Not many people would think about reviving an old business, but the option is on the table should they want to pick up the scraps and move forward where it was left off. Of course, there are certain steps to doing this if one would want to push through with it. Here are two methods to restoring a dissolved company and their respective 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.
The first method would be a reapplication of the administrative restoration, which happens if it was closed down forcibly. All one has to do is secure a restoration form from the Companies House register and include all the details necessary for the restoration. Some of the things needed for the application would be outstanding statements and other accounts from the business.
Of course, this will include an application fee plus all the fines and penalties that the application is subject to. The number of fees and fines would ultimately depend on the number of outstanding statements of the business and other factors in the record. Also, one can only do this process within six years from when the company was forced to be closed.
If ever the company was shut down by the directors in a mutual agreement, then a court restoration is required. This one will take a bit more time to do because court orders have a long processing time. Also, one will have to take note that there are going to be steeper fines and a really high application fee should one be able to do this.
The process of getting a court order is all pretty much the same as administrative restoration. One has to submit an application form with all the necessary statements and documents to verify the business. Also as mentioned above, there will also be a lot of additional fees and some penalties aside from the application fee.
From there, most people would already be questioning why business owners would want to bring back a business that they wanted to close down. There are many reasons but the most common one would be because their business closed just when the industry is about to take off and they want to pick up where they left off. Since they already have a presence, they would most likely want to ride on their existing brand name instead of establishing a new one.
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.
The first method would be a reapplication of the administrative restoration, which happens if it was closed down forcibly. All one has to do is secure a restoration form from the Companies House register and include all the details necessary for the restoration. Some of the things needed for the application would be outstanding statements and other accounts from the business.
Of course, this will include an application fee plus all the fines and penalties that the application is subject to. The number of fees and fines would ultimately depend on the number of outstanding statements of the business and other factors in the record. Also, one can only do this process within six years from when the company was forced to be closed.
If ever the company was shut down by the directors in a mutual agreement, then a court restoration is required. This one will take a bit more time to do because court orders have a long processing time. Also, one will have to take note that there are going to be steeper fines and a really high application fee should one be able to do this.
The process of getting a court order is all pretty much the same as administrative restoration. One has to submit an application form with all the necessary statements and documents to verify the business. Also as mentioned above, there will also be a lot of additional fees and some penalties aside from the application fee.
From there, most people would already be questioning why business owners would want to bring back a business that they wanted to close down. There are many reasons but the most common one would be because their business closed just when the industry is about to take off and they want to pick up where they left off. Since they already have a presence, they would most likely want to ride on their existing brand name instead of establishing a new one.
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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