Is bankruptcy the end of business?

[Starmix]

Let us not judge a business that seems to sink to the ground. You have to stand where you fall the same way to business. Though it takes time to repair a bankrupt business, it surely survives according to the will of the owner if wanting it to stand strong. It is called bankruptcy for protection and there are reasons why. Bankruptcy gives the business owner a chance to step back and work on improving his business. He also has to renegotiate deals with creditors.

Further, creditors can help the business get back on its feet when it lacks some capital for renovation and production addendum. Another tendency for a business to rise back is to lower operating costs for a chance at a successful future. A business fails if it can no longer meet its obligations to customers and creditors. They surely disappear. I hope my business which is milk tea remains strong. What about your business?

 

[eLdavis]

I think it mainly depends on the individual which is the business owner and the situation of things. In most cases, there have been companies and organizations that have been bankrupt but still operating today. They merge themselves with other companies in that industry. A perfect example is diamond bank. Does from my country would know this. Diamond bank was almost at the brink of closing up. The story was that the other of the bank left it for the son and the son misused the whole thing. They had merge with another bank called access bank. So now we have access bank and access diamond bank. So diamond bank still functions but it is under access bank.

 

[Starmix]

I think it mainly depends on the individual which is the business owner and the situation of things. In most cases, there have been companies and organizations that have been bankrupt but still operating today. They merge themselves with other companies in that industry. A perfect example is diamond bank. Does from my country would know this. Diamond bank was almost at the brink of closing up. The story was that the other of the bank left it for the son and the son misused the whole thing. They had merge with another bank called access bank. So now we have access bank and access diamond bank. So diamond bank still functions but it is under access bank.

That is good to know that your bankrupt bank was merged with another bank and is now operating but under the other bank. That is one way to understand that there is a chance for a bankrupt business to rise back with the help of other businesses. There might be a memorandum of agreement to be foreclosed by two parties.

 

[Augusta]

A business going down financially is not the end of the world. If it means declaring bankrupt so that others can know then you go ahead. But after a while you should pick up yourself.

 

[Starmix]

If there is no solution to operate the business in full, it is better to declare it bankrupt and hire a buyer for the remaining products. Assess the value if could sustain to open another business. There should be a second chance for the self to own a business again but one must have careful planning.

 

[magnus2022]

In fact, it is the beginning of a business because the entrepreneur have gathered essential and important knowledge. The experience is what will propel the entrepreneur to achieve success. No great business person who have not encountered failure along the way to success. A business owner who have not experienced failure should call him unfortunate because he is been deprived a very valuable lesson in business.

 

[Starmix]

In fact, it is the beginning of a business because the entrepreneur have gathered essential and important knowledge. The experience is what will propel the entrepreneur to achieve success. No great business person who have not encountered failure along the way to success. A business owner who have not experienced failure should call him unfortunate because he is been deprived a very valuable lesson in business.

Sometimes failure makes us stronger and wiser and the experience we have also leads us to a better performance the next time around. Many good ideas will come out to overdo the havoc that weakens the business.

 

[Suba]

If a businessman has a weak spirit, easily gives up, of course bankruptcy is the end of the business. But for business people who have a strong spirit and mentality, they don't give up easily, of course bankruptcy is not the end of everything, even though they have to fight from the start and correct all mistakes. If you live frugally, you will surely be successful in the future.

 

[Starmix]

There might be stocks in a business center that could support the sales. The only option for the business owner is to add his capital and if he can't make it, there is no other choice but to sell his business.

 

[kidi40]

Let us not judge a business that seems to sink to the ground. You have to stand where you fall the same way to business. Though it takes time to repair a bankrupt business, it surely survives according to the will of the owner if wanting it to stand strong. It is called bankruptcy for protection and there are reasons why. Bankruptcy gives the business owner a chance to step back and work on improving his business. He also has to renegotiate deals with creditors.

Further, creditors can help the business get back on its feet when it lacks some capital for renovation and production addendum. Another tendency for a business to rise back is to lower operating costs for a chance at a successful future. A business fails if it can no longer meet its obligations to customers and creditors. They surely disappear. I hope my business which is milk tea remains strong. What about your business?

This thread is really encouraging and can help a lot businessmen to get up from where they fall, it's difficult as you said but it depends on the business owner.

 

[Starmix]

This thread is really encouraging and can help a lot businessmen to get up from where they fall, it's difficult as you said but it depends on the business owner.

There are businesses going down but are saved by the owner through the help of others by letting him borrow money and pay later. If the business owner does not decide to do it but rather sell hos busenss, then it will also be saved by the next wner.