General counsel play a unique role in the context of a company. They must be an employee of the company while maintaining the foresight to identify issues that the management of that company might not identify, or might not want to identify. Included in this is the ability to spot the warning signs that a company could be financially distressed and the ability to determine whether to consult with outside counsel or a restructuring specialist to assess the company’s financial position.
Often, general counsel may not be in the inner circle of the business with direct access to financial information or business strategies. Sometimes, general counsel may be approached by management at a late stage asking for guidance or interpretation of signs of a financially distressed situation within the company. At that point, things may have spun out of control or be so far down an awkward financial path that the company may not have many choices for resolving the difficult position it finds itself in.
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