What If I want to shut down my limited by guarantee company?

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Hi, my limited by guarantee company has run into financial trouble and I’m afraid it might be time to pull the plug. What do I do now? Do you have any advice regarding how to start the process or who I should inform?

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If your company is unable to settle all of its bills, you will have to use the creditors’ voluntary liquidation process. The other two options - getting your company struck off the register and starting a members’ voluntary liquidation - can only be used if your company is able to pay all of its bills.

To liquidate an insolvent company, you must:

  • Get at least 75% of the members to pass a winding-up resolution.
  • Appoint an authorised insolvency practitioner to carry out the liquidation
  • Send the members’ resolution to Companies House
  • Advertise the resolution in your national Gazette

Your duties as a director will change as soon as a liquidator is appointed to oversee the winding up of the company. Further information is available here.

a year ago
 

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