COPING WITH DIFFICULTIES Using financial aid Local banks offer one-off financial solutions to help businesses meet their cash flow needs. In addition, debt staggering can be made to the CAFAT and other tax authorities . Credit mediation This national scheme to help businesses facing financing difficulties is open to any business owner who finds that credit has been refused, bank lending has been reduced, collateral requirements have been increased, terms and conditions have been raised... A file is submitted and then the territorial mediator (the director of IEOM) contacts the company within 48 hours to analyse its case. The company’s financial partners have 5 days to review their position, failing which the mediator will intervene to propose concerted and appropriate solutions. Apply to the Ombudsman here Collective proceedings There are a number of procedures for halting legal proceedings and organising the payment of debts owed by a company in difficulty. These are the safeguard procedure (before payment ceases), legal redress (maintaining business and employment while paying off liabilities), or legal liquidation (when continuity of business is no longer possible). 9 - SETTING UP A BUSINESS: INSTRUCTIONS FOR USE 98
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