Things employees can do to help
There are some things that employees can do to assist in the process, which ultimately may benefit them through continued employment. Such things to consider include:
If there is a party that could be interested in the business the details should be passed to a member of the Insolvency Practitioner’s team.
Usually the company will be inundated with calls from concerned suppliers and customers. An employee may be able to assist the Practitioner’s team by speaking and informing their usual contacts. However it is important to establish whether the Practitioner wishes employees to do this and what information is to be passed to the relevant party.
Insolvency Practitioners are experts in certain areas but have to place reliance upon the employees and management team for the effective running of the business. If it appears that things have been missed or forgotten the relevant contact should be informed or reminded. It is often very easy within the first (hectic) days to miss something that could be important.
Employees can assist in prioritisation - it is important due to the limited timescales concerned that the most important issues are addressed first. For example if there is a vital component then that particular supplier should be prioritised as the continued trade of the business could depend on sourcing that item.
