Struck off and Restoration

Struck off and Restoration

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Hi all,

We have this scenario where the client ceased using his limited company and was struck off the register by Companies House as the Annual Return was not submitted. Client realized there were still funds in the bank account. However it was too late as the account was already frozen. It seems the only way these assets can be released is by restoring the company. We have not come across this situation before and wondering if anybody can share their experience on this.

CH has informed us that in order to restore the co, we need to submit a form called RT01 available on CH website along with a fee of £79 payable to the Treasury Solicitors for a waiver letter and they will process the application. The process will take about two weeks. Additionally a filing fee of £100 plus £30 fees for filing the annual returns outstanding. Also advised us that there will be no late filing penalties as the company was struck off before the annual company accounts were due at CH

Is this how it works? There are funds held up in the bank account which is the reason for restoration. Can we access the funds as soon as the company is restored? If anybody can give more information on this issue, would be quite appreciated.

Thank you.

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By yorky1000
09th Mar 2011 09:29

Correct

That's the way it works. I have done it myself & it went very smoothly except for the Treasury Solicitor taking 6 weeks. One point of warning, though, where is the money? In my cases the money was still in the bank albeit frozen, so it was simply a call to the bank to unfreeze. If the money has been passed to the Treasury there may be another step to go through.

Finally, check the forms you are using for the Annual Returns. If, the AR's are in arrears, the odds are that one of the returns should be done on the old form - don't do them all on the new forms or else its another 3 week delay. I know its obvious but coherent thought does go out of the window sometimes.

To sum up, its a doddle - no legal knowledge required, just follow the instructions on the CH site.

If you need any more info [email protected]

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By BigBadWolf
09th Mar 2011 14:03

Bank account frozen or closed?

If the bank account has been closed and funds passed over to the treasury solicitor, then you may be able to apply for a discretionary grant, rather than restoring the company

http://www.bonavacantia.gov.uk/output/bvc2-discretionary-grants-where-the-dissolved-company-can-be-restored.aspx

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