should Staff be concerned

[TheirMam]

I have discovered that on company House there has been a entry saying that company where I work was to be strike off the register. It was given 3 months to comply. The strike off has been suspended as conditions have been met. Does this mean the company is in financial difficulty? as it feel like it is due to the lack of resources, atmosphere and comments being made. Is there a way of finding out if the company is OK or should one think about jumping ship

[Andyorch]

Hi and welcome to CAG

 

A company can only be struck off the Register if it fits the following requirements...

 

hasn’t traded or sold off any stock in the last 3 months

hasn’t changed names in the last 3 months

isn’t threatened with liquidation

has no agreements with creditors, eg a Company Voluntary Arrangement (CVA)

 

If a company doesn’t meet these conditions, they have to voluntarily liquidate the company instead.

 

Regards

 

Andy

[becky2585]

A strike off warning can also be issued if the company's accounts are overdue - it's almost like a three month grace period.

 

I wouldn't immediately be concerned unless there is anything else obvious that's worrying you?

[ericsbrother]

failing to file accounts on time is a very common reason for preparing to be struck off. Easily remedied by submitting the accounts. A lot of smaller companies do this on purpose so they can have a look at the competitions finances before they submit theirs.