The management of the company knows that it is only a matter of time before the public will know about it. At first, they try to keep it among themselves so as not to send panic to its employees. When they know, it only means more problems to the company. Workers will be leaving.
Their best employees will be thinking of bailing out soon while they still can and the company does not like that. An Orlando bankruptcy attorney can help you in completing all the necessary papers in applying for an amnesty for all the debts that your company is facing. It will be the last thing that they want to deal with.
There are legal repercussions to the situation and the best person who know them is a lawyer. Maybe the best shot is for you to liquidate your business. Sell your assets and use the proceeds to pay off all your debts. What remains will be for your personal use. Know that in the dissolution of assets, there are government rules that need to be followed.
The reason why the company has decided to dissolve the business because this is the only way that they see to solve the problem. Folding up the business is the only way out they see. But sometimes finding the money to pay for the obligation does not come by that easily and immediately.
As a businessman, you must know a lawyer or two. When you first organized the business, you consulted a lawyer to know the legal papers that you need to file with the government. The state requires certain documents to be filed with them when you put up a business. Requirements are also needed to comply with as you dissolve the business.
While going bankrupt is still far off from now, they better do something and hold a grip on themselves while they still can. Or things could get out of hand and it will be too late for them to remedy the situation. That is why some companies would see cutting workers will do it.
Reducing salaries expense is one way of saving money on the part of the company. But that is not an absolute solution. It does not work on every company that is experiencing some difficulties in their financial turf. It might work on one company but not on another. That is because every situation is different.
Companies run their business differently and they are experiencing different financial situations. Some got unbelievable indebtedness that it is impossible to correct the situation just like that. It will take longer time than that to find solutions and straighten out something or correct malpractices in the business.
There are law firms in the area specializing in the legal service that you need. You can contact any of these law firms. Just like with individual lawyers, they are also specializing in different fields of the law. You have to find one that is expert in business dissolution and working out resolutions like an amnesty to insolvent persons.
Read more about Things To Consider In Getting A Bankruptcy Attorney.