Closing a company with a DS01 form means you voluntarily strike the business from the register at Companies House. It is inexpensive and relatively straightforward, but there are other closure options that may be more appropriate.
Company strike off - also known as dissolution - and liquidation are two business closure processes with key differences. What do they mean for directors?
Liquidation is a process that closes a company down and removes it from Companies House; here we explain the processes for solvent and insolvent liquidation
When a limited company is dissolved and its name removed from the register at Companies House, directors must ensure that creditors are paid within 12 months of closure. This is a fundamental part of being eligible for dissolution, as the process is not available to insolvent companies.
Company administration is a formal insolvency procedure that offers protection from creditor legal action via an initial eight-week moratorium period.
If my company is liquidated, am I personally liable for product guarantees and warranties? We offer advice on your liabilities during a liquidation process.
If you are unsure whether closing down your business is the right decision, leaving it dormant may be a better option. Each process has its own pros and cons.
If you own and run several companies which make up part of a group, there may come a time when you want to close one or more of these while continuing to trade with the others. There are a variety of reasons behind this but it is often the case of wanting to close down an unprofitable arm of the company.
Begbies Traynor provides guidance on the dissolution of a business partnership, such as a limited liability partnership, and the potential tax implications.
If your company has been liquidated and you are in the process of setting up a new business, you may be tempted to use the same, or a similar name, for your new venture.
Closing a limited company. Begbies Traynor is the UK's market leader in business recovery. With over 100 UK offices and over 1000 staff we are well positioned to assist you.
Companies can cease trading for various reasons including a director’s retirement or ill health, ongoing financial problems, or simply because the company serves no further purpose.
There are certain rules and regulations surrounding company liquidation, many of which focus on your actions as a director particularly if your company becomes insolvent.
Begbies Traynor advises directors, creditors and employees when a company goes into a formal insolvency process such as liquidation or administration.
When Closing A Solvent Company, Should I Use An MVL Process Or Dissolution? Begbies Traynor is the UK's market leader in business recovery. With over 100 UK offices and over 1000 staff we are well positioned to assist you.