Issues In Company Dissolution And Company Restoration

By Author: Edmund Brunetti
Total Articles: 742
Comment this article

Many people wish to have their own business venture, it can be just grocery store or maybe even multinational company. Depending on company , it may be you as a company manager or employee, or you and your friends who are often the shareholders, or vast number of entrepreneurs from around the globe driven by the same idea and vision who met each other over and pursue their dreams. However, very few of us do ask ourselves a question - what if something goes wrong a long a way? As a result, it is essential to consider possible dissolution and company restoration right at the start.

Company dissolution is something that a lot of people have concerns about, mainly because it sounds really scary, but all it is making you stop paying fees and taxes that you cannot afford to pay. Even if your company is not trading at the time, you may still have to pay some fees and taxes associated with it as well as to prepare and submit all required documents to the authorities. If your company will cease to trade for a while, or maybe your company fulfilled its purpose already and there is no need for its existence anymore then dissolution ...
... is an option that you may wish to consider.

Considering all matters above, company dissolution is not necessarily the end for your company, rather an official break. Therefore, after your company has been dissolved, you may decide one day to revive your venture and you can do it through company restoration. Even so company restoration can be a complex process then a new company incorporation. Often it can be preferable, for example company had good trading history, well establish name or just an vision of the business which became viable and highly lucrative once more.

Many people have questioned as to whether they should carry out the process to restore a company or to incorporate a new company. It is true that it costs less to incorporate a new company but several issues which need to be addressed that are the advantages of a company restoration may bring:

A new company with the same business name which was used in the dissolved the company is not recognized as the same as the dissolved company either in the eyes of the law, government authorities or other business traders/companies and the assets of the previously dissolved company still remain beyond reach unless the process to restore a UK company to the Register at Companies House is followed.

Company dissolution and company restoration are something you should consider throughout your business venture and opt for either option at the appropriate time. Companies like Archers can provide the legal counseling and advice, as it may be often complicated for you as business owner, who do not have the legal knowledge to finalize the entire process. In order to make entire process to go smooth and in timely manner with best possible outcome.

Archers will assist you in company dissolution and also in company restoration across UK and abroad. Call us and let's get things done!