Whose lawyer, and whose privilege
Insolvency legal advice usually starts with a basic question: who is the client. A lawyer engaged by the company represents the company, and its interests can differ from those of owners, guarantors, or individual directors. The company's attorney-client privilege belongs to the company, and if a bankruptcy trustee is appointed, control over that privilege generally passes to the trustee, who may choose to waive it. Individuals with personal exposure, such as guarantors or officers responsible for taxes, often benefit from their own counsel. Sorting this out at the start avoids conflicts that can force a lawyer to withdraw at a difficult moment.
Why earlier advice keeps options open
A company that still has cash can negotiate with lenders, run a sale process, or plan an orderly filing, while one that waits until a lender sweeps its accounts often loses those choices. Decisions made before a filing, including payments to insiders and new liens, may be reviewed later, so it helps to get advice before making them rather than after. Directors also benefit from a record showing they sought guidance when the trouble became visible. Bring recent financial statements, a cash forecast if you have one, loan documents, guarantees, and any lawsuits or demand letters.
What a first consultation should produce
A first meeting should leave you with a working picture: whether the company is insolvent or close to it, which creditors hold leverage, and which paths are realistic. We also flag decisions that should wait until advice is in place, such as transferring assets or paying favored creditors ahead of others. You should leave knowing what to do in the coming days and what information to gather for the next conversation. If a filing becomes likely, we discuss timing and the preparation it requires, including who needs to authorize it.
