An Insolvency procedure is normally funded from the asset realisations made during the process.
What happens if the company has no assets? How is the process paid for?
There are alternatives alternative options in these types of circumstances:
The director(s) could personally fund the process.
The director(s) could apply to have the company struck from the Register using S1003 of the Companies Act 2006.
A S1003 strike off is normally only available to those companies which have little, or no, assets.
It is an application to Companies House to have the company struck -off from the Register. (There are, guidelines which must be followed in such circumstances in accordance with the Companies Act. Failure to follow these rules could result in the liabilities of the company becoming liabilities of the director(s) personally). LMS would assist companies through the process which would include dealing with Companies House and creditors queries. We act on behalf of the company and director(s) to ensure that guidelines are followed which would give the best chance in ensuring no personal liability to the director(s). We provide a fixed cost for undertaking this work on behalf of the company, so there are no hidden "extras". Should you wish to discuss this procedure further, then please telephone Ben Singh on 0161 864 3824 or e-mail: email@example.com to arrange a free, none obligated meeting, which could take place on the telephone or at our offices.