A question we regularly get is – I need to strike off my company or I’m looking to dissolve my company, can you help?
Striking off a company or ‘dissolving’ at Companies House is possible – but ONLY when the company doesn’t owe money to anyone.
So you’re free to fill in the DS01 form but it will be objected to by the people who are owed money. Most creditors have automated systems that object for them. So around 10 days after the application is submitted it will be “suspended”. In other words – ain’t gonna happen.
You may also see your company has a First Gazette notice for compulsory strike off. This means you haven’t filed statutory paperwork at Companies House and the fines will be racking up. However, again, the striking off action will be suspended because your creditors will object to it.
So, in short, if your company owes money to anyone – you cannot just strike it off or ‘dissolve’.
You’re left with two options.
A formal insolvency – or selling the company to someone who will keep it active and attempt to negotiate with creditors to move things forward.
The Insolvency Practitioners will push you towards a CVL – Creditors Voluntary Liquidation – because that’s their biggest money spinner. These people are con artists and scammers, please read our other blogs for an indepth understanding.
In short, the fee quoted is a tiny fraction of what you will eventually pay. Oh, and hundreds of people also end up with criminal convictions every year as a result of trusting these shysters. Nice.
I’m sure they have oversight and can’t completely ruin people’s lives with no accountability though? Wrong. Zero accountability. It happens every day.
So, you’re left with selling your company as the only genuine option. It’s not perfect, there are things you need to be aware of, but we can guarantee your situation will be infintely better than putting your life in the hands of these con men.
Give us a call today and we’ll discuss your situation. It’s the responsible thing to do.
