You can choose to liquidate your limited company or ‘wind it up’. The company will stop trading and employees’ contracts will cease. The company won’t exist once it’s been removed (or ‘struck off’) from the companies register at Companies House.
Your company’s assets will be used by the liquidators, selling them off and paying your creditors. Any money left goes to shareholders. You’ll need to restore your company to claim back money after it’s been removed from the register.
This sounds drastic, however it’s quite commonplace and Debt Advisory Services are here to help the whole process go smoothly