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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.
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.
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.
If your company is struggling with unmanageable debts, squeezed cash flow, or an uncertain future, you are far from alone. We speak to company directors just like you every single day, and we are here to give you the help and advice you need.
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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:
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.
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We will also check if you’re eligible for Director Redundancy
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