Company Restoration

More than 50,000 companies are struck off by the Registrar of Companies every year, usually for failing to file their Accounts or their Annual Returns. Sometimes companies themselves apply to be removed, but overlook credit balances from their bank accounts or forget about assets.

All the assets of a struck off company vest in the Crown, so when a company wishes to continue in business, unfreeze a bank account or there is property it wants to keep or retrieve, it’s not as simple as just incorporating a new company – the original company must be restored. Otherwise, dealing with any assets of a struck off company – e.g. debts due, stock, leases, premises or even goodwill – is an offence.

The Registrar of Companies has power under Section 652 of the Companies Act 1985 to strike a company off the Companies Register if he has reasonable cause to believe that a company is not carrying on business or in operation.

Once a company is dissolved, its bank account will be frozen and its assets are deemed to be bona vacantia and will belong to the Crown.

In order to recover its assets and continue trading the company must be restored to the Companies Register.

The Registrar of Companies will normally ask for the the Annual Returns and Accounts to be filed prior to restoration and other statutory documents necessary to bring the public file of the company up to date.

To find out details of everything we would require in order to proceed with a restoration, pleas e complete our Restoration Form with no obligation.