Companies in distress can use the guidance and advice of an insolvency practitioner who is licensed. This intervention can be the difference between business success and failure. As a company you can easily improve cash flow situations and regain momentum when you get professional help from an IP. However, to get the best results you should strive to work only with a professional who is not just an effective communicator, but also has technical expertise and knowledge to help your business recover. What then should you expect from a good insolvency practitioner?
1. Patience in getting to the root of the problem
Even though businesses do encounter very similar problems, they can still be very different and unique. Your IP should have the patience to get to the underlying issue in your business front to come up with solutions that are vital in improving your operations. The expert should also have the empathy to help distressed directors handle negotiations and deal with creditors.
2. Effort to find a better solution
Before rushing into liquidation, a good IP should foremost consider ways that could rescue your business. Sometimes closure is not always the only option and when you are working with a professional it will be easier to identify other avenues that can rescue and salvage your business. They should actually have the right connections that can help you bounce back and return to profitability. Expect effort in trying to save the business instead of jumping right into liquidation.
3. Effective communication skills
It is one thing to identify the best course of action for your business and quite another to help you understand the situation and what needs to be done. When working with a professional insolvency expert then you should get communication that is easy for you to grasp as a director or company official. It is important for an expert to be able to convey reasons for taking the steps they take and all parties involves should be able to understand and be in agreement with what is about to happen so that surprises are kept at bay.
4. Efficiency, integrity and honesty
Insolvency is a very sensitive area and the duties trusted with a practitioner are just as sensitive. You therefore deserve nothing but an honest and open practitioner in every deal they undertake on behalf of the company. Complete integrity and transparency is what you should get from your IP for the process to be less tedious for you and other directors. The expert should also be faster in spotting strategies that are tangible and suitable for the company’s survival. A practitioner who is fast enough in actions will manage to keep your business alive because money drain can be stopped.
5. Excellent project management and leadership skills
These are skills that make it possible for the IP to keep everyone, including the creditors and the directors updated. This can be very challenging, but with a clear understanding of the process and proper management and leadership skills, you should get the best from your insolvency expert.