Winding up
Summary
What happens when business comes to a close.Key Concepts
- Some businesses that do not work out; this is a natural consequence of trying something new.
- We suggest using feedback not failure to describe the situation where a business does not meet expectations.
- Attitudes to business underperformance vary widely between cultures.
- Company directors have legal responsibilities that must be recognised and acted on when a business becomes distressed.
- A director’s liabilities will be limited in many parts of the world if he or she follows the appropriate procedures for winding up a business that is not working.
- We are all human and the fear of business failure can hold ideas businesses back. ‘Feel the fear and do it anyway’ is good advice.
