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the corporate legal entity. It will be formally taken off the Register of Companies at Companies House.
Removing the name from the official register is also known as ‘striking off’. This is process whereby the Liquidator (or directors, where the company is solvent and all of its assets have been sold and creditors paid) will pay to take the company off the register of companies.
The form used to strike off is DS01; it costs £8 to complete this process online, or £10 if a paper process is used. A notice is then placed in the Gazette, stating the company’s intention to strike itself from the register. If no objections are received, the company will be dissolved.
[See ‘Incorporation’, ‘Liquidator’, ‘Register of Companies’, ‘Dissolution’, ‘Companies House’ and ‘Gazette’.]
Subrogation is the assumption by a third party of another party’s legal right to collect a debt, or damages. It is a legal doctrine whereby one person is entitled to enforce the subsisting or revived rights of another for their own benefit.
This is often explained by the phrase, ‘stand in another person’s shoes’. This means that if person A pays the debt of person B, person A is then entitled to claim the moneys owing to person B (by standing in her shoes).
In insolvency and restructuring a good example would be the payment, by the Redundancy Payments Service (RPS) of the amount due to an employee of a company in Liquidation. Having paid the amount to the employee, the RPS then assumes their claim up to the amount they paid and become a preferential creditor for up to £800 unpaid wages/salary or four months unpaid wages/salary (whichever is lesser) plus all holiday pay and pension contributions … … and an unsecured creditor for the balance.
[See ‘Redundancy Payments Service’, ‘RPB’ and ‘Preferential’.]
