Click here to learn more about our revolutionary app or download directly from one of the sources below.
The form used to strike off is DS01; it costs £8 to complete this process online, or £10 if a paper process is used. A notice is then placed in the Gazette, stating the company’s intention to strike itself from the register. If no objections are received, the company will be dissolved.
[See ‘Incorporation’, ‘Liquidator’, ‘Register of Companies’, ‘Companies House’ and ‘Gazette’.]
Distress is the common law right for a landlord to automatically enter the premises of a tenant and take ‘walking possession’ over their assets, without recourse to court.
It was replaced by Commercial Rent Arrears Recovery (CRAR) in corporate insolvency, but still has some relevance to personal insolvency.v
[See ‘Walking Possession’, ‘Commercial Rent Arrears Recovery’ and ‘CRAR’.]
‘In Specie’ means ‘of thing’ or ‘in the actual form’. Transferring an asset ‘in specie’ means to transfer the ownership of that asset from one person/company/entity to another person/company/entity in its current form; that is without the need to convert the asset to cash.
At the end of a Members’ Voluntary Liquidation (MVL), the Liquidator will distribute the realisations of the solvent company. Usually this will be a distribution of cash, once all assets have been sold. However, if an asset may have greater value in the future, or is difficult to sell for good value, the asset, rather than the cash proceeds of selling it, can be transferred to the shareholder/member.
For example, if a property may increase in value once planning permission is attached to it, the property itself may be transferred to the shareholder(s) – a ‘distribution in specie’.
[See ‘Members’ Voluntary Liquidation’, ‘MVL’, ‘Liquidator’ and ‘Shareholder’.]
