When your business is in dire trouble, you meet with the insolvency practitioner.
However, beware of making that initial call too early because not everything is always as it seems; keep the phrase caveat emptor (buyers beware) in the back of your mind.
Do not pour your heart out to the insolvency practitioner before you have your affairs in order as they may use this information against you, later.
Seek alternative, professional business debt help prior to signing the engagement paperwork to gain a more holistic approach which can help protect you as well as addressing the business affairs.
Perhaps you’re considering selling off your C corporation’s assets and liquidating the firm.
To start with, it’s probably worth you understanding what the typical director of an insolvent business has gone through to get an idea of why he has called on the insolvency practitioner in the first place.