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Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
The director could apply to have the company reinstated, but then as liabilities exceed assets he would have to put the company into liquidation anyway.
If he commences a new business he will have to be careful that as part of the antics with the earlier company he has not been disqualified as a director.
I do hope that I have been able to shed some light on the position.
This is not possible save where a fraudulent preference has occurred. That is where one creditor has been paid in preference to another when the company has insufficient funds to settle all outstanding debts.