When closing down business paying debts is an integral part of the process. “You must inform your lenders that you are closing down” says Jay Findling, New Jersey Businessman, President and CEO of J Finn Industries. The law is clear on how to go about paying back owed money together with when you can be sued after you have notified them and fail to pay. We discuss below some of the directives to take note of concerning notifying your creditors.
The first groups you need to notify about business closure are the unsecured creditors. You have to be shrewd though. Ensure you give the notification right before you close up the business. This is to ensure you continue getting the supplies until the last minute. J Finn Industries, LLC Handles Store Closing through Jay Findling Presentation on Slideshare and gives you hint on how to go about this issue.
The bank loan is the next one to sort. Once you notify the bank it can deduct its loan and interest from the business savings. Before you inform them consider this. Inform also every one or organization that partnered with you. If you think there are those you forgot about post an advert in the local newspaper and the lenders will be required to respond within a given period of time. Once they have claimed and given you the last bill, you can now clear with them.
If you owe any corporations and LLCs must also be sort their debt. You will have to send a notification with a deadline (which is stipulated by the law and varies with the state). If the lenders fail to meet this timeline then they will be barred. Publishing this information in a local newspaper will be really great. If you get experts like Jay Findling, New Jersey Businessman all this will be a walk in the park. We have all the knowledge and skill to make things easier for you.