What can I do with my employees if I decide to close my small business?

If in the UK you have to pay them redundancy pay whether you can afford to or not. You will need to take advice from ACAS before you decide what to do.

The only way to get out of it is to sell your business or go bankrupt.

You are under an obligation to pay redundancy - it's irrelevant what any apparent contract says, the law obliges it.

But before redundancy, you need to consult with the staff about the possibility, and explore alternatives - even if you think there are none, you need to give staff an opportunity to comment.

You should take professional advice really. Contact Employment Law Clinic - http://employmentlawclinic.com/contactus/ and we'll advise you properly.

Believe the government will pay a small redundancy to the employees. I assume they have no written contract that indicates that you would contribute etc.

Could you not sell the business as a going concern to someone else / give the employees the opportunity to buy it etc

In the UK?

It depends how long they have been working for you

If you go into administration, then you have no money

and assets go to the administrators to distribute accordingly,to all stakeholders.

If you just choose to shut down, then you are obliged to pay them redundancy according to the terms of their employment contracts,and give them time off to look for other work.

you must also comply with their period of notice

keep them in a cupboard for future use! You don't have to pay redundancy unless it is part of their contracts.

Law does not dictate. You do what you have to as per contrat, if any.

A pie?