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Bona vacantia - company struck off |
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Suppose you are buying land from a company, but then discover that the company has been struck off. What do you do? The answer is that the company needs to be restored to the Register of Companies (ie so it is no longer dissolved).
But, there is a six-year limitation period for applying for restoration, if the purpose of the restoration is to recover land that has been forfeit to the Crown as bona vacantia. The application for restoration will have to be made to a court (unless the company was struck off since October 2009, in which case the new administrative restoration procedure can be used). If more than six years have elapsed between the striking off and the application for restoration, then the only remedy is to negotiate a purchase direct from the Treasury Solicitor (who is obliged to get best value and will therefore charge market value plus his costs). Source: www.practicallaw.com (subscription service).
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March 2010 |