Closing down with Less Stress
How do you close your business if you've got no money? We may have the answer
You’ve spent your last pennies trying to keep the dream alive but the dream is turning into a nightmare.
Bills keep coming, your legal obligations seem scary, but there is zero money in the business. What now? A formal Letter of Closure could very well help solve the problem.
Letter of Closure
So how do you close your business if you have no money to close it? How do you close your doors and reduce your worry and the risk of being sued or breaking the law?
It’s not possible to walk away risk worry free (for example Directors have personal liability for unpaid GST, PAYG and Super).
It isn’t a simple as closing the doors, or not answering the phone.
Many businesses that are run as a company, just allow ASIC to de-register the company, but there are risks.
The truth is, apart from the ongoing stress and worry, if you simply allow your company registration to lapse, it is possible for a creditor to re-register the business and pursue debts from you personally.
If you wait for ASIC to de-register you lose control of the time that takes. But in consultation with accountants and lawyers, the solvers.com.au can offer a $500 option to help you to project yourself.
Business Exit Experts
Thesolvers.com.au members are experts and experienced business people. Click selected profiles below to find out how they help you manage your business closure.
How it Works
- Fill out the enquiry form, including basic legal information about the business.
- A formal letter of cessation is written for you to distribute to anyone you potentially owe money to. The formal letter includes your declaration about your inability to meet any outstanding debts of the business.
- After a waiting period you will be able to de-register your business and sleep easy.
Who is it for?
- Business owners or sole traders whose businesses have closed or are likely to close without any money left to close down formally.
- If you have personal assets you want to project like a family home or director’s guarantees, this may not be for you, but you should ask us.