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.
Take note that by doing this, one will be subjected for some fines and penalties, depending on what region he applies this for. The amount would really depend on how many accounts and outstanding statements were found in the record. As per the policy, one also has to show that the business was forcibly removed in the last six years and was doing fine until its dissolution.
If the other situation occurs, then one may need to have a court order instead of just getting restorative administration. This would be needed if it was found that the directors themselves were in a mutual agreement to close the business and then would want to revive it again. In this case, the process might be longer and the fees will be much higher.
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.
Now, one may probably be asking himself why old business owners would want to bring back an old company that they decided to close in the first place. One of the most common reasons would be because the industry is already about to take off and their business name was probably already established. The reason for closing could be an internal problem so the shareholders would want to take on new partners.
Basically, those are the few things that one may do if ever he wants to restore back an old company. Now, one of the most crucial things to remember is that only directors or shareholders may revive the old business. It also has to be within a six year period from when it closed down otherwise it will not be valid anymore.
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.
Take note that by doing this, one will be subjected for some fines and penalties, depending on what region he applies this for. The amount would really depend on how many accounts and outstanding statements were found in the record. As per the policy, one also has to show that the business was forcibly removed in the last six years and was doing fine until its dissolution.
If the other situation occurs, then one may need to have a court order instead of just getting restorative administration. This would be needed if it was found that the directors themselves were in a mutual agreement to close the business and then would want to revive it again. In this case, the process might be longer and the fees will be much higher.
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.
Now, one may probably be asking himself why old business owners would want to bring back an old company that they decided to close in the first place. One of the most common reasons would be because the industry is already about to take off and their business name was probably already established. The reason for closing could be an internal problem so the shareholders would want to take on new partners.
Basically, those are the few things that one may do if ever he wants to restore back an old company. Now, one of the most crucial things to remember is that only directors or shareholders may revive the old business. It also has to be within a six year period from when it closed down otherwise it will not be valid anymore.
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