Strike Off Company Meaning, Procedure, List, Fees, Status, Form, Revival, Details

As a business owner, you may encounter situations where you need to shut down your company. It could be due to financial issues, legal problems, or simply because you have decided to move on to other ventures. In such cases, you will need to follow the proper procedure for striking off your company. In this article, we will cover everything you need to know about strike off company meaning, procedure, list, fees, status, form, revival, and other details.

What is Strike Off Company?

Strikeoff company refers to the process of removing a company’s name from the register of companies maintained by the Registrar of Companies (ROC). This means that the company will no longer be legally recognized as a separate entity and will cease to exist.

Why Strike Off a Company?

There could be several reasons why you might want to strike off your company, such as:

• Lack of business activities
• Financial difficulties
• Legal issues
• Director disputes
• Owner retiring or moving on to other ventures

Whatever the reason, it is essential to follow the proper procedure for strike off to avoid any legal or financial consequences.

Strike Off Company Procedure

The procedure for strike off company can vary depending on the jurisdiction and the type of company. However, the general steps involved in the process are as follows:

Hold a Board Meeting: The first step is to hold a board meeting and pass a resolution to strike off the company. The resolution should be passed by a majority of the directors and should be recorded in the minutes of the meeting.

File the Application: Once the resolution is passed, you need to file an application for strike off with the Registrar of Companies. The application should be filed in the prescribed format and should be accompanied by the necessary documents, such as the company’s financial statements and tax returns.

Advertise in Official Gazette: After receiving the application, the Registrar of Companies will publish a notice in the official gazette to give creditors and other interested parties an opportunity to object to the strike off. If no objections are received within the specified time period, the Registrar will issue a notice of strike off.

Strike Off Company: Once the notice of strike off is issued, the company will be struck off from the register of companies and will cease to exist.

Strike Off Company List

The Registrar of Companies maintains a list of struck off companies, which is publicly available. This list contains the names of companies that have been struck off, along with the date of strike off and the reason for strike off.

If your company is on the strike off company list, it means that it no longer exists as a legal entity and cannot conduct any business activities.

Strike Off Company Fees

The fees for strike off company can vary depending on the jurisdiction and the type of company. In general, you will need to pay a fee to file the application for strike off, and there may be additional fees for publishing the notice in the official gazette.

The fees for strike off company can range from a few hundred to several thousand dollars, depending on the complexity of the process and the jurisdiction.

Strike Off Company Status

Once your company is struck off, its status will change from “active” to “dissolved”. This means that the company no longer exists as a legal entity and cannot conduct any business activities.

It is essential to update the company’s status on all official documents, such as tax returns, bank accounts, and contracts, to reflect the change in status.

Strike Off Company Form

The form for strike off company can vary depending on the jurisdiction and the type of company. In general, the form should include the following information:

• Company name and registration number
• Reasons for strike off
• Date of board resolution for strike off
• Financial statements and tax returns

Strike Off Company Revival

In some cases, you may want to revive a struck off company. This could be because you have resolved the issues that led to the strike off, or because you want to continue operating the company.

To revive a struck off company, you will need to follow the prescribed procedure and file an application for revival with the Registrar of Companies. The application should include the reasons for revival and the necessary documents, such as financial statements and tax returns.

Once the application is approved, the Registrar will restore the company's name to the register of companies, and the company will be considered active again.

Strike Off Company Details

In conclusion, strike off company is the process of removing a company's name from the register of companies maintained by the Registrar of Companies. The procedure for strike off can vary depending on the jurisdiction and the type of company, but it generally involves passing a board resolution, filing an application for strike off, advertising in the official gazette, and receiving the notice of strike off.

If your company is struck off, it will be listed in the strike off company list, and its status will change from "active" to "dissolved". You will need to update the company's status on all official documents to reflect the change in status.

If you want to revive a struck off company, you will need to follow the prescribed procedure and file an application for revival with the Registrar of Companies.

Microvista can assist businesses in identifying any struck off companies from their vendor list by conducting a search of struck off organizations.

In summary, striking off a company is an important decision that should be made after careful consideration and in compliance with the legal requirements. By following the proper procedure, you can avoid legal and financial consequences and move on to new opportunities.