Soletrader closing down business

[BMcM]

Hello
This is my first time here so I hope I am posting in the right section. I am thinking of closing down as business has slowed a lot recently. I owe suppliers more than what I am owed. What happens if I close down? Am I still liable to pay these suppliers?
B

 

[dinjoecurry]

as a sole trader you are liable but contact the suppliers you could try do a deal

 

[simplyjoe]

Hello
This is my first time here so I hope I am posting in the right section. I am thinking of closing down as business has slowed a lot recently. I owe suppliers more than what I am owed. What happens if I close down? Am I still liable to pay these suppliers?
B

The question beggars belief!!!!

 

[mvron]

From Westmeath County Enterprise Board website......



"However, while sole traders and partnerships can operate with very little formality and relatively few legal restrictions the greatest single disadvantage is that if the enterprise fails, then the sole trader or in the case of a partnership the individual partners become personally liable to their creditors.
This liability extends to all of the individuals personal assets (including a family residence and motor car etc)."