You can close down your limited company by getting it ‘struck off’ the Companies Register. This is also known as ‘dissolving’ your company.
You can only strike off your company if it:
- has not traded or sold off any stock in the last 3 months
- has not changed names in the last 3 months
- is not threatened with liquidation
- has no agreements with creditors, for example a Company Voluntary Arrangement (CVA)
If your company does not meet these conditions, you’ll have to voluntarily liquidate your company instead.
When you apply to strike off your company, you have certain responsibilities to close down your business properly.
After your company is struck off
You’ll lose access to company bank accounts. You will not be able to send or receive money. You’ll have to restore the company to get your bank accounts back.