How Can I Restore My Bank Account and Funds from Bona Vacantia Dissolved Companies?

Question from Addy, How Can I Restore My Bank Account and Funds from Bona Vacantia Dissolved Companies?

Answer from AI:

When a company in the UK is dissolved without transferring its assets, these assets, including bank account balances, become “bona vacantia.” This Latin term means “ownerless goods” and is a principle that applies when a company is struck off the Companies House register. The assets then fall to the Crown. However, there are legal pathways to restore your bank account and reclaim funds from a bona vacantia situation. It’s important to understand the general steps involved and the arguments you might present in your claim.

Understanding Bona Vacantia

Bona vacantia assets are handled by the Government Legal Department (GLD) or the Duchies of Lancaster and Cornwall, depending on the location of the dissolved company. The process to reclaim these assets can be complex and may require legal advice.

Steps to Restore Your Bank Account and Reclaim Funds

1. Confirm the Status of the Company: Verify that the company is indeed dissolved and that its assets have become bona vacantia. This can be done by searching the Companies House register.
2. Seek Legal Advice: Given the complexity of the process, consulting with a solicitor who specializes in corporate law or bona vacantia claims is advisable. They can provide personalized advice and help you navigate the process.
3. Apply for Administrative Restoration: If you were a director or shareholder of the dissolved company, you might be eligible to apply for administrative restoration to the Companies House register. This requires:
   • Filing the appropriate application within six years of the company’s dissolution.
   • Settling any outstanding penalties or fees owed to Companies House.
   • Providing evidence that the company was trading or otherwise operating at the time of its dissolution.
4. Apply to the Court for Restoration: If administrative restoration is not an option, you can apply to the court for a restoration order. This process is more complex and will definitely require legal assistance.
5. Claiming the Assets: Once the company is restored, it can reclaim its assets from the Crown. This involves providing proof of the restoration and evidence of the assets’ ownership to the Bona Vacantia Division (BVD) or the relevant Duchy.

Arguments to Use in Your Claim

When reclaiming funds or restoring a bank account from a bona vacantia situation, your arguments will largely depend on the circumstances of the company’s dissolution and the nature of the assets. However, common arguments include:

• The company was still active or had plans to continue operations at the time of dissolution.
• The dissolution was due to an administrative error or misunderstanding.
• There are outstanding liabilities or obligations that the company needs to settle, which necessitates access to the funds.
• The assets were wrongfully classified as bona vacantia due to incorrect information.

Important Considerations

– The process can be time-consuming and may incur costs, including legal fees and any outstanding penalties owed to Companies House.
– Success is not guaranteed, and each case is assessed on its own merits by the BVD or the relevant Duchy.
– The six-year limit for administrative restoration is strict, but court restoration may offer a longer window in certain circumstances.

It’s crucial to seek personalized legal advice to navigate the complexities of restoring a company and reclaiming bona vacantia assets. A solicitor can help you understand your legal position, the likelihood of success, and the best course of action for your specific situation.

For more information on bona vacantia assets and the reclaim process, visit the Government Legal Department’s guide or the Companies House website.