My partners business may go bust very soon. Any tips on how to get the best out of this situation?

The Company is limited. Should he try to keep the business running as he has been doing or should he call it a day? He's doing his best to look after his staff as well. He has 6 years till he can retire so will prob not be employable. He has a mortgage and also pays child maintenance to his ex. Will he lose any capital in his house if he goes bankrupt? Any help appreciated thanks.

Asked By: Becky - 6/5/2006
Best Answer - Chosen by Asker
Review where the business in the cold light of day and see if he can keep the business viable by until retirement by cutting costs and if possible charging a little more for the products and services provided by the company. Its commendable that he is keeping staff, but its a business and staff won't be there to help... More
Answered By: lee.electric - 6/10/2006
Additional Answers (6)
keep on working until all hell breaks loose also if your goin down go down with a bang and take everyone out including common houseplants my halo2 stratgey
Answered By: southern4life117 - 6/5/2006
just bail out and look after your self ..Don't sell out to cheep keep your head and get a job in B&Q. Enjoy your time and you will feel 100% better when it off your back.
Answered By: tommytar - 6/5/2006
declare bankrupt will save him a fortune.accept that there is no more you can do to help the workers apart from being honest with them.
Answered By: tranka007 - 6/5/2006
Honestly, the best advice i can give here is pack up... If its a limited company, there is no liability on the owners part...therefore all his persoanl assets will remain his... More
Answered By: Asif - 6/8/2006
If things are that bad, there is such a thing call cut loss. Instead of getting himself into more debts.
Answered By: anne_ p - 6/10/2006
it is best for him to work as hard as possible . and if still his business has busted , he should start a new business as quickly as possible and work very very hard in it.
Answered By: lucky sharma.. - 6/12/2006
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