There are circumstances where you must withdraw your DS01 application from Companies House. DS01 application is an application to strike off your Limited company or Limited Liability partnership from the Register. Legally, you can only apply to dissolve your company or LLP once it has ceased trading. You must communicate with your suppliers, directors, partners, bank, HMRC, shareholders, and employees within 7 days of submitting your DS01 application.
Generally, the dissolution process will take about 2 months.
What are the circumstances where you must withdraw your DS01 application?
Started trading again
For whatever reason, your company or LLP started trading again after you submitted your DS01 application. You must immediately withdraw it from Companies House.
VAT refund from HMRC
You are expecting a VAT refund from HMRC. HMRC will only pay the VAT refund to your company’s or LLP’s bank account. They will not pay it into your personal account no matter how hard you try to convince them about your circumstances. On the same note, if your company or LLP has been dissolved, it is likely that your bank has also closed your bank account.
in this situation, you must restore your company or LLP and re-activate or open a bank account to get the refund.
If your dissolution process is still within the 2 months period. it is best to withdraw your DS01 application as soon as possible.
Stock and property not yet transferred out or sold
You still have stock and property (assets) in your company or LLP. You must transfer all the assets out of the company and LLP first. This is because after your company and LLP have been dissolved, all assets still under your company or LLP name will automatically belong to the Crown.
The Bank account is still active
The same goes with your company or LLP’s bank account. Your bank will close your bank account and transfer your monies to the Crown.
Your business becomes insolvent
If your company has become insolvent after you delivered your DS01 application. You must withdraw your application immediately. The company law does not allow a business to use a dissolution to avoid paying debts.
You must submit the form DS02 to withdraw your dissolution application with Companies House.
Outstanding filings after withdrawal of DS01 application
if after you withdraw your dissolution application, your confirmation statement and/or company accounts become due. You must make an effort to deliver these documents to Companies House on time.
Take note that there is a late filing penalty if your company or LLP accounts are filed late.
If you have not done this before yourself, consider hiring an accountant to do it for you to save time, and avoid delays and mistakes. Your accountant will keep you updated with the progress and guide you on how to dissolve your company or LLP properly as well.
