Statutory Personal Liabilities of Officers in Struck off Corporate Structures
Administrative strike-off leaves statutory tax and misfeasance liabilities active, exposing officers to personal asset execution following court restoration.
Section 1028 Restoration
Meaning
Statutory mechanisms for the reinstatement of a company to the official register following a period of dissolution allow for the retroactive continuity of legal existence. A section 1028 restoration is the administrative path used when a company was struck off by the registrar for failing to file documents but the group now needs to resume business. This process is faster than a court application but is only available within a limited time after the dissolution.
The registrar only grants the request if all outstanding paperwork and fines are settled in full.
Administrative Pathway
The directors of the dissolved company submit a formal application along with the missing annual returns and financial statements. This pathway avoids the need for a judge and relies on the registrar’s power to correct the record.
Property Reversion
Property that passed to the crown during the dissolution returns to the company automatically once the restoration is complete. This reversion includes the rights to trademarks and the ownership of intellectual property that might have been lost.
Creditor Protection
Any person who was a creditor at the time of the striking off retains their rights against the restored entity. The restoration ensures that the company cannot use its temporary disappearance to wipe out its debts or avoid its contractual obligations. Success in this application returns the company to the same position as if it had never been removed from the list.