The asset records to keep when closing a business
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Before the office closes, decide who will hold the asset-sale records and how authorised people will access them afterwards. A complete folder on a computer that nobody can open is not a usable closure file.
Build an index around the asset list and sale stages. Keep commercially sensitive and personal information within the appropriate access arrangements rather than copying the entire business archive into a buyer pack.
Create a file index
| Record group | Examples | Custody question |
|---|---|---|
| Ownership and authority | Invoices, finance confirmations and sale approvals | Who holds the original evidence and any unresolved advice? |
| Valuation | Brief, report, assumptions and supporting records | Which version informed the sale decision? |
| Sale instructions | Agreement, reserves, inclusions and changes | Where is the approved final instruction? |
| Marketing evidence | Final catalogue, relevant photographs and corrections | Can the description at the time of sale be identified? |
| Transaction records | Results, invoices, statements, charges and payment evidence | Can each amount be matched to its asset or lot? |
| Departure records | Authorised collection and handover confirmations | What shows the agreed items left? |
| Remaining matters | Unsold assets, disputes or documents still expected | Who owns the next action after the site closes? |
Add four columns to your own index: document owner, storage location, permitted access and the retention requirement to confirm. Do not assume one period applies to every document or business structure.
GOV.UK's strike-off preparation guidance includes record-keeping requirements for that context. Ask your advisers which rules apply to your records and circumstances, including tax, employment and unresolved matters.
Test the handover before access disappears
Ask the intended custodian to find one document from each major group. Can they open the current catalogue, identify the supporting invoice and connect the payment statement to the lot list? Correct missing permissions or confusing names while the office team can still help.
Keep valuation evidence with the relevant brief and date. A report without its assumptions may be misleading if someone later tries to explain why a particular sale route or reserve was chosen.
The accountant handover guide helps identify financial records to send. Keep a record of what was supplied and which questions remain open; sending a large folder does not establish that the adviser received the needed information.
Separate closure records from ongoing administration
For a solvent company closure, coordinate the asset file with the adviser's wider process. The sale file should show its own status accurately, including receipts or decisions still outstanding.
Use the complete project-file guide for the working structure during the sale. At closure, the extra task is custody after the people, premises and systems change.
Ask UK Auction Group what sale documentation will be provided and to whom. Agree the destination before the usual business inbox or office access is withdrawn.
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.