what do i do after liquidation?

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phaidi

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I have a company that will be going into liquitation shortly it is insolvent, from a personal point i am totally depressed over it, what do i do going forward, has any of you experience of this ? how can i pick up the pieces i dont want to quit and sign on .some of my creditors are friends of mine my credit rating is in pieces ! I m totally embarresed by it all
 
Being depressed about it has you in a negative state of mind. If you are insolvent and going into liquidation you've no choice but to walk away, its not the end of the world. Talk to your creditors, explain whats happening.
You'll discover who your real friends are. Try not to beat yourself up over it. You're probably in a state of shock, but you will toughen up and be the better for it. You tried, it failed, learn from it and move on, possibly to paid employment for a time or dont be too proud to sign on. Hold your head up and refuse to let yourself feel shame and have a sense of humour. Theres always something to laugh at...Clubman's long sympathetic replies, are just heart renching:rolleyes:

Wishing you the very best of luck in the future :)
 
You tried, it failed, learn from it and move on, possibly to paid employment for a time or dont be too proud to sign on.
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A very high proportion of businesses fail. I vaguely remember 80% in first five years or something.
Anyway, like it or not, you probably have learnt a great deal from your experience, and probably even know where you went wrong. This puts you in a good position to eventually start again, with either a modified plan or something completely different.
 
thanks for that
i sure Know the mistakes we made ,the thing is i have a lot of personal debt and signing on is not a option i have a few contacts that could give me some contract work and start again from there with a new small company an no overheads
 
You could consider your personal debt as being a constant overhead for the time being anyway. Be very careful, have you talked to an accountant? Good that you have some work in the pipeline, set up a payment plan with people you owe money to, even just small amounts every month.
 
Phaidi, I see you have a number of threads going on the same subject and are obviously very distressed at the moment at the way things have worked out in respect of your franchise. Elphaba is right, try not to beat yourself up over it(easier said than done) You need to take some legal advice for yourself in respect of the Liquidation and once you have digested this, then sit down and make a plan going forward. At the moment, from your posts, you are not in a clear frame of mind to do that, so wait until you have calmed down and accept the fact that a liquidation is imminent. That is all you can do.

Good luck going forward.
 
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