When a company is dissolved, it means the company has been formally closed and removed from the official business register, such as Companies House. This results in the company ceasing to exist as a legal entity. A dissolved company can no longer conduct business, enter into contracts, or trade. Dissolution can happen voluntarily, for example, when owners decide to close the business, or compulsorily, such as when legal requirements are not met by the company. After dissolution, the company must settle any outstanding debts and liabilities, distribute remaining assets to creditors or shareholders, and file final tax returns. Sometimes, assets that remain unclaimed are transferred to the state ("bona vacantia"). While a dissolved company generally cannot operate, it might still be subject to legal claims or obligations. There is also a possibility to restore a dissolved company under certain conditions. In summary, dissolving a company is the formal legal process of closing it down and removing it from the register, resulting in the company no longer existing as a functioning legal entity.