We are starting to do research to close down our business and retire. [Its time]. As we are not selling it as a going concern and we will be giving our workers retrenchment packages we will need to sell equipment and customer database. We now have people who want to buy the equipment and customer database.
The questions are:-
1. How soon after closing or before closing must retrenchment packages be paid out.
2. From our workers side - what documentation do I need from them to cover myself legally so there are no come-backs after payment and closing business [Told them every year for last two years - we close in 2016].
3. From my side - what documentation must I give my workers and how soon?
4. How do we work out the value of the equipment - most of it has totally depreciated except for the full colour printer which may have - its 5 years old?
5. Are there any legal issues when it comes to selling a customer database and what steps should we follow e.g. must we get the customers permission [We are a micro-cc but have a few very big customers]?
6. How do we work out the value of the database?
7. Besides covering the UIF forms and making sure VAT and Tax is paid up - sale of equipment will help to cover this [I presume we can sell everything to cover costs like retrenchments and tax] - is there anything else I should do or know about at this stage with 8 months to go.