Read this before you check out of your business

Over the holidays we had some free time so we used it to good effect – playing Scrabble and watching Countdown.


What you need to know about company liquidation before you check out of your business

checkmate

 

 

 

 

 

 

Seriously – it’s a great way of increasing your vocabulary and sticking it to the younger generation with their txtspk and emojis by being able to use obscure words to win the game. 

 

We used the word stalemate to win one round before our opponents got bored and trudged off to play with their Nintendo Switches and it got us thinking about its origins. 

 

It’s a chess term to describe the situation in a game where the player whose turn it is cannot make any legal moves.  We also thought about other words in everyday use that come from chess like pawn, checkmate and endgame.

 

There’s also some that should be used more, or at least that you should have up your sleeve to win at Scrabble – the best of which is Zugzwang.

 

As well as netting you a neat 31 points, it’s another brilliant example of, as Homer Simpson has it, those Germans having a word for everything, Zugzwang literally means ‘compulsion to move’. 

 

In chess it describes a situation where one player is at a disadvantage because they have to make a move when it would be more advantageous to pass or not move at all. By being compelled to move, their position is weaker and any player finding themselves in a Zugzwang finds that any move they make actually makes their overall position worse. 

 

So what’s all this sophisticated word play got to do with company liquidation? 

 

Well, you might finally have a word to describe the position your business is in if you can’t see a way out.

 

If you’ve received a winding-up petition, had statutory demands or visits from bailiffs or if your financial statements or projections would make Stephen King turn pale, then you need some help.

 

Part of business rescue is recognising if a business can’t be saved in its current condition. Sometimes the debt is too much or the numbers don’t add up to indicate an upturn in trade.  

 

A business might even be profitable or at least breaking even but the owner might just want to move onto something new. 

 

There’s many reasons why a business could be liquidated but they should all be approached seriously because if they’re done wrong they could have personal and financial consequences long after the business has ceased trading. 

 

We’re always available to talk about your business and how you can escape a seemingly impossible financial checkmate.  

 

You can get a free online quote here or one of our expert team of advisors can arrange a free initial personal consultation where we can talk however you want to – in person, by phone or online. 

 

Then we can work out an effective and efficient plan to take the business in the direction it’s best to go in. 

 

By choosing to act before events force you into a course of action, working with Business Rescue Expert can be your best defence and as Chess Grandmaster Gary Kasparov said: “Sometimes the best defence is the best defence.” 

 

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