Dissolving a company
  

Dissolving a Company

Forming a company is fast and simple. Dissolving a company can be a lengthy, laborious process!

 

 

The life of a company is not always indefinite and there may come a time when your company is dissolved, voluntarily or otherwise.

Numerous situations may arise that could necessitate the dissolution of your company, whether you are simply retiring and you do not wish to pass on the torch or solvency issues in which the continued life of the company is not a feasible option.

Thankfully we are at hand to offer continued support and advice throughout this process.

 

 

Why would a company be dissolved?

Voluntary

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If the company owners do not wish to maintain a company they can apply for a voluntary dissolution to formally close this with form DS01.

Retirement, a change in direction or an unprofitable business are just some of the reasons why a company may be voluntarily closed.

Correcting errors

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It is not uncommon for a company to be incorporated with errors. Often, a lot of these errors are easily rectified by filing various forms with Companies House.

However, information regarding the majority of changes will be permanently displayed in the company history, information that is publicly available.

For example, a company may be formed with a typing error in the name. Fixing this could be as simple as applying for a name change, however a typing error in the company history may not appeal to any potential investors or clients in the future. Dissolving this company and forming a brand new entity could be the better option in the long term.

Insolvency

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When a company cannot meet its financial requirements and current debts cannot be settled liquidation, voluntarily or not, may be the next step.

If this would apply to your company please contact an accountant for further guidance. 

Administrative error

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As one of the most common causes of the dissolution of a company, failure to comply with statutory filing requirements will lead to a proposal for the company to be formally struck off the register.

Companies that have been dissolved for this reason can apply for an administrative restoration. Contact us today for further information on this.

Applying for a voluntary dissolution

The following criteria must be satisfied to apply for a voluntary dissolution:

The company must not have traded or changed the company name for at least three months prior to the application.

 The company must not have engaged in any other activity except for the purpose of concluding its affairs or meeting its statutory requirements.

 The company must be up to date with its statutory filing requirements.

 The company must not have disposed of any property or rights for a value that it would not have disposed of if the intention was to continue trading as usual.

How can we assist?

Once you have provided a DS01 form signed by all of the directors our dedicated team of advisors will ensure the form is completed correctly and submitted to Companies House. We will monitor the process through to completion and should there be any complications along the way we will work with you to resolve this.

DS01 Filing Service

£40.00Order Today
 

Interested in using our Voluntary Dissolution Service? 

Get in touch with one of the team today. We will be happy to provide further information on how we can help you.

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Please note Companies House processing times are an estimate only and not guaranteed.

Simple Formations is a trading name of Small Firms Services Limited. We have been trading since 1998 and are one of the UK's longest standing Company Formation Agents

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