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Yemi Adesina , Melchizedek Medical
This is the more costly and more intrusive process, one which essentially removes the authority of a director. Control of the process and the business concerns are overseen by the appointed Insolvency Practitioner.
A director that has previously liquidated a company can, in later engagements, be viewed as a higher investment risk, potentially affecting their ability to perform business in the future.
A far cheaper option. Dissolution can be used when there are no funds are available to pay for a liquidation.
The process does not demand that 3rd parties are given intrusive access into the business operations and the affairs of the directors personally.
If correctly undertaken, a company dissolution has no lasting negative reflection on the directors.
Companies that are formed and registered within England and Wales have a record of their existence kept at Companies House.
While this record is in place the company is considered operational and valid, as such it needs to maintain records and upkeep running costs as is appropriate.
Dissolution (Striking off) is the process of removing a company from the Companies House register and making sure that everything is done in the correct way, this includes informing and dealing with creditors (including HMRC), closing bank accounts, and handling the associated paperwork.
Once a company is removed from the register then it is noted as dissolved and is therefore no longer exists.
If a company has come to the end of its useful life and is no longer required, then it is normal to see that directors will set about dissolving the company.
In addition to this, companies may find themselves in an insolvent position with no prospect of recovery and with unpaid bills. As per the Companies Act 2006, companies in this position have a duty to look to cease to trade in order to prevent further loss to its creditors.
After all other realistic avenues for protecting the interests of stakeholders have been exhausted, then dissolution becomes a viable, and possibly only, option to close down the company.
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Professional ServiceOver the last decade we've helped hundreds of company directors, like you, dissolve their limited companies. By using us you will have access to our vast experience and you will enjoy the benefits of a dedicated case worker who will help manage your company closure from start to finish.
Clears Company DebtsLike liquidation, closing a company through the dissolution method will clear any of its outstanding debts in the correct and lawful manner. An initial appraisal determines what the company is capable of paying to its creditors, and these amounts are distributed and finalised prior to closure.
Protects You As A DirectorThe most common question we get asked is “will closing my company affect me being a director in the future?” By using Forbes Burton you can be sure that your responsibilities are upheld at all times and the closure has no effect on you as a director.
Stuart Marshall , Marquiss Systems Limited
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