It will be a heart-breaking feeling when a company the owner built with sweat and tears goes bankrupt. We cannot fathom his struggles and shame. He may think and feel he is a loser. Bankruptcy word implies many things. One may go bankrupt due to illnesses, divorce, and more. When a business goes bankrupt, its Licensed Insolvency Trustee takes all the assets and sells them to pay off as many of the debts owed to the creditors as possible. There is also a secured creditor for every business. ( www. legalline.ca). There are indeed businesses that go bankrupt like banks and supermarkets. The reason could be traced back to big credits and was not taken care to pay them. What is your stand on this matter?
What happens when a business goes bankrupt?
- Thread starter Starmix
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- #3
There is also a supermarket in the city where I've gone bankrupt because of the illnesses of his son. His son has mental sickness and when it attacked, he gave all the kinds of stuff displayed in their supermarket to customers for free even ice cream products. The son cried nonstop if he will be stopped giving. The customers were also delighted They should have returned the stuff, so the superstore was shut and declared bankruptcy.
I pray that we did not get to the point that we will start putting things for sale in cheap price
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- #6
Yes that's right, but not only CAP, even Eternal Plans a Pre - Need company gone bankrupt. There are so many not anymore published for protection of the clients or plsn holders.
If your business goes bankrupt, it doesn't mean it's over, so you become stressed and depressed. Don't panic, stay calm. Try to trace the cause of your business bankruptcy. Make your bankruptcy as an experience and learning, and find new strategies to start new businesses.
The reason for most business to go bankrupt is debt and also when they don't have the capability to compete with other competitors. As we know that nowadays in every business they are lots of competitors. Only the strongest will remain in the business.
I believe this is usually when the business owner sells the business out to someone else or in some cases they merge with other companies. Like in the case of diamond bank here in Nigeria, the bank after being broke had to join with another bank.
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- #11
You're so right, there's always a second chance.And the experience of bankruptcy would serve as a lesson. There are ways to rise again
It also happened here two banks were merged because the other one was ordered by the court to declare bankruptcy.
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- #13
Yes, you are so right. The business owner must be calm. He must find ways to resolve the cause of his business getting bankrupt. He may approach other business men to ask them for advice on what to do. It is not the end of everything.
