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Winding up

Updated 05/2011

For various reasons - retirement, new career challenges, illness - an entrepreneur may decide to wind up his or her business.

Unless it involves a transfer, winding up a business usually includes the following steps:

  • notifying the body that initially registered the business to cancel the business licence or employers' entry in the register;               
  • complying with social security and tax obligations;               
  • selling off plant, stock and office equipment;                
  • paying off any outstanding business debts.               

Procedures to wind up a company fall within the authority of each EU country and vary from one country to the other.

Check also the legislation on this topic in:

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Further help

The Enterprise Europe Network provides information and advice to business owners wanting to wind up their company.