Isle of Man Company Dissolution
If you find that your company is no longer needed and you wish to remove it from the company register, we can provide assistance with a Isle of Man Company Dissolution.
It is crucial to follow the correct steps for dissolving the company to comply with regulations and protect yourself from potential risks and fines as a Director.
Our dissolution service ensures that the company is struck off at Companies Registry in full accordance with the Isle of Man Companies Act. Once the company is removed from the Register, it ceases to exist as a legal entity and cannot continue trading.
Please note that if the company has outstanding liabilities, it must apply for voluntary liquidation rather than company dissolution.
|Isle of Man Company Dissolution fees|
|Isle of Man Dissolution||£800|
|Due Diligence – per Director & Shareholder||£80|
|Final Gazette Notice confirming Dissolution||£60|
|Certified Companies Registry document confirming Dissolution||£40|
The advantages of voluntarily dissolving your Isle of Man company, rather than having it struck off by Isle of Man Companies Registry, are as follows:
- It is a straightforward process compared to company liquidation.
- It avoids formal investigations into the conduct of the directors, as required in liquidation or receivership.
- It helps maintain the reputation of the company’s directors and shareholders for future business ventures.
- It avoids the costs associated with liquidation, fees, and expenses.
Requirements for Isle of Man Company Dissolution
We can assist with Isle of Man company dissolution under the Isle of Man Companies Act 2006, provided the company meets the following requirements:
- It has not engaged in any trading activities in the last 3 months.
- It has not changed its company name in the last 3 months.
- It is not subject to any ongoing or proposed legal proceedings.
- It has not made any disposals of property or rights for value.
- It has not been involved in any activity except those necessary for making a striking-off application, settling the company’s affairs, or meeting statutory requirements. However, a company can apply if it has settled trading or business debts in the previous three months.
Once Companies Registry confirms that the company is not carrying on business and is not in operation, its name may be struck off the register and dissolved without going through liquidation.
Information we require from you
To proceed with your company dissolution, we need the following information:
- Does the company have a bank account?
- Is the company VAT registered?
- Has the company ever filed tax returns with HMRC?
- Does the company have any outstanding liabilities?
- Have all the shareholders been informed of and are in agreement with the dissolution?
Once you provide the above details, we can apply to Companies Registry on your behalf to have the company voluntarily struck off and cease trading.
Voluntary Strike Off and Dissolution
We offer a Strike Off service in the Isle of Man, where we can apply to have your company voluntarily closed down. This option is suitable for companies that have ceased trading and have no assets or liabilities.
Please note that Voluntary Strike Off is not an alternative to formal insolvency proceedings when they are appropriate, as creditors may prevent the striking off.
Additionally, if you decide to have your company struck off, the registrar will typically not pursue any outstanding late filing penalties unless you decide to restore the company to the register at a later stage.