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.
Now, when one would do this, take note that there will be some fees and fines that will come with it. The amount is not really fixed although there is a fixed application fee along with the penalties and fines that come with outstanding records. Take note that businesses that were forcibly closed can only be revived within six years of the date that it was closed down.
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 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.
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.
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.
Now, when one would do this, take note that there will be some fees and fines that will come with it. The amount is not really fixed although there is a fixed application fee along with the penalties and fines that come with outstanding records. Take note that businesses that were forcibly closed can only be revived within six years of the date that it was closed down.
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 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.
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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