You’ll need to include the following information in the form:
The form needs to be completed completely or else the company won’t dissolve properly. You must provide the name of the company secretary, directors, shareholders and registered office address. You must also provide the date and place where the meeting took place.
You must complete the form no later than seven days after you receive the notice of dissolution. If you don’t submit the form, the companies house will cancel the dissolution process.
How can I acquire a DS01 Form?
The Department of Social Services asks that you print out and send the form to the department via snail mail or email, and check if the company is already registered with the state. If it isn’t, you’ll need to fill out the application online. You must submit the completed application within 30 days of being notified that the company is approved.
What is the cost of a DS01 Form?
A DS form costs ÂŁ10, although there are some cheaper alternatives if you don’t want a solicitor involved. Companies must be dissolved within 3 months of being incorporated, unless they’ve been hit with a strike-off notice before that. There are different ways to do it – including voluntary liquidations – and each one requires a specific amount of paperwork. Here we explain how much it costs and what you’ll need to complete a dissolution.
What Is a Dissolution?
When a company dissolves, the directors voluntarily wind up the company. They file documents with Companies House, which records and publishes information about companies. When a company is dissolved, the directors can no longer trade under the name of the company. Instead, they’re known as “the individuals concerned”. If the company had shares, those are now owned by the shareholders.
The main reason for a company to be dissolved is because it wants to start again. For example, a company might want to set up another company under a different name. Or perhaps it wants to sell itself to someone else. In either case, the company needs to be dissolved.
Who Can Do a Dissolution?
You can do a dissolution yourself, but you’ll need help. You’ll need to find a lawyer or accountant to act on your behalf. You could use a firm like PwC, KPMG, Deloitte or BDO. But if you don’t know anyone who does this sort of thing, you can always contact a small claims court. These courts deal with disputes where the value of the claim doesn’t exceed Â£15,000. So if you think you have a valid claim against a company over Â£10,000, you can take it to the Small Claims Court.
When is a Companies House DS01 form necessary?
A DS01 form is needed when a company is dissolved. If it’s been less than three years since the company was formed, there are some exceptions.
If the company is still trading, a DS01 form is not necessary. However, if the company is no longer trading, a DS01 must be filed.
The limited company isn’t in use anymore. For example, if the company has been dormant for over three years, it doesn’t need a DS01 form.
You want to formalise the closure of a business. If the company is being wound up, a DS01 is the best way to do this.
In an insolvency situation where the company is winding down, you won’t file a DS01. Instead, the most commonly used process involves submitting a Certificate of Voluntary Liquidation (CVL).
Outstanding creditors can request a reinstatement of a company via a DS01 form, known as a’reinstatement’ application. This is done if the company is being wound down.
Failing to send a copy of the DS01 to all interested parties could land you in court and face heavy fines and even prison sentences.
Who can submit a DS01 notification of company closure?
Companies House is now accepting submissions for companies that are closing down. This includes both public limited companies and unincorporated associations. If you want to close down your company, you can fill out the online form yourself and send it to Companies House. You don’t need to pay anything to do so.
The deadline for submitting forms is June 30th 2020. All documents submitted after this date will no longer be accepted.
What must I do before seeking to dissolve a limited liability company?
The process of striking off a Limited Company involves a lot of paperwork and planning. In fact, it can take up to six months or longer to complete. However, there are some things you can do now to make the process easier and faster once you start.
There are three main stages to closing a company:
1. Filing a notice of intention to strike off;
2. Hearing and approving the notice; and
3. Completing the actual strike off.
This document will help you plan ahead for each stage of the process. It includes information about what documents you need to provide, where to find them, and what happens next. You’ll also learn about the different types of limited companies and why you might choose one over another.
1. Staff and redundancies
Staff and redundancies are required to close a business. If you’re looking to cut costs, it might seem like a good idea to reduce your workforce. However, there are some things you should know about redundancy payouts before taking such drastic action.
Redundancy payouts must take into account the length of service and salary histories of employees affected. This includes calculating payments based on the number of hours worked per week. For example, if someone works 40 hours a week over a four-week period, their payout will be equal to half of their weekly wage multiplied by 4 weeks.
Businesses should always check their employment contracts and statutory obligations regarding redundancies before making any changes to staffing levels.
