A company [very big] is closing down one of its subsidiaries in 2011/12 which is one of my clients. What would happen to all their files (pension company so a lot of stuff) - I presume they would need to be kept.... or would they?
When a lawyers shuts down another law firm is appointed and gets all the documents, presumably a similair thing would happen in this case.
Yes, I suspect that the parent company would have to take responsibility for everything.
Yup, the records need to be kept but not for eternity. When my Dad sold his company he had to keep the records for 10 years, if my memory serves me correctly. After 10 years, if that was the period of time, the records can be binned.
I closed my company down nearly four years ago and if my memory serves me correctly I have to keep records for seven years (from HM tax & revenue point of view). Having said that, I would have to check back in correspondence to be absolutely sure!