Comments on: How To Close Down Your Limited Company http://link4business.info/2009/04/how-to-close-down-your-limited-company/ Starting, Growing & Running Your Business Sun, 13 May 2012 14:24:08 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: James Green http://link4business.info/2009/04/how-to-close-down-your-limited-company/comment-page-4/#comment-32854 James Green Sun, 13 May 2012 14:24:08 +0000 http://link4business.info/?p=570#comment-32854 Ben, you cannot ignore the bank in the process but what you need to do is get their agreement that they will not object to the dissolution on the basis that you agree to honour the guarantee on agreed terms. Strictly speaking if the company has some cash available you should split it up between all creditors – including the bank – but if you left the bank out of the equation (with their agreement) then other creditors would be unable to complain as you are paying them more that way. Ben, you cannot ignore the bank in the process but what you need to do is get their agreement that they will not object to the dissolution on the basis that you agree to honour the guarantee on agreed terms. Strictly speaking if the company has some cash available you should split it up between all creditors – including the bank – but if you left the bank out of the equation (with their agreement) then other creditors would be unable to complain as you are paying them more that way.

]]> By: Ben Higgins http://link4business.info/2009/04/how-to-close-down-your-limited-company/comment-page-4/#comment-32816 Ben Higgins Sat, 12 May 2012 08:42:09 +0000 http://link4business.info/?p=570#comment-32816 Hi. One of my companies has run out of cash. I have ceased trading about 2 months ago with this company. However i took a loan with the bank about 2 years ago which still has a balance. This loan had a directors guarantee attached to it in my name. Can i still go through the dissolution process, will i now need to go through the process but ignore the bank loan in the company dissolution or do i need to include them in the process as well. The bank have written to me personally an i need to put an agreement in place to pay them back the money over a set period of time. I am also a director of another company, that has been trading for 12 years and does ok. Any help would be gratefully received. Thanks Hi. One of my companies has run out of cash. I have ceased trading about 2 months ago with this company. However i took a loan with the bank about 2 years ago which still has a balance. This loan had a directors guarantee attached to it in my name. Can i still go through the dissolution process, will i now need to go through the process but ignore the bank loan in the company dissolution or do i need to include them in the process as well. The bank have written to me personally an i need to put an agreement in place to pay them back the money over a set period of time.

I am also a director of another company, that has been trading for 12 years and does ok.

Any help would be gratefully received. Thanks

]]> By: James Green http://link4business.info/2009/04/how-to-close-down-your-limited-company/comment-page-4/#comment-32507 James Green Fri, 04 May 2012 20:35:34 +0000 http://link4business.info/?p=570#comment-32507 Hi Nyshah. You say your partner was a director but then go on to talk about "we". Were you also a director or company secretary? Were either or both of you shareholders in the company? You can check the Companies House website www.companieshouse.gov.uk to see if the form TM01 or TM02 has been filed. If not contact Companies House and ask them to advise you how best to file a form yourself. Note that even resigning as a director may not remove any liabilities for bad decisions or wrongfull trading and neither will it get a director release from any Directors' Guarantees. Hi Nyshah. You say your partner was a director but then go on to talk about “we”. Were you also a director or company secretary? Were either or both of you shareholders in the company? You can check the Companies House website http://www.companieshouse.gov.uk to see if the form TM01 or TM02 has been filed. If not contact Companies House and ask them to advise you how best to file a form yourself. Note that even resigning as a director may not remove any liabilities for bad decisions or wrongfull trading and neither will it get a director release from any Directors’ Guarantees.

]]> By: nyshah http://link4business.info/2009/04/how-to-close-down-your-limited-company/comment-page-4/#comment-32454 nyshah Thu, 03 May 2012 10:25:11 +0000 http://link4business.info/?p=570#comment-32454 hi my partner was a director of a limited company we left after 2 months and asked to be free from the company is there a way i can check our names have been taken off this company as they are in a lot of debt and dont want this coming back to us. also how do i go about closing the limited company if its still in our names? hi my partner was a director of a limited company we left after 2 months and asked to be free from the company is there a way i can check our names have been taken off this company as they are in a lot of debt and dont want this coming back to us. also how do i go about closing the limited company if its still in our names?

]]> By: James Green http://link4business.info/2009/04/how-to-close-down-your-limited-company/comment-page-4/#comment-32297 James Green Sun, 29 Apr 2012 15:13:10 +0000 http://link4business.info/?p=570#comment-32297 If you put money into a limited company and that company used it as a deposit to buy a property then I presume that there is a mortgage also. The property is indeed an asset of the company and the company would have to dispose of it (perhaps transfer it to you) before it would be allowed to dissolve. If your company was struck off by the Registrar of Companies - typically for failing to send in accounts or annual returns - then indeed the assets of the company pass to the Crown. They can be reclaimed by restoring the company but indeed the assets go to the Crown. If you put money into a limited company and that company used it as a deposit to buy a property then I presume that there is a mortgage also. The property is indeed an asset of the company and the company would have to dispose of it (perhaps transfer it to you) before it would be allowed to dissolve. If your company was struck off by the Registrar of Companies – typically for failing to send in accounts or annual returns – then indeed the assets of the company pass to the Crown. They can be reclaimed by restoring the company but indeed the assets go to the Crown.

]]> By: M S Abdalla http://link4business.info/2009/04/how-to-close-down-your-limited-company/comment-page-4/#comment-32172 M S Abdalla Thu, 26 Apr 2012 17:01:09 +0000 http://link4business.info/?p=570#comment-32172 I have got a small limited company. It did not bring any profits at all for more than 2 years. I deposited some money into it from my dividends coming from another limited company. That money was used as a deposit to buy a property overseas. The question, would that property ttreated as an asset? I heard if you dissolve your company you lose your assests to the Crown. What could I do? I have got a small limited company. It did not bring any profits at all for more than 2 years. I deposited some money into it from my dividends coming from another limited company. That money was used as a deposit to buy a property overseas. The question, would that property ttreated as an asset? I heard if you dissolve your company you lose your assests to the Crown. What could I do?

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