funds stuck with the closed business account..experts please help

[Base_Saint]

Not sure if it'll be any help, but try this reading this thread (I've just posted the latest reply): http://forums.contractoruk.com/accou...d-company.html

[cool_contractor]

Thanks FaQQer,Claire..

I have spoken to the accountants and they are saying that company restoration and penalties,late fee for fresh company accounts submission,plus charges will account a lots of money nearly equal to top end of 4 figure sum left in the ex-business account and I will be lucky to get couple of hundreds and better off not to claim it at all.

and just advised me that it will be only worth if the money's in account in the 5 figure sum.

I wonder if the penalties costs like 2 grand ? i cant believe how much it costs to do restoration, OMG..

insane system as a whole, still i cannot be in peace knwoing that all my hardwork and earnings have gone under the manhole.

any advice regarding the costs of restoration guys ??

love to hear from you.

cheers

[Clare@InTouch]

If a compny is stuck off any funds remaining in bank accounts will revert to the Treasury. It used to be a pain to get the funds back, but since the 2006 Companies Act came into force it's now easier.

Ask your accountant about Adminstrative restoration.

http://www.companieshouse.gov.uk/abo.../gp4.shtml#ch4

[TheFaQQer]

This is no problem. Just ask bank to make a cheque out to one of the directors as a closing account, you should be the remaining shareholder and sole beneficiary of the said company.
Bank may only want to make the cheque out to cash so that you have to go there to sign for it personally, before going downstairs to cash it.

PZZ

IIRC, if money is paid to a company that is closed, then it's a pain to get it out again (for example a tax refund to a closed company) - the money is (as the OP says) held by the Treasury.

You can apply to the Treasury Solicitor to get the money back - start by reading the pages on wikipedia, as there are some links from there and it tells you whether you are likely to be successful or not.

If you don't get the money back, it doesn't go to the queen - it goes to the state.

[cool_contractor]

thans for the replies guys,
yes pzz76077 ! the bank was barclays business banking, the manage didnt give me much information but to be told the account has been closed and the funds gone in to safe locker, you need to see special advice how to unlock it, basically the bank manager was mentioning that how come monies coming in to the account while your company has been closed with companys house.

how do i demand them to pay a cheque out to me as i was the director of the company?? its been over 3 months so far.

basically i cant believe what made the bank manager not making the decision in favour of me? why he had to make such statement as mentioned above?

should i seek some special solicitor or somebody to retain the monies, put forward the point yo have mentioned ?

do you know someone can guide me on to this?

thanks in advance.

[pzz76077]

This is no problem. Just ask bank to make a cheque out to one of the directors as a closing account, you should be the remaining shareholder and sole beneficiary of the said company.
Bank may only want to make the cheque out to cash so that you have to go there to sign for it personally, before going downstairs to cash it.

PZZ

[northernladuk]

There is obviously a main/second language issue here which I think is the problem, not your situation.

I can't believe your bank manager would just say it's stuck, tough and put the phone down on you.

I also can't believe this is the first time this has happened so am sure companies house will be aware as well.

I do however think there is a language problem here looking at the post and that might be why you don't understand or havn't discussed this with the bank.

I would suggest you go back to the bank and ask them what to do in this instance. They have got to know surely. Listen carefully to what they have to say and follow it. If you don't understand get someone else to do the talking for you.

Following that do the same for companies house. Explain the situation, again they must have a standard process for this. Listen carefully and follow it.

It's not like this is an unfortunate incident that could only happen to you. I am sure it is very common for people to get their companies struck off and their bank accounts open.

Go back and speak to the people that know.

HTH

[cool_contractor]

Hi i am new here,
need your advice,
i have opened a company last year in the hope of getting work in UK but eventually i endedup doing a contract in germany,so basically my uk company ltd was idle most of the time, and i agreed with the accountant to close the company and i agreed with it and closed the company,

since i have been from UK working in germany (paying all the taxes there ofcourse) didnt bother to close my business account in UK and i deposited some monies in to that account accidently (stupid thing i did ) only to be contacted by the business bank account manager that they have received a account stuck off advice from companies house & blamed me of not closing the account at once the company was disabled. and told me that the monies in the account have been retained to the treasury solicitor and you have to seek advice.

I have been asking friends what to do about the money stuck in the account, and they were telling me its an expensive process to re-start the ''closed'' company and do accounts again for that particular financial year in order to get anywhere, but i am confused at the whole thing what to do next,

do you have any ideas ?
since i am a newbie contractor and newbie in to this company ltd business i feel bad about letting myself down without knowing how things exactly works, its also fueled by mu absense in the country where i couldnt communicate well with the accountant either,

its considerable 4 figure of my money is left in the safe account,
how can retrieve it ? its too bad to lose all though,

can anyone help with this matter please, basically i dont mind paying a fee and tax on it to get something out of it than leaving it unclaimed for the already rich Queen of England

well its been over 3 months now, i spoke to my own bank whom made the payment to the account to do something but they said they cannot retrieve the payments gone in to the business account.

manythanks for your advice.