Liquidate your limited company
What happens to directors
When a liquidator is appointed, directors:
- no longer have control of the company or anything it owns
- cannot act for or on behalf of the company
If you鈥檙e a director you must:
- give the liquidator any information about the company they ask for
- hand over the company鈥檚 assets, records and paperwork
- allow the liquidator to interview you, if they ask
You can be banned from being a director for 2 to 15 years or prosecuted if the liquidator decides your conduct was unfit.
Re-using company names
If you were a director of a company in compulsory liquidation or creditors鈥� voluntary liquidation, you鈥檒l be banned for 5 years from forming, managing or promoting any business with the same or similar name to your liquidated company. This includes the company鈥檚 registered name and any trading names (if it had any).
The only exceptions to this are where:
- the business is sold by a licensed insolvency practitioner giving the legally required notice
- you get the court鈥檚 permission to use the name
- you鈥檙e involved with another company that鈥檚 been using the same name as the liquidated company for at least a year
Read the guidance on re-using company names.