If you’re wondering how to close down a limited company, you’re on the right page. Whether you’re looking to retire or you want a change of business venture, it is possible to close down a limited company – but there are certain checks you should make to do this properly.
In this video, William Newton explains one of the main aspects of closing a limited company that he frequently sees going wrong and that you should take care of before making any hasty decisions. Watch below to learn more.
How to Close Down a Limited Company Transcript:
When you look to close a limited company, whether or not you don’t need it anymore or you go for voluntary liquidation, it’s important to make sure certain steps are taken before a company is dissolved. One of them, which, unfortunately, I see go wrong many times in my area, is that people forget to remove their money from their bank account before the company dissolves.
When that happens, the money in your bank account becomes ownerless property and moves to the crown, and typically, the only way you can recover that money is by going for a court order, which involves instructing a solicitor to go through what is at the moment quite a long process to avoid.
What I’d recommend is to speak to your accountant before you close down a limited company and speak to us. I’m always very happy to have initial conversations with clients on these points to avoid having to do unnecessary and quite costly work for any mistakes made.
Have a Question about How to Close a Limited Company Down in the UK?
If you want to close a company down but have a query about it, don’t hesitate to get in touch with us today. Our specialist team is well-versed in business legal services and would be more than happy to offer you sound legal advice and guidance in this area of law.