Liquidating a ltd company
They have no other creditors, up to date with all tax payments and don't really want to, but feel they've no choice but to liquidate and restart the company, is this the best way to go? Following the closure of the cherished tax avoidance concession known as ESC C16, there has been concern among contractors about how to close down a limited company in as tax and cost-efficient a manner as possible, writes Many are concerned about large tax bills and exuberant insolvency fees.The date of such financial statements must be the date of the second shareholders' meeting (i.e., the confirming meeting).Once the liquidator has cleared the assets and liabilities and has called on debtors for payment of debts to the company, the liquidator must call a final meeting of the shareholders to approve the final liquidation of the company.Hold a Board of Directors' meeting to adopt and approve the proposed liquidation of the company and to fix the dates for two separate General Meetings of the shareholders to consider the issue.Any of the directors or a person authorized by the directors may issue notices calling for such shareholders' meetings, unless required otherwise by the Articles of Association of the company.Both Abbott and Rosler urge contractors to consider exit strategies from their contracting business well before the end of their company’s life.
And, of course, many contractors will want to avoid the costs of running a contractor limited company that isn’t trading.
Due to the nature of each unique business it is impossible to give enough advice here that would be appropriate and useful for all situations, and relevant to you and your circumstances.
However, we offer a free consultation specifically for that very reason.
File the relevant application documents together with copies of the special resolutions with the Company and Partnership Registration Office, Commercial Registration Department, Ministry of Commerce, within fourteen days from the date of the second shareholders' meeting.
The appointed auditor must prepare and certify the financial statements (Balance Sheet and Accounts) as of the date of dissolution.