Serious Issue - Employer closing down. Kindly advise

Dear Seniors/Experts,

I'm on a serious problem- please advise what to do

I am on Tier 2 general shortage occupation list and I am from India. My 5 year visa started Sept 25 2015 and expiring Sept 25 2020. we entered UK on 2nd October 2015. ( my elder son is now 18 and my younger son is 10 ). We are eligible to apply for ILR on or after 28th August 2020 and we were all set to apply for ILR but disaster struck.

My queries:

1- my employer is closing down in July 2020. does it mean I cant apply for ILR end of August 2020 for myself and my 2 children.

2- If I find a job with another employer do I have to apply for a new visa or is there a easy way of transferring the current visa as its expiring in Sept 2020. ( I dont want to pay again visa fee for new Tier 2 visa and pay IHS again) so do I have a choice

If you experts/senors tell me what to do or suggest some ideas I will follow it.

Your help/advise will be highly appreciated. Thanks for your time in advance

Thanks,
newuser79

1- my employer is closing down in July 2020. does it mean I cant apply for ILR end of August 2020 for myself and my 2 children.

You can't apply for ILR if you are not employed by your sponsor at the time of application.

2- If I find a job with another employer do I have to apply for a new visa or is there a easy way of transferring the current visa as its expiring in Sept 2020. ( I dont want to pay again visa fee for new Tier 2 visa and pay IHS again) so do I have a choice

New visa, likely for 1 year only as you cannot hold Tier 2 for more than 6 years in total. You have to pay visa fees and IHS again. You cannot 'transfer' your current visa to another sponsor. There is no 'choice'. New visa with a new sponsor, meeting all the requirements, or find another visa you qualify for or leave the UK.

Dear CR001,

Thank you for your quick response.

1- I understand there is no way I can apply for ILR if i am not employed by my sponsor. They were also considering closing down by Sept 2020. IF they close in Sept 2020 I guess I can apply for ILR on 28th August 2020? Can I?

2- If i have no other option I understand I will have to apply for Tier 2 visa again for myself and my children with a new sponsor and pay my visa fees and IHS. Its going too be hard but I understand I have no choice. Would I have to apply for ( 1 year extension)for Tier 2 extension or tier 2 general visa?

3- my elder son is now 18 and i assume i can make him my dependent on my new application just like how I did 5 years ago. I am asking this given he is 18 and considered to be an adult

Thanks,
newuser79