Using a Dissolved Company’s Name
You can use a dissolved company’s name when it becomes available for registration. However, issues may arise if the company had a reputation or trademark. Research these aspects before proceeding. In some cases, legal constraints may apply if the dissolution was related to insolvency or unlawful activity.
Operating Multiple Businesses Under One Company
You can operate multiple businesses with different names under one company. Keep in mind that liabilities from one business can impact others within the same entity.
Legal Considerations
A dissolved company cannot legally trade, and assets typically transfer to the state upon dissolution. Insolvent companies might continue operating to fulfill existing obligations. Understanding the reasons behind the dissolution is crucial before taking any legal actions.
If a limited company has been struck off or dissolved, it is removed from the Register at Companies House and its cash and assets transfer to The Crown. In order get these assets back you will usually need to go through a process known as company restoration.
For those registering a business, it may be useful to go through the lists of dissolved names and possibly the companies currently in liquidation. If these are available, they can be selected and cost no more than the standard £15 Companies House registration fee.
The first step to begin the process of dissolution is to hold a board meeting and pass a resolution to dissolve the company.
If your business name has been cancelled within the last 6 months and you want to use it again, you can make a request to ASIC to restore it, online.
If you propose to use a given name as a trading name and not a Limited Company then you need to be checking against any registered and unregistered trade marks. Generally the crown will sell those rights to you for around 1300 pounds.
Solvent liquidation refers to when a company makes the conscious decision to wind down.