Shut down the Business
Step 1:
The Directors call a board meeting to decide to stop trading.
From this point onwards the business stops selling goods or services and stops buying in goods or services.
Resources:
Template Board Resolution for you to download and customise.
Step 2:
If the Company employs staff (and it will employ at least the Directors), they must be made redundant.
That means:
- Informing your employees that the Company has/will cease trading.
- Issuing each employee with a Notice of Redundancy
- Issuing each employee with their P45
- If an employees would be entitled to redundancy payments, informing them of how they can make a claim from the Government.
Resources:
Template Notice of Redundancy
How to make a claim from the Government.
Statement of Affairs
You will need to list your employees in the Statement of Affairs that will be sent to shareholders and Creditors.
I have read and understood this:
