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Dissolution is the process of ending the life of a company.  It is a reasonably simple process details of which can be found at www.companieshouse.gov.uk

Dissolution should only be used where there are no assets or liabilities within a company and where the value of the share capital is below 4,000 (if above this amount the government’s Treasury Solicitor may pursue the shareholders for payment of the share capital since it represents a Bona Vacantia asset).

Once a business is dissolved any assets it has become the property of the state.  If a business is later found to have liabilities then there may be repercussions to the directors and/or shareholders.

It is recommended that liquidation (e.g. a solvent liquidations such as members’ voluntary liquidation (MVL) [LINK]) is used where the business traded, incurred tax liabilities or had employees rather than dissolution.  An MVL provides some protection to shareholders and the directors in the event that some unknown liabilities surface.

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