The orderly wind-down.
WHAT ORDER TO WORK IN
Take advice Establish the full position Inform those who must be told Cease trading, at a defined point Realise assets Settle liabilities in the proper order Complete filings Close the entity
WHAT TO ESTABLISH FIRST
What is owed, to whom, and what is owed to you.
WHAT TO PRIORITISE AMONG LIABILITIES
Statutory deductions already taken Employee entitlements Secured creditors Other creditors
WHY DEDUCTIONS FIRST
They are not your money and failure carries personal exposure.
WHAT TO ESTABLISH ABOUT THE ORDER
The legally required priority, with advice.
WHY
Paying creditors out of order can be challenged and can create liability.
WHAT TO DO ABOUT EMPLOYEES
Follow the proper process Give required notice Pay what is due Provide documentation they will need
WHY DOCUMENTATION
They need evidence of employment for future work and entitlements.
WHAT TO DO ABOUT CUSTOMERS
Tell them, with enough notice to arrange alternatives Complete or refund outstanding commitments Return anything of theirs
WHAT TO DO ABOUT SUPPLIERS
Tell them, and settle what you can.
WHAT TO DO ABOUT ASSETS
Realise them properly, at reasonable value.
WHY REASONABLE VALUE
Selling assets cheaply to connected parties can be challenged.
WHAT TO CANCEL
Leases, subscriptions, licences, utilities and insurance, in an order that does not leave you exposed.
WHAT TO FILE
Final returns and accounts.
WHAT TO KEEP
Records, for the required retention period.
