Since the impact of COVID-19 we have seen a large increase in the number of companies applying for voluntary strike off. Directors and practitioners had more time to look at what companies had ceased trading or never traded and it was a good time to apply to reduce costs for companies that were no longer
A fear many directors and presenters have is missing the Annual Return Date (“ARD”) for a company. This is because the penalties are severe particularly for SME companies.
If a company has ceased to trade or has never traded an alternative to placing the company into liquidation is applying for voluntary strike off.
With the increase in economic activity particularly in the construction sector, banks, receivers and companies are discovering assets and property in companies that have been struck off the register. In order to transfer the assets out of the company or to sell the assets, the company must be restored to the register.