When facing creditor pressure on a regular basis, it is a sign that there are bigger problems and a risk that your business is insolvent. It’s a stressful time but this is when you need to speak to specialists who can help you find a way forward for your company.
By not dealing with creditor debt, there is risk that creditors will instruct a debt collector to recover funds and/or assets to repay the debt or even issue a Winding Up Petition.
However, there are manageable actions that can be taken to give you time to formulate and deliver a plan to deal with the debt and find a stable way to move forward. They key thing to do is gain a clear understanding of your position and get help from experienced professionals.
It’s important to talk to your creditors and manage their expectations. Whilst this is a stressful period, it will get worse if ignored.