10 things to keep in mind while closing a business

Develop a detailed and comprehensive strategy for winding up the company effectively

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Inform all employees about the winding-up process as early as possible

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Secure formal approval from the shareholders to proceed with winding up

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Pass a Board resolution affirming the company's solvency status

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Notify all creditors and settle any outstanding debts promptly

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Create a detailed report of the company's assets and liabilities

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Prepare and sign a formal declaration of solvency for the company

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Submit the closure application to the Tribunal of Liquidation

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Obtain the Tribunal's dissolution resolution within 60 days of application

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Advertise the company closure in a widely read newspaper

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10 things to keep in mind while closing a business

Develop a detailed and comprehensive strategy for winding up the company effectively

Develop a detailed and comprehensive strategy for winding up the company effectively

Inform all employees about the winding-up process as early as possible

Inform all employees about the winding-up process as early as possible

Secure formal approval from the shareholders to proceed with winding up

Secure formal approval from the shareholders to proceed with winding up

Pass a Board resolution affirming the company's solvency status

Pass a Board resolution affirming the company's solvency status

Notify all creditors and settle any outstanding debts promptly

Notify all creditors and settle any outstanding debts promptly

Create a detailed report of the company's assets and liabilities

Create a detailed report of the company's assets and liabilities

Prepare and sign a formal declaration of solvency for the company

Prepare and sign a formal declaration of solvency for the company

Submit the closure application to the Tribunal of Liquidation

Submit the closure application to the Tribunal of Liquidation

Obtain the Tribunal's dissolution resolution within 60 days of application

Obtain the Tribunal's dissolution resolution within 60 days of application

Advertise the company closure in a widely read newspaper

Advertise the company closure in a widely read newspaper

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