There are many instances in which a company can get struck off from the companies register. To begin with, it could be done on a voluntary basis, in which the directors no longer need it and make an application to close it off. They will be required to file all necessary documents. Also, it might be that the company has failed to file annual accounts as is required and within the right time. You can also have a business being struck off because it has been liquidated. In considering reinstating a company, there are various things to consider.
After a business gets struck off, the assets will not be available for use. Such assets can only usually be retrieved when one makes application at the courts to ask that they be restored. A business which is no longer registered will not be a legal entity anymore. That essentially means the company will not be able to do any trade, sue anyone or be sued or even get contracts, Further, they cannot 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.
There is usually the need for an attorney for the proceedings. Court order reinstatement can particularly be time sensitive and complicated. It is a process that involves having to liaise with the registrar of companies, government legal department and courts. In some cases, liquidators, tax advisers, creditors and accountants are also involved.
The process will also involve drafting of legal documentation like witness statements and claim forms. Because of the strict nature of reinstating companies, you need an attorney to prepare all the needed documents and have them issued to the correct parties within the required time. That ensures that you do not have to be worried about whether you have done the right thing.
The fee which will be charged will depend on what method one uses. A number of attorneys charge a flat fee. Others also have other structures. When you are searching for an attorney, you should know what they will be charging.
You will need to be versed with disbursements. These are fees charged by a third party. They will include fees paid to government departments as well as court fees. Such fees will be collected from all relevant third parties and paid on behalf of a client.
After a business gets struck off, the assets will not be available for use. Such assets can only usually be retrieved when one makes application at the courts to ask that they be restored. A business which is no longer registered will not be a legal entity anymore. That essentially means the company will not be able to do any trade, sue anyone or be sued or even get contracts, Further, they cannot 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.
There is usually the need for an attorney for the proceedings. Court order reinstatement can particularly be time sensitive and complicated. It is a process that involves having to liaise with the registrar of companies, government legal department and courts. In some cases, liquidators, tax advisers, creditors and accountants are also involved.
The process will also involve drafting of legal documentation like witness statements and claim forms. Because of the strict nature of reinstating companies, you need an attorney to prepare all the needed documents and have them issued to the correct parties within the required time. That ensures that you do not have to be worried about whether you have done the right thing.
The fee which will be charged will depend on what method one uses. A number of attorneys charge a flat fee. Others also have other structures. When you are searching for an attorney, you should know what they will be charging.
You will need to be versed with disbursements. These are fees charged by a third party. They will include fees paid to government departments as well as court fees. Such fees will be collected from all relevant third parties and paid on behalf of a client.
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