Strike out — getting rid of companies that are no longer required
Got a company you no longer need? Maybe it’s a group subsidiary that ceased trading long ago or a vehicle set up for a joint venture that never got off the starting blocks. Perhaps it’s time to think about getting rid of the company, freeing yourself of the ongoing burden of administration that comes with all corporate entities.
Every company, even a dormant one, is required to: (1) file an annual return at Companies House each year, accompanied by the relevant fee; (2) file accounts at Companies House each year (subject to certain exceptions for wholly owned group subsidiaries where the parent agrees to guarantee all the liabilities of the subsidiary); and (3) maintain various company records.
While these requirements are not overly burdensome, they can easily be forgotten where the company is dormant. The company could incur penalties where documents are not filed and the directors will continue to be subject to fiduciary duties and other potential liabilities…
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