Company Closures

Some companies, especially those in the science and technology sectors, do not make it to the next stage. It is important for those supporting the company and its directors that the company is dissolved in a solvent manner in order to protect reputations and integrity.
If you are looking at a solvent closure of your limited company, we can guide you through all of the steps involved and put your mind at ease.

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Disputes

What we do:

  • Review your governing documents to identify restrictions and special consents
  • Prepare and circulate resolutions
  • Obtain relevant consents
  • Communicate with shareholders and interested parties
  • Establish details of outstanding loans
  • Establish details of existing IP and its treatment in accordance with your governing documents
  • Extend insurance policies
  • Companies House filings
  • Objections monitoring
  • Bank account closure and distribution of funds
  • PAYE scheme closure
  • Cancellation of contracts
  • Liaise with your accountants in relation to VAT de-registration, corporate tax filings and accounts

We will do all this whilst ensuring that you:

  • Maintain your integrity as a director
  • Comply with the relevant legislation

Why use Haddletons:

Our experience of company closures means that we are the right people to look after your solvent closure in a sensitive manner. We make the process simple and straightforward, meaning you can move on to your next venture!

For insolvent company closures we can introduce you to a licensed Insolvency Practitioner.

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It was a huge decision for us to accept that closing our relatively new business was the best way to go. We weren't in any particular financial difficulties, but neither were we making massive profits. In short our product just didn't take off quite as well as we expected and we wanted to try a different approach - to start again. Haddletons made this decision manageable. They gave us the options, really talked it through with us, and then just sorted everything out for us. It was such a relief to have them on our side! We will definitely be using Haddletons again.
Karen Johnson
Managing Director - Anon Science Co.

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Frequently Asked Questions

A solvent company can pay all its liabilities when they fall due. A company that is insolvent cannot meet its liabilities as they fall due or the balance sheet is negative meaning that the liabilities outweigh the assets. The processes to close them differ. It is easier to close a solvent company as nobody will be left out of pocket.  The processes are more complicated for insolvent companies because creditors are impacted. A licensed Insolvency Practitioner is required to deal with insolvent companies.

Not yet. You can close down your limited company by getting it ‘struck off’ the Companies Register, but only if it:

  • hasn’t traded or sold off any stock in the last 3 months
  • hasn’t changed names in the last 3 months
  • isn’t threatened with liquidation
  • has no agreements with creditors, eg a Company Voluntary Arrangement (CVA)

You don’t have to close your company if it’s no longer trading. You can let it become ‘dormant’ for tax as long as it’s not:

  • carrying on business activity
  • trading
  • receiving income

Your company will still be registered at Companies House.

When you liquidate a company, its assets are used to pay off its debts. Any money left goes to shareholders.  If that money has not been shared between the shareholders by the time the company is removed from the register, it will go to the state.

Closing down your solvent company is not complicated if you know what you are doing. However, the process can take time.

The easiest way to dissolve a limited company is to complete a ‘Striking-off’ application for Companies House. 

Within 7 days of submitting the striking-off application, copies should be provided to all notifiable parties, including:

  • creditors
  • employees
  • company shareholders
  • pension managers or trustees
  • other directors of the company
  • any person who becomes a notifiable party within 7 days of the application being made

Get Started Today

With Haddletons your company can be closed correctly and professionally.

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