Ending your business in a controlled manner: a step-by-step plan
Does the outlook for your business seem bleak? Are your debts piling up? Is every day that you stay in business costing you money? If ending your business seems inevitable, use this step-by-step plan to end your business in a controlled manner.
A summary of the steps
Step 1: Accept that the process can be emotional
You know your business is coming to its end, but accepting this may not be easy. It will probably have an emotional impact on you. Accepting this and reflecting on how you feel can give you space to move on to the necessary formal procedures. If you are struggling, seek out help.
Step 2: Ask for help
You do not have to go through the process of ending your business alone. Speak to professionals and ask what you need to do. Find out more about who you can talk to.
Step 3: Prepare for your business closing
Make sure your administration is in good order. This makes it easier to see who still owes you money, or who you owe money to. Also, check your contracts so that nothing is missed. You must also inform your staff about the closure at the right time. And have you considered your income after ending your business? There are various measures that you may be eligible for.
Step 4: Find a solution for your debts
Will you still have debts after ending your business? Find a solution that best fits your situation. There are several routes to consider. For example, avoiding bankruptcy with the WHOA.
Step 5: Start the process of ending your business
Depending on your situation and the legal form of your business, you must follow several steps to end your business. It is also time to cancel ongoing subscriptions and insurance policies. Finally, deregister your company from KVK.
KVK Advice Team
You can always contact the KVK Advice Team with your questions. Call 0800 21 17 to start the conversation. They can also put you in direct contact with specialised partners if that is necessary and what you want.