My Company Struck Off - Bank Account Balance Sent to Companies House

[tractor]

...

If you can prove hardship, the treasury vampire may allow you a discretionary payment but it is in his gift to tell you flat no.

[Higgs Boson]

Solicitors in London and Nottingham specialising in company restoration,corporate insolvency defence and commercial dispute solutions

£595 + VAT looks like a bargain!

[Ignis Fatuus]

Surely it is not sneaky, but quite logical. Once a company has been struck off, it no longer exists. So if money were to remain in the bank account, whom would it belong to? Not the company, it doesn't exist. Not the shareholders, because there is no company for them to be shareholders of. Not the directors or employees, because they are not directors or employees any more either. How could the money stay in the company? Who could rightfully touch it?

And yes, sorry to be unkind in moments of distress, but a director is responsible for knowing the consequences of his actions as director.

[sbakoola]

Surely it is not sneaky, but quite logical. Once a company has been struck off, it no longer exists. So if money were to remain in the bank account, whom would it belong to? Not the company, it doesn't exist. Not the shareholders, because there is no company for them to be shareholders of. Not the directors or employees, because they are not directors or employees any more either. How could the money stay in the company? Who could rightfully touch it?

And yes, sorry to be unkind in moments of distress, but a director is responsible for knowing the consequences of his actions as director.

I would argue that it is a little bit sneaky as advertising that the company is going to be struck off in the 'London Gazette' (who reads that !) in this information age is rather inappropriate and almost covert.

Would it not be more useful to inform the directors / accountants of the company exactly when the Limited Company is due to be struck off ? hell, given all the pointless mail we tend to get from HMRC through the post surely there should be a notification of this strike off date given to the director ...??

[tractor]

...

When you apply to strike off a company, you are given a very rough timetable and should plan accordingly. The way things are done currently means that the deficiency is more a process issue than anything. There is nothing to stop Co House from notifying the petitioner once the notice period and advert in the gazette is complete, that striking off will happen within say 14 days, giving you time to make the final arrangements. However, it is part of a directors' responsibility to know all this and plan accordingly. I put it down to cockup over conspiracy tbh. Their processes are minimal and the directors/shareholders do not even figure in them.

The reason that the bank accounts have to be closed by the bank upon notification by Co House is partly to prevent the company continuing to trade and process revenue that to all intents and purposes will be invisible to HMRC, VAT etc once the striking off is complete.

[tractor]

...

I would argue that it is a little bit sneaky as advertising that the company is going to be struck off in the 'London Gazette' (who reads that !) in this information age is rather inappropriate and almost covert.

Would it not be more useful to inform the directors / accountants of the company exactly when the Limited Company is due to be struck off ? hell, given all the pointless mail we tend to get from HMRC through the post surely there should be a notification of this strike off date given to the director ...??

Guidance on voluntary dissolution (striking off) from Companies House....

3. What should I do before applying?

There are safeguards for those who are likely to be affected by a company's dissolution. If your company has creditors, members etc, you should warn all the people listed in question 5, before applying, as any of them may object to the company being struck off. You should deal with any loose ends, such as closing the company’s bank account, the transfer of any domain names - before you apply.


Emphasis is mine but you get the gist....how hard is that to understand?

[Clare@InTouch]

When you apply to strike off a company, you are given a very rough timetable and should plan accordingly. The way things are done currently means that the deficiency is more a process issue than anything. There is nothing to stop Co House from notifying the petitioner once the notice period and advert in the gazette is complete, that striking off will happen within say 14 days, giving you time to make the final arrangements. However, it is part of a directors' responsibility to know all this and plan accordingly. I put it down to cockup over conspiracy tbh. Their processes are minimal and the directors/shareholders do not even figure in them.

The reason that the bank accounts have to be closed by the bank upon notification by Co House is partly to prevent the company continuing to trade and process revenue that to all intents and purposes will be invisible to HMRC, VAT etc once the striking off is complete.

Companies House do write to confirm that the company will be struck off, usually about a weeks' notice. They also write to confirm submission of the DS01.

[tractor]

...

Companies House do write to confirm that the company will be struck off, usually about a weeks' notice. They also write to confirm submission of the DS01.

Agreed, but if you have authorised your accountant and it is they that receive the notification rather than you AND they already failed to point out that you should close your bank account in good time, that notice will largely be irrelevant unfortunately in this and I guess other cases.

[The Spartan]

When will people actually get it that if they're running a company it is THEIR responsibility to make sure everything is in order.

[royalfirespirit]

Thanks for all the replies, everyone. Much appreciated! There's obviously a lot of information to digest there, I'm just studying all the information you've given to see what the best way forward is.