- Set sales bonuses + change notice period to three months
- Start making redundancies straight away w/ AT-RISK meetings
- Get the administrators to make any pbulic announcements, save for meeting regulatory requirements
- Put non-compete clauses
- How to communicate to external parties post insolvency
- VAT/Corporation Tax, etc.
Legal - probability, not severity. If it does happen, think damages or remedy, not so much about the breach.
Ask for advice but put the right person.
- If you are looking to become an enterpreneur, ask another one who has both failed and done well.
- If you are talking to do T/As, you speak to someone else who has done the same. Not to some startup enterpreneur.
Why distressed
- It is quick
- Negotiating with rational people
- You can do it with limited capital
- You are getting a knock-off valuation
- Fear is good
Look for revenue leakage
- Doing things we didn't promise to do
- Not charging for things we should be charging
When you cut, you cut deep...
Update annual returns as quickly as possible to Companies' House
Submit all the release deed documents to Companies' House
Submit all the debenture documents to Companies' House
Do NOT let administrators send press releases
Cost cutting
- Developers in India
- Lawyer - Freelance