The result is a new company with a fresh start and a clean financial account book. The receivership law has significantly limited the homestead exemption. Furthermore, you can use these return calls as an opportunity to begin the debt restructuring negotiation. Numerous small business owners backed up their Small business administration Advances with a personal pledge on their house. I don't think that all or even most receivership legal advisers are crooks. * If you were I, what would you do to repair this business? Since your firm is in trouble, your competitor's top salespeople are going to be wary about joining you right now. In addition, after your enterprise is growing again, you or your accounting supervisor may need to take the time to learn the budgeting tools found in your accounting package such as QuickBooks or Great Plains. A discussion of enterprise planning would take at least 200 to 500 pages, and there are numerous books devoted to this topic already. All financiers desire to see one key item, a small company plan. In either case, this plan should ensure your enterprise' survival when disaster strikes.

* We have conservatively estimated a 20% decline in Widget Line A sales as the company goes through restructuring. (This is not required by the law but I strongly suggest it.) Then you can use the cash from the mortgage to keep the enterprise alive and, if you enterprise fails, your unsecured creditors won't be able to use these assets to pay off their claims. * Give the date by which jobholder must sign the waiver or noncompete in return for the severance and inform the employee that he or she is welcome to have a legal defender review it. I know that many companies don't consider 60 days past due a serious delinquency.