Considered all of your options and think that closing your business is the best way forward? What are the steps you need to take?
When considering your succession planning, sometimes it is not possible for you to undertake a business sale, and a management buy-out may not be an option. Your business may be too dependent on you or changes in the industry or market in which you operate may mean there is only one alternative open: closing your business.
Protect your interests
It is important to take professional advice if you are thinking about closing your business as there will be legal, financial and tax implications in doing so. For example, the way you go about closing your business will depend upon its legal structure and with group structures, there may be scope to protect key assets such as property or intellectual property rights.
It is important to take legal advice as early as possible in order to improve the chances of a closure on the best terms. Closing your business does not have to be frantic and chaotic. A well-planned and well-organised closure can protect your finances and give the best chance to ensure your employees keep their jobs. You will need to review all personal guarantees that you have given as a director. These might be to your bank, to a landlord or to a finance house.
We can help you determine your personal objectives and assess your business and team to determine your options. There may be succession planning options that you have not considered or there may be important factors that will need to be carefully addressed in the closure of your business.
What are the risks?
You may feel overwhelmed by the commercial, financial and legal risks involved in closing your business. Everyman Legal can advise you in relation to your personal duties and liabilities as a director and also as to the legal issues relevant to closure. As well as providing responsive, commercially-orientated legal advice. The assistance of experienced and skilled insolvency practitioners can also be vital and we are able to introduce you to a suitable professional on our Panel of Licensed Insolvency Practitioners when appropriate.
Please do not hesitate to contact an Everyman Advisory on 01386 240145 for a free discussion or email james.hunt@everymanadvisory.co.uk
The first striking thing about Everyman was that the team are very affable and very human - not boring lawyers! They were warm & sincere and I felt confident from the start that they were technically excellent.
