Restoring a Dissolved Company to the Register at Companies House for the purposes of the RBS GRG Redress Scheme
It is well documented that there were thousands of companies eligible to make complaints against The Royal Bank of Scotland (“RBS” or “the Bank”) in relation to their mistreatment by the Bank whilst their accounts were managed by the Bank’s Global Restructuring Group (“GRG”). A leaked report seen by the BBC estimated that 90% of firms which entered GRG never emerged from it intact to return to normal banking with RBS. Amongst the allegations made against the Bank are that it drove businesses into insolvency by charging excessive fees, foreclosing on loans, and by asset-stripping them.
Why might you restore a company for the RBS GRG Redress Scheme?
Where a company has been dissolved, it is no longer a legal entity which is capable of holding assets. Therefore, in order to accept an outcome under the RBS GRG Redress Scheme, and to recover compensation, dissolved companies must be restored to the register at Companies House.
Who can make an application for restoration?
Applications for restoration can be made by a former director or shareholder, as well as a former creditor of the dissolved company.
Is there a time limit for restoring a company?
It is important to note that strict time limits apply if a company is to be restored, and any court application should be made within six years of the Company’s dissolution.
Applications can typically take approximately three to four months to be concluded, although this timeframe can be shorter or longer, depending upon the circumstances. Some offers of redress made by the Bank have expiry dates as short as six months, and it is therefore vital to ensure that an application for restoration is made quickly and subsequently progressed with haste so that a redress offer can be accepted before it expires.
How can we help you?
Our expert solicitors in the Banking and Finance Litigation Department at Ellis Jones have dealt with a substantial number of claims and complaints against RBS and have recovered in excess of £55million for clients. We have successfully concluded a number of company restorations and are therefore well placed to advise on and deal with this process. In many circumstances, the Bank will be agreeable to paying the reasonable costs of a restoration application, in which case we can therefore offer a cost-neutral company restoration service.
If you wish to restore your company to the Register in order to accept a redress offer, or otherwise to pursue a claim or complaint against RBS, please contact Paul Kanolik (01202 057737 or email@example.com),
or William Fox Bregman (01202 057740 or firstname.lastname@example.org) from our specialist Banking and Finance Litigation Department. Ellis Jones are able to offer a free initial consultation, and may also be able to act on a ‘no-win, no-fee’ basis.
If you would like to find out more about the RBS GRG scandal and process, further information can be found at the following links:
- RBS’ GRG Review Process – Recovering Your Consequential Losses
- RBS’ Global Restructuring Group (GRG)- Have you got a claim?
- RBS’ Global Restructuring Group- Project Dash for Cash
- £400m set aside by RBS to compensate GRG customers
- Concerns over RBS’ Compensation Scheme
- Banking update – FCA online leak of GRG review