Guidance, planning and management of receivership proceedings
A successful receivership process requires a series of steps for the filing of the proceedings and the company’s involvement in that legal process in the best possible economic and financial state, with these being, among others, the following:
- Definition of a feasibility plan according to business lines, together with a cash flow plan for the coming months and business years.
- Briefing of administrative staff and the company’s management for the proper management of the receivership process, given that as from that moment all payments will be supervised by the receivers appointed accordingly by the Companies Court.
- Drafting of a list of creditors, identifying those that may be considered “strategic” because they are in a position to bring the business’s manufacturing or commercial operations to a halt.
- Implementation of a policy for reporting on the state of the receivership to customers, agents, suppliers, creditors, employees, banks, and other stakeholders.
- Specification of actions for entering receivership in the soundest possible financial situation, ring-fencing collections against credit institutions with debts declared in the receivership.
- Other actions in planning and execution.
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