Closing down a business
You can always suspend or close down your business voluntarily. The practicalities concerning closing down a company are dependent on the type of company.
If your company is insolvent, heavily in debt and unprofitable, it may have to be dissolved through bankruptcy proceedings. Do not file for bankruptcy until you have looked into ways to turn things around.
The guide on a company’s financial difficulties and their prevention offers instructions for coping with financial difficulties and information on debt arrangement options.
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Closing down your company
If you wish to voluntarily terminate your company and its operations, you must dissolve your company. The dissolution procedure is determined by the type of company.
Bankruptcy
Bankruptcy is a way of terminating business operations when every effort has been made to make the company profitable and all other forms of debt arrangement have been investigated.