If your business is no longer profitable or you are simply looking to cease trading and your company is surplus to your requirements a company strike off is one of the choices available to you. For a small sum of money you can apply to Companies House to have your company dissolved but it remains your responsibility to advise all your creditors of your actions.
If you do not have any creditors striking off your company is a simple procedure. However there can be issues when a business owes money to HMRC, employees or suppliers as any of these creditors can raise an objection.
If your company is dissolved and creditors have not been properly advised of the application the directors are personally liable for the debts of the company.
So it often pays for you to seek advice on the alternatives, such as a winding up or a CVA that allow you to properly manage your creditors. Whilst these might be more costly than a simple strike-off they ensure that you don’t end up being personally liable.
McTear Williams & Wood have the expertise to guide you through a strike-off and advise you to the best course of action to prevent personal liability.
If you are thinking of closing down your company find out if what your plan is the best course of action. Arrange a simple consultation appointment with McTear Williams & Wood. Call us today on 0800 331 7417.