Cost of liquidating a company

The way you close your limited company will depend on the amount of assets your company has.

As a director, you can employ the services of an insolvency practitioner (IP) to close your business.

(iii) Formal letter/application signed by a Director requesting for the company to be removed from the registry of companies including a statement that the company has no liabilities must be submitted to the Registrar.

Upon filing of such a letter, the Registrar will examine the application and if satisfied that the company is not indeed carrying out any further business or operations, the Registrar publish a notice with a view to striking the name of the company off the register in the Official Gazette.

As a director you can apply to the court to make a court order to wind up (make bankrupt) your company.

A creditor can also apply to the court if you owe them .

An IP will sell any company assets, pay company creditors, deal with the affairs of your company and then close your company.

They will also investigate your conduct as a director.

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It is worth noting that the Registrar of Companies and Official Receiver announced on the 27th day of May 2014, that failure to submit the Annual Return will result in the deregistration of the company from the Register in accordance with (a) If the period, if any, fixed by the Articles for the duration of the company expires, or the event, if any, occurs, on the occurrence of which the Articles provide that the company is wound up and the company at general meeting resolves for the voluntary winding up of the company.The difficulties faced and time to complete is dependent upon many factors, including how well the company has been managed and administered throughout its existence, the method chosen for closing down and who performs such a processes.(i) Strike off method under The strike off procedure is a relatively simple method of closing down a Cyprus company and is typically used for dormant companies that have ceased their activities and no longer have any assets or liabilities.You can see more about creditors' voluntary liquidation at uk.You can consider this option if your company does not have enough money to employ an IP.

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