Can I dissolve strike off my limited company

 

 

 

Video Script

It is possible to voluntarily dissolve or strike off your limited company. It is a process generally used when a business has served its purpose, or a director is retiring and there is nobody else to take over.

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This video discusses whether you can dissolve your company, and how to do so. Company dissolution is an inexpensive option but it is only appropriate for solvent companies.

If the business has unmanageable debt, company liquidation is the route to take and this also opens up the possibility of claiming director redundancy, which is not available through company dissolution.

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On a practical basis, dissolving a company involves winding down the business’ affairs over a period of time - closing down your payroll, for example, bringing outstanding tax obligations up to date, and ensuring that all creditors can be repaid within 12 months of closure.

This video explains why notifying creditors of your intention to close the company is very important. If you fail to inform all your creditors the company could be reinstated to allow them to claim any monies owed.

Other criteria also apply to company strike off. These include:

• Not changing the company’s name for three months
• Not selling or trading any business stock for three months
• Not being at risk of liquidation

Form DS01 is used to dissolve your company, and this is sent to Companies House along with a £10 fee. The closure is advertised in the Gazette and if no objections are made the business is removed from the Register of Companies three months later.