Administrative Company Restoration
Has your Company been Dissolved and you need it Restored to unfreeze assets or continue trading? Contact us for an expert and reliable administrative Company Restoration.
Administrative company restoration refers to the process of restoring a company directly through the jurisdictions company registry. Avoiding the long and expensive process of court order company restoration. The administrative company restoration process can take anywhere from a few hours to a month, dependent on the location of the company registry. The most common reasons to conduct an administrative restoration is to recover assets belonging to the struck-off company; such assets as property or bank accounts that have been passed to the crown or government when the company is struck-off the register. Alternatively, it may be because the company is still trading so needs to regain its legal status to continue trading.
Eligible Parties to Apply for an Administrative RestorationOnly certain individuals or parties are eligible to apply for administrative reinstatement of a struck-off or dissolved company. Also, certain criteria must be met to be eligible to apply for an administrative restoration these are:
- Only a former director or shareholder is eligible to restore a company through administrative company restoration;
- The company cannot of been struck-off the register exceeding a certain period, this period is depending on the jurisdiction;
- The company was struck-off involuntarily by the registry
How to Restore a Dissolved Company through Administrative RestorationThe process to restore a company through administrative company restoration generally follows the same format in every jurisdiction. First, you will need to decide the purpose of the restoration whether it is to recover assets which have been ceased by the crown or government body or to continue trading. Deciding on the purpose of restoration can have an influence on the necessary fees and penalties to be paid by the company. For instant in the UK if the company does not wish to continue trading after recovering assets then overdue statuary documents such as annual returns will not need to be filled, and thus no late filing penalties will be incurred.
Administrative Restoration feesThe General Fees Involved in an administrative reinstatement or restoration is dependent on the jurisdiction. Below are estimates for administrative restoration fees for each of our main jurisdiction, these may change depending on the circumstances surrounding the restoration. All fees include our fee, restoration fees and government late fees:
- Bahamas Administrative Restoration fee – €3320
- Belize Administrative Restoration fee – €4215
- British Virgin Island Administrative Restoration fee – €3780
- Gibraltar Administrative Restoration fee – €2905
- Ireland Administrative Restoration fee – €955
- Hong Kong Administrative Restoration fee – €4560
- Panama Administrative Restoration fee – €3220
- UK Administrative Restoration fee – €1260