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Understanding a Gazette first notice for compulsory strike off
A first Gazette notice for the compulsory strike off of a limited company declares a creditors intention to strike your company off the register of companies held at Companies House. Once a company has been struck off, it ceases to exist as a legal entity and all trade must be stopped. A compulsory strike off notice is often served by a disgruntled creditor for unpaid debts, or by Companies House for failure to keep up with statutory filing obligations.
What is a first Gazette notice for compulsory strike off?
A first Gazette notice of compulsory strike off warns that the company in question will imminently be struck off the Companies House register. Compulsory strike off applications are publicly advertised via a Gazette notice in order to inform any outstanding creditors of the company that it will soon be dissolved.
Once a company is dissolved using the strike off process, it will cease to exist as a legal entity, meaning any creditors will be unable to chase the company for the money they are owed. This is because a company is closed for good once it has been struck off the register.
Following the Gazette notice being advertised, outstanding creditors - or the directors of the company - will have three months in which to object to the proposed strike off; if none are received, the company will be dissolved and its name removed from the register.
To learn more about the company strike off process in general, please visit our dedicated Company Strike Off and Dissolution page.
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What should I do if my company has been served a compulsory first Gazette notice?
- Take no action - If your company has been issued with a notice for compulsory strike off, your next move will be determined by what your plans are for the company going forwards. If the company no longer serves a purpose to you and you would be happy with it being closed down then you can simply allow the strike off process to run its course.
- Prepare for creditor objections - Be aware that even if you are happy for the strike off to go through, your creditors may not share the same sentiment. The Gazette notice will make creditors aware of the application against you company and they may well object to it if your limited company has outstanding debts or liabilities. Read more on strike off objections below or our dedicated article on what happens next if company strike off has been suspended as a result of an objection from a creditor.
- Apply for suspension - Alternatively, if you want your company to remain active, then you will need to lodge a suspension application to Companies House to halt the impending strike off.
Depending on what led to the compulsory notice being issued in the first place, you may be required to bring your account up to date which may include filing missing accounts or confirmation statements. Alternatively you may need to enter into negotiations with creditors in order to have them rescind the application they have submitted against your company.
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Compulsory strike off consequences - What if I have assets in my company?
When a company is dissolved, it ceases to exist as a legal entity and as a result its assets and cash will be deemed ‘bona vacantia’, literally ‘ownerless property’, and possession will automatically transfer to the Crown.
If you have assets in your company, you will be understandably keen to extract these in order to retain ownership of them prior to any strike off. You will need to submit an objection to the strike off in this instance. If the objection is upheld then the company will remain active giving you the chance to either continue trading or moving the assets out of the business. If you are considering doing this, you should enlist the help of a professional to assist you.
Depending on the scale of the assets involved, you may wish to consider closing down your business through a Members’ Voluntary Liquidation (MVL) under the guidance of a licensed insolvency practitioner instead.
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Need further help on a first Gazette notice for compulsory strike off?
If your company has been subject to a Gazette notice for compulsory strike off, or you are concerned about the financial health of your business, you should make it a priority to contact a licensed insolvency practitioner.
There are various ways of dealing with your company’s financial woes; however, time is very much of the essence. Addressed early and you can significantly increase the chance of a successful outcome for both you and your company. Contact Real Business Rescue today, for a free no-obligation consultation.
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