If they are successful, they can initiate proceedings to recoup their debts, which could include a winding up petition. If your company has been struck off, but there are debts that can be proved, the creditor can apply to have your business placed back on the register. You must have followed the correct procedures when applying, and those who do not can face penalties. It is made very clear on the Companies House website that this is not an alternative to insolvency. Similarly, generally, HMRC will reject the applications if they have not been told of the strike of procedure beforehand. Unfortunately, Companies House does not alert you to which creditor has objected, so you must be aware of all cash flow issues. If you do have company debts, you cannot complete the voluntary strike off procedure until they have been resolved.
#Strike off listed meaning download#
You can download the DS01 form here and send it to the relevant offices. If so, you could be classed as still trading, effectively in breach of the voluntary procedure. The cheque must be payable to Companies House, and not sent from the account of the business. When applying, a company strike off fee of £10 is payable to Companies House. More information on the going concern procedure can be found here. It’s also worth looking into the possibility of selling the company as a going concern – only if the existing business is financially viable.
There are a number of reasons directors may choose to voluntarily strike off their company: Your company name will be available for others to use once it has been removed from the Companies House register. Were you to try and recoup those assets post-dissolution, you would have to restore the business to Companies House, which can be a costly process. It’s, therefore, important to tie up all such matters prior to dissolution. If you have any company assets that have not been distributed before dissolving the company, they will be transferred back to the crown, via ‘bona vacantia’. These penalties can include a directorship ban for up to 15 years. If your company is found liable for the above, you could face severe penalties.
For all intents and purposes, your business is closed. Once a company strike off form has been filed, the company can no longer trade, sell company assets or become involved in any other business activities. The procedure to strike off voluntarily is not available for a business that cannot meet its liabilities, has an outstanding winding up petition or an arrangement with creditors (CVA etc.). Initiated the process of a formal insolvency procedure.Sold any assets or rights by the business.In the three months before the company strike off procedure, your company must not have: Any company that is also in the process of a formal insolvency procedure is not eligible.Īs mentioned above, you must file a DS01 form to strike your business from the Companies House register. If you do have debts owing to creditors, they must be repaid before filing the DS01 form. It’s important to note that only a solvent company can go down the route of voluntary strike off. You will have to file the DS01 – the company strike off form – to do so. Once you opt for voluntary strike off, and it is approved, your business will, effectively, no longer exist. Company strike off involves removing all details of your limited company from the Companies House register.
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