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In an insolvency, the state court are going to act as a referee in the proceedings. Discuss to your board, professional advisers and your restructuring coach for help in finding a suitable replacement. Almost always, the purchaser are going to send a team to your business. If you are the weaker party, hold the meeting at the supplier's or landlord's office. There are several benefits to enterprise receivership as an alternative to receivership. * The counselor negotiated contracts with vendors that not only delayed payments, but moreover allowed buying of new stock. Most owners miss this opportunity because they do not comprehend that almost every lender is open to reducing the amount you owe, increasing your loan limit and lengthening your payment terms. For these reasons, it's important to gain as much company comprehension as possible before opening your doors. * Preserve a positive money balance (always). Most receivership legal counsellors also handle state filings. If you desire to remain the corporation's leader and simultaneously get liquidity for your equity stake, then an IPO can be a good alternative for you.