Company Business Account Frozen -LTD Co Disolved

[Lockhouse]

A little story.

I'd been contracting for three years and was summarily benched along with many, many others in the April of 1990. This was pre-Internet obviously and I'd come from a family where my dad had worked for the same company for over 30 years, so I was a bit "green" regarding self-employment (to put it mildly).

After six months, things were starting to get a bit tight. I was up-to-date with my VAT as I did my own returns but was unsure how much tax was due on the company reserves, which were being depleted fast. Now, my accountant appeared to be a bit dodgy - he sold me a couple of tulip endowment policies, took a £250 retainer and I got a letter from him every six months or so telling me how much tax to pay. And that was it. I'd not heard from him for about nine months and he wasn't picking up the phone so I travelled to his office in Wanstead, East London. Having never been there before, it appeared to be above a shop but the door was locked and there was no name out the front. I was standing in the street, looking up at the first floor like a lemon, when the shopkeeper comes out and asks me "did he owe you any money?". "No", says I, "he was my accountant". "Well," continues the shopkeeper, "last week the police turned up, took him away in handcuffs and then trading standards came and took away all his filing cabinets and changed the locks".

Great. So I speak to a mate who had a proper business and he recommended his own accountant. When he started looking into my books, it transpired that my accountant had been arrested for fraud and that my company had been struck off nine months previously without my knowledge and not only had I been unknowingly trading (before being benched), I'd also been paying the VAT and tax for a no longer existing business! All because he'd been pocketing my fees, tax, God knows what else and not doing the returns. Valuable lesson learned.

[Yuri F]

Well, thanks for tip, it looks like it's almost toasted then.. in this case as pointed by cojak - not yet "abandon hopes all .." situation based on
bona vacantia and company restoration

[northernladuk]

northernladuk - Isn't it just sitting with commercial bank your account is hosted by? In this case it's quite a long way between benefiting someone else pocket and country (not to mention gov efficiency issues with all this bureaucracy vs declarative good goals).. 5K will produce 50K of money in banking system, at current 15-25% loan interests it will yield 7K+ annual income for bank shareholders (net impairments/costs)..

I would probably quote several accountants - for how much they can buy this company from me (and run open/close technicality with account-drain themselves) in order to evaluate if it's worth all the hustle with opening it again (and then sending back into dormant, or dissolving)

No. It passes straight through to the Crown as it no longer has a legal owner.

Do the google that Cojak suggested

[ladymuck]

HMT ultimately snaffle it up

[Yuri F]

northernladuk - Isn't it just sitting with commercial bank your account is hosted by? In this case it's quite a long way between benefiting someone else pocket and country (not to mention gov efficiency issues with all this bureaucracy vs declarative good goals).. 5K will produce 50K of money in banking system, at current 15-25% loan interests it will yield 7K+ annual income for bank shareholders (net impairments/costs)..

I would probably quote several accountants - for how much they can buy this company from me (and run open/close technicality with account-drain themselves) in order to evaluate if it's worth all the hustle with opening it again (and then sending back into dormant, or dissolving)

[northernladuk]

Just be proud your money is helping the country in its hour of need and move on.

[cojak]

Read this

https://www.contractoruk.com/forums/...ml#post1683595

https://www.contractoruk.com/forums/...ml#post2742464

https://www.contractoruk.com/forums/...light=Vacantia

https://www.contractoruk.com/forums/...light=Vacantia

Just google ‘bono vacantia’.

[misteek]

Anybody ?

[northernladuk]

Where is that guy that does his own accounts?

[Lance]

I take it you don’t have an accountant?

There might be someone on here who can help but it’s probably an accountant.

[misteek]

So I dissolved my company Volatility via DS01 form. So it was struck off recently.

Stupidly I haven't taken the money out of the business account. Which now has been frozen unless the company is reinstated. around about 5k

I cant do straight simple administration reinstating as I dissolved my company voluntarily, so I have to go through to the court route and I'm aware theres fees/costs involved.

my questions are as follows:

1) what reasons are acceptable for the court to allow you to reinstate your company? I understand this is very important.

2)also I didn't do 2019/2020 accounts when I closed my company. I was under the impression I would be able to do that later as I normally would need to have had them done by November 2020 as I incorporated in February a few years ago. But as I had dissolved , I didn't realise I needed to them within that time. So would I need to get all this done as well before I can file for reinstatement??

3) I don't have creditors or anything like that.

For those who have been in a similar situation or have knowledge in this pleas reply