After reading this report, you should have a better knowledge of receivership and your choices, and you'll be better able to converse your situation with a legal counsellor. If you own a corporation (or an Limited liability company or LLP) or are an officer in one, you might have signed a personal pledge on some of the company's liability. Although you have final authority on the money, you need a strong Chief Financial Officer to watch your money like a hawk and stay close to your firm's financial institution account. * Invest your own money in the corporation. Due to this, there may be many different factors that a receivership court considers when deciding what to do. From these evaluations, cut out the incompetents and those unwilling to change and adapt to the new enterprise direction. My suggestion is to call your large customers and merchants personally and assure them that you're looking for a suitor due to a individual or board choice and not because the corporation is in trouble. * You have more liability than the fire sale value of your financial resources. Reduction in force, or layoffs, are frequently the quickest and the most effective way to lower your expenses. * Step 10 - Locate extra cuts, sales increases and cash sources (as necessary). * Number 10 - Have an audit done by a reputable Public accountant company.

Personal protection phase (Lesson 2). Right now that you have successfully completed Step 3, you have solid financial projections. In retail or distribution, you should've a good idea about material costs from your stock invoices. Therefore, you will have to do some dismissals, and you should address your fire strategy in the turn around plan.