Are there ways of saving a viable company from involuntary bankruptcy? First and foremost contact your attorney for advice. It is always a great idea to:
- Stay in close contact with the businesses creditors
- See if the creditors are willing to make arrangements
- Dial back on expenditures
- Monitor the books closely
Laws seem to change from time to time but keeping a close watch on price to do business in relation to gross profit will keep the picture clear on net profit. Remember it is not about how much a company makes but how much it keeps.