Liquidating business assets Websexonline chat
It can take account of personal relationships of mutual trust and confidence in small parties, particularly, for example, where there is a breach of an understanding that all of the members may participate in the business, Upon hearing the application, the court may either dismiss the petition, or make the order for winding-up.
The court may dismiss the application if the petitioner unreasonably refrains from an alternative course of action.
Moreover, your business is at least solvent or near-solvent, so bankruptcy is not an option.
The debts still exist in theory, at least until the statute of limitations has expired, but there is no debtor to pay them, so they must be written off in practice.
Selling a company to an interested buyer is the method most commonly associated with getting out of a business.
But for many small business owners, liquidating assets is often the best or perhaps only feasible method of exiting their businesses, especially retail businesses.
And they're attracted to the high salaries and benefit packages offered in the corporate world.
Or they simply are not capable of continuing the business.