How to restore an Isle of Man 1931 Act Company
The two most common reasons for Isle of Man companies being struck off by the Registrar are:
(i) Failure to file an annual return or
(ii) The CSP has resigned its services leaving the company without a registered office address.
Usually the reason for needing to restore a company is that it still held an interest in land or buildings at the date of its dissolution.
Technically assets belonging to dissolved Isle of Man companies fall Bona Vacantia.
Where real estate assets fall Bona Vacantia, Isle of Man situate property vests in the Isle of Man Treasury in trust for the Crown and UK situate property falls to the relevant bona vacantia authority (ie the Crown Estate, the Duchy of Cornwall or the Duchy of Lancaster) depending on its location.
Thankfully where a company was struck off less than 12 years ago, there is a relatively straightforward administrative procedure (Section 273(B)) which allows 1931 Act Companies to be restored to the Register so that they can regain control and ownership of their assets.
Practical advice and guidance can be obtained from Katz & Co.