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Companies (Audit, Investigations and Community Enterprise) Act 2004

Section 51 - Dissolution and striking off

256.If a CIC is dissolved or struck off the register of companies, any assets remaining in the company pass to the Crown, the Duchy of Lancaster or the Duchy of Cornwall as bona vacantia (the legal name for ownerless property which by law passes to the Crown).  This section allows the Regulator to go to court for an order to make void the dissolution of the CIC (subsection (1)) or to get the CIC’s name put back on the register of companies (subsection (2)).  These powers will enable the Regulator to safeguard the assets of a CIC for the community interest where the CIC has been struck off the register without having been wound up, or where an asset has been overlooked in a winding up.

257.Section 652A of the Companies Act 1985 allows the directors of a private company to make an application to the registrar of companies for the company to be struck off the register of companies.  If any such application is made by the directors of a CIC, subsection (3) requires the directors to send a copy of the application to the Regulator.  If no such copy of the application is sent to the Regulator and the CIC is subsequently struck off the register of companies, the Regulator may apply to the court under section 653(2B) of the Companies Act 1985 for the company to be restored to the register.

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