Do I need to liquidate my company's assets before it can be dissolved?

0

I’m trying to dissolve a limited company. Before I do, I’ve been told by an accountant friend that I should liquidate all of my company assets. Ideally, I’d just like to dissolve the company now, and worry about assets later. Do you know whether I can dissolve a company before I liquidate?

Answers

0

Yes, you must do this before your company is dissolved otherwise all of your company’s assets and finances will pass to the Crown when your company is dissolved. It will be a lengthy process to get these back.

After paying all of your outstanding business debts (including employees’ wages, taxes and filing fees), you should transfer all remaining finances and assets to the shareholders or guarantors. Only then should you apply to close your company.

a year ago
 

Your answer