Case as Explained by Finhub User (acting for a client)
My client, a UK citizen (former Ukrainian) residing in London since 2011.

In 2015 the Client acquired a Manx company holding a property in London, where he and his family have been residing. The Company does not have any other activity.

Regrettably, the company is currently not in a good standing due to the resignation of the previous agent

The possible reason for resignation was that the previous owner of the company (Austrian) was charged in the UK (November 2021) for USA suspicion of money laundering. He is ex-CEO of an Austrian bank.

My client does not have any connections with the former owner and the purchase was made 100 % in a good faith. 

We can provide all the necessary supporting documents upon your request: source of funds; other details.

The purchase price of the Company's shares was GDP 6 mln: 2 mln - personal funds; 4 - loan from the Seller's bank (Meinl Bank).
The Client fully repaid the loan in November 2019. We have all the sufficient evidence  

We are seeking your assistance for the following options:

1. Restore and continue the services for the Company
or
2. Restore the Company and relocate it to Cyprus
or
3. Restore the Company and transfer the property directly into the Client's name.

According to the Menx law (Companies Act 2006), a registered agent is needed to do any legal actions with the company.
Before you apply to the agent, please, inform me. 
Maybe, I have already done it with the one.

Thank you for the attention.

Finhub Further Explanation
The Ukrainian UK Citizen purchased an Isle of Man company which was the owner of a UK property / flat. 

This purchase was made via a loan which has been fully repaid several years ago. Buying a company which owns a flat is common for tax purposes; avoid vat / transfer fees etc – each jurisdiction differs.

The person who has set up the company was charged in the UK (November 2021) for USA suspicion of money laundering but is no longer part of the company as the new owner the Ukrainian tenant is the director and shareholder.

The previous owner’s conviction creates AML issues for the Company which (we presume) if searched by the name during the screening process it will hit and the name of the previous owner and the ML issue will appear. 

• This is a deterrent for local agents in Isle of Man who may not want to get involved or the risk benefit is not worth it.
• However, the new owner says he is clean and can evidence all source of funds etc. 
• So the issue lies at the risk appetite of a local isle of man agent who is essential for the reinstatement of the company as based on the above information the company is clean but had past conviction.
  
  In a nutshell Our understanding of the Case
  The new owner is a victim of the former owner of the company who has set up the company and was involved in Money Laundering scandal. 
  This however (assuming the new owner and the flat are clean etc) victimizes the company which if not reinstated within the next few years, will permanently be dissolved and the flat will become ownership of the UK.
  
  Our understanding of the requirements
  Finding an Isle of Man Agent willing to undertake the case – representing the company and the Ukrainian Citizen.
   
• Fees
  Fees can be generous as the situation is at present loose loose for the property / flat which is of significant value.
   
• Tenants
  We have been informed that the family of the new owner is living in the flat in London.