- 10 Marks
Question
When is a company deemed to be finally dissolved? Explain whether the company can ever be resuscitated. (10 marks)
Answer
A company is deemed to be finally dissolved when the registrar strikes out the name of a company off the register after satisfying himself that the winding up of the company is complete, and he notifies the same in the Gazette. The company is thereupon deemed to be dissolved as at the date of the publication of the Notification in the Gazette.
As regards the issue of the possibility of a company that has been dissolved in the way described above to be restored to life, it can be done at any time within two(2) years by order of the court made on the application for reinstatement by the registrar or the liquidator of the company or by any former officer, member or creditor of the company, or any person claiming through or under him. The court order may contain such terms as the court thinks fit and will declare the dissolution to have been void and order the name of the company to be restored to the register.
The registrar must be furnished with an official copy of the court order for the registration and shall then cause the name to be published in the Gazette. Thereupon the name of the company shall be restored to the register as if it had not been dissolved.
(10 marks)
- Tags: Company Dissolution, Company Resuscitation, Legal Procedures
- Level: Level 1
- Uploader: Dotse