Has your company been struck off the register due to unfiled accounts or because it is dormant? Have you lost assets to the Treasury as a result of the ‘bona vacantia’ rules? Do you want your company restored in order to continue trading or to regain assets lost to the Treasury? Do you want the process to be quick and pain free? In certain circumstances you may be eligible for administrative restoration.
Administrative restoration is the process of restoring a company to the companies register through an application to Companies House. The process is much quicker than seeking restoration by court order. Once restored, the company can apply to the Treasury to recover assets lost as a result of the bona vacantia rules.
Administrative restoration is available in certain circumstances and the application must be made either by the company director at the time of dissolution or by one of the company shareholders.
Firstly, an application for administrative restoration must be made within six years of the dissolution of the company and, at the time of being struck off, the company must have been in operation. If you meet those criteria, the application can progress.
Where the company’s property has vested in the Crown (via bona vacantia), the company must have written consent from the Crown’s representatives agreeing to the restoration. Where no Crown consent is required or where appropriate consent has been obtained, an application is then made to Companies House. That application must be accompanied by any documents that should have been filed before the strike off and during the period before restoration. These are likely to include accounts and confirmation statements. There may also be penalty fees for late filing that need to be paid.
If you have a question about bona vacantia or administrative restoration, Farleys’ corporate solicitors can help you. Whether you need general advice or would like us to undertake the restoration process for you, we’d be happy to assist. We have extensive experience working with a wide range of businesses to get them trading again or to release much needed assets.