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Strike Off

  • Capital Reduction
  • Strike Off
  • MVL
Home Routes to Closure Strike Off

Summary

A company makes an application to Companies House to be struck off the register and dissolved

Suitability

  • Not traded, disposed of an asset held for gain or changed its name in the last 3 months
  • Company must not be in any insolvency proceedings or have any agreements with creditors

Process

  • Before applying to strike off a limited company must notify interested parties, follow the legal procedure for employees and deal with business assets and accounts
  • A DS01 form, signed the company’s directors or a majority where there are more than two, is submitted to Companies House

Directors Risk

  • Directors can be held to be personally accountable if the company is struck off without settling all its debts

Limitation Period to Restore

  • 6 years except for personal injury proceedings where there is no limit

Cost

  • Fee of £10 payable to Companies House

Pros

  • Relatively simple to take immediate steps to start process
  • No formal meetings of shareholders and creditors required
  • Not as intrusive as formal liquidations
  • Distributions of <£25,000 after date of application are treated as capital distributions

Cons

  • Creditors can lodge objections with Companies House
  • Directors at risk of fine, imprisonment or disqualification if application is made by an ineligible company, or false or misleading information is provided.
  • Distributions of over £25,000 are treated as income distributions
  • Assets or rights remaining in the company at date of dissolution pass to the Crown
  • Unless a company reduces its share capital by resolution share capital distributions may only be made with approval of the court or via a members’ voluntary liquidation

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    • Why Simplify Your Structure?
    • Routes to Closure
    • Our ADAPT Model
    • Why mlm Solutions?
    • Get in Touch
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    • Get in Touch
    • Home
    • Our ADAPT Model
    • Routes to Closure
      • Capital Reduction
      • MVL
      • Strike Off
    • Why mlm Solutions?
      • Our Approach to Fees
      • Our Team
    • Why Simplify Your Structure?
    Simplify Your Structure