Two formal routes to closure exist:
Creditors’ Voluntary Liquidation (CVL)
This process is suitable for closing a company with debts and enables eligible directors to claim redundancy pay and other statutory entitlements. You also minimise the likelihood of misconduct allegations being made against you.
Members’ Voluntary Liquidation (MVL)
This is an alternative for solvent businesses and is typically recommended for those with £25,000 or more in assets. As a director, you benefit from distributions being taxed as capital rather than income.
For more information on company strike off using the DS01 form please get in touch with our team of experts at Company Closure. We can offer you a free consultation, and operate a nationwide network of offices.