It is never too early to call a CIRP
A Chartered Insolvency and Restructuring Professional (CIRP) can assist companies in navigating the challenges associated with financial distress. A CIRP works with management teams, board of directors, special committees, lenders, law firms and other stakeholders to develop cost-effective, timely solutions to address financial challenges.
A CIRP can assist with the development of action plans to address short and long-term issues including: liquidity, cash management, operational performance (enterprise-wide or division specific) and financial performance (enterprise-wide or division specific). In many instances the initiatives outlined in the action plan can be undertaken outside of a formal insolvency proceeding. In some instances, to gain the maximum benefit from the initiatives a formal proceeding under applicable insolvency legislation in Canada will be necessary. A CIRP can help to navigate you through this process.
Once the action plan is developed, a CIRP can assist with the implementation of initiatives and monitoring progress to ensure that everything is on track for success.
A CIRP can also assist with specific initiatives including:
- working capital management
- short-term and long-term cash flow projections
- development and/or independent review of business plans
- cost/benefit analysis
It is never too early to call a CIRP, he or she has the expertise to help you make informed decisions and arrive at the optimal solution for your organization.