Company Strike Off
From time to time, our clients would require a de-registeration of their existing company when they have deemed that operations are to be ceased.
Our team of consultants are readily available and is able to assist you to deregister a company every step of the way.
Company Strike Off
What is a company strike off?
Company strike-off or de-registering is a process used by companies to formally dissolve themselves and cease business operations. From time to time, our clients require a strike-off of their existing company after achieving their business goals or simply just to close their company.
Prior to fully dissolving a company, clients will have to ensure that they have fulfilled all requirements of de-registering a company within their jurisdiction. The whole process of striking-off a company can be complex and time-consuming. Therefore, our team of consultants are readily available to assist you every step of the way.
Who can request a company de-registration?
If a company wishes to be removed from the register and dissolved, it greatly depends on whether or not the shares in the company are owned by multiple shareholders.
If the company’s shares are held by more than one shareholder, then the shareholders may vote on a special resolution, passed at a general meeting of shareholders. Alternatively, if the constitution of the company allows for it—or says that it must—then an application can be submitted through the board of directors or another authorized person.
It is important that you know these rules and regulations when deciding to dissolve a company from the register as failure to comply could lead to significant legal penalties.
Striking off a company
Striking-off a company is especially ideal for companies that;
- Has ceased operations
- No outstanding legal proceedings
- No assets or liabilities
- No outstanding debts, charges, or summons
Can you strike off a company with debts or legal proceedings?
In order to be struck off, the company must first be solvent, meaning it must have no outstanding debts or creditors. If the company does have outstanding debts, they must be repaid in full before the company can be struck off.
Similarly, if the company has been threatened with legal action such as a winding-up petition, it cannot be struck off.
What happens after your company is dissolved?
When a company is dissolved, it no longer exists. However, depending on the jurisdiction, information about the company is kept and stored for a few years after it is dissolved which includes lists of directors, secretaries, shareholdings and financial statements.
It is also worth noting that anyone can reuse the name of a dissolved company using a new unique company number.
In conclusion, a strike-off of a company may take anywhere from 3 months to 6 months, depending on the jurisdiction and complexity of the procedures that need to be observed before de-registering your company. Do reach out to our team for further information.
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