If your company cannot afford the costs of placing itself into a formal insolvency procedure, a cost effective alternative route would be to have the company dissolved. This is possible providing that there are no assets to deal with and the company complies with the necessary requirements.
Caldana Ltd can carry out this function for you on a fixed fee basis, with prices starting from £500 and average prices of £1,000. We will deal with all the creditors and produce all the documentation.
The effect of the company being dissolved, which is also known as striking it off from the register at Companies House, is that the company will no longer exist. This process can be dealt with remotely and in the main only requires various signatures from the directors. The criteria for the process are stated below:
A limited company can apply to be struck off if, in the previous three months, it has not:
- Traded or otherwise carried on business;
- Changed its name;
- For value, disposed of property or rights that, immediately before it ceased to be in business or trade, it held for disposal or gain in the normal course of its business or trade (for example, a company in business to sell apples could not continue selling apples during that three-month period but it could sell the truck it once used to deliver the apples or the warehouse where they were stored);
- Engaged in any other activity except one necessary or expedient for making a striking-off application, settling the company’s affairs or meeting a statutory requirement (for example, a company may seek professional advice on the application, pay the costs of copying the Form DS01, etc).
However, a company can still apply for striking off if it has settled trading or business debts in the previous three months.
If you have any further questions please do not hesitate to contact us on 07887 763994 or email info@caldana.co.uk