You can have a useful first insolvency conversation without a finished set of accounts. The most helpful information is what the company owes now, what cash is likely to arrive, whether it can keep trading, and which decisions are urgent. Bring what you have and be clear about what is missing.

Begin with a one-page account of the problem

Write down what has changed and when. Has a major customer failed to pay? Has HMRC refused an arrangement? Is payroll at risk? Has a supplier stopped credit or has a creditor served formal papers? Say what you need to decide this week. That gives the adviser a starting point before anyone gets lost in historic figures.

If several people are directors, identify who can answer questions about finances, employees and operations. Mention any imminent board, court or creditor deadline at the start of the call. realistic plan exists to meet obligations as they fall due, not whether the spreadsheet balances neatly.

Bring the figures that show whether trading is possible

The following are useful even if they are provisional:

• The latest bank balances and recent statements, including any overdraft limit and whether it remains available.
• A cash forecast, however simple, showing expected receipts and payments over the next few weeks.
• The latest management accounts or year-end accounts, plus a current list of customers who owe money.
• A list of creditors, amounts owed, dates due and any agreed payment arrangements.
• Details of work in progress, stock, equipment and property, together with the cost of completing customer orders.

Separate a genuine committed receipt from a hopeful sales forecast. If you do not know a number, say so. An adviser can help identify which missing figure matters first.

Show the documents behind the immediate pressure

Keep the original wording and dates of HMRC correspondence, a statutory demand, a Scottish winding-up petition, a landlord’s notice or papers from sheriff officers. Bring loan and security documents if a lender has threatened action. A photograph or PDF of the notice is more useful than trying to remember its terms.

Do not wait to assemble a full file if a response deadline is close. Contact an adviser with the document in hand and follow up with the remaining records.

Include the people and personal questions

Say how many employees there are, when wages are due, whether any pay is already outstanding and whether redundancies have been discussed. Keep payroll records and employment information available. They will matter if a formal insolvency follows, but they also affect the immediate trading decision.

Tell the adviser about personal guarantees, any overdrawn director loan account, money recently introduced by directors, and any proposed transfer of company assets. A company’s debts and a director’s personal exposure are different questions. They need to be considered alongside the options for the business, not discovered after a decision is made.

Know what you want from the call

It helps to ask the adviser to distinguish three things: what must be done immediately, what needs more information, and what can be decided later. Useful questions include:

1. What is the main risk in continuing to trade this week?

2. Which figures or documents would change your assessment?

3. What options could preserve a viable business, and what would have to be true for them to work?

4. If closure is needed, what happens first in Scotland?

5. Who would handle the next stage, and on what proposed fee basis?

You should leave with a clearer list of actions, even if the eventual route cannot be chosen in one call. The Insolvency Service recommends professional advice where a company is in financial difficulty; Scottish voluntary liquidation also has specific steps for shareholders, directors and creditors.

Should I delay until the accountant has finished the accounts?

No, especially if cash, wages or a creditor deadline is pressing. Current bank information, a creditor list and an honest explanation of what is uncertain are enough to begin. Your accountant can help fill the gaps afterwards.