A company's problems usually start with temporary financial difficulties, as the number of orders decreases or the competition gets tougher, for example. Protracted financial difficulties can lead to insolvency, which would result in
debt arrangement for private persons.
The goal of corporate organisation proceedings is to get a company that has financial difficulties, but that is otherwise viable, back on its feet through debt arrangements. Bankruptcy occurs when a company is no longer able to pay its debts, and its operations cannot be made profitable. Debt restructuring for private persons may be filed for a private entrepreneur for both the debts of their private households and, under certain conditions, for debts related to their business operations.
Ask for help in time!
If the company is facing payment difficulties, or if these have already been realised, the entrepreneur should seek expert help as soon as possible. The sooner corrective measures are taken, the better the company is able to, and the more time it has to, solve its financial problems.
The company’s accounting firm or accountant is often the one who has the best overall picture of the financial situation of the company. Public business service organisations can also help.
The trained experts of the Talousapu consultancy service offer free advice over the telephone on issues related to a company's financial difficulties.