Bring records that explain who owes what, what can be paid and which decisions are urgent. A tidy summary should not conceal missing information.
Corporate Recovery Partners
01 / 06
A single financial report does not show the whole position
A director books an insolvency meeting and spends the evening polishing a profit-and-loss report. The adviser’s first questions concern bank balances, overdue tax, guarantees and a supplier’s demand. Those records are in different folders. Preparing a practical meeting pack would make the limited appointment time more useful than presenting one attractive financial report.
Bring recent bank statements, facility limits, aged debtors and creditors, tax balances and payroll commitments. Include payment arrangements and overdue notices. Record the date of each report so older figures are not mistaken for current information.
ASIC’s director guidance explains the importance of adequate financial records. Supply what exists and mark gaps; do not reconstruct unsupported figures merely to make the pack appear complete.
Include major contracts, leases, equipment finance, guarantees and security documents. List assets with ownership, location and finance details. Identify disputes, litigation and any money owed to or by related parties.
Flag personal guarantees separately from company debts. The adviser needs to understand the company’s options without assuming every obligation belongs to the same legal person.
Summarise when payment difficulties began, major losses, changes in funding and significant transactions. Attach the evidence for critical events rather than writing an elaborate business history.
List urgent dates first. Provide complete notices, envelopes or delivery records where timing matters. A summary of a demand is not a replacement for the actual document.
Identify proposed new work, payments, asset sales or borrowing that cannot wait. Ask what additional information is required and who should gather it.
Take notes of scope, next actions and responsibilities. Confirm whether further legal, accounting or registered-practitioner advice is needed; the meeting is a starting point for informed decisions, not automatic approval of every proposed action.
