Strike out company deed easily

Aug 6th, 2022
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How to strike out company deed

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hey guys mark here from the accounting Channel and today we are going to talk about voluntary company strike offs given the current economic climate with coronavirus I thought it would be quite apt to do a video on how to close down the company for anybody who is having difficulty and decided to just shut up shop heres basically the process you can go through to and cheaply and effectively close down your company now there are a few rules of course that you need to be aware of first and hopefully none of you actually have to go through this process but just in case you do heres how you could do it so the process itself is actually quite simplistic assuming the company has no debts but it that means it doesnt owe anybody any money and you cant in theory do this yourself and save a bit of cash the procedure to strike off a company voluntarily cannot be used where the company is carrying or potentially carrying debt in more detail that means the company must have outstanding liabilit

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During a voluntary strike-off, this means that directors must either liquidate any assets and keep the money, or transfer them elsewhere. If neither of these options is taken, then the assets, including company accounts, will be transferred to the Crown upon the companys closing.
The majority of the time, all of the company assets get sold at auction. If the company goes into bankruptcy, all assets are liquidated and sold for a fraction of their value at auction. This includes any intellectual property assets that are in the companys name.
A company can apply to the registrar to be struck off the register and dissolved. The company can do this if its no longer needed, for example if: the directors wish to retire and there is no one to take over the running of the company.
Company strike off sometimes known as dissolving a company is an informal way of closing down a limited company which is no longer required. This could be because the company has ceased trading, the director is approaching retirement, or simply because the directors have no desire to continue running the business.
You can close down your limited company by getting it struck off the Companies Register. This is also known as dissolving your company. You can only strike off your company if it: has not traded or sold off any stock in the last 3 months.
Company strike off sometimes known as dissolving a company is an informal way of closing down a limited company which is no longer required. This could be because the company has ceased trading, the director is approaching retirement, or simply because the directors have no desire to continue running the business.
Grounds for Strike off The company hasnt commenced its business within one year of its incorporation. The company hasnt been pursuing any business or activity for the preceding two financial years, for which it hasnt sought the status of Dormant Company under Section 455 of the Act.
What does the strike off of a company mean? Strike Off means removing the name of the Company from the Register of Companies maintained by the Registrar of Companies. It is more like a Closure of the Company and the Company will not be in existence after being Struck Off and cannot perform any operation thereafter.
A company can make application to roc for strike off a company after extinguishing all its liabilities. Shareholders approval by the way of special resolution is required before making an application.
What Happens to Directors When a Company is Struck Off? Once the company is struck off the register, there is no company, and therefore no directors. Directors should therefore take immediate action, in the case of strike off action, if this is something you dont wish to happen.

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