Company Strike-Off Service
Our Company Strike-Off Assistance
A company may seek to strike off if it is no longer operational. The process ensures that the company ceases to exist legally. The decision to strike off a company must be considered carefully. It is crucial to ensure all financial obligations are settled beforehand. Our team at Gryffin Capitalist can help you with the process from end to end.
The strike-off of a company can be voluntary or compulsory. A voluntary strike-off occurs when the company's directors decide to dissolve it. This typically happens when the company has fulfilled its purpose or ceased operations. On the other hand, a compulsory strike-off is initiated by the regulatory authorities. This usually happens when a company fails to meet legal requirements. For example, a company may be struck off for failing to file annual returns.
It is important to note that Company strike-off and company liquidation are two distinct processes. Liquidating a business involves selling off all the company's assets. This is typically done to pay off outstanding debts. In contrast, the former does not necessarily involve liquidating assets. Instead, it is a simpler process that removes the company from the register.
How to Strike Off a Company Online?
The process of striking off a company online is streamlined and efficient. Many jurisdictions allow business owners to apply online for a strike-off. The online process typically involves filling out a form and submitting necessary documents. This digital approach simplifies a company's strike-off.
Once the company is struck off, it no longer exists as a legal entity(known as "bona vacantia,"). The company’s bank accounts are frozen, and its assets become the property of the state. Any ongoing contracts or legal proceedings involving the company are terminated. Additionally, the directors may be held liable if the strike-off was done improperly. Therefore, it's vital to ensure all legal obligations are met before applying for a strike-off.
In few cases, a struck-off company may need to be reinstated. This can occur if the strike-off was done in error or if the company needs to resolve outstanding matters. It typically involves a court application and payment of outstanding fees. Once reinstated, the company is restored to its former legal status. This allows the company to resume trading and manage its assets. However, reinstatement is not always possible, especially if significant time has passed. Our team can help you make the right choices without hassles
Company Strike Off: What Is the Procedure?
The process involves several key steps.
First, the directors must pass a resolution to strike off the company. This resolution should be documented in the company's records.
Next, the company must notify all relevant parties of its intent to strike off. This includes employees, creditors, and shareholders.
A formal application is then submitted to the Companies House or equivalent authority. The application must include specific details about the company.
Once the application is accepted, the company is officially dissolved. It is crucial to note that once struck off, the company cannot continue trading. All remaining company assets are forfeited to the state.
Why Choose Gryffin Capitalist?
Whether voluntary or compulsory, the strike-off of a company is a significant step. It is essential to ensure all debts are settled and legal obligations met. Whether choosing to liquidate or strike off, it is vital to consider the consequences. Both processes have lasting impacts on the company and its stakeholders. Get in touch with Gryffin Capitalist and learn more about this.
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Frequently Asked Questions (FAQs)
A company strike-off is the formal removal of a business from the official register, dissolving it legally.
We may strike off a company due to voluntary closure by directors or failure to meet legal obligations.
Strike-off removes a company from the register, while liquidation involves selling assets to pay debts.
A struck-off company ceases to exist and cannot trade.
We need to apply through the relevant government portal, follow the required steps, and submit the necessary documents. Connect with us for a seamless procedure.
Yes, but reinstatement typically requires a court application and fulfilment of legal obligations.
