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 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 various other reasons why one might want to have their company restored. For instance, it could be that the business had title to some asset, for instance money in the bank or some physical property. Such property might be important and thus should be recovered, which will need the business to get restored. Reinstatement could also be required when one is a third party with unresolved claims against dissolution of the company and hence must take action in order to get compensated.
Depending on the way a business was struck off, there are a number of ways to ensure it is reinstated. The two main methods are through the courts and through administrative reinstatement. The two processes are different as regards the time involved, complexity and costs. In addition to the differences, each of them will be used for specific circumstances. For example, if a business got struck off voluntarily, the only way to have it restored would be 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 also involves drafting of legal documents such as claim forms and witness statements. Owing to the very strict nature of having a business reinstated, you will need an attorney to prepare all documents which will be needed. The documents are then issued to the right parties and within the agreed time. The client will not worry about whether the process was done in the right way.
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 is also important to understand the aspect of disbursements. It is the fee that is charged by a third party. It includes government legal fees as well as court fees. These fees are collected from third parties and then paid off, on behalf of a 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 various other reasons why one might want to have their company restored. For instance, it could be that the business had title to some asset, for instance money in the bank or some physical property. Such property might be important and thus should be recovered, which will need the business to get restored. Reinstatement could also be required when one is a third party with unresolved claims against dissolution of the company and hence must take action in order to get compensated.
Depending on the way a business was struck off, there are a number of ways to ensure it is reinstated. The two main methods are through the courts and through administrative reinstatement. The two processes are different as regards the time involved, complexity and costs. In addition to the differences, each of them will be used for specific circumstances. For example, if a business got struck off voluntarily, the only way to have it restored would be 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 also involves drafting of legal documents such as claim forms and witness statements. Owing to the very strict nature of having a business reinstated, you will need an attorney to prepare all documents which will be needed. The documents are then issued to the right parties and within the agreed time. The client will not worry about whether the process was done in the right way.
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 is also important to understand the aspect of disbursements. It is the fee that is charged by a third party. It includes government legal fees as well as court fees. These fees are collected from third parties and then paid off, on behalf of a client.
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