Nik99 - 2:58 pm on Dec 17, 2012 (gmt 0)

yes you can still renew the name. Google "can one renew a suspended .co.uk domain" and pick the Nominet link form the result (not sure if I can place link here) , there they explain the who and how of it.

If you still end up losing it, drop me a line regarding drop catching, I may be able to help as well as advise on few of the companies I have used in the past.