Reinstating Gibraltar company that was struck off

[Hito]

Hi everyone,

Info: Gibraltar company was struck off by the registry close to 10 years ago and was not in good standing due to no payment of its fees.

Can anyone recommend a business that can help with re-instating it to access the bank account? What would the costs for such a service be?

 

[Martin Everson]

Do you need to really reinstate company to access bank account? I don't think a bank will ask for this to be done to access its old dormant account.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Hito]

The owner visited the bank around 5 years ago and was requested to provide his personal tax documentation. Once he did, the bank employee pointed out that they could see that the company was no longer active, telling him that he'd need to re-instate it first before being able to move the frozen funds.

 

[Martin Everson]

That's odd request from bank. Check with Gibraltar if it is permitted for assets to be distributed after the company is struck off or dissolved. If so the money can go back to the shareholders. At same time discuss with bank what paperwork they require for money to go back to shareholders if Gibraltar gov allows funds to be distributed after striking off.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Hito]

Thank you, will revert once I hear from them

 

[Hito]

@Martin Everson Gibraltar's company house confirmed that the company needs to be reinstated before any assets can be distributed to the shareholders. As more than 10 years have passed since it was struck off, an application will first have to be made with the Supreme Court in Gibraltar, and subsequently, all missing yearly accounts will need to be filed with the companies house before they reinstate the company.

Given the above, do you happen to have any contacts that could help with the above procedure?

Regards

 

[Martin Everson]

Hito said:
Given the above, do you happen to have any contacts that could help with the above procedure?
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Unfortunately no. Maybe speak to this company below however as they seem to know a lot about process that seems quite involved and they give prices.

https://www.systemday.com/gibraltar-company-restoration/

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.