Should companies develop bankruptcy contingency plans?
Many companies prefer to think positive and believe that bankruptcy is not a possibility. However, as the recent recession has demonstrated, no companies are really immune to bankruptcy.
For this reason, many companies are advised to develop a bankruptcy contingency plan. Such a plan is to plan out worst-case scenarios and assess the legal liabilities related to those scenarios. These worst-case scenarios could result if a financially stable company loses a major supplier or customer.
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