Liquidate your limited company
Liquidate a company you do not want to run anymore
You may choose members바카라 사이트™ voluntary liquidation if your company is 바카라 사이트˜solvent바카라 사이트™ (can pay its debts) and one of the following applies:
- you want to retire
- you want to step down from the family business and nobody else wants to run it
- you do not want to run the business any more
Make a declaration of solvency
To pass a resolution for members바카라 사이트™ voluntary liquidation, you must make a 바카라 사이트˜declaration of solvency바카라 사이트™.
You바카라 사이트™ll need to review the company바카라 사이트™s assets and liabilities.
Write a statement saying that the directors have assessed the company and believe it can pay its debts, with interest at the official rate. You should also include:
- the name and address of the company
- the names and addresses of the company바카라 사이트™s directors
- how long it will take the company to pay its debts - this must be no longer than 12 months from when the company바카라 사이트™s liquidated
You also need to include the statement of the company바카라 사이트™s assets and liabilities.
After you바카라 사이트™ve signed the declaration or form
There are 5 further steps to members바카라 사이트™ voluntary liquidation.
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Sign the declaration or form 4.25 (Scot) - it must be signed by the majority of directors in front of a solicitor or 바카라 사이트˜notary public바카라 사이트™.
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Call a general meeting with shareholders no more than 5 weeks later and pass a resolution for voluntary winding up.
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At the meeting appoint an authorised insolvency practitioner as a liquidator who will take charge of winding up the company. You can find an insolvency practitioner online.
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Advertise the resolution in within 14 days.
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Send your signed declaration to Companies House or form 4.25 (Scot) to the (for Scottish companies) within 15 days of passing the resolution.
Companies House
Crown Way
Cardiff CF14 3UZ
When the liquidator is appointed they take control of the company. Your responsibilities as a director will change.