Liquidation, it’s a word most business owners dare not think about let alone contemplate but having your business go into liquidation doesn’t always mean the end of everything you hoped to achieve.
While there are many steps before a business is closed, liquidation means there is no going back for a company as its assets are sold to pay creditors and the name of the business ceases to exist.
This final solution can come as a crushing blow when you have put everything into a company only to see it fail. Sometimes, however, it is not the business that was the problem and that business could still be viable if a new company is set up to deliver a better more efficient service or be free from debt restrictions which held a previous company back.
The company that went into liquidation was simply the vehicle used for the business and not the business itself. Liquidation can sometimes be a blessing in disguise if it is used as an opportunity to take a step back and look at what went wrong so that mistakes are learned from.
This experience could then be used to create a hugely successful new business under a new name.