19th Jul 2021
Rogers & Norton have dealt with many claims for Company Restoration, this could be as result of a personal injury or insurance claim with a dissolved company or as a result of funds or assets being found.
Occasionally a situation occurs where a company has been dissolved but the funds and financial assets of the company remain in the company’s bank account. Once a company is dissolved and no longer remains on the register of companies, the outstanding funds are automatically sent to the Crown via the governmental department of Bona Vacantia (meaning goods without an apparent owner).
Whilst this can be a worrying and frustrating time as the company’s funds and assets are then frozen with no ability to access them, help is however at hand in the form of dealing with Company Restoration.
You can only apply for this if:-
- You were a director or shareholder of the company.
- The company was struck off the register of companies or dissolved within a period of 6 years.
- It was trading at the time it was dissolved.
If you are successful with administrative restoration you will be able to apply for the return of the funds as soon as the company is restored to the register or companies.
However, this is not always the case and although the process is fairly straightforward an alternative way is by reference to the making an application to the Court together with a supporting statement and documentation for the company to be restored to the register of companies as though it had never been struck off or the register or dissolved.
As stated, the process is fairly simple and straightforward, it can become protracted by the steps that have to be taken in order to obtain the consent of the Treasury Solicitor that they have no objections to the action and are content for the company to be restored to the register. The Court may still insist upon a hearing prior to granting the company being restored to the register. However, in the limited number of times that company restoration has been required to be dealt with by Rogers & Norton this has not occurred and the Court have granted the restoration purely on the basis of the application and statement alone and following confirmation from the Treasury Solicitor that they have no objections.
Once restored to the register of companies an application is then made to Bona Vacantia for the payment out of the funds either back to the company bank account, if this is still open and available or to another third party account with the consent and authority of the original director of the company. Once the funds are returned and restored to the rightful owner of the company then the company can be dissolved again and will no longer remain on the register of companies.
If you need more information and advice on a matter relating to company restoration, the team at Rogers & Norton can help guide you through the process to recover your rightful funds and assets.
*This article is provided for general information purposes only and does not constitute legal or any other professional advice.