While most people who dissolve their companies would want to have a fresh start and create a new one, there are others who would still prefer to retain their company name and pick up where they left. That begs the question as to whether restoring a dissolved company is actually possible or not. Fortunately, it is possible to do this if one knows the necessary steps.
In a typical case, this sort of process is possible once the business has already been wiped out from the Companies House register. If ever the company was forced out of the register, the method would be an application for administrative restoration. If it was voluntarily closed by the shareholders, then a court order application will be needed. These two methods will be explained below.
First, there would be the method of administrative restoration which is used if ever the enterprise was forced to close. The process is as simple as getting an application form from the Companies House register and preparing all the necessary requirements. Some of the things that are needed for this application would be outstanding statements or accounts from the operations.
Now, when one would do this, take note that there will be some fees and fines that will come with it. The amount is not really fixed although there is a fixed application fee along with the penalties and fines that come with outstanding records. Take note that businesses that were forcibly closed can only be revived within six years of the date that it was closed down.
If ever a court restoration is needed, then the directors have to apply for one as well. As mentioned above, this is the process being done if ever the directors themselves wanted to close the enterprise and reopen it again. However, it is very crucial to take note that the fees and penalties will be much steeper than the application for administrative restoration mentioned above.
The entire process and requirements are pretty much the same as getting an administrative restoration. There is an application that one would need to fill up along with all the necessary requirements. As mentioned above, there is a pretty steep application fee that comes along with a lot of pretty high fees and penalties.
At this point, one may be asking himself as to why business owners would want to revive an old business when they wanted to close it in the first place. Well, it could possibly be because the industry is about to take off and the brand of the business is already quite known and loved in the market. With that said, the directors may want to make a revival with new partners to make the name a success.
For those who want to restore old companies, these two methods are the ways to go about. Do take note though, that according to the policies, only former shareholders and directors are eligible to revive the business. It must also be done within six years of closing otherwise the application will not be accepted.
In a typical case, this sort of process is possible once the business has already been wiped out from the Companies House register. If ever the company was forced out of the register, the method would be an application for administrative restoration. If it was voluntarily closed by the shareholders, then a court order application will be needed. These two methods will be explained below.
First, there would be the method of administrative restoration which is used if ever the enterprise was forced to close. The process is as simple as getting an application form from the Companies House register and preparing all the necessary requirements. Some of the things that are needed for this application would be outstanding statements or accounts from the operations.
Now, when one would do this, take note that there will be some fees and fines that will come with it. The amount is not really fixed although there is a fixed application fee along with the penalties and fines that come with outstanding records. Take note that businesses that were forcibly closed can only be revived within six years of the date that it was closed down.
If ever a court restoration is needed, then the directors have to apply for one as well. As mentioned above, this is the process being done if ever the directors themselves wanted to close the enterprise and reopen it again. However, it is very crucial to take note that the fees and penalties will be much steeper than the application for administrative restoration mentioned above.
The entire process and requirements are pretty much the same as getting an administrative restoration. There is an application that one would need to fill up along with all the necessary requirements. As mentioned above, there is a pretty steep application fee that comes along with a lot of pretty high fees and penalties.
At this point, one may be asking himself as to why business owners would want to revive an old business when they wanted to close it in the first place. Well, it could possibly be because the industry is about to take off and the brand of the business is already quite known and loved in the market. With that said, the directors may want to make a revival with new partners to make the name a success.
For those who want to restore old companies, these two methods are the ways to go about. Do take note though, that according to the policies, only former shareholders and directors are eligible to revive the business. It must also be done within six years of closing otherwise the application will not be accepted.
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