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Decline & Cessation

Business decline and cessation

QuestionAnswer
Business decline Caused by management expertise, insufficient funds/undercapitalisation, faliure to meet consumer needs and competition
Voluntary cessation Owner's choice.
Involuntary cessation Forced to end operations
Sole trader or partnership Bankruptcy -> Failure to pay back debts -> personal assets are sold
Private or public company Voluntary administration -> Other people/groups are hired to manage the business. Liquidation -> Company assets are sold off to pay back debts.
Impact on stakeholders Company assets are sold, customers may not get their money back as it has gone to pay off debts.
Created by: MrMemer
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