One of the possible scenarios for a business in the post-COVID-19 period is insolvency. No matter how gloomy this notion may seem to entrepreneurs, it is clear that now it will be present more than ever in the economic reality. However, one must keep in mind that the risk of launching insolvency proceedings either with respect to your business or with respect to a contractual partner of yours (be it your debtor or your creditor) does not necessarily mean the imminence of bankruptcy. Now, more than ever, in order to find a quick solution and especially for successfully implementing it, we must consider the contractual and financial discipline.
What are the first steps in order to be prepared for what is to come? As already mentioned, a big wave of insolvencies, payment incapability, renegotiation of contracts and reduction of amounts collected from contractual partners is expected in the post-COVID life.
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