Top tips for directors in financial difficulties

In this video, John goes through our 5 top tips businesses in financial difficulties:

  1. Don’t put any more personal money into the business until you have taken professional advise.
  2. Don’t incur any further credit if there is a risk that you will be unable to pay for it.
  3. Preserve and protect the assets of the company.
  4. You cannot pick and choose which creditors to pay and which not to pay, you have to treat all creditors on an equal footing.
  5. (This one is the most important of all!) You need to take professional advise as soon as possible.
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