The same thing happened to me today after I tried to deposit a cheque from a very shady company I worked with for 3 weeks.

Yes you can use the same cheque to deposit again after its been returned. If it doesn't work a second time and the company refuses to pay, I suggest informing the police immediately, it is a criminal offence to have a cheque bounce and they will track down your money and there will be punishments for those that have throwing cheques around recklessly.