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.
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.
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.
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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