Closure Of Company

Figures Please assist with closure of a company and assist companies with legal compliance, proper financial settlement, and accurate communication with regulatory bodies.

How we can help with closure of your company

We assess your company’s financial status to determine whether it is solvent (able to pay its debts) or insolvent (unable to pay debts in full). This distinction guides the appropriate closure method:

For a solvent company, we may advise either a voluntary strike-off or a Members’ Voluntary Liquidation (MVL). In a voluntary strike-off, your company must cease trading, dispose of its assets, settle all liabilities, and submit a DS01 form to Companies House. All directors must approve, and the company must not have traded for at least three months prior to the application. This process includes notifying HMRC, submitting final accounts and tax returns, deregistering for VAT, and closing payroll schemes.

In an MVL, we will prepare a declaration of solvency, arrange for shareholder approval (typically 75% agreement), and oversee the appointment of a liquidator to distribute assets to shareholders after all debts are paid.

For an insolvent company, we will coordinate with insolvency practitioners to initiate a Creditors’ Voluntary Liquidation (CVL). This involves calling a shareholders’ meeting to pass a winding-up resolution, notifying creditors, preparing a Statement of Affairs, and ensuring the orderly sale of assets to repay creditors.

Throughout the closure process, we will ensure all statutory filings are completed, including final accounts to HMRC and Companies House, and that all stakeholders (creditors, employees, shareholders) are properly notified. Also, we can advise on the tax implications of closure and ensure your company’s bank accounts are closed only after all obligations are met.

Lets Discuss Closure of Your Company