Before you apply to close down your UK company with Companies House in the United Kingdom, you must take care of any loose ends.
If your UK company has been dormant since it’s incorporation then these steps do not apply to you. In this circumstance, you may proceed to apply to close down your UK company straight away with Companies House.
You may do it yourself or ask an accountant to take care of it for you.
Take care of loose ends
The loose ends you must take care include the following:
Firstly, if your company has a bank account, you must close it first.
Secondly, if your company own assets, you must take care the ownership of these assets first. This include the transfer of any domain names before you apply to close down your UK company.
Make the announcement to close down your UK company
Thirdly, you must inform those people are likely to be affected by your intention to close down your UK company. This is required by law and also to avoid any objections to your company dissolution application. Your notice is to be sent out within 7 working days.
The people you must inform are as follows.
- All shareholders of your company.
- Your bank.
- Suppliers and creditors. This include HM Revenue and Customs, the UK tax office.
- Employees including ex employee if you still owe them money.
- landlords if your company rent an office space.
- Tenants if you let office space to them.
- Your guarantors for your loans.
- Managers and trustees of any employee pension fund.
- Directors who have not signed the DS01 form.
It is a serious crime if you failed to inform people affected within 7 days. if convicted, you could face a fine or a prison sentence up to 7 years.
How to tell people
You may send a copy of your COMPLETED company’s dissolution form DS01 to their last know address if they are an individual. For a company or organisation, then post it to the principal office or registered office address.
You are advised to keep proof of delivery of such notice and posting.