24 January 2014
Why is a company struck off and what is a company restoration?
In most cases the company will have been struck off simply because they did not file annual returns or accounts, or the directors may have had the company struck off only to realise afterwards there was still an asset in the company. Once a limited company is dissolved, it no longer legally exists. As a result, the bank account is frozen and the assets of the company pass to the Crown. If you then need to recover assets from the company – or wish to continue trading – then company restoration is the next step.
HOW WE CAN HELP?
Depending on why or how your company was struck off, there are two paths to restoration.
• ADMINISTRATIVE RESTORATION
Administrative Restoration for a struck off or dissolved company can only be used in certain circumstances. For example, it would be appropriate where the company has been struck off by Companies House for failing to file accounts or an annual return and was in operation at the time of strike off. There is a six year limit on this type of restoration.
COST FROM £450, INCLUDING STATUTORY FEES.
• RESTORATION BY COURT ORDER
If you do not qualify to make an administrative restoration then application must be made to the High Court. As with the administrative restoration, there is a six year limit on restorations, however, where the company is being restored in the case of a personal injury claim, the time limit is twenty years.
COST BY QUOTATION
For more information on restoring your company give us a call on 02890559955 or contact us here.
"We have worked with Des and the team at The Company Shop for 10 Years ...
Brendan Corr, Corr & Corr Chartered Accountants