There are a number of reasons for which a company could be struck off the companies register. In the first place, it can be on a voluntary basis, which happens when the firm is no longer needed by its directors. They could then need to file the necessary documents. It could also be because some statutory documents like annual accounts are not correctly filed within the required time. Companies will also be struck off when they go into liquidation. When it comes to reinstating a company there are a number of things that you need to know.
After a firm gets stuck off, any of the assets which it owns are passed to the crown. The only way that one can retrieve such assets is when they make an application to the courts to have the business restored. Such companies will also cease to exist as legal entities. That will mean it cannot trade, sue or be sued, enter into contracts or own assets.
There are different reasons why one would want to have a business restored. For example, it might be that that business has the title to a certain asset, such as money in a bank or physical properties. That property or asset could be very important but to be recovered, it would need the business to be restored. Reinstating a business will also be needed when you are a third party and has unresolved claims against dissolution of the business. That would then mean you have to take action so that you are compensated.
Depending on how the business was struck off, there are two ways of having it reinstated. The two methods are court order restoration and administrative reinstating. Both of the processes are varied as regards the cost, time and complexity. Also, certain processes can only be used in specific circumstances. For instance, in the event that a business was struck off voluntarily, the only way to have it restored is through a court process.
You will need to hire an attorney to oversee the entire procedure. That is more so for court proceedings which are sensitive and complex. It is a procedure that will require that you coordinate with the government legal department and the registrar of companies. In certain instances, creditors, accountants and tax advisers will also have to be hired.
The process will also involves drafting different legal documents like claim forms or witness statements. Owing to the strict nature of the process of having a company reinstated, you will need to engage an attorney for preparation of all the required documents. The legal documents are supposed to be issued to the relevant parties. They are also supposed to be issued within the right time.
The charges for the services are dependent on the specific option that one chooses. You will find a good number of attorneys charging flat fees, while others have different payment structures. You will need to know the cost of services in time.
It will be important to understand what disbursements are. They are the fees which are charged by third parties. They include government legal department fees and court fees. The fees are collected from all relevant third parties and then paid off on behalf of the client.
After a firm gets stuck off, any of the assets which it owns are passed to the crown. The only way that one can retrieve such assets is when they make an application to the courts to have the business restored. Such companies will also cease to exist as legal entities. That will mean it cannot trade, sue or be sued, enter into contracts or own assets.
There are different reasons why one would want to have a business restored. For example, it might be that that business has the title to a certain asset, such as money in a bank or physical properties. That property or asset could be very important but to be recovered, it would need the business to be restored. Reinstating a business will also be needed when you are a third party and has unresolved claims against dissolution of the business. That would then mean you have to take action so that you are compensated.
Depending on how the business was struck off, there are two ways of having it reinstated. The two methods are court order restoration and administrative reinstating. Both of the processes are varied as regards the cost, time and complexity. Also, certain processes can only be used in specific circumstances. For instance, in the event that a business was struck off voluntarily, the only way to have it restored is through a court process.
You will need to hire an attorney to oversee the entire procedure. That is more so for court proceedings which are sensitive and complex. It is a procedure that will require that you coordinate with the government legal department and the registrar of companies. In certain instances, creditors, accountants and tax advisers will also have to be hired.
The process will also involves drafting different legal documents like claim forms or witness statements. Owing to the strict nature of the process of having a company reinstated, you will need to engage an attorney for preparation of all the required documents. The legal documents are supposed to be issued to the relevant parties. They are also supposed to be issued within the right time.
The charges for the services are dependent on the specific option that one chooses. You will find a good number of attorneys charging flat fees, while others have different payment structures. You will need to know the cost of services in time.
It will be important to understand what disbursements are. They are the fees which are charged by third parties. They include government legal department fees and court fees. The fees are collected from all relevant third parties and then paid off on behalf of the client.
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