Reply to: Restoring the dissolved company

[NickNick]

The money could still be in the account available to the directors of the company.... But there is no company so no directors so no authority to do anything with it. So many people forget this and just see it as their money.

I don't think that can be the case where a company is dissolved. The funds are tranferred to the treasury when that happens (assuming the company was not registered in Lancaster or Cornwall)

Just checked and it's in the following order:
AR01 for missed annual return
Bona Vacantia to allow company to be restored
RT01 to get company restored
Then chase bank to get the funds back with proof of restored company and BV letter.

[northernladuk]

The money could still be in the account available to the directors of the company.... But there is no company so no directors so no authority to do anything with it. So many people forget this and just see it as their money.

[tractor]

"A short while" according to Companies house. But that's just the confirmation that the missing annual return has been submitted correctly. It is a further "short while" before the RT01 is approved, but this is slightly longer.

However I was of the understanding that as soon as the company is dissolved, the Tresury took hold of the money. Are you saying that the money is still available in the business account? If it is and you can get at it then I'm not sure what the problem is. If it's not available to you then you will need to get the Bona Vacantia letter from the treasury and get that to the bank (along with proof that the company is restored) to get the funds restored. This will be weeks.

Again, an accountant will be better placed to advise on all this.

This is exactly my understanding.

[NickNick]

Hi Nick

Thanks for the inputs. I am trying to get the company restored before the money gets into treasury. Any idea how many days company house takes to acknowledge once AR01 and RT01 is submitted.

"A short while" according to Companies house. But that's just the confirmation that the missing annual return has been submitted correctly. It is a further "short while" before the RT01 is approved, but this is slightly longer.

However I was of the understanding that as soon as the company is dissolved, the Tresury took hold of the money. Are you saying that the money is still available in the business account? If it is and you can get at it then I'm not sure what the problem is. If it's not available to you then you will need to get the Bona Vacantia letter from the treasury and get that to the bank (along with proof that the company is restored) to get the funds restored. This will be weeks.

Again, an accountant will be better placed to advise on all this.

[stek]

What's the OP's immigration status got to do with the question about the company?

Nothing really - just interested since having a foreign partner its always in my mind - plus most Tier 1's have ILR now since it's been suspended, i was just intrigued. That in mind there are lots of T2's contracting illegally so it could be an issue if that was the case here.

[tractor]

...

What's the OP's immigration status got to do with the question about the company?

I would imagine that if LTR expires, it would add extra complications to bank account ownership and the effective removal of all the obstacles involved in getting administrative restoration?

[mudskipper]

You must be one of the last now without ILR, since T1 finished 04/2011 - how long do you need for ILR?

What's the OP's immigration status got to do with the question about the company?

[stek]

I am tier1 general visa

You must be one of the last now without ILR, since T1 finished 04/2011 - how long do you need for ILR?

[namb]

What visa are you on?

I am tier1 general visa

[namb]

An AR01 will need to be completed and returned to Companies house. This is the missing Annual Return.
Then an RT01 will need to be completed and returned. This is a request to restore the company.
Then you'll need a Bona Vacantia Letter from the Treasury. This is a request for them to give the money back.
This will need to go to the bank along with proof that the company has been restored from companies house.
Then you will be able to get at your funds again.

This should take about a month. And your accountant should be more up to date on this than me.

Hi Nick

Thanks for the inputs. I am trying to get the company restored before the money gets into treasury. Any idea how many days company house takes to acknowledge once AR01 and RT01 is submitted.

[Scruff]

You don't know man you weren't there!

Oh yes, I was...

[NickNick]

An AR01 will need to be completed and returned to Companies house. This is the missing Annual Return.
Then an RT01 will need to be completed and returned. This is a request to restore the company.
Then you'll need a Bona Vacantia Letter from the Treasury. This is a request for them to give the money back.
This will need to go to the bank along with proof that the company has been restored from companies house.
Then you will be able to get at your funds again.

This should take about a month. And your accountant should be more up to date on this than me.

[tractor]

...

Hi All


Subject: Regarding restoring the dissolved company


Referring to the above, the company is dissolved due to failure to submit the annual return. The scenario is my accountant moved his office to a new location and the letters related to my company was going to old address. I collected the letters in December 2014 last week, which was sent in October 1st week 2014. The letter states that the annual returns of the company has to be done within the 3 months of the notice. I have requested my accountant to look into this and he is the process of restoring the company along with annual returns which he mentioned would take 2-3 weeks. However, I am having some below mentioned queries

1) Has anyone faced such a situation? If yes, please share the details. How many days it took to restore the ltd company
2) I am unable to take wages since my business account is withheld for any payments. Is there any solution for this?
3) I have my visa extension pending for March 2015. My accountant suggests, you can’t take the salary for month of December, however I can claim more dividends to show salary points. Kindly let me know your inputs on the best options.
4) The bank says if I am not able to get back to within 2-3 weeks, they will freeze the account and transfer the funds to treasury. However I have notified them, that my accountant is working on that. I am concerned how they deal with it.Kindly suggest as a director how can I deal with it.
5) Welcome your additional inputs on this .

Thanks& Regards
Nam

This is not now it works. If Companies House has dissolved your company, part of the process is to notify the bank who are obliged to immediately freeze the funds and to transfer them directly to the Treasury Solicitor.

Your only option is to restore the company (there are several ways to do this) or to petition the Treasury Solicitor directly who may see fit to remimburse the members share (minus the Treasury's costs which are not insignificant) and then ONLY on production of evidence that all statutory obligations (TAX/VAT etc) have been met. This will necessitate a statement to that effect from said organisations.

[SimonMac]

Ah, c'mon? Pretty please.... for Old Nick's sake?

You don't know man you weren't there!

[stek]

What visa are you on?