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Closing down a business

You can close down your business voluntarily in which case the practicalities concerning the dissolution depend on the form of business. Make sure that you pay all your debts and make the necessary asset-selling arrangements and notifications. If your company is insolvent, heavily in debt and unprofitable, it may have to be dissolved through bankruptcy proceedings.

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Closing down your company

When you want to close down your company voluntarily you must dissolve it. The manner in which a company is dissolved depends on its form of business.

Bankruptcy

In a bankruptcy, the debts of a company are determined, its assets are sold, the funds are distributed among creditors and the company is closed down.