If you owe debts to creditors you are personally responsible for those debts.
You can find out more in our document on problem debt.
If jobs are lost then redundancy money should be received. Jobs may be saved if parts of the company can be sold. Once a Liquidator is appointed one of the first jobs they undertake is to make the employees redundant.
They will sell to a company that specializes in store liquidation instead of attempting to run a store closure sale themselves.
The parties who are entitled by law to petition for the compulsory liquidation of a company vary from jurisdiction to jurisdiction, but generally, a petition may be lodged with the court for the compulsory liquidation of a company by: The grounds upon which one can apply for a compulsory liquidation also vary between jurisdictions, but the normal grounds to enable an application to the court for an order to compulsorily wind-up the company are: A "just and equitable" winding-up enables the grounds to subject the strict legal rights of the shareholders to equitable considerations.
If your business is incorporated as a company you may wish to close it due to retirement or another personal reason.
Liquidation is the process of winding up a company so that it no longer exists by using its assets to pay its debts.