dissolved company restoration

mustiuc

Hello,

First of all I didn't knew exactly where to open this topic - if is in the wrong area feel free to move it where it should be.

I used to own a company created on 2017 - traded a couple of years, all taxes paid and accountant did her job well until I decided I would rather keep my permanent job instead of chasing jobs and/or working with uncertainty (this was my side job). Application to dissolve the company was made in Feb 2020, completed in Sep 2020.

Company restoration. I am aware of filling a form, paying £100 by cheque and might take up to 3-4 months to be back in trade. My question is, is it worth it? not speaking about the name or being attached to the "old" business name or number but rather from a financial perspective. I guess that being for long time in "business" would show more stability and trust - it is really? even tho it was restored? I never had loans or applied for any financial help as I always funded the business with my own monies and after recover them but does it make sense to pay £100 and wait to restore instead of £12 to create a new company and start straight away? Would be any pros choosing the first variant?

Every single time I had to use the company in any way... van insurance, liability insurance, etc etc I was asked "for how long you are trading?" which sent me here to ask you if "long term" is better to restore instead of forgetting about it and start a new one. Maybe one day I need a loan, might lower my premiums, etc by being for long time trading - if they don't check/take in consideration the dissolution.

What are your thoughts?

Thanks in advance.

Jillanddy

The length of time that a company has existed for, and the length of time you have traded for, are two very different questions. If you answer the second with the answer to the first, you are lying. You do not want to do that, and you especially don't want to do that with loans, insurance and so on. They will find out. Lying in such circumstances is fraud.

Marcon

mustiuc said:

Hello,

First of all I didn't knew exactly where to open this topic - if is in the wrong area feel free to move it where it should be.

I used to own a company created on 2017 - traded a couple of years, all taxes paid and accountant did her job well until I decided I would rather keep my permanent job instead of chasing jobs and/or working with uncertainty (this was my side job). Application to dissolve the company was made in Feb 2020, completed in Sep 2020.

Company restoration. I am aware of filling a form, paying £100 by cheque and might take up to 3-4 months to be back in trade. My question is, is it worth it? not speaking about the name or being attached to the "old" business name or number but rather from a financial perspective. I guess that being for long time in "business" would show more stability and trust - it is really? even tho it was restored? I never had loans or applied for any financial help as I always funded the business with my own monies and after recover them but does it make sense to pay £100 and wait to restore instead of £12 to create a new company and start straight away? Would be any pros choosing the first variant?

Every single time I had to use the company in any way... van insurance, liability insurance, etc etc I was asked "for how long you are trading?" which sent me here to ask you if "long term" is better to restore instead of forgetting about it and start a new one. Maybe one day I need a loan, might lower my premiums, etc by being for long time trading - if they don't check/take in consideration the dissolution.

What are your thoughts?

Thanks in advance.

If your company was formed in 2017 and traded for a couple of years, when exactly did it stop trading? You can only apply for 'administrative restoration' if it was actively trading at the time it was dissolved.

Even if it was, and you apply for restoration, as already pointed out, you won't be able to claim you have been trading since 2017. 'Trading' almost invariably means 'continuously trading' - and you'd be highly likely to invalidate your insurance if you lied and claimed you'd been trading since 2017.

mustiuc

Thanks for your replies.
I'll start a new company then - too much hassle for nothing (in my case)