I'm not 100% clear what you mean by "my franchise Ltd company"?
For example, if you are the franchisee, this could refer to the franchisor; if you are a franchisor, it could refer to the franchisee. Alternatively, it could refer to a company in which you are a shareholder, or of which you are a director or secretary. Also relevant is what exactly you mean by "cease trading".
Generally, if an entity exists legally, any person can issue proceedings against that entity. Whether proceedings should be issued, and whether they have any chance of success, are of course separate questions. In order to answer those questions, a lawyer would need access to all the relevant information - and I therefore suggest you consult a solicitor, rather than seek guidance online.