Human Reource Management

ANSWERS - Voluntary and involuntary cessation
Cessation refers to the closure of a business either voluntarily or involuntarily. Voluntary cessation occurs when the owner of a business decides to cease its operations. Reasons may include:
  * Loss of enthusiasm and ideas
  * Decision to retire
  * Offer of purchase
  * Declining profits
  * Rest
Involuntary cessation occurs when the closure of the business is forced on the owner. Reasons may include:
  * Death of the owner
  * Lack of demand
  * Increased competition
  * NSW Supreme Court ordering that assets of the business be sold to cover debts

The cessation process
This will depend on the legal structure of the business. Receivership is when an independent party (receiver) is appointed by the court to examine possible solutions of the business trading itself out of trouble. Strategies may include selling the business to new owners, restructuring the business, hiring new management. If this fails the business will go into liquidation. This occurs when the assets of the business are sold in order to recover outstanding debt. The money gained from this go to creditors of the business. Bankruptcy occurs when the owners are unable to repay the debt owed to them.

Voluntary and involuntary cessation
_____________________refers to the closure of a business either voluntarily or _________________. Voluntary cessation occurs when the owner of a business decides to ______________its operations. Reasons may include:
  * Loss of ________________and ideas
  * Decision to ______________
  * __________of purchase
  * Declining ______________
  * ____________
Involuntary cessation occurs when the closure of the business is ____________ on the owner. Reasons may include:
  * ___________ of the owner
  * Lack of _______________
  * _______________ competition
  * NSW Supreme Court ordering that ____________ of the business be sold to cover __________

The cessation process
This will depend on the legal...