Voluntary strike off - what does it mean

[Unsure Shaun]

Am trying to understand nephew's situation. Years ago, when families were on better terms, a few of us family members decided to loan our nephew some money for him to start up his own takeaway food business. Things started okay, but after a year, he decided it was too much hard work and leased the business to another couple who continue to run it today under a different company name. I've found out my nephew has applied for voluntary strike off for his original business, and this has gone through. Hence I am wondering what this means. We are no longer close so can't ask him or other relatives what is going on. As far as I can see looking on the internet/social media, the couple leasing it are still trading. If my nephew has dissolved his company, does he still own the assets i.e the property, fixtures/fittings in order to continue leasing it out to the couple currently running it?
I am trying to understand if he applied for voluntary strike off because of money issues (bankruptcy?). Or if he decided he wanted to move on, was never going to re-open under the original business name, and just wanted to avoid the need to file accounts......if that is what the voluntary strike off process is for?

 

[Scalloway]

The voluntary strike off process is for companies that are no longer required. The company is now dead and its debts have been written off.

 

[Lisa Thomas]

Did he really lease the 'business' to the other couple? This would be usual. However perhaps he sold the business or assets to them or leased any physical premises to them.

If you are still owed money by your nephew's Limited Company he should send you notice of the dissolution and you can object to it. See here for the procedure:

https://www.gov.uk/government/publications/company-strike-off-dissolution-and-restoration

If you are a creditor the Company must be insolvent and he should be taking insolvency advice.

If we assume he has already done that, and cannot afford to Liquidate then dissolution may be the only remaining option but you should get notice of this.