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1063 Company Restoration
If a limited company has been removed (struck off or dissolved under section 652 of the Companies Act 1985) from the Register at Companies House it forfeits its assets and they pass (deemed to be bon vacantia) to the either The Crown, The Duchy of Lancaster or Cornwall. The only way a struck off or dissolved UK limited company can release these frozen assets is by way of an application to the Treasury solicitor and the Registrar of Companies within sections 651, 652 and 653 of the Companies Act 1985, for a company restoration.
To take this route to restore a company and continue trading you need to bring all of the company's affairs up to date. It is sometimes possible to make an application to release frozen cash or assets and immediately strike the company off again, which is less onerous and often more economically viable, as it avoids a full company restoration. Other reasons to restore a company could be to pursue an injury claim, pay debts, realise pension funds, realisation of assets for members (shareholders), complete a lease or property transaction.
It is worthwhile noting that prior to being struck off or dissolved a notice is placed by the Registrar of Companies in the London Gazette. It can pay to be vigilant if you have interests in one or more companies and one can subscribe to notification services to be on the lookout for such important events.
Contrary to popular myth the formation of a new UK limited company with the same name as the struck off or dissolved company is not an alternative to restoration of a company to the Register. It will be a different company - a new company formation is exactly that - a new company registration - and the assets of the previously dissolved company will remain beyond your reach unless the proper procedures are followed for restoration to the Register at Companies House. If you trade prior to being restored to the Register there can be serious legal repercussions, including personal liability for "company" debts and a host of contractual and other legal issues.
As online company restoration advisers and specialists we can assist you with the procedure for application to the Treasury solicitor and Registrar of Companies. We will deal with all of the legal matters and appoint experienced solicitors to submit your application to Court and the Registrar of Companies on your behalf.