When a company cannot pay its debts, often people believe there are only two broad options, pay or liquidate.
This is not true.
There are some great options in the middle.
In this video, Brent Norling discusses ways to compromise with your creditors if you are no longer in a position to pay. For example, did you know if you get the majority of creditors in agreement, you can bind all creditors to a proposal?
Don’t let creditors get frustrated and chase you.
The key to success in dealing with your creditors and getting their agreement to an alternative proposal is:
- Be proactive; and
- Communicate.
Remember, hope is not a strategy!
If you need help navigating your options, we offer a FREE 30-minute legal consult. Get in touch:
