Zero One Consultants can restore the company for you in the following situations:
To Release Assets, if you have assets in the company but due to some unforeseen events, the company was closed, and now your assets are in the custody of state, The Treasury Solicitors. If you want to release the assets which are over £3000.00, then you have to get the company restored for the further proceedings.
To Pursue Litigation, any litigation reasons you need to restore the company for the further proceedings.
To Trade, if your company was closed due to noncompliance with Companies House (CH) and HM Revenue & Customs (HMRC), or due to the in-capabilities of someone in charge to look after the statutory affairs and you have a lot of stakes on the company name, you may want to restore the company purely for trading reasons. There may be a simple reason you want to keep the company name, and the company was closed some time ago, but you want to trade on your previous name then the company can be restored for you to trade again.
Click below or ring us to book an initial meeting for your needs:
➤Zero One Consultants 9:00-18:30, 07800 568080, 07847 666003
➤Zero One Consultants 9:00-18:30, 0161 8501970
➤Zero One Consultants Visit in office
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Now if you like to read in detail about restoring a limited company, read the details below.
Restoring a Dissolved Company
Before you restore a company, we may want to know why does the company need to be restored. This is an exercise which involves a lot of time and cost; a right guidance may save you from this cost and time wasting. There are very few questions to be asked when you need to restore a company:
4. To Release Assets
5. To Pursue Litigation
6. To Trade
Zero One Consultants strictly advises you to conduct a cost and benefit analysis by taking a professional opinion from professionally qualified accountants like Zero One Consultants.
If the company is required to be restored to release assets, you need to ask the question “Is the sole reason to restore the company to release money from a company bank account and if so were the assets especially bank balance is or was under £3000.00 at the time of dissolution”.
➤IF YES then
There may be no need to restore the company; you may consider contacting the Treasury Solicitors office for further advice on how to access the money or let Zero One Consultants deal with it. We will contact Bona Vacantia to complete the procedures for you.
➤IF YES then
If the assets are over £3000.00, the company must be restored to the register to release assets. The company must be restored by an order of court. The cost for a company to be restored by an order of court is between £1,200.00 to £2,500.00. The breakdown of the costs are Court fees ranging from £150 and the Registrar's fees of £300. The rest is made up of solicitor’s fees, and the restoration process can take about 6-8 weeks.
“IF THE COMPANY HAS NO ASSETS IT MAY BE MORE COST EFFECTIVE AND LESS TIME CONSUMING TO INCORPORATE A NEW COMPANY”
2. To Pursue Litigation
If the company is to be restored to pursue litigation action, the same procedures apply and an application can be made by a creditor, Liquidator, or if any other interested party. If you want to pursue someone for the litigation and you want to restore the company, we strongly recommend you speak to someone at Zero One Consultants by contacting them, and someone will arrange to see you.
3. To Trade
If the company is required to be restored to trade:
➤Voluntary Dissolution
If the company was dissolved by voluntary dissolution, the company can only be restored by an order of court; the application must be made by a member or director of the company.
➤Default Procedures Dissolutions
If the company was dissolved by default procedures, then the company can either be restored to the register by an order of court or by an application for administrative restoration. An application for administrative restoration must be made by a former member of director of the company.
Requirements to Restore
Now if you have decided to move on with restoring your company then we would advise you to contact us for further guidance, in this case, we will arrange the documents below
Restoration Application Form
All outstanding documents (including relevant filing fees)
All outstanding late filing penalties (a cheque or payment in Zero One Consultants deposit account)
