The dissolution of a company can be undertaken by the company directors, once the company has discharged all of its liabilities. Notice of the proposed dissolution must be issued to all directors, members and the company secretary. An application to dissolve the company may then be made via a declaration of dissolution. The declaration is signed and sworn by an officer of the company before being lodged with Companies Registry together with a filing fee.
Once the declaration has been submitted, the Registry will arrange for a notice to be published in a local newspaper. They will also seek approval for the dissolution from the Income Tax and Customs and Excise Divisions of the Isle of Man Treasury. There is a period of 30 days in which objections to the dissolution can be raised. As the process involves several Government departments, it usually takes at least 3 months to complete.
For a more definitive method of closing a company down, a liquidator can be appointed to carry out a Members Voluntary Liquidation.
Regarding company liquidations, through our associate Chartered Accountancy practice we have extensive experience in matters of insolvency having been appointed as liquidators, receivers and trustees in bankruptcy by the Isle of Man High Court, as well as credit applied situations.
- Statutory work relating to dissolution/liquidation;
- Appointment of liquidator;
- Distribution of assets in an orderly manner.