You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

May 3, 2011

Closing a Business: Liquidation or Bankruptcy?

Bangkok Post, Corporate Counsellor Column

During these tough economic conditions, closing a business may seem to be the only alternative for a lot of companies. However, doing so is not as easy as removing the sign and closing the doors. A voluntary winding-up of business is an invitation for employee claims, creditor suits and a tax audit. This article examines the two principal means by which a company may formally close its business: liquidation or bankruptcy.