bank accounts of Closed companies.

[tractor]

....

The bank is responsible for closing the account and passing any monies on to the Treasury Solicitor. They must do this upon receipt of the appropriate notification from Companies House. Usually, the bank will notify the account holder immediately after transferring the money.

The Treasury Solicitor Has nothing to do with the bank account other than being the lucky recipient of the aforementioned 'stupidity tax'.

We did this a couple months ago, several times.

Like others have said to the OP, don't even think about it.

[Wanderer]

I have an active bank account which used to be the bank account of a now closed LTD company.

Lets say I move some money with that account, is anyone watching or reporting it ?

Don't try it.

There is a very big risk that the account is frozen in some way and you will be able to put money in but won't be able to take it out again. If this happens then you will have to apply for an administrative restoration to get it back so don't come crying to us when you have lost your money.

If you want to play silly buggers trying to launder money through bank accounts then I'm sure one of our Nigerian friends will be more than willing to help you...

[Jessica@WhiteFieldTax]

I have an active bank account which used to be the bank account of a now closed LTD company. The company has been closed for over 2 years but the account has remained unsuspended and has had 2 gbp in it since.

I wonder if the tax collectors ( i just can't say the word authority ) monitor any activity of that bank account considering its kinda stale account with no active LTD associated to it.

Lets say I move some money with that account, is anyone watching or reporting it ?

It should have been frozen when your company was closed.

Don't be tempted to use it, there is a risk that your money will be confiscated Bona Vacantia as mentioned above.

I would write to bank, tell them company struck off, and ask them to close account.

[sbakoola]

yes they do it for you. 'They' being The Treasury Solictors (government) and in your case 'they' should have done it around 1.7 years ago ! something has been missed so it seems.

[stevejohnson]

What is peculiar about this case is that your bank account seems to have been 'forgotten', when it should have been closed down and any monies transferred to the Treasury Solicitor around 1.7 years ago !. Did Companies House notify the Treasury Solicitor for close down I wonder ? Was your ltd company advertised in the London Gazzette (or whichever rag its meant to be declared in) ???

Stranger things occur.

So you don't close the bank account yourself when closing the LTD but they do it for you ?

The system has banged

[northernladuk]

Can you give us some context to your question? They can't audit a closed bank account but they can still audit your books to make sure the value in the bank equals the value on your books... which should both obviously come to 0.

Are you asking can you get audited once your bank account is closed then the answer is yes. Can they actually audit your bank account no, it's closed and empty (or should be).

[sbakoola]

I wouldn't chance it moving money in that business account as the Treasury Solicitor will freeze the account and then take the money out without even notifying you.

In terms of "does anyone monitor that bank account ?", that's a bit like asking "do the police sometimes intercept my phone calls ?' .... you'll never really know whether they do or not.

What is peculiar about this case is that your bank account seems to have been 'forgotten', when it should have been closed down and any monies transferred to the Treasury Solicitor around 1.7 years ago !. Did Companies House notify the Treasury Solicitor for close down I wonder ? Was your ltd company advertised in the London Gazzette (or whichever rag its meant to be declared in) ???

Stranger things occur.

[stevejohnson]

A company that is closed under the DS01 strike off procedures is not subject to any scrutiny other than normal HMRC inspection powers, which to all intents and purposes cease when the company closes.

HMRC can still inspect the records if the directors / shareholders post closure of course.

OP, can you be more specific at what your concerns are?

I have an active bank account which used to be the bank account of a now closed LTD company. The company has been closed for over 2 years but the account has remained unsuspended and has had 2 gbp in it since.

I wonder if the tax collectors ( i just can't say the word authority ) monitor any activity of that bank account considering its kinda stale account with no active LTD associated to it.

Lets say I move some money with that account, is anyone watching or reporting it ?

[Jessica@WhiteFieldTax]

A company that is closed under the DS01 strike off procedures is not subject to any scrutiny other than normal HMRC inspection powers, which to all intents and purposes cease when the company closes.

HMRC can still inspect the records if the directors / shareholders post closure of course.

OP, can you be more specific at what your concerns are?

[cojak]

All monies left in closed company bank accounts goes to The Crown.

Restoration is expensive but can be done. Consider it a stupidity tax.

Guidance - strike off, dissolution and restoration (GP4)

[Wanderer]

What happens to a bank account of a closed ltd?

Any company assets become Bona vacantia when the company is dissolved and they go to the Treasury.

Does it receive any checks, audits , etc after the ltd closure and if yes by whom and why?

I really don't understand what you are getting at here

[Gentile]

IIRC, any funds lying in the company bank account are passed to Companies House when the company in question is closed. I'm sure someone will be along in a minute to correct me if that's wrong. There was someone on here complaining about thousands being moved out of their control when they closed their Ltd by choice some months ago. If there's anything left after all your Ltd's creditors have been paid, you can apply to get it back, but it's not a straightforward or automatic process.

[eek]

Well any money left in an account will go to HMRC via the official receiver. Beyond that I haven't a clue.

[stevejohnson]

What happens to a bank account of a closed ltd? Does it receive any checks, audits , etc after the ltd closure and if yes by whom and why?