A client who is sole director and shareholder of a client company has died. The death certificate has not yet been received but the wages are due today. As sole director/shareholder, the deceased was the only one on the bank mandate. Bank is Barclays. There are more than sufficient funds in the bank to pay the wages. (up to date bank feed in accounting software)
Is there any way of getting funds released to pay wages now? If not, are there any schemes that can provide bridging funds for wages until the death certificate and will can be presented to the bank?
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I have never understood why people who say take out house insurance without blinking an eye operate companies with no alternate cover, as if they were immortal.
I used to be a trustee of quite a few trusts not because I was expected to do very much but because when my father retired his partner was then a sole practitioner and I was added in case his partner went under the wheels of a bus, my role then being to appoint another solicitor as trustee.
As a matter of interest, who is beneficiary of the estate? If anyone at all, surely they become the majority shareholder with the power to appoint a new director, who can then contact the bank accordingly.
As a matter of interest, who is beneficiary of the estate? If anyone at all, surely they become the majority shareholder with the power to appoint a new director, who can then contact the bank accordingly.
That's the answer.
Or the executors could act - once they have probate.
I am sure the Queen could pop down and do the mandate if there are no beneficiaries?
Doubt it.
She'll be shielding.
That or a stamp or a coin. Catch is they are profile views, not sure they would be acceptable.
Also her credit rating must be awful, not on electoral roll, no HPs taken out etc.
HM would be really tricky to take on as a client. Wonder what name is on her birth cert, it certainly will not say "Her Maj......." yet the Buck House utility bills will likely say that, nothing will match.
My Grandmother actually worked for her Grandparents at St James's Palace, cooking pastry, she was a dab hand at a steak & kidney pudding. (My Gran not the Queen)
Phil owed my Dad some cash.
He came up to Edin with HM in the 60s and visited Claverhouse (The RNR depot in Granton where my father was one of the numerous Commanders (Commander E)). Phil was surplus to HM's agenda for part of the day so treated all officers in the mess to a drink but my father, who at time was responsible for the mess accounts, did not feel it appropriate to send the palace a bill so the round ended up out of the mess funds to balance the books.