How can I close down my company in peace if I have creditors?

Swala Nyeti Podcast
How can I close down my company in peace if I have creditors?

Since 2013, I have been running Christian tours and travel company. We had trips we’d organize to Egypt, Israel, and Rome. Before COVID, business was very good, and I had even taken deposits from customers for Easter trips and paid suppliers.

My business had been growing through the support of my bank, who extended an overdraft to me secured against my father’s land. I had also leased some motor vehicles that I’d use for local tours to shrines and other places of interest.

When the lockdown started, we had to dig into our savings and borrow from digital lenders, friends and family to keep afloat. We also asked our landlords and suppliers for some time to pay the outstanding arrears.

However, it’s been over six months now and things do not look much better. Every day I am dealing with dozens of calls from different creditors who are also struggling. I feel overwhelmed and I have decided to just close this company. I will pay my creditors, but I need some time. How can I get this peace but still close down my company?

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