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Close a company

A company may need to close for many reasons.  You may decide to close your company once it has ceased trading or if it has become insolvent.

When your company has ceased trading

When you make the decision to close your company there are certain steps you need to take including realising assets and settling debts, notifying Inland Revenue, filing any returns needed and completing your business' paperwork.

Is your company in financial difficulty?

Check out business.govt.nz for some helpful ideas and tools to assist you in managing your business through tough economic times.

If your company is not able to meet its debts as they become due, you should seek professional assistance from a solicitor or accountant.

As director or shareholder of the company you must take proactive steps to minimise the impact for creditors.  If the company continues to trade and incur debt, you may be personally liable and face prosecution for reckless or insolvent trading.

Some options to consider include:

• Professional advice
• Voluntary administration
• Voluntary liquidation

• Find out more about directors responsibilities for company solvency