You can choose to liquidate your limited company.
Liquidating a company means its assets are used to pay off its debts - any money left goes to shareholders.
Your company won’t exist after it’s been liquidated.
There are 2 kinds of voluntary liquidation:
- creditors’ voluntary liquidation - you choose to liquidate your company because it can’t pay its debts
- members’ voluntary liquidation - your company can pay its debts but you want to close it
Your company may be forced into compulsory liquidation if it can’t pay its debts.