In the prior section, I warned about using your lender to locate a turnaround consultant. The lenders are going to consider your engagement of a professional debt mediator as a positive development. At a meeting, you should always give an opening status report on how the firm is progressing against its turn around targets and action plan.

If the firm is public, its stock continues trading, and your accountants should continue filing reports with SEC. If the bank card company has written the settlement memorandum, I want you to review it carefully before signing. Now and then suppliers put their firm up for sale only to see how much it's worth. In the prior section, I warned about using your financier to find a turnaround expert. I advocate an amount for contingency equal to at least 10% of your expenses. I cannot think of a better motivator than that! Besides, review performance requirements for the supplier. * Liquidating Chapter vii bankruptcy. If you expect file Garland business bankruptcy, you will find that it is more helpful in getting you back on your feet than anything. That means the personnel on the frontlines must develop 99% of all determinations. In fact, these daily and weekly control tasks are your job during the restructuring. I advocate you cash them out immediately when you can.