04/05/2015

04/05/2015

Companies Act 2014: Strike Off And Restoration

strike off and restoration The Companies Act 2014 will introduce some changes in relation to strike off and restoration of companies from the register once it becomes effective: 1. Statutory recognition for the voluntary strike off process for the first time. 2. Members must pass a special resolution for the strike off to be effective. 3. Involuntary strike off will be on similar grounds to present position. 4. Office of the Director of Corporate Enforcement (ODCE) will have the power to require directors of a company being struck off to produce a statement of affairs. 5. The timeframe for administrative restoration will be extended by an extra three months, ie to fifteen months. 6. A company which has been struck off the register can presently apply to the Court for restoration within a period of 20 years. Under the Companies Act 2014, this period has been reduced to 2 years for Investment Companies.

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