More on winding up a business
Unfortunately, winding up investments that did not work out, is a task that will be with us for some time. I have written a number of posts on the liabilities of officers and directors. One more item that needs to be considered in this context is obligations subject to foreign law. For example, the UK has labor laws under which the directors of a corporation may have personal liability for severance obligations owed to the employees of a UK sub. Agreements with foreign distrubutors can also pose special problems. To make matters worse, your US attorney is not likely to be expert in these laws. So, at a time when money is tight and tensions are high, you may find that you have to retain lawyers or accountants in foreign jurisdictions.