1. Why conduct a company restoration?
2. What is a company restoration?
3. What is the process?
- Administrative Restoration: If less than 12 months has passed since the company was dissolved it may avail of the administrative restoration procedure and it can only be utilised by the company itself or an officer of or member. A creditor cannot use this procedure, nor can it be used if the company was removed from the register by way of liquidation. All outstanding CRO and Revenue filings must be brought up to date. Late filing penalties must also be cleared. The application must be lodged at the CRO and the filing fee for the restoration paid before the restoration can be processed. The process can take up to 2 weeks. If an officer of the company attends the CRO public offices between 10.30 and 12.00 with all the details relevant to the application it is possible for the restoration to be fast tracked to a same day procedure. The officer must remain in attendance while the application is checked. If everything is in order same day restoration will take place. The applicant needs to be conscious that the 12 month period does not expire as the cost of restoration will increase significantly after this. Owners management companies may in certain circumstances be entitles to use the administrative restoration process (but not the fast track) for up to six years.
- High Court Restoration: If a company has been off the register for a period of more than 12 months but less than 20 years it can apply to the Courts to be restored to the register of companies. In order to progress the application all outstanding CRO and Revenue filings must be brought up to date. Late filing penalties must also be cleared. It will be necessary to obtain a letter of no objection to the restoration from both the CRO, the Revenue Commissioners and the Chief State Solicitor. Counsel should be instructed to petition the High Court for the Restoration.
4. What are the benefits to your business?