“Striking off” your business means removing all of your limited company’s details from Companies House’s registry. Voluntary strike-off will erase your firm from existence if you chose to apply for it and are successful. Submit the DS01 form, which is known as the corporation’s termination form, to achieve this. Always remember that a voluntary strike off can only be pursued by an organisation with a solid financial foundation. For those who owe money to their creditors, the DS01 form must be filled out before you may submit it. If a company is in the process of filing for bankruptcy, it cannot take part in the event. To strike off company online you need to follow the below mentioned details.
One’s dismissal from the workplace
Procedures involved in the liquidation of a business
In order to remove your firm from the Companies House database, you will need to fill out a DS01 form. In the three months prior to the procedure of dissolving the corporation, your firm must not have committed any of the following:
- Assets and rights belonging to the corporation were placed on the market and sold.
- The company’s name was rebranded.
- As a first step, an official insolvency process has been initiated.
Voluntary dismissal is not permitted for companies that are insolvent, have an ongoing petition to wind themselves up, or have entered into a settlement arrangement with their creditors (CVA etc.). For example, trade, asset sales, or any other kind of business ventures are no longer permitted once a company strike-off form has been filled up and filed. Your business is no longer available to the public in any meaningful way. Any of the above may result in hefty penalties for your organisation if it is found that it is liable for them. These penalties include a ban on acting as a director for a maximum of 15 years, among other things.
A procedure called “bona vacantia” will be used to restore any corporate assets that have not yet been distributed to the crown prior to the company’s dissolution. Consequently, it is imperative that these concerns be resolved prior to the organization’s demise. Recovering these assets would require re-registering the business with Companies House, which may be a time-consuming and costly process. The name of your company will be available for use by others after it has been removed from the Companies House registration.
A DS01 form must be filled out
It is possible for directors to voluntarily dissolve their business for any of the following reasons:
- Challenges in the workplace
- The business’s idea proved unsuccessful.
Lack of growth
Also, look into the possibility of selling the company as a going concern; however, this should only be done if the present business can financially sustain itself. This page provides further information on the going concern procedure.
Before an application may be processed, Companies House needs a £10 firm strike off fee to be paid. Checks drawn on the company’s bank account will not do. They must be paid payable to Companies House. Then you may be judged to be doing business in breach of the voluntary procedure if this is the case. Here you may download the DS01 form, which you can then turn in to the proper authorities for processing.