This is a question on every business owner’s mind, and it is quite difficult to answer it unequivocally. In our opinion, the solution to the issue lies in a whole set of factors that must be monitored from the very first day of a company's work.
It all starts with the introduction of the company's policy for the regular payment of mandatory payments, the timely payment of wages to employees and the construction of a competent financial policy. Further, it is no less important to regularly and thoroughly check the counterparties, especially those with whom contracts are concluded for 300 thousand rubles and more. According to our practice, the most common reason for bankruptcy is just working with unscrupulous suppliers, which gradually increases the risks for your business.
We also believe that regular financial analysis of your company's activities and asset optimization, carried out not only on our own, but also with the involvement of third-party qualified specialists, will help to identify the problem in a timely manner and take the necessary measures.
And, of course, constant work with the settlement of accounts receivable significantly increases the chances of any company to maintain solvency and minimizes possible bankruptcy.
If, nevertheless, you find yourself in a situation where bankruptcy proceedings are inevitable, there is another effective, but not so obvious way to avoid liquidation of the company. That is signing a settlement agreement.
A settlement agreement is a way of settling disputes with creditors. This is a special procedure that can be carried out at any stage of bankruptcy. However, only a meeting of creditors can initiate a settlement.
If the parties reach accord, the document describes in detail the procedure and terms for the debtor's fulfillment of obligations, the settlement agreement is approved at the meeting of creditors, then it is signed by each creditor, and the commercial court approves the document.
It should be noted that although a settlement agreement is available for conclusion at any stage of bankruptcy, as previously mentioned, but unlike the observation stage, where a decision on settlement is made and discussed directly with the management of the debtor, meanwhile at the stage of bankruptcy proceedings all decisions on behalf of the debtor, including the decision on the settlement agreement and its conditions, are taken by the insolvency practitioner.
Nevertheless, the unambiguous result of the conclusion of the settlement agreement should be the termination of the bankruptcy procedure. Consequently, the company continues to operate, but is obliged to comply with the terms of the settlement agreement. Otherwise, the procedure will be resumed.
TEAM is ready to help you at any stage of your business development, as well as in difficult and controversial situations, both from the point of view of finance and the law.