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What happens to domain name and website when hosting company closes down?

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Need to know what to do about website. Hosting company has closed down with no warning. What happens now? Is the website and domain name lost?
 
Simple - restore your backup to a new company and re-point the DNS.
 
Next time remember to use a more reputable hosting company! Cheap price = bad service.
 
I had this problem with a hosting company because i was looking for cheap hosting,one day the entire server crashed and they lost all my data could not get it back and did not give me a refund.never again will i go for a cheap hosting company pay a little more and get good reliable service.Always keep a backup.
 
Regardless of the cost of the hosting, you still need to keep a personal backup / archive. If you get hacked or make a mistake and don't notice until after the backup has run you are still in trouble even though there is a backup.
 
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