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Retiring and Closing Your Limited Company

Retiring and closing your limited company. Author: John A Waller, Director. Reviewed: December 24th,2022.

After years of making your business successful and seeing it yield a return on your time and investment, you may be wondering how to cost-effectively close it down now that you’re retired. Even if your business is still doing well and making a profit, it is always important to have an exit strategy prepared in case things take a turn for the worse. This exit strategy should include choosing the most suitable closure method and adhere to formal guidelines by asking for assistance from a licensed insolvency practitioner.

Therefore, I’m returning and require closing down a Limited Company. So what is my next move?

Sometimes, perfectly sound, solvent companies require to be wound up for purposes such as retirement, or because they are no longer needed. In these situations, the process must be carried out correctly to avoid future regulatory and tax issues.

What’s the most reliable way to dissolve a company that doesn’t need to trade anymore?

If the limited company is dormant, with no creditors, no shareholders and no assets, it may be possible to dissolve the company through a Companies House form DS01.

Suppose, however, the company has been trading recently, and there are creditors, shareholders, and cash or assets to be distributed. In that case, a more structured procedure in the form of a Members’ Voluntary Liquidation will be necessary. An MVL can be carried out quickly, but that does not mean it is a simple process. It is advisable to have the MVL overseen by a licensed Insolvency Practitioner and seek advice from a professional tax adviser regarding the tax implications.

Performing an MVL will require disbursements to perform the process. They include legal notices, such as a notice in the Gazette. The notice advertises your intention to conclude your business while cease trading, allowing the world to object. A further disbursement requires payment of an Insurance bond protecting your money held by the Insolvency Practitioner until distributed.

How can HBG Advisory help me wind up my solvent company?

HBG Advisory is experienced in overseeing Members’ Voluntary Liquidatio MVLs. We can put the wheels in motion virtually immediately, providing the most cost-efficient and immediate voluntary liquidation and shareholder distributions.

At HBG Advisory, we are pleased to offer you a free and confidential initial discussion to decide whether a Members’ Voluntary Liquidation is the right path for your company.

During these troubled times over the Coronavirus COVID19 Pandemic. Operating is difficult enough during normal times. So wishing to retire without any worries is essential for peace of mind.

So, why not handle your business affairs correctly while entering retirement? Safe in the understanding that your limited company has been closed in the most tax-effective legal manner?

What if your company is Insolvent?

Unlike a solvent company.

An insolvent company has two options fo a liquidation:

How to close an insolvent limited company.

A voluntary process involves a creditors voluntary liquidation..

An involuntary process to force closure is a compulsory liquidation usually ordered through a court order.

The Team at HBG Advisory

The Insolvency Practitioners Association regulates our licensed insolvency practitioners who are experienced dealing with MVLs.

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