If a company has been dissolved, it is possible to restore its name on the Companies House register. The process, called company restoration, ensures that the company can recommence trade. A company can be dissolved voluntarily by directors or shareholders, or its name might be forcefully removed for not filing accounts and other statutory filings. In this post, we take a look at company restoration.
In case the company’s name was forcibly removed from Companies House register, directors can opt for the first option, which is administrative registration. However, if the company was dissolved voluntarily, directors need to file an application for restoration by court order.
Taking a look at administrative restoration
If the company’s name was removed because it didn’t file the accounts and other statutory statements, directors can opt for administrative restoration. For the same, the directors need to contact Companies House for the administrative restoration form. All the statements and pending accounts must be submitted with a fee of £100 for the form. If the company had any assets at the time of dissolution, a waiver letter must be obtained from Bona Vacantia for completing the process.
Also, one can apply for administrative restoration only if,
- The person is a shareholder or director of the company
- The company name was struck off from Companies House register in last 6 hours
- The company was continuing trade when it was dissolved
To sum it up, administrative restoration is not an option if the company was dissolved by the shareholders or directors.
Taking a look at court restoration order
If the company was dissolved by the directors voluntarily, it is possible to get its name back on the register though a court restoration order. An application must be made, for which anywhere between £500 to £800 must be paid with other additional charges. Directors may want to restore the company for varied reasons, such as-
- To recommence trade. If the directors find that the market is favorable and the company can run in profits, they may choose to restore the company by completing the application and paying the required charges. All confirmation statements must be submitted, as well.
- To release an asset. If the company had an asset that must now be released, restoration is an option that directors may exercise. However, this is only possible if the company name was struck off in last six years. The name of the company will be placed on Companies House for a limited time.
- To handle claims. If there are claims against the company, directors can opt for restoration to settle matters. Some claims can, however, be settled through a discretionary grant, as opposed to restoration.
How long does the process take?
Once the formalities are done and all papers have been submitted, a hearing date will be advised. Depending if all the required details have been received, it can take about four months for company restoration.
If you want to know more company restoration, get in touch with business rescue experts.