Liquidating a ltd company dating quimper pottery
Hold the second General Meeting of the shareholders to confirm the special resolution adopted in the first meeting.The second meeting must be held not less than fourteen days and not more than six weeks from the date of the first meeting, unless a longer notice period is required by the Articles of Association of the company.We understand that liquidating a company isn’t the easiest decision to make.You’ve invested blood, sweat and tears into this business. Unless you’ve been disqualified to act as a director (you’d know if this had happened), there is nothing that prevents you from opening a new company and starting afresh with a clean slate.Contractors retiring or taking a permanent role and who have cash in excess of £50,000 left in their contractor limited company can use a members’ voluntary liquidation (MVL) to distribute the funds tax efficiently.
The benefit being that there was a tax-free allowance of £10,600 per shareholder and the balance could be taxed at just 10%, instead of the effective dividend rate of 25%.Due to the nature of each unique business it is impossible to give enough advice here that would be appropriate and useful for all situations, and relevant to you and your circumstances.However, we offer a free consultation specifically for that very reason.In some ways it’s almost like losing a family member. If this company has reached the end of the line and is insolvent, with no hope of being able to pull things back, then perhaps it is time to let it go.As a Director you have a legal duty to deal with an insolvent company, and we can advise what your obligations are with your current situation.
Both Abbott and Rosler urge contractors to consider exit strategies from their contracting business well before the end of their company’s life.