What-is-a-first-Gazette-notice-for-compulsory-strike-off

What is a Gazette’s first notice for compulsory strike-off?

The initial Gazette notice for the compulsory strike-off of a limited company signifies a creditor’s intention to remove the company from the register held at Companies House. After the company is struck off, it loses its status as a legal entity, requiring a permanent cessation of all trading activities. A compulsory strike-off notice is typically initiated by a dissatisfied creditor due to unpaid debts or by Companies House for non-compliance with statutory filing requirements.

 

What is the first Gazette notice for compulsory strike-off?

The initial Gazette notice of strike-off serves as a warning that the concerned company is on the verge of being removed from the Companies House register. Compulsory strike-off applications are announced through a Gazette notice to alert any outstanding creditors that the company is nearing dissolution. Upon completion of the strike-off process, the company ceases to exist as a legal entity, preventing creditors from pursuing outstanding debts.

After the Gazette notice is published, outstanding creditors have a three-month window to raise objections to the strike-off. If no objections are received within this period, the company undergoes dissolution, and its name is expunged from the register.

For further details on the company strike-off process, please refer to our dedicated Company Strike-Off and Dissolution page.

 

What should I do if my company has been served a compulsory first Gazette notice?

If your company has received a notice for compulsory strike-off, your course of action will depend on your plans for the company’s future. If the company no longer serves a purpose and you are content with its closure, you can let the process unfold. However, be mindful that the Gazette notice alerts creditors to the application, and they may object if your limited company has outstanding debts or liabilities. Further information on strike-off objections is available below or in our dedicated article on what happens next if a company strike-off is suspended due to a creditor objection.

Alternatively, if you wish to keep your company active, you must submit a suspension application to Companies House. Depending on the reason for the compulsory notice, you may need to update your accounts, including filing missing statements or confirmation statements. Alternatively, negotiations with creditors may be necessary to have them withdraw the application lodged against your company.

 

Compulsory strike-off consequences – What if I have assets in my company?

When a company is dissolved, it loses its legal existence, and its assets and cash are deemed ‘bona vacantia’—ownerless property—automatically transferring possession to the Crown.

If your company holds assets, you may wish to retain ownership by objecting to the strike-off and providing detailed reasons. If the objection is successful, the company remains active, allowing you to continue trading or transfer the assets out of the business. Professional assistance is advisable if you choose this route.

For businesses with significant assets, consider closing down through a Members’ Voluntary Liquidation (MVL). This approach may allow you to take advantage of Business Asset Disposal Relief, the most tax-efficient method for extracting funds from your company. Always seek guidance from a licensed insolvency practitioner when pursuing this option.

Read More:

 

Need further help on a first Gazette notice for compulsory strike-off?

If your company has received a Gazette notice for compulsory strike-off or you are worried about its financial well-being, it is crucial to promptly get in touch with a licensed insolvency practitioner. Handling your company’s financial challenges early can greatly enhance the likelihood of a successful outcome for both you and your business. Contact Vanguard Insolvency today for a free, no-obligation consultation.

Senior Partner at Vanguard Insolvency Practitioners | Website | + posts

I am an insolvency professional with a distinguished career specialising in commercial insolvency, adeptly navigating Creditors Voluntary Liquidation, Company Voluntary Arrangements, and Company Administrations. With a comprehensive understanding of insolvency laws and an unwavering commitment to ethical practices.