Save yourself thousands of pounds!

Strike Off is up to 80% less than a Wind-Up…

Striking Off your company has the same effect as winding up your company but is far cheaper, less intrusive and costs up to 80% less than a traditional wind up.

What are my options for company closure?

Option 1 – Winding Up (liquidation):

This is the more costly and more intrusive process, one which essentially removes the authority of a director. Control of the process and the business concerns are overseen by the appointed Insolvency Practitioner. A director that has previously liquidated a company can, in future engagements, be viewed as a higher investment risk, potentially affecting their ability to perform business in the future.

Option 2 – Strike off:

This can be performed by the director themselves, allowing them to retain control and also ensuring unnecessary costs are not incurred. The process does not demand that 3rd parties are given intrusive access into the business operations and the affairs of the directors personally. If correctly undertaken, a strike off has no lasting negative reflection on the directors.

What Is A Company Strike Off?

Companies that are formed and registered within England and Wales have a record of their existence kept at Companies House. While this record is in place the company is considered operational and valid as such it is due to maintain records and to continue trading solvently.

Striking off a company is the legal act for the removal of a company from the register.

If a company is struck off from the register then it is noted as Dissolved.

What Does This Mean For You As A Director?

For a company to enter dissolution it must have reached a point where it’s debts have been repaid in full or negotiated to the satisfaction of the creditors.

At the final point of dissolution any assets considered to still be owned by the company are absorbed by the crown.

Without the procedure being followed correctly directors may become personally liable for the outstanding debts of the company.

In short it means that you can close your company and clear any debts it has without it having a bad effect on you personally or paying out thousands of pounds for a wind up (liquidation).

What Are The Benefits Of Strike Off?

– Immediate steps can be taken to start closing your company.
– No formal meeting of creditors.
– It’s possible to write off thousands of pounds of bad business debt.
– Not as intrusive as formal liquidation procedures.
– You retain final control of the process.
– It’s cheaper by far than liquidation.

Is This Suitable For My Company?

You can find out if your company is suitable for the strike off process by using our simple quiz here or calling us on 01472 254914