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This 36-page guide is a practical resource for directors whose company is insolvent or heading into insolvency. It provides guidance on how to be prepared, what to expect and what to do.
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Insolvency disrupts a board’s familiar pattern of dialogue and decision making. In this situation, dynamics can change and what used to be a straightforward decision now requires input from a number of stakeholders. Some, such as hedge fund committees, might even attempt to assert outright control of a board.
It’s a volatile environment. But directors must remain focused on doing what is best for the company. The more prepared a company and its directors are, the greater the likelihood it will be able to successfully restructure.
In 20 Questions Directors Should Ask about Insolvency, Michael E. Barrack and D.J. Miller have written a practical resource for directors that highlights the issues they need to consider, such as:
Whether your company is facing insolvency or you are simply interested in learning how it can be prevented, this resource guides directors by providing the right questions, such as:
In an insolvency situation, directors will be challenged to please all stakeholders. But there is no principle that puts one set of interests over another. In all circumstances, directors must demonstrate that they made their decisions with a view to the company’s best interest while taking into account all relevant considerations. This guide is designed to provide that perspective.
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