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:

You may also like

Effectively Dealing with Shareholder Disputes
An issue we are seeing more frequently is minority shareholders views’ being disregarded by the majority shareholder. This typically occurs when there are no shareholder agreements and the majority shareholder believe it is their [...]
Dealing with Letters from Liquidators
Liquidators frequently send demand letters. Some are meritorious demands. Others are no more than a ‘shakedown’ to get recipients to pay. Knowing the difference is crucial to determining the appropriate strategy in response. In [...]
Two Steps to take in a Struggling Business
If you are an owner of a struggling business, there are TWO THINGS you need to be doing right now. In this video, Brent Norling discusses these two things which will have a meaningful impact on your business. Whether your issue is [...]

Page 3 of 17