![]() As licensed insolvency practitioners we can talk you through your options when it comes to repaying your outstanding Bounce Back Loan, as well as handling all negotiations with creditors on your behalf. ![]() If you are a limited company director worried about how you are going to repay your Bounce Back Loan, we are here to help. However, there are formal procedures which you can utilise to close down your company depending on the financial position at the time of closure. If your company is in debt, or conversely, has a significant amount of money or assets, strike off is not likely to be appropriate for your situation. Strike off is designed as a simple and informal way for a company with no outstanding debt, legal proceedings, or substantial assets to close down in an efficient manner. This is a relatively quick and inexpensive process, however, strike off is only suitable for certain companies in a particular set of circumstances. A notice will be placed in the Gazette declaring your intention to dissolve the company, and following a period of two months – supposing no objections have been received – the company’s name will be removed from the register held at Companies House and it will cease to exist as a legal entity. It can pay to be vigilant if you have interests in one or more companies and you can subscribe to notification services to be on the lookout for such important events and if you act quickly enough you may be able to prevent your company from becoming a struck off or dissolved company.Understanding voluntary limited company strike offĪ company director can voluntarily request that their company is struck off the register by submitting a DS01 form to Companies House and paying the appropriate administration fee. It is worthwhile noting that prior to limited companies being struck off or dissolved a notice is placed by the Registrar of Companies in the London Gazette. Formations Direct can help you with both routes so don't delay call our expert restorations department today on 0800 085 45 05 during our opening hours 9am–5pm and a member of our experienced team will assist you with any questions you have about restoring your company to the registerĪlternatively, if you are unable to speak with a member of staff please complete our downloadable form by clicking on the button below: Restore Your Struck off Company Now If you want to restore your company to the register to unfreeze assets or to continue trade there are two routes you can take restoration by court order or administrative restoration (if eligible). A common cause of companies being struck off is due to a change of registered office address that is not notified to Companies House. Typically, this could be due to a failure to submit an annual confirmation statement form CS01 or file accounts on time. Under section 1000 of the Companies Act 2006 (652 of the Companies Act 1985) the Registrar of Companies at Companies House may remove the company from the register (striking off) if he or she has reasonable grounds to believe that no business is being carried on. Involuntary strike off is less common and is usually due to compliance reasons. Challenges facing the company in the future.Common examples of why a company would be voluntary struck off are as follows: Company directors who want a company struck off the register (also known as a company being dissolved) want to have a company marked down as non-existent and still retain full control of the business.ĭissolution is usually voluntary by the members (shareholders) if they have no further use for the company. ![]() There are two ways to strike off a company, voluntary or involuntary with voluntary being the most common method. Why is a Company Struck off or Dissolved? ![]() ![]()
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