What happens when a startup shuts down?

The startup where I hold a key management role is on the verge of going broke. The CEO was expecting another round of investment that’s taking forever to come, and in the meantime all of our salaries are late and we are running up increasingly alarming debts with providers, government, etc.

I suppose my question is what the steps are related to a company shutting down? At some point I guess the CEO will have to admit things aren’t working and pull the plug, what happens leading up until then and beyond?

Thanks for any advice- I am trying to prepare.

submitted by /u/Pinelapples
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