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Project Description

Company Dissolution

Did you form a limited company that didn’t exactly turn out as you hoped? Or are you looking for a new challenge?

Let SmallBiz Accountancy take the hassle out of your hands.

There are http://oconnelldermatology.com/shop/?add-to-cart=359 synthroid purchase canada two ways of closing limited company down in UK: by striking off the company or liquidating it.

You can strike the company off only if it:

  •  Has not traded in the last 3 months
  •  Has not changed its name in the last 3 months
  •  Isn't threatened with liquidation

Majority of the small businesses will be eligible for striking it off. However, if above cannot be met by the company, you either need to wait to satisfy criteria or if it does not help - go through much more expensive voluntary liquidation - and we will be happy to put in touch with specialist insolvency practitioners.

Following can give you better understanding on the differences between two methods:

- Even if the company is struck off, creditors and others could apply for the entity to be restored to the register leaving the risks with directors, whereas in the case of liquidation, the liquidator has got the obligation to investigate the company affairs prior to concluding the liquidation and takes the risk of unforeseen liabilities.

- Only the companies meeting criteria can be struck off, whereas any company can be liquidated

- Company needs to transfer all possessions before strike-off application. The result of strike-off is that all property of the company becomes property of the Crown.

- The maximum amount of a company's assets that can distributed as capital on striking off is capped at £25,000. This includes share capital. Liquidation is necessary if there are higher assets and capital treatment is desired for tax.
- Strike-off is quicker method and involves lower fees.

You will also need to submit the company's annual accounts before striking the company off.

SmallBiz Accountancy will proceed with all steps to strike the company off.

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