CLOSURE is the term used to refer to the actions necessary when it is no longer necessary or possible for a business or other organization to continue to operate. Closure may be the result of bankruptcy, where the organization lacks sufficient funds to continue operations, business being purchased by another organization (or a competitor) or because it is the non-surviving entity in a corporate merger. A closure may occur because the purpose for which the organization was created is no longer necessary. While a closure is typically of a business or a Section-8 Company or/and any entity which is created by human beings can be subject to a closure.
