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.
Now, in order to do this process, one has to make sure that the business has already been taken out of the Companies House register. If ever it was forced out of the register, directors can reapply for registration. However, a court order may be needed if ever the directors decided to close the business on their own consent and will. These two situations will be tackled below.
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.
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, in order to do this process, one has to make sure that the business has already been taken out of the Companies House register. If ever it was forced out of the register, directors can reapply for registration. However, a court order may be needed if ever the directors decided to close the business on their own consent and will. These two situations will be tackled below.
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.
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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