What is company strike off using the DS01 form?

Author
Shaun Barton | Company Closure Expert

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What is company strike off using the DS01 form?

When you strike off your company using form DS01 it means the business closes down and your company name is removed from the register at Companies House. It’s a relatively straightforward process to close your company in this way, but there are risks associated with it if the business is financially unstable.

Essentially, it’s important to be sure that your business is solvent. This means that it can pay its bills as they fall due and the value of its assets exceeds that of its liabilities. So how do you strike off a company using form DS01?

Striking off a company with a DS01 form

The form can be downloaded from the Companies House website, printed off, and returned by post, or you can complete it online. You’ll need your:

Company name
Company number
Yours or another director’s contact details for Companies House to use in the event of queries
Director signature(s) – a majority of directors must sign the form if there are more than two

A crucial element of striking off a company is informing all creditors of your intentions – failing to do so can lead to your application being suspended. You also need to send a copy of the form to any directors who haven’t signed it, as well as to shareholders and employees.

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What happens after submitting form DS01?

Once received by Companies House, a notice is placed in the Gazette to advertise your intention to close the company. This alerts business creditors to make a claim if they have monies owed to them.

If you try to close your company in this way creditors are likely to file an objection and pursue the company for repayment. This is why it’s important to seek professional confirmation that your business is, in fact, solvent before proceeding with form DS01.

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With multiple offices across the UK and a vastly experienced team of business closure experts, you are never far away from the advice you need. Our Licensed insolvency practitioners provide free consultations to all directors and shareholders, and can quickly ascertain which closure method is best for your business.

We are licensed by recognised professional bodies and have helped thousands of directors over many years. Contact us today for your free company closure consultation.

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Pros and cons of using the DS01 form

Pros

It’s a straightforward way to close your company
It’s inexpensive, costing £10

Cons

If there are existing creditors that object to the strike off you could face misconduct allegations
The company can be restored to the register if creditors exist

If the business has outstanding debts, you won’t be able to claim director redundancy pay

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What are the alternatives to a company strike off?

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.

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