Procedure liquidating a company Xxx chat without rigistration

25-Apr-2016 09:36

Govt publication re Bona Vacantia HMRC position In comparison with a company that has been liquidated, a company that has been ‘struck off’ can be restored to the Register at a later date e.g.

When a small limited company has stopped trading, it will often remain inactive or dormant for a period before it is finally dissolved (that is, struck off the register under Section 1003 of the Companies Act 2006).

Shortly after it stops trading, these debts may include: If the company cannot pay its debts, it will ultimately enter into one of the different types of insolvency proceedings.

This usually involves an insolvency practitioner either taking over the company in order to keep it running while its finances can be restructured, or selling off the company assets in an attempt to raise money to pay the creditors.

The conduct of the directors may also be investigated.

More information is available on the Insolvency Service website.

Jennifer Adams revisits her article under this heading originally written in November 2011, detailing the procedure that needs to be followed and the tax implications thereon.

There is a company law problem in that if a company returns share capital to shareholders without going through going through the process of a formal winding up then the distribution is illegal under CA 2006 s 829(2) as a ‘distribution’ does not include ‘the repayment of paid-up share capital’, or ‘assets to shareholders on winding up’.

We have years of experience with HMRC, banks, creditors, suppliers, shareholders, lenders etc and we know their likely impact on your business.

A CVA is a legally binding agreement with your company's creditors to allow a proportion of debt to be paid back over time.

This page will help you to discover what a company voluntary arrangement does, understand how it works and how it can help you stop creditor pressure and turnaround your company.

When a business/company deregisters with the Companies and Intellectual Property Commission (CIPC), it implies the business/company is no longer registered and has no legal standing since it’s not doing any business nor have assets or liabilities.

When a business/company undergoes a voluntary or compulsory liquidation (also known as the “winding – up” of a business/company) it involves the process of selling all the assets, paying off creditors, issuing any remaining assets to the main or parent company, and then simply closing the business/company.

We have years of experience with HMRC, banks, creditors, suppliers, shareholders, lenders etc and we know their likely impact on your business.A CVA is a legally binding agreement with your company's creditors to allow a proportion of debt to be paid back over time.This page will help you to discover what a company voluntary arrangement does, understand how it works and how it can help you stop creditor pressure and turnaround your company.When a business/company deregisters with the Companies and Intellectual Property Commission (CIPC), it implies the business/company is no longer registered and has no legal standing since it’s not doing any business nor have assets or liabilities.When a business/company undergoes a voluntary or compulsory liquidation (also known as the “winding – up” of a business/company) it involves the process of selling all the assets, paying off creditors, issuing any remaining assets to the main or parent company, and then simply closing the business/company.If the company is not going to be used for at least 3 years, then it is usually more cost effective to close it down, and then incorporate another company if one is needed.