In this video, John goes through our 5 top tips businesses in financial difficulties:
- Don’t put any more personal money into the business until you have taken professional advise.
- Don’t incur any further credit if there is a risk that you will be unable to pay for it.
- Preserve and protect the assets of the company.
- You cannot pick and choose which creditors to pay and which not to pay, you have to treat all creditors on an equal footing.
- (This one is the most important of all!) You need to take professional advise as soon as possible.