Before you go any further you need to make sure that your company will be eligible for Administrative Restoration.
How to Revive a Defunct Company
To restore an administratively dissolved company, file a certificate of revival with the state. With a court order, the process takes 3-4 months.
Involuntary dissolution refers to cases dissolved on state or court orders. For lawsuits against a dissolved corporation, state laws allow a period, typically up to three years.
Under section 1024 of the Companies Act 2006, there is a provision for the restoration of a dissolved company, which supplements the Court power to restore companies by Court Order.
Suing a dissolved corporation is possible because the company still legally exists. Dissolution is only the first step. Regardless of the legal structure of your business, you must follow the proper procedures.
Companies may also become defunct as a result of merger or acquisition activity, in which their operations, personnel, brands, and trademarks are rolled into the acquiring company. Defunct Companies: Trading Shares. The SEC has no rule that prohibits the trading of a company’s stock once it has become defunct.
Before a company is dissolved, a company’s directors/shareholders should remove any assets still in the company. Failure to do this will result in property and assets being passed automatically to the Crown.
In most cases of dissolution, a company’s remaining assets are distributed to its shareholders or members after paying off outstanding debts from the liquidation proceeds.
Under section 1024 of the Companies Act 2006, there is a provision for the restoration of a dissolved company, which supplements the Court power to restore companies by Court Order.
How long is a life of a corporation? Law Firm in Metro Manila, Philippines | Corporate, Family, IP law, and Litigation Lawyers > Philippine Legal Advice > How Long Is The Life Of A Corporation? Pursuant to the Revised Corporation Code, a corporation shall have a perpetual existence, unless its Articles of Incorporation provides otherwise.