This advice is based very much on experience. Only two years ago, I was about to close my digital agency. I had been forced to let six staff go and it was down to just me and one other.
Business bankruptcy is the legal position of a business that is unable to pay its debts to creditors. The status is ascribed by the court, usually at the initiative of the debtor, at the point when they realise they cannot meet their financial liabilities. In this article Bankruptcy Canada give an overview of different types of bankruptcies and their effect on business’ income.