Section 294:

294. Company may be recorded in register as dormant company (1) Where a company has— (a) been dormant from the time of its formation; or (b) has been dormant since the end of its previous accounting period, and is not required to prepare group accounts for that period, the company may, by a special resolution passed at a meeting of shareholders of the company at any time after copies of the annual accounts and reports for that year have been duly sent to shareholders under section 219, declare itself to be a dormant company. (2) A company shall not declare itself to be a dormant company where it is a company formed for the business of banking or insurance. (3) The company shall, within 14 days of the passing of the special resolution referred to in subsection (1), give notice to the Registrar of the passing of that resolution and the Registrar shall, on receipt of that resolution for registration, record the company in the register as being a dormant company. (4) Where a company which has declared itself to be a dormant company under subsection (1) ceases to be dormant, the company shall, within 14 days of any significant accounting transaction taking place which has resulted in the company ceasing to be dormant, give notice to the Registrar that the company has ceased to be dormant. (5) Where the Registrar receives a notice under subsection (4), he shall enter in the register of companies the fact that the company has ceased to be dormant.