Striking your company off the record is a simple economic means of closure, but only if the company has no debts, or creditors can be persuaded to waive their claims and cease to pursue them. Where the company is simply ceasing to trade, you have no goal to continue the business and the company's liabilities to creditors are modest it can be simple, cheap and effective.

Viability needs careful discussion in each client case. We inform creditors of our appointment and the lack of realisable assets so as to seek consent. Four months after you cease trading we apply for the Company to be struck off the record, further circularising this information to creditors.

Upsides of Striking Off over a CVL are that there is no direct mechanism for a report to DTI disqualification Unit and it is much cheaper. Downsides of Striking Off are that it can only occur with zero or modest debts, that any misrepresentation will make the Director personally liable, that a dissatisfied creditor (including HMRC) can still apply to the courts to re-instate the company and bring a hostile winding up action....and a long delay-instead of the simple immediacy of a CVL.

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