Give employees plenty of advance warning about impending redundancies. Consult with employees individually, as well as their representatives if any, for example, unions. If you fail to consult with employees, their dismissal will be unfair. If you have more than 20 employees then you will need to notify BIS, and you must consult with employees at least 30 days before the first redundancy.
Put together a formal plan and timetable to help you through the process of closing down. Your original business plan may prove useful here to help make sure you include everything. You will need to meet all your tax requirements, inform employees, end rentals and leases, close accounts and sell off your assets, including your premises.
Overview of winding up a business
Buying or selling a business
Buying or selling business premises
Company filing requirements
Making staff redundant
Terminating franchise agreements
Termination of employment contracts
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