is by Eve Searls.
This podcast is made available by Jackson Walker for informational purposes only, does not constitute legal advice, and is not a substitute for legal advice from qualified counsel. Your use of this podcast does not create an attorney-client relationship between you and Jackson Walker. The facts and results of each case will vary, and no particular result can be guaranteed.
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