Fanshawe-Lofts
Don't take avoiding action
They will keep trying
Until they make contact
Unable to pay your creditors - Don't avoid the issue
The golden rule is to maintain a dialogue. Don't take 'avoiding action' such as becoming difficult or impossible to get hold of. Rest assured that creditors will keep trying until they do make contact!
If you can't pay your creditors, you first have to recognise that the situation will not go away. Rapid, realistic and relevant action is of the essence. Be upfront and honest. If a schedule of payment, even if it is substantially delayed, can be worked out then do so. Creditors would always rather have something than nothing.
If it's a cash flow issue, get advice on the best way to fund the business through a difficult period.
If the situation is very serious and the likelihood is that the business is going to go under, seek professional help now.
As a Director, you will have considerable responsibilities and liabilities. You must have a clear understanding of these. Fanshawe Lofts can guide you through this difficult time and ensure that every action you take is appropriate and in good faith.