Creditors may reject the application, their permission is required to continue with a dissolution. Any shareholder, creditor or liquidator can apply to revive the private company for up to twenty years of dissolution. However, they may revive the limited company of the following applies:
If a notice required to creditors was not given correctly or suitably. It comes to attention that company was trading during the three months period when making application to dissolve at the same period.
It comes to the attention that some fraud, misfeasance or other wrongful action was committed by the company or the directors before or during the dissolution process.
There is no assigned method, whilst a common sense concept off collecting assets and distributing them to creditors in suitable order usually suffices. If performed incorrectly can lead to a revival of the company as above and could be open for abuse. If you are in any doubt as to the application of this method please do not hesitate to contact us.
Dissolution is not considered to amount to a winding-up under the Insolvency Act. This company dissolution procedure is not an alternative to formal company insolvency proceedings where these are appropriate. Even if the limited company is closed, struck-off and dissolved, creditors & other relevant parties could apply for the company restoration back to the Companies Register to continue duties and responsibilities.