Chapter 11 bankruptcy implies a reorganizing plan for a company to revive itself.
However, solely relying on the plan does not promise profits.
Several companies have to deal with filing bankruptcy cases under Chapter 11 again and again. But, unfortunately, this is not what you would want for your company.
The reason you have framed or set up a company is to gain profit. If, you are unable to do so, it is really not worth the endeavor.
Hence, once you have filed the bankruptcy for the first time, here are the two imperative pointers you need to consider for the better functioning of the company for reviving it:-
1. Operational efficiency
If you can restructure the operation, there is a probability that you are not required to deal with a similar ordeal of problems.
Going with a structured plan is imperative to get the best out of your team.
2. The financial plan
Since your company has been in debt, it is indispensable that you fix the finances with context to the reorganization plan.
Financial soundness is a need for every company.
You will be unable to gain the required profit without taking care of the financial turbulence, which led to the filing of chapter 11 bankruptcy.
So, with these two critical pointers, you can succeed.
You can take recommendations and advice from the experts for the same.