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Winding-up your business is usually not an easy decision. However, it can be
imperative.
After a period of hardship, you might have come to the conclusion that there
is no future for your business and that it is only a matter of time before
others make the decision for you.
Be in charge
It would usually be in your own interest to make such a decision by yourself.
If you intervene at an early stage you may even be able to sell the company,
thus limiting the loss.
Wind-up assistance
In such a situation it is a good idea to consult an adviser - e.g. a lawyer
or an accountant.
Even if you are met with a payment on account requirement before the accountant
or lawyer is willing to spend time on the matter, it could be money well spent
as s/he will help you get the best out of it.
Funds to pay all
There are many things you need to get under control. E.g. you have to
estimate whether you have enough funds to pay all your creditors or if you have
to face the fact that not all get their due share.
In the latter it is important that a lawyer assists you during the winding-up as
you will otherwise inadvertently risk committing an offence.
Voluntary winding-up
Fortunately, not all wind-ups take place because the business owner is
directly or indirectly forced to do so.
You may have gotten a very prosperous job offer or there may be other positive
incentives for you to discontinue your business.
In this case things are much easier as you yourself set the pace. Alone or in
consultation with an adviser you can create the framework of the winding-up.
Maybe you would like to continue your company on a low activity level with a
view to take it up again at a later stage.
- Go to next
business issue: Financial Control
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Copyright © 2009 Dynamic Business Plan 07-02-2012
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