A company that has been struck off from the register of companies due to non-compliance with the Companies Law can be reinstated through an administrative restitution procedure without a court order. The entity is considered to continue to exist as if it had not been deleted. This possibility of an administrative restitution can be provided to a company for the following reasons:
- Failure to register with the Department of the Registrar of Companies (the "Registrar") any document required by law (e.g., Annual Reports)
- Failure to pay the annual fee
- If the Registrar of Companies had a reasonable reason to believe that the company did not carry out operations or was not operating.
The Registrar has announced that, as from the 6th of December, a new version of the statutory form (??64) that must be submitted to the Registrar in connection with the administrative reinstatement of a company, is in force. A director or a member of the company may submit an application for administrative restitution to the Registrar of Companies within twenty four (24) months from the date of the company's strike off. The form must be accompanied by:
- All forms, reports, financial statements and documents due before the date of strike off;
- All due fees, charges and / or fines for any omission that occurred and / or were imposed before the date of strike off;
- Written consent of a competent representative of the Republic of Cyprus for the restoration of the company in the register, in case its property and / or rights have been handled by the Republic; and
- The fee of twenty euros (? 20) and an additional fee of twenty euros (? 20) in case there is a need to expedite the procedure.
Of course, there is also the option that, in the event that a company or any of its members or creditors feel dissatisfied with the fact that the company in question has been struck off, and / or anyone who has been harmed by the operations of that company prior to its deregistration, it may apply to the Court for the reinstatement of the company in the register before the expiration of a twenty years-period from the date of publication of the strike off, under the particular provisions of the Companies Law.
The Court, if satisfied that the company at the time of its strike off was carrying out work or was in operation, or otherwise that it is right for the company to be restored to the register, issues a decree restoring the company to the register. The Court may, by this decree, inter alia, order the delivery of company documents to the Registrar of Companies for the updating of its register and the payment of the due fees of the company to the Registrar.
The required fee is one of one hundred and sixty euros (? 160), with an additional fee of twenty euros (? 20) payable in case there is a need to speed up the process.
The above fees can be paid in cash, by cheque, by deduction from an account with the Registrar of Companies, or by bank order.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.