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Dissolved company's bank account

The company was dissolved however the bank account remained opened with £2000. To the horror of the director, the treasury solicitor closed the account and transfer the fund to the treasury a week after the company was formally dissolved by companies house.

I have more than one occasion asked the director to extract the funds and to close the account but unfortunately that never happened until recently when he tried to transfer the money out.

Have anyone experienced this with their clients and if so how does one go about in applying for the funds to be released from the treasury.

Many thanks.
James Long

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12th May 2004 16:39

Discretionary payments by Treasury Solicitor
I believe that the Treasury Solicitor will make discretionary payments from bona vacantia bank accounts up to £3,000. Follow this link for their notes - http://www.bonavacantia.gov.uk/default.asp?PageId=1322

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11th May 2004 14:59

Are you a creditor ?
From first-hand experience, if you can demonstrate to the Treasury Solicitor that you are the principal creditor of the company, then he will pay you the amount taken from the company's bank account, less a 5% charge.

I think it was necessary to forward details of shareholding and names of directors, together with some evidence of the amount owed by the company to the creditor.

Sorry if the details are hazy, but the TS himself will be able to specify what items are necessary to get a reimbursement.

Write to the TS at the Bona Vacantia department with statement of the case - he has no axe to grind and will pay up if the conditions are met.

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07th May 2004 16:38

Bona Vacantia Mr Horne!
No its not a sketch featuring Julian and Sandy but the process by which property which has no legal owner is snatched by the monarchy - either our own dear Queen, or in certain parts of the country Charlie.
As the company was struck off it no longer exists and just as nature abhors a vacuum so in steps the Treasury Solicitor - although a bit smartish here, which makes one wonder whether the bank might not have played a hand - might be worth a discrete enquiry.
You now have to rely on the Crown prerogative, exercisable by the Treasury Solicitor, who might, if you can think of a good reason refund the dosh to whomsoever claims to be the rightful owner. As far as I am aware you don't 'apply to the treasury for the funds to be released' because at the moment no-one has title to the funds. Plead its an oversight and if you get something back charge the client right royally!
Just a thought - could the company be revived at this late stage - possible where its struck off, this would cost legal fees but might help.

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07th May 2004 17:07

Sorry - no good news
Unless the Treasury Solicitor is willing to be kind, I think you will have to have the company reinstated and then find a legal way of distributing the cash - possibly the only way to do this will be to arrange a formal liquidation. But, all of this is likely to cost far more than £2,000 so there is no point.

Ray Levy is a solicitor who regularly contributes to this forum and has recently commented on bona vacantia. Ray - can you help?

A further thought - if you were dealing with this through ESC C16, and the £2,000 is not recovered, make sure the shareholders are only taxed on the amounts they actually do receive.

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08th May 2004 13:30

Restoration is costly
The procedure to restore a struck-off company is quite simple, if time consuming. The biggest expense is likely to be the Registrar of Companies' legal costs, which seem to be at least £300, and these must be met before the company name is restored. Then all outstanding filing must be made, and late filing penalties will apply, after which you will presumably have to go to the trouble of having the company struck off again. Try contacting the Treasury Solicitor first - there may be a simpler solution there.

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