End of the company: Is it time to shut down?
A lack of future prospects can lead an entrepreneur to shut down their company down. What steps do they need to take?
An entrepreneur may bring an end to their business for several reasons, not only when facing bankruptcy but also based on a simple choice in a delicate economic situation or after a long career. This section explains the steps to be taken to shut the company down and describes the main consequences on the entrepreneur and their creditors.
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Causes for the closure of a company
Bankruptcy is not the only cause for the closure of a company. Various reasons can result in a company being wound up.
Company bankruptcy: What you need to consider
Bankruptcy is when companies are no longer able to pay their debts. It can be initiated by either the company or its creditors.
Voluntary end of the company
Entrepreneurs may decide at any time to close their company down. This does not necessarily mean that they are ceasing their business activity.