« High Earners Lose More Cash to Income Tax | Main | Is Bankruptcy The Right Solution? »
Thursday
May062010

Taking The First Steps To Dissolve A UK Limited Company

If like me, you’ve been keeping an eye on the business news of late, you will see that there are some very public and pressured means in which UK limited companies can fold business. Administration, liquidation and bankruptcy are all possible solutions but they are for when you’ve not been able to meet the demands of your creditors.

Recently, I’ve been getting quite a few questions about how to close down a UK limited company that has been trading fairly successfully but either no longer wishes to trade or has stopped trading. I thought I’d share some of the main points to note with you.

Being “struck off the register” can sound daunting and an unpleasant experience. The truth is that it simply means having a company removed from the Companies House register. There are formal processes to follow but basically you need to apply to Companies House to request to be struck off, notify all of your company’s stakeholders and creditors/debtors. Theoretically, they can object to your request but if you are dissolving the company for legitimate reasons and without large sums of monies owing, you will be unlikely to encounter any problems.

The formal procedure involves Companies House publishing a notice in the London Gazette. The Gazette is a formal publication that includes the listings of companies being dissolved, liquidated, put into administration or made bankrupt.

After the required period of time, if no objections are received, Companies House will “strike off” the limited company and it will no longer be considered a legal entity. At this point, there is no longer a requirement to file annual returns or HMRC returns as the company is dissolved.

If you are considering closing your UK limited company but are unsure of the options or method to do so, don’t hesitate to contact one of our advisors who can assist you in determining the best course of action.

 



PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>