Document background
A Letter of Intent for Closing Business is a crucial preliminary document used when a business decides to cease operations in England and Wales. It serves as a formal notification and planning tool, outlining the proposed closure process, timeline, and key considerations. This document is particularly important for ensuring compliance with UK company law, employment legislation, and tax requirements. It helps manage stakeholder expectations and provides a structured approach to the closure process, addressing aspects such as employee redundancies, asset disposal, and creditor settlements. The letter is typically used before formal closure proceedings begin and can be referenced in subsequent legal documentation.
