Process of Reinstating a Dissolved Company
If the company was struck off by the Registrar of Companies under section 1000 or 1001 of the Companies Acts 2006, it can be restored using an administrative restoration. A company that has been dissolved by the directors submitting a DS01 or liquidation can only be restored through a court application.
Reinstating a Dissolved LLC
Once a company is dissolved, it loses its limited liability protection, and its owners become personally liable for any debts, legal issues, or obligations incurred by the business. This is why it’s essential to reinstate a dissolved LLC as soon as possible. The process of reinstating a dissolved LLC involves filing a reinstatement form and submitting all necessary documents and fees to the state where the LLC was registered.
Consequences of Business Dissolution
Can a business still run if its dissolved? No. Legally, when a company dissolves, it ceases to exist and cannot continue operating.
Steps to Company Dissolution
The first step to dissolve a company is for the board to pass a resolution. Shareholders must then approve. You can file articles of dissolution in the state where the company incorporated.
Liquidation and Dissolution
The liquidation of assets is an early step when a business dissolves. This refers to selling or auctioning physical and intangible assets to pay debts and shareholders if funds remain.
Restoring a Dissolved Company
Can I restart a company that was dissolved? Your company must have been trading when it dissolved. You have 6 years to apply. Directors or shareholders can apply. Send Companies House: a completed form, a £100 cheque. You may need a court order if criteria are not met. The company’s assets may have passed to the Crown. You would need to recover them. With guidance you can revive your dissolved business. You can protect assets and regain opportunities. But you may juggle unresolved matters amid intricate proceedings.
Restoring a Dissolved Company Process
What is involved in restoring a dissolved company? There are two routes: administrative and court restoration. It depends how the company originally dissolved. Administrative restoration applies to Companies House. Either a director or shareholder can do this. You need: an application form with company details, any overdue paperwork, and any late fees. If this fails, court order remains an option.
Legal Implications of Dissolving a Company
A dissolved company still legally exists until the state issues a certificate of dissolution. However, the company cannot operate and creditors can still pursue unpaid debts. Directors and shareholders may have personal liability if dissolution mishandled.