CIC Association

Serving Community Enterprise

Hi, can anyone give me advice or guidance on closing a cic. Sadly, the cic i set up years ago just isn't viable anymore. I left a couple of years ago and my friend took over, since then it has gone downhill massively and has made a loss in this last year. 

The current directors have decided now to close it - they wanted me to take it back over but I'm not willing to do that having seen the accounts and massive drop in bookings - i don't know what reputation it has anymore and don't want to take the risk.

I have offered to find out as much as I can to help them close it down properly - hence this post!

With regards to the asset lock - does that include  IT equipment, printers, shredders etc?

Also stock (there is very little as its a service and doesn't sell products - but we have things like quiz books, craft stuff etc that was used for some of the activities)...

We are just working out what costs are going to be left to pay when the CIC closes and will obviously need to raise funds to pay for that - there is barely any money left in the bank and tbh they are just about avoiding bankruptcy by the skin of their teeth! 

How do we officially close the CIC once all the affairs are sorted out? 

Any advice would be appreciated. Thanks x

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