Strike Out Company Record
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What does strike off mean for a company?
Company strike off, also referred to as Dissolution, is the process by which a Limited Company is removed from the register by Companies House. The processes effectively marks the company as non-existent for all intent and purpose. You 'Strike Off' a company using form DS01.
What does it mean when a company strike off?
What is a Company Strike Off? Company strike off, also referred to as Dissolution, is the process by which a Limited Company is removed from the register by Companies House. The processes effectively marks the company as non-existent for all intent and purpose.
What does it mean when a company dissolves?
To dissolve a company, which is also known as 'dissolution' or 'striking off', is a way of closing down a limited company by removing its name from the official register held at Companies House. Once the name is removed from the register, the company no longer legally exists.
What is meant by strike off?
Definition of 'strike off' If someone such as a doctor or lawyer is struck off, their name is removed from the official register, and they are not allowed to do medical or legal work anymore.
When a company is struck off what happens?
What Happens to Struck off or Dissolved Companies? If a limited company has been struck off or dissolved, it is removed from the Register at Companies House and its cash and assets transfer to The Crown.
Why would a company be struck off?
Typically, this could be due to a failure to submit an annual confirmation statement form CS01 or file accounts on time. A common cause of companies being struck off is due to a change of registered office address that is not notified to Companies House.
What happens to share capital when a company is struck off?
If the company is struck off before all creditors have been repaid then the directors can be held personally accountable for those debts. ... Before the company is struck off its share capital, reserves or any other assets should be distributed to its creditors and shareholders accordingly.
Why would a compulsory strike off be discontinued?
The most common reason for a company strike-off procedure being rejected or suspended is if HMRC believe that the company has unpaid tax liabilities such as VAT or corporation tax. ... Anyone who has proof that the company has traded, or changed its name within the last 3 months.
What does being struck off mean?
When you start a new limited company, the company is placed on the Companies House register. There are some circumstances where a company may be removed from that register. This is known as a strike off because the company is struck from the register.
What happens if companies house strike off my company?
Once a company has been struck off or dissolved, it is removed from the Companies House register, and it cannot trade, sell assets, make payments or be involved in any other business activities. ... To get those assets back, the company may need to go through the process of restoring the company.
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