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Director of Merricks Media Ltd

Do's

• Maintain a firm understanding of the company's position at any given moment
• Collect all financial information together ready for the liquidator
• Prepare a cash flow forecast along with a profit and loss account
• Hold regular meetings and take minutes of any notable decisions made
• Seek professional insolvency advice
• Be completely honest with all of your staff and contacts
• Build a picture of the company's liabilities and assets and maintain a good knowledge of the current value of those assets.

Don'ts

• Take any deposits on jobs if you are aware there is a reasonable chance you cannot complete
• Ignore any problems in the hope that they will fade over time
• Give payment to any creditor in preference over another as they are all to be treated equally
• Ignore any legal proceedings that someone may begin against you
• Make any promises to creditors or anyone else that you cannot keep.