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Your sales have been declining over the past many quarters or have been flat if you expected significant increases. This is my favorite form of business liquidation because it is cheap, easy to do, and keeps you out-of-court. You pay off the line of loan when you have the assets. Unquestionably, they are going to want the adjudicator to rule that you can pay a larger amount to your creditors. To prepare for this, you should appoint a second-in-command when you have not already done in consequence. Turning a company Shut Down into a Individual Victory. Your company should have at least that much in the bank to emerge successfully. There are numerous ways to circumvent having to petition for s corporation bankruptcy, when you understand what rocks to look under. Through interviews asking about the firm's condition and future direction, you evaluate personnel and their fitwith the new departmental direction. This will prevent them from leaving the organization prematurely, when they start hearing rumors of the impending layoffs. You will be able to do this yourself, or you will be able to have professional debt representative do this for you.