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.
Now, before one would do this, the first thing that one has to make sure is that the old business is already scratched out of Companies House register. This would either be because it was forced out or it was shut down by the directors themselves. The two methods are either an administrative restoration or a court order. Both of these methods will be explained.
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.
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 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 whole application and requirements are pretty much identical to that of the administrative restoration method. There are necessary requirements that will go along with the application form for verification. Probably the only two differences between the two methods would be that getting a court order takes more effort and time plus there are really high fees that go along.
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.
Now, before one would do this, the first thing that one has to make sure is that the old business is already scratched out of Companies House register. This would either be because it was forced out or it was shut down by the directors themselves. The two methods are either an administrative restoration or a court order. Both of these methods will be explained.
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.
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 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 whole application and requirements are pretty much identical to that of the administrative restoration method. There are necessary requirements that will go along with the application form for verification. Probably the only two differences between the two methods would be that getting a court order takes more effort and time plus there are really high fees that go along.
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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