"How do I close my limited (ltd) company, it is not viable anymore?"

There are a number of options when you need to close a limited company:

• Creditors Voluntary Liquidation
  
  
• Company Dissolution
  
  
• Ceasing trading

Taking the ceasing trading option first, this is the simplest method if there are little or no debts, no assets and no future. We would recommend writing to all known creditors, not forgetting HMRC, to tell them the company has no assets, no or modest liabilities and no future. 

Once the business has ceased trading, remember to keep a record of all accounts, copies of all letters to possible creditors and keep all books and records. After 3 months, if no one has taken any legal action, it is possible to commence the Company Dissolution process. Please note that there are strict rules on dissolution and it should be generally noted that any creditor can reject the dissolution of the company.

If the company has any material creditors, possible liabilities to HMRC, claims from customers and or assets, then the correct option to use is Creditors Voluntary Liquidation.

DO NOT simply bury your head in the sand and hope the problem will go away. Owing creditors money or taxes will mean they will try to recover this debt from the company. So it is best to act quickly to liquidate the company

If you need help to dissolve the company you can buy our Experts Dissolution Programme online in our shop, or one of our regional managers will, for a small fee, help you to dissolve the company.

Contact us  now if you need help to close your limited company 0800 9700539.