What is owed.
WHAT TO ESTABLISH
Every debt: who, how much, secured or not, personally guaranteed or not.
WHY GUARANTEES MATTER MOST
They survive the company and they are your personal liability.
WHAT TO IDENTIFY
Which debts you have personally guaranteed.
WHAT TO DO ABOUT THEM
Address them, because closing the business does not remove them.
WHAT TO DO ABOUT STATUTORY DEDUCTIONS
Remit them, as a priority.
WHY
Directors carry personal exposure for deducted amounts not remitted.
WHAT TO DO ABOUT OTHER CREDITORS
Contact them, honestly, before they discover the position.
WHAT TO PROPOSE
Whatever you can actually deliver.
WHY REALISTIC PROPOSALS
Broken arrangements remove any goodwill.
WHAT TO AVOID
Preferring one creditor over others without proper basis Transferring assets out of the business Continuing to incur credit you cannot pay
WHY THOSE MATTER
They can be reversed and they can create personal liability.
WHAT FORMAL PROCESSES EXIST
Arrangements with creditors Formal liquidation, voluntary or otherwise Receivership, where security is enforced
WHAT TO ESTABLISH
Which applies to your situation.
WHAT A PRACTITIONER PROVIDES
Proper conduct of the process, and protection from later challenge.
WHAT IT COSTS
Fees, from the assets.
WHAT TO DO ABOUT DEBTS OWED TO YOU
Collect what you can, before closing.
WHY BEFORE
Collection becomes harder once customers know you are closing.
WHAT TO KEEP
Records of every payment and communication.
