Close Ltd Co

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Ltd company has ceased trading. Bank loan of approx 20k. all other creditors have been paid by directors. How can you close down this company. Both directors unemployed at present. Could they liquidate - what would this cost, or would you just leave company as it is.
 
Can't leave the company as is. Directors will be liable for the annual returns etc. Voluntary liquidation is an option. However, you will need to talk this through with your accountants.
 
If the company isn't being liquidated, the directors should ensure that CRO returns and accounts are prepared and filed on time each year, thus maintaining audit exemption and avoiding fines.
 
Thanks, company will keep annual returns up to date, will be easy enough as there will be no activity in the company. But just going forward is there any simple way just to shut down the company to avoid this. I dont think a voluntary liquidation is an option when there is an outstanding loan of approx 20k, i think you need nil assets and liabilities to do this.
 
If the company debts are fully paid and there are no assets to be distributed between the shareholders then you can apply to for a "Voluntarily Strike Off". I think that cost is a couple of hundred max. At the end no more company and no more obligations.
 
user name said:
They are not in a position to pay the debts though.
Click to expand...

Sorry, misread your original post as all creditors had been paid. OK, the creditor is a bank, this could be more complex. The position of the company suggests liquidation should be the way to go. This is where some complication comes in, how was the finance guaranteed. Usually banks and revenue are preferential creditors so they may not be so happy if all other creditors were paid in preference to them. If the remaining assets are not enough to pay off the bank debt then the company is insolvent and you need to discuss this with your accountant. The bank is a legitimate debt and it has to be addressed at some point, it might be possible, but not likely that you can just to park the issue and hope it will go away.
 
Creditor liquidation - talking 2-4k fees depending on complexity/issues arising i'd imagine.
 
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