If one would want to revive a business that was closed down due to whatever reason, it is actually possible if one would follow the necessary steps to doing that. Now, there are two methods to address two instances of restoring a dissolved company. One reason is if it was forcibly closed down and the other reason would be if the directors themselves agreed to close down the business.
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.
Now, the first thing that one can do would be an administrative restoration in the event that the business was forced down. In order to do this method, one would need to get an application form from the Companies House register along with all the necessary requirements. Some of the things needed are an outstanding statement and the other accounts of 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.
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.
So for those who want to avail of the option of restoring an old business, these two methods are to be done. Always remember though that only existing former directors and shareholders can do this. As stated above, one should apply for this process within six years of when the business was dissolved so that the Companies House register will see it as valid.
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.
Now, the first thing that one can do would be an administrative restoration in the event that the business was forced down. In order to do this method, one would need to get an application form from the Companies House register along with all the necessary requirements. Some of the things needed are an outstanding statement and the other accounts of 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.
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.
So for those who want to avail of the option of restoring an old business, these two methods are to be done. Always remember though that only existing former directors and shareholders can do this. As stated above, one should apply for this process within six years of when the business was dissolved so that the Companies House register will see it as valid.
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