I understand from experience that by now you are probalby worried sick and have sleepless nights as you cannot see a solution to your business’ financial problems. Worse is that you need to continue to trade. Currently the cash flow is being eaten up by keeping creditors off your back, but that paralyzes you as you need to cash flow to trade and earn a living.
If you feel there is no way out and that you are in a catch-22 consider liquidation. This will help your business to get rid of debt (SARS debt included) so that you can get control over your cash flow.
If this is your situation, you need to seriously consider Liquidation as a solution:
- your business owes money to SARS or other creditors that you cannot pay
- you have staff that you need to get rid of (or that you want to keep)
- your rent is in arrears and you fear the actions of a landlord
- you signed personal surety for some of the debt of the business
- you fear losing your assets
- you have received deposits from clients but cannot complete the work
- have lucrative agreements in place that you do not want to lose
Liquidation will help you to:
- Get rid of debt legally (SARS included)
- Get rid of staff without paying retrenchment packages
- Deal with your landlord
- Address the personal sureties that you have signed
- Keep your assets
- Deal with clients who have paid deposits
- Keep agreements
