Strike off company

Strike off company

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Hi

I am investigating the striking off route for shutting down my limited company.

I am wondering what exactly constitutes trading in the 3 month non trading requirement for strike off?

Can I transfer assets out of business during the non-trading period or does this count as trading?

What is the best method of transferring assets out of limted company? Company has one director 100% shareholder.

Any advice appreciated.

Replies (6)

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By ShirleyM
18th Jul 2014 18:18

Look here first ....

http://www.companieshouse.gov.uk/about/gbhtml/gp4.shtml#ch1

This gives you more information than could be posted here. You will need an Insolvency Practitioner if you have reserves of £25K, or above.

Thanks (1)
By johngroganjga
18th Jul 2014 22:07

No distributing assets does not constitute trading. You will need to disclose what the reserves of the company are if you want advice on the best method of distributing them.

Thanks (1)
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By User deleted
19th Jul 2014 09:50

Agree with John. See s.1004 for details.

As for distribution of assets try capital reduction.

Thanks (1)
Jennifer Adams
By Jennifer Adams
19th Jul 2014 18:43

Here is an article on what needs to be done ...

https://www.accountingweb.co.uk/article/striking-company-get-details-rig...

Its written in checklist form and altho its 3 years old the basic procedures remain the same.

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Replying to Chris.Mann:
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By emanresu
21st Jul 2014 17:02

Excellent article, JA

JAADAMS wrote:

https://www.accountingweb.co.uk/article/striking-company-get-details-rig...

Its written in checklist form and altho its 3 years old the basic procedures remain the same.

Excellent article, JA, but at its end you say "watch this space" followed by a broken link.

I'm sure that we'd all appreciate an update.

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Jennifer Adams
By Jennifer Adams
21st Jul 2014 17:22

Will do!

I've looked at the link and as you say its broken or been moved or whatever.

When I've nothing better to do on a Fri pm I'm going to give all the Company Law library articles a 'once over' bringing up to date and deal with any that have been written that might not have been filed correctly - what this space as they say!

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