Advice on your questions - bizjournals:

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Tom Conroy, business consultanft and ownerof : Do some internal communicationh and let it be known throughout your organization that the clientt is bankrupt, so no one inadvertently continued to do business with them. What you do dependsw on what the clienf means toyou — how much do you depens on it? Any time you lose a client, you need to replacde it. A vacuum will be created when a company goes Perhaps you can do business with the competitors that now have anincreasefd workload. If you rely heavily on one customert or are in anichew industry, you’ll have to find a different marketf where you can use your skills and resourcea in a new way.
Patty Frame, CPA and small-business First off, you may have to accep the fact you may not get paidat all. You are certainlt not going to getfully paid. Most small-busineszs owners are cash-basis taxpayers, so there’sa not much of a tax impact for But those who operate on an accruapl basis can takea bad-debt deduction. But you must have documentation that the companygwent bankrupt. Be aware of what’s going on with your clientw so you canbe prepared. Do thingsa in advance to protect yourself, shoulde they go bankrupt, such as requirin g payment in advance. And don’t rely too much on one client. By puttinbg too many eggs in one you could put your companyat risk.
Martin Hunter, bankruptcy attorney at : You shoule get a notice from the bankruptcy courrt telling youabout it. If therde are assets to be paid, you need to file a claimk withthe court. If you sold goods to the company recently, talk to an attorney about a reclamatiobn claim. Your strategy will differ, based on the size of the