Most companies are struck off the register for failing to meet their statutory obligations.
When a company is struck off or dissolved, its assets and property become “bona vacantia”, its bank accounts and assets will be frozen and any contracts may be invalid.
Often clients are not aware that their company has been struck off until they are advised by their bankers that the bank account has been frozen
Once a company has been struck off the only way that it can continue to deal with its affairs and assets is to apply for restoration.
The company must be restored in order to give good title to any property it has, to pursue legal claims, operate bank accounts, collect debts, administer pension assets or insurance policies or carry on business in any other way.
When a company is struck off or dissolved, the name is often “released” and any other party can then incorporate a company with the same name in that jurisdiction. A new company incorporated with the same name is a completely separate legal entity and will have different incorporation number.
If you no longer require your company and providing it is dormant and has no liabilities the company can be dissolved. If it is not dissolved and remains dormant the company must still fulfil its statutory obligations.
We can act for clients in the both the restoration and dissolution of companies, please contact our offices for further information.