Bank closed account and balance is in BonaVacatia

My money has been sent to Bona Vacatia from my bank without any warning company is open still

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Hello, in August 2021 my card never worked whilst I was overseas, I called the bank and they told me due to suspicious activity. Every week for the past 10 weeks I have emailed my own bank for updates and they were restrictive of all details stating "it's out of their hands" this week I demanded answers and they today have just told me all my balances are being held with Bona Vacatia. My Company is still alive and kicking but of course, we need the balances to start paying our suppliers. 

I have all the evidence and invoices and details they could possibly require to claim my balances back but wanted to know how long and what this process may incur.

It is only today I have learned this and the office for this government portal is closed until Monday 

Replies (22)

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By Paul Crowley
29th Oct 2021 17:27

If the explanation is genuine then I suspect that there has been suspicious activity using your credentials that you do not know of.
I assume you did not tell bank you were going on holiday, but that does not always stop these problems
Make a formal complaint as soon as possible
If bank has divested itself then consider who had access to your account by card or through the App
By that I mean your child or someone with access to your house or the login details

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Replying to Paul Crowley:
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By Dan Rogers
29th Oct 2021 19:25

Thanks for the reply and it was suspicious activity meaning my client and the invoice amount were larger than normal. They did not even ask me who and what and why.. they just closed the account, never got in touch with me except through post stating the account is closed. I then asked my bank manager and he said "it is out of his hands" I sent the business team all the transactions and KYC and invoices and a week later they said it's gone to Bona..
Are these still the services for an accountant or lawyer services?

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Replying to Dan Rogers:
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By David Ex
29th Oct 2021 20:01

Dan Rogers wrote:

Thanks for the reply and it was suspicious activity meaning my client and the invoice amount were larger than normal.

Not sure that makes any more sense than the original question.

I’d definitely speak to a solicitor and ask them to deal with the bank on your behalf.

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Replying to David Ex:
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By Dan Rogers
30th Oct 2021 00:29

thanks anyway and much appreciated

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Replying to Dan Rogers:
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By Leywood
29th Oct 2021 20:56

Dan Rogers wrote:

Are these still the services for an accountant or lawyer services?

Doesn’t make sense. Are what still tge services?

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Replying to Dan Rogers:
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By Leywood
29th Oct 2021 20:56

Takes longer than a week.

Something missing here.

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Replying to Dan Rogers:
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By Paul Crowley
30th Oct 2021 08:46

The bank is not allowed to tip off
One big payment that they tell you about is probably not the cause of the suspicious activity

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RLI
By lionofludesch
29th Oct 2021 17:43

It's a bit of a legal question.

You need a solicitor, not an accountant.

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Replying to lionofludesch:
ALISK
By atleastisoundknowledgable...
29th Oct 2021 19:01

But TBF, what & how long could easily be something that an accountant might know.

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Replying to atleastisoundknowledgable...:
RLI
By lionofludesch
29th Oct 2021 21:13

atleastisoundknowledgable... wrote:

But TBF, what & how long could easily be something that an accountant might know.

Happen.

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Replying to atleastisoundknowledgable...:
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By Tax Dragon
30th Oct 2021 01:06

Do you?

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Replying to Tax Dragon:
ALISK
By atleastisoundknowledgable...
31st Oct 2021 08:31

Tax Dragon wrote:

Do you?

No, but I know how to dissolve and company, how to restore a company … stuff which to the layman is probably in the same pool of things as a bank closure.

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Replying to atleastisoundknowledgable...:
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By Paul Crowley
30th Oct 2021 08:48

Frozen account yes
Sorted within a week

But we seem to be way beyond that

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David Winch
By David Winch
29th Oct 2021 20:52

Have you searched your company's record at Companies House for information?

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Replying to davidwinch:
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By Dan Rogers
30th Oct 2021 00:30

I will now thanks

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Replying to davidwinch:
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By Paul Crowley
30th Oct 2021 08:43

If company was listed for strike off for failure to file then the bank account could indeed be frozen
But closing account and Bona Vacantia?
I think there is more to this than bank is disclosing

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Replying to Paul Crowley:
David Winch
By David Winch
30th Oct 2021 09:27
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By lja76
31st Oct 2021 21:19

I had the same thing happen to me in the recent past. An over enthusiastic staff member in my local branch was suspicious as a substantial client tax refund had been deposited into mt account.
My account was frozen a few days later.
I got very little communication from them, other than "we're not allowed to discuss it".
I later figured out that the staff member had reported their suspicions that it related to money laundering .
The account was frozen for around 6 months, and I could get very little information from them.
Eventually whatever background checks were completed and it was 'unfrozen' (thawed?).

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Replying to lja76:
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By Paul Crowley
01st Nov 2021 10:47

Compensation?
Which bank?
HMRC involved in money laundering?

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Replying to Paul Crowley:
David Winch
By David Winch
01st Nov 2021 10:56

The practical reality is that the bank will say they were acting under a statutory obligation where they have a suspicion of money laundering. If a compensation claim went to court the court would very likely be sympathetic to the bank.
Of course monies from HMRC may be proceeds of crime (for example where a fraudulent claim for tax relief has been made).
David

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Lisa Thomas
By Lisa Thomas - Insolvency Practitioner
01st Nov 2021 15:16

I wonder if the bank account was frozen because the company was dissolved, not the other way around.

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Replying to Insolvency Practitioner:
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By Hugo Fair
01st Nov 2021 17:22

OP said "My Company is still alive and kicking", so seems unlikely ... unless he/she has also failed to notice the dissolution!

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