Liquidation, anybody go through it

I'm finally at the end of my theather, after 3 years of hell, I can't go on for much longer and see the only way out is to go into liquidation.I understand the process but just want to know what it is like on a personal level to go through. At this stage it's my suppliers who I owe money to and can't pay are being the most aggressive and constant phone calls. I should of done this a couple of years ago but always keep trying hoping that things would work out. And the end of this I will have huge loans that I have to pay back and very little income but anything is better than having to go to work everyday, get no wages and constant phone calls.

Thanks

I sympathise with your position. You have put your life on hold in the hope that what you have worked for will work out. First thing is don't beat yourself up, sometimes people fail. The person who never failed never did anything. And many having learned from the experience become a success.
Not knowing your business or depth of the debts or the value that can be salvaged I can't tell you for sure. You are probably the best judge of what the business is really worth if everything is sold off. The important aspect is to be up front, and do the job right. The process is to try an get as much value from the business as possible to pay suppliers, they will suffer and at times it may not be pleasant but at least you will be handling it in the correct way, managing an orderly closing of the business. The first thing is you need to speak with the accountant and another business advisor if you have access to one and assess the balance sheet to understand if the business is insolvent or you are suffering a sever cash crisis. If insolvent you are obliged to cease trading, if the latter there may be value in the business.
Remember no one can kill you and there will be a time in the future that you will look back and remember the good times, when a sale gave you a buzz, when doing something for the business gave you a buzz and maybe, just maybe you might try again. Lots have and lots have succeeded second or third time around.

Hi Closing

I presume that you have a limited company which you want to put into liquidation and that you are not a sole trader?

You should speak to your accountant who will recommend a liquidator for you.

Once the liquidator is appointed, the pressure on you is reduced. They will have to deal with the liquidator.

You will have to prepare a statement of affairs. You should go to the creditors' meeting. Some creditors will be annoyed, especially if you misled them recently. Others will just accept it as an unfortunate part of business.

Brendan

I would be very careful in using terms like ' i should of done it years ago' - as someone might query whether reckless trading was involved.

As BB has said the liquidator should take all the hassle out of it and really there is nothing much for you to do only worry about paying back any personal guarantee's etc. i.e sorting yourself out going forward.

Once it can be seen you ve been putting money into the business and doing your best to keep the company afloat the section 56 report to the ODCE shouldnt be a major issue. Your only other major issue re the S56 report may be any revenue arrears especially fuduciary (vat) arrears.

We ve done numerous liquidations over the last number of years and its very rare that more than 1 or 2 creditors turn up to the meeting and as said they usually just accept there is little or no distribution and not much they can do about it.

Thanks for the reply's, I owe about approx 100,000 of which 30,000 is guaranteed. I don't owe anything to revenue. I have a few assets but mainly stock and considering I couldn't sell them in last 3 years I doubt the liquidator could either so I would value any assets I have as low.

To be honest the suppliers haven't been getting much a couple of hundred every couple of weeks but it's impossible when there's hardly anything selling.The problem now is that they see I'm still trading so they presume I'm making money but there getting none so the pressure from them is even greater.

I was just wondering what happens if I just close down? Some might come after me and if they do, do I liquidate then? I always have the hope of things might change but at the moment I have insurance due next month and Rates and I know I will not be able to pay them consistently.

I recon I have about 30 years left in my working life to retirement age but at the moment between stress and pressure, its just not worth it any more.I went from employing 8 people down to 1, and sales are down 80%. I've had 4 days off in the last 3 months but there not really days off because of knowing I'm working the next day.

Anyone who's being through this and at the other side?