Company Restoration: How to Restore your limited company.
Written by highly qualified ManchesterCharteredAccountants, this article should explicitly give a detailed preview that can help in restoring your voluntary or involuntary dissolved company.
Predominantly, the major cause of a company dissolution usually bolsters on failure to file company records and documents at the right time to the appropriate body, Companies House.
To avoid this, it is overly important that the company’s major shareholders and directors adhere to strict filing dates for company accounts and other documentation and ensure all companies house filing dates are met, as failure to do so would warrant a fine from the Company House or in extreme cases, Involuntary Dissolution. However, before that, Companies House would at first issue a strike-off notice before dissolving the affected company. Effectively – this is their final warning to the company.
Prior to dissolution, the London Gazette would receive an issued notice from Company House for an open review for the affected company, stating the intention to dissolve the limited company. Likewise, the notice will inform your bank that the company will be before long dissolved. The bank will then freeze the company’s asset and occlude them to the Crown.
Once the company is dissolved, all the company’s asset such as money in the bank become frozen. In this manner, on the off chance that you are hoping to attempt to regain your assets or money from the bank company restoration is the only option available.
In the event that the company directors wish to restore a limited company that they themselves dissolved either by mistake or by purpose (this is known as a voluntary strike off or voluntary dissolution ) then the said directors will require a court order to accompany all of the following. The directors will submit the court order along with all the following documentation. This is only required for voluntary strike-offs.
Step 1 – Eligibility Application : Company Restoration
Before anything, you should guarantee that your company will meet all requirements for company restoration.
The application is being made by someone who was a director or executive at the time the company was dissolved. The application is being made inside 6 years of the date the company was dissolved.
Step 2 – Apply for Company Restoration
An RT01 form which is the form to apply for managerial enrollment to be enlisted on companies House register- effectively the first step in restoring your limited company.
Make installment of £100.00 payable to Companies House with the above RTO1 form.
Apply to Treasury office London for a waiver letter or to the proper branch of The Crown’s bequest.
The treasury office will give guidance who to apply to, this maybe Farrars Solictors who act on behalf of the crown or another crown estate such as The Duchy Of Lancaster. The waiver letter will incur a small fee payable, this must be paid or a waiver letter will not be forthcoming.
You’d also have to provide a copy of the said waiver letter and send to Companies House enrollment division.
Send RT01, Installment of £100.00, Waiver letter and affirmation articulation and most recent company accounts and confirmation statement to Companies House restoration department.
Please also provide an alternative company name.
Step 3 – Preparing the reports – How to restore your limited Company.
After effectively finishing step two, the restoration division of Companies House should restore your limited company within a two-month period.
Step 4 – Restoration Notice –
The restoration notice will consolidate the company name and enlistment number. While the company was dissolved, another company may have started with an equivalent name, which means, your company can’t work with that name once more. Along these lines, the company will be restored yet conceivably under an alternate name. Monies solidified by the bank or other money-related foundations will be restored by the bank or other financial institutions upon receipt of the restoration notice.
If you require assistance with your company restoration please contact Manchester’s Top Accountancy Service; Salford Chartered Accountants www.salfordcharteredaccountants who are experts in this field and have successfully restored limited companies for their clients. Tel: 0161-278-2714
This article was written by Salford Chartered Accountants and cannot be reproduced without the express permission of the authors.