ironically, you're in the dominant position for negotiation. the creditors will try to lean on you (and possibly quite hard), but they're just trying to walk away with as much cash as possible. start throwing the 'bankruptcy' word around, that should cool off most creditors for the time being. communicate your situation to them and don't make any commitments until the dust has settled. don't pay anyone until you consult a few lawyers. if that takes longer than 12 days, so be it.
remember, if you do pursue bankruptcy (which may not be a bad option for a failed business), the judge will ultimately decide who gets paid what amount. no one creditor can walk away with a disproportionate share of the assets (subject to debt rankings). this removes all leverage for subordinated debt.
your first call needs to be your current lawyer. explain your situation and ask for a referral to a bankruptcy lawyer. your next calls should be to your network for more legal referrals. as these lawyers for a 30 min consultation off the clock. if they want your business, they'll give it to you.
most importantly, don't let '12 days' pressure you. your creditors can wait. they may get loud, but they can wait.
remember, if you do pursue bankruptcy (which may not be a bad option for a failed business), the judge will ultimately decide who gets paid what amount. no one creditor can walk away with a disproportionate share of the assets (subject to debt rankings). this removes all leverage for subordinated debt.
your first call needs to be your current lawyer. explain your situation and ask for a referral to a bankruptcy lawyer. your next calls should be to your network for more legal referrals. as these lawyers for a 30 min consultation off the clock. if they want your business, they'll give it to you.
most importantly, don't let '12 days' pressure you. your creditors can wait. they may get loud, but they can wait.