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Private company dissolution service: just as setting up a new company can be difficult and confusing, taking one apart again can be a tricky process. If the time has come to wind your company down and remove it from the Companies House register, you need an expert who can make sure everything runs smoothly. Coddan can assist with a new company formation and a company dissolution, helping you close everything down correctly and ensuring that you have filed everything necessary. If the time comes in the future when your company can be reinstated, a request to Companies House could get you back on track quickly. Company dissolution services are the easy and stress-free way to take care of a business shutdown.
|Dissolution of a Limited Company|
We charged £200.00 for the preparation and filing of a private limited company dissolution. Voluntary company dissolution is where an LTD applies to Companies House to be struck off and dissolved. Company can be dissolved, but, the following conditions apply: a company has not traded for three months; a company has no assets, property or cash at the bank; an LTD has not disposed of any property or assets; the creditors are circulated, requesting their permission for the company to be dissolved.
Closing down a limited company - there are all sorts of reasons you may have decided to close down a limited company. An internal dispute between members could be one reason, or perhaps it's because a number of members are coming up for retirement. Maybe the company isn't operating at a profit any more, despite your best efforts to turn things around, and you've simply decided that it's time to call it a day. Whatever the reasons may be, there is a set procedure to follow, as specified under current legislation.
Just as you had to make sure you completed all the appropriate forms when you first set up the company, you need to ensure all the appropriate paperwork is filled in, signed by the relevant individuals, and duly filed with Companies House. Failure to do so or not notifying all interested parties involved can lead to serious consequences. Closing down a limited company can seem a daunting prospect, but this is where the experience of the team at Coddan can be of help. We can take care of everything for you, and the process can be completed online. To find out more, please contact us today.
There are many reasons for dissolving a limited company, from bankruptcy to no longer needing that type of business structure and more, and the process for closing one is relatively straightforward. Here at Coddan we can guide you right through it so you don't encounter any difficulties later on.
The first step in the dissolution of a limited company is to get the agreement of everyone involved – from all the directors right through to the shareholders. If it's the case that the company has been unable to meet its financial obligations and is, in fact, insolvent, it's important to know that priority will be given to the creditors and not the shareholders or directors.
To wind up an insolvent company, directors have to go through a process known as creditors' voluntary liquidation in which the company's assets will be used to pay creditors before anyone else. It will then be struck off the register at Companies House and cease to exist. Solvent companies that wish to dissolve, on the other hand, can either apply to Companies House to be struck off or begin the process of members' voluntary liquidation.
Closing down a limited company can be a confusing process, but it's important to make sure you take the correct steps at the right time. If the company is solvent, there are two ways to close it. The first is a members' voluntary liquidation. This requires the passing of a winding-up resolution at a general meeting of shareholders, the appointment of an insolvency practitioner, and the submission of a Declaration of Solvency form to Companies House. This form must be signed by a majority of company directors.
Alternatively, you can opt to voluntarily have the company "struck off" the register. You will have a responsibility to notify all relevant parties and to file an application with Companies House, who will finally close the company.
It is worth noting that although Companies House will also eventually close a company that doesn't have a director, this is not an ideal way to go about closure, since it can involve loss of control of company assets.
In certain circumstances, dissolving your company, (also known as having it "struck off") can be the right choice, but it's important to be aware of the pros and cons.
If the company has ceased trading and you are unlikely to need it in the future, striking off can be an efficient way to dispose of it. You simply have to tie up loose ends with creditors and then notify Companies House and everyone concerned of your intention to dissolve the company. If no objection is received within three months, the company will be dissolved.
The downside of dissolving your company is that if you change your mind and want to trade again, you might not be able to. In this scenario, it is better to have the company made dormant. It's also important to be aware that if Companies House suspects you are attempting to dissolve the company to avoid creditors, you could be prosecuted.