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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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As a managing director and 50% shareholder of a failing limited

Resolved Question:

As a managing director and 50% shareholder of a failing limited company, what is the right way to cease trading and what liabilities do I have to cover personally. I also own 50% of the building but it is not part of the company.
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is ***** ***** I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : Does the other shareholder agree please?
Customer:

Yes he agrees to me asking these questions because he knows that we are in a serious position.

Alex Watts :

OK - if he agrees to dissolve then you simply write to your creditors and say you are going to strike off

Alex Watts :

You fill out a form for Companies House

Alex Watts :

http://www.companieshouse.gov.uk/forms/generalForms/DS01_striking_off_application_by_a_company.pdf

Alex Watts :

You are ONLY liable for any debts which are in the company name and you personally guaranteed

Alex Watts :

You are NOT liable for any company debts which do NOT have a guarantee

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

Not at this moment thank you.

Alex Watts :

Great. If I could invite you to rate my answer before you leave.

Alex Watts :

If the system wont let you please do say, if you need more help please click reply

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