Costs of closure

When considering the costs of closing a charity or not for profit organisation it is important to consider all potential claims that could arise as a result of past or planned actions. The following list is not exhaustive, but will give you many of the areas to consider:

  • Legal Fees
  • Accountancy Fees
  • Insolvency Practitioner Fees
  • Other professional fees – e.g. estate agent
  • Confidential waste collection/destruction
  • Storage/Clearance
  • Outstanding bank charges
  • Redundancy Pay
  • Notice Pay
  • Accrued Holiday Pay
  • Unexpired rental/hire agreements for office equipment, vehicles, etc
  • Early termination penalties in finance agreements
  • Rent due for the remaining term of a premises lease
  • Dilapidations Claims
  • Capital expenditure grants repayable upon closure or disposal of an asset
  • Pension obligations
  • Minimum term mobile phone contracts
  • Any other damages or breach of contract claim(s)