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I’ve Closed My Limited Company. Should I Keep My Bank Account Open? #AskAMS

In this edition of Ask the Experts, we pose AMS Accountancy the question: What to do when closing your company so that your money is not frozen in the business account?

To avoid your money being frozen in your business account, speed is essential!

If you have submitted form DS01 to Companies House to advise them to “strike off” your company, your bank may already have frozen your Company Account. If the bank hasn’t done this yet, empty your account now so that you can pay any monies owed to creditors, taxes and shareholders (probably you).

I recommend that:

Assuming your creditors have been paid, talk to your accountant about who should get the remaining monies and when; then pay out the monies, then tell your bank you want to close the account to stop any bank charges

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I’ve Closed My Limited Company. Should I Keep My Bank Account Open? #AskAMS

In this edition of Ask the Experts, we pose AMS Accountancy the question: What to do when closing your company so that your money is not frozen in the business account?

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