Revocation or New

A client's RC was cancelled in December 2020 due to non-filing of returns. They now wish to resume their business and are seeking advice on the best course of action. The core questions are whether revocation of the old RC is the only way to continue with the same business and name, or if applying for a new RC (with the same or a different name) is a viable alternative. There's also a query about applying for new registration with the same proprietor and trade details despite penalties on the old registration.