Turnaround and Informal Arrangements
Corrective action such as company and capital restructuring, reducing costs, concentrating on core products, selling part of the business and increasing financial control can help towards making a company profitable.
Informal arrangements can then be made with creditors to pay the debts off.
The business budget in this pack can help you with this approach.
The following are formal procedures that require the supervision of an authorised insolvency practitioner (or official receiver in some cases)
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