Selling assets during a solvent company closure
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An equipment sale during a solvent company closure needs to fit the closure plan agreed with your advisers. Selling the physical assets and completing the company's formal closure are separate workstreams, with information passing between them.
GOV.UK's closure guidance distinguishes routes for companies that can pay their bills. Ask your accountant or solicitor which route applies before treating an auction date as the end of the company.
Put the asset milestones beside the adviser decisions
| Asset-sale milestone | Question for the responsible adviser |
|---|---|
| Inventory prepared | Which assets belong to the company, and what authority is needed? |
| Sale route proposed | Does the proposed sequence fit the closure plan? |
| Terms and dates agreed | What records and transaction details will be needed? |
| Assets sold or otherwise dealt with | How should each outcome be recorded and any remaining items addressed? |
| Proceeds and charges confirmed | Who needs the statement, invoices and supporting evidence? |
| Receipts still outstanding | How will these be handled before the relevant closure steps? |
| Final asset list reconciled | What remains unresolved before the company can proceed? |
Give each question a named owner. The sale manager should know where to send records, but should not be expected to decide the company's legal or tax position.
Do not leave the awkward assets until last
An asset can remain unresolved even when it has little obvious sale value. It may be a disputed item, something on finance, a retained tool or an unsold machine still occupying the premises. Keep those entries on the list until their outcome is documented.
GOV.UK's strike-off preparation page warns that assets left when a company is struck off pass to the Crown, including certain future receipts. This is a reason to coordinate the asset and adviser records, not a reason to rush an informal transfer.
If an owner wants to retain equipment personally, obtain advice for that transaction. A nominal label in a spreadsheet does not establish the correct treatment. Use the accountant handover guide to organise the information required.
Separate operational progress from legal completion
Mark the equipment stages accurately: instructed, marketed, sold, paid and removed. A single 'done' column can hide money still due or equipment still on site. Keep supporting sale documents together using the closure records guide.
If the business's financial position changes, tell the advisers promptly. The financial-difficulty guide explains what information to gather before making further disposal decisions. An earlier solvent plan should not be treated as permanent regardless of new facts.
For a closure that happened unexpectedly, use the initial fact sheet first. It helps establish control and deadlines before detailed scheduling.
UK Auction Group can discuss valuation and disposal work within a clearly authorised plan. Share the relevant asset timetable and adviser contact route so practical progress produces the records the closure process needs.
Explore the retirement and closure guides.
Sources
This guide gives general information. Equipment-specific, legal, tax and safety decisions may need a qualified adviser or competent specialist. The guides do not promise sale prices, fees or results.