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Ash
Ash, Solicitor
Category: Law
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Experience:  Solicitor with 5+ years experience
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I have received a statutory notice overdue accounts from Companies

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I have received a statutory notice overdue accounts from Companies House.
Our company is making losses and we are trying to resolve this but think we may have to shut it down.
The letter says "if you are content for your company to be removed from the register there is no need to respond to this notice. In this case a notice of intention to remove the company will be published in the London Gazette. A further notice will be published approximately 3 months later at which time the company will be struck off and dissolved. Please be aware that if we do remove the company your personal obligations as directors would remain and any company bank accounts would be frozen".
The company does not have a lot of debt but we are struggling and are very behind with our accounts and vat.
I don't understand the process. Can we ask for the company to close? Would we be able to open a new company? If the company is struck off how long will we have to submit old accounts and vat returns and pay?
I hope someone can help as I've not slept properly in months worrying and it's getting worse, as I just seem to be firefighting all the time.
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you with this.
What is it you would like to know please?
Customer: replied 1 year ago.

Hi

I don't know how I should respond to this. As I explained the company is struggling and we will most likely close it asap, but this is obviously forcing this to happen sooner rather than later!

I don't understand the process and the full implications?

I think I understand that if the company is struck off we still have to do the accounts and submit everything to HMRC?

If the company is struck off how long will we have to submit old accounts and vat returns and pay?

Would we be able to open a new company?

Thanks

Expert:  Ash replied 1 year ago.
Are you still trading with suppliers etc?
Customer: replied 1 year ago.

Yes up until Friday when we had decided it is probably best to stop, so we could start afresh with new suppliers as the main problem we've had is with issues on bad suppliers which we do not have any debt with but have now stopped trading with and have now found some new ones which we can trade with for the new season. However, because of all the issues we would rather start afresh with the new suppliers with a new company.

Expert:  Ash replied 1 year ago.
Are you insolvent?
Customer: replied 1 year ago.

Not really sure

We have not taken any wage from the company for a few months now and are managing to pay suppliers but due to problems encountered from bad products where we have paid and can not get our money back from the supplier we are having to give customers money back on goods not up to standard (maybe we are too nice here but feel this is the correct thing to do), so we are now at the point that we have run out of money and, although we could continue to sell we feel that we do not want to.

Expert:  Ash replied 1 year ago.
Ok. If you are insolvent then you need to stop trading. As for now then you have several choices either to file the required paperwork or have the company struck off. If it's struck off all accounts are frozen and assets then belong to the Crown.
All requirements for paperwork etc are frozen. But you may be responsible for NIC payments to HMRC where appropriate. If it's struck off then the company no longer exists. If you have any loans with guarantees they may be called in.
If stuck off no need for accounts or annual returns as the company has gone.
Can I clarify anything for you about this today please?
Alex
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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Expert:  Ash replied 1 year ago.
Hi

I am just following up to see if there is anything else I can help with?

If this answers your question might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.

If you need more help please click reply.

Alex

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