2. Accounts and taxes
Prepare your final set of accounts for Companies House submission. You must submit the following documents:
1. Your most recent annual return
2. A copy of your latest P11D form
3. Any tax returns you are required to file
4. If you are self employed, a copy of your latest PAYE return
5. A copy of your bank statements
6. An explanation of why you believe there are no unpaid liabilities
3. Ownership and management
Shareholders must agree on how the business shall be run. This includes decisions about the direction of the company, the appointment of directors, and the election of officers. If there are no shareholders present, the decision making process can be delegated to a board of directors. In some cases, the shareholders may decide to appoint one person as chairman or president.
All debts must be paid before the submission of the DS01. A shareholder who fails to pay his/her debt within 30 days after receiving notice of it loses his/her shares.
Any assets owned by the company should be distributed equally among all shareholders. However, it is possible to give certain shareholders special privileges over others. For example, a shareholder could be given access to confidential information, such as financial statements or legal documents. He/she might even be granted voting rights.
What occurs if someone opposes to my DS01 dissolution form?
A DS01 is not a valid way to avoid liquidation. You must use a proper process to wind up the affairs of the deceased person. This includes filing a death certificate and making sure that the assets are transferred to the beneficiaries. Failure to do so could lead to problems down the road.
The law states that if there is no beneficiary designated within 30 days of the date of death, the estate becomes part of the state’s general fund. In addition, if the decedent left debts, the creditors can come after the property.
If the decedent did designate an heir, he/she will likely want to keep his/her name on the deed. However, it is possible that the heirs might object to the change. They may request that the original owner remain on the deed.
In some cases, the heirs may decide to take legal action against the executors. These actions include seeking a court order to prevent the transfer of the property.
There are strict rules about how one should proceed with a DS 01. For example, the executor cannot sell anything without approval from the probate court. He/she must file a petition listing what items are being sold and why. The court will approve or disapprove the sale.
If the executor does not comply with the requirements, he/she could face penalties including fines, imprisonment, or both.
What if I submit a DS01 form in error?
A director can use a DS01 form to dissolve a company without paying creditors or taxes. It can be used fraudulently to avoid repayment of loans or tax obligations. If the company continues trading after it files the document, there is a risk of prosecution.
The law requires directors to fill out a DS01 form within five days of dissolving a company. They must include information such as the name of the company, the date of dissolution, and the names and addresses of the directors.
If a company takes out a loan and then submits a DS01 form, it increases the chances of being investigated. The lender will want to see proof that the company had enough money to repay the loan. In addition, the lender will ask for evidence of how much debt the company owes.
There are risks associated with submitting a DS01 form incorrectly. For example, if the wrong type of documentation is submitted, the company could be prosecuted. If the forms do not include certain required information, the company could be fined.
Frequently Asked Questions
Can I close my company with a DS01 form?
Closing a company with a DS 01 form means you voluntarily strike it off the Register of companies at Companies House. This is done without recourse to court proceedings. There are different ways of doing this, depending on how much money you owe and whether the company is insolvent. If you think the company might be able to pay everything back within 12 months, you could do this yourself. However, if you don’t know what you’re doing, it’s probably better to seek advice.
You must give notice of intention to strike off the company at least 14 days before doing so. Your company will then cease to exist unless it receives an application to continue trading. The directors must agree to the continuation of the company, including agreeing to pay up any debts owed to HM Revenue & Customs. A director cannot act alone in applying for continued trading; he or she needs to be represented by a solicitor.
If you want to keep the company open, you’ll need to apply for registration again, possibly under another name.
What other closure methods are available?
The two main forms of liquidations are members’ voluntary liquidation (MVL), where creditors agree to accept less money than they would under court proceedings, and creditors’ voluntary liquidation (CVL), where creditors take control of the company and decide whether it continues trading or shuts down completely. MVL requires a member to appoint an IP, while CVL does not.
Both types of liquidation must involve the same steps, including appointing an IP, registering a winding up petition and completing the necessary paperwork. However, there are some differences between the two.
For example, MVL allows directors to remain in place during the process, whereas CVL usually involves a full board replacement. In addition, MVL can be completed without a meeting of creditors, while CVL generally requires one.
In both cases, once registered, the winding up petition needs to be published in the Gazette. This is done by sending copies to HM Revenue & Customs (HMRC) and Companies House.
If you choose to go ahead with the procedure, the company cannot trade again until the winding up petition is granted. Once approved, the company becomes a “dead duck”, meaning it cannot pay off debts, pay wages or continue trading.