I feel guilty about pushing a company into receivership

Dear Aunty B,

 

I have a client that was not paying my bills. I had my lawyer act, and now I have learnt that they have gone into receivership.

I heard through a client that the guy will have to declare himself bankrupt.

It’s not just that I have lost money, but I feel really guilty because he was a good bloke who is a good friend of a mate, and he got into trouble through no fault of his own.

My mate gave me a serve and I have not been sleeping well. Help!

 

FS,
Brisbane

 

Dear FS,

Poor bloke, and poor you.

Look, this is obviously your first recession. Unfortunately over the next few years other companies you know are going to go under. People you know are going to lose their jobs.

Those of us who have been around the block a few times will tell you that it happens. But all business owners need to understand their first responsibilities are to their shareholders and stakeholders.

You have to chase bad debts and overdue payments. Otherwise you’ll end up in strife.

Maybe there are other ways you can help. Does the bloke need a job? A new start? A good word in the right ear?

Focus on what you can do going forward. Stop feeling guilty because it probably wasn’t your action that caused the dominos to topple anyway!

Good luck,

Your Aunty B.

 

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