Liquidating the company
Liquidating the company - Mom son chat
They will look at restructuring your company to help it carry on trading.
You can consider this option if your company does not have enough money to employ an IP.
Any debts that you are personally liable for, for example if you have given a personal guarantee, will still need to be paid by you. There is also an option called administration that you could consider if your limited company is insolvent.
You or the court can instruct an insolvency practitioner to carry out the administration.
What are the eligibility criteria for initiating liquidation procedures?
Are any entities explicitly barred from initiating such procedures?
Once your application to strike off is made, as long as no one objects, Companies House will remove your company name from their register.
This means that any company debts are written off as they can no longer be recovered by the creditor.An IP will sell any company assets, pay company creditors, deal with the affairs of your company and then close your company.They will also investigate your conduct as a director.The corporate debtor can also initiate voluntary liquidation proceedings with the approval of the board of directors, shareholders and creditors.Any corporate entity may initiate a voluntary liquidation proceeding if: Voluntary liquidation is largely an out-of-court process.The way you close your limited company will depend on the amount of assets your company has.