Closed Limited company, but Bank send my money to the treasury

Discussion in 'Accounts & Finance' started by annC, Feb 3, 2018.

  1. annC

    annC UKBF Newcomer Free Member

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    I have just logged into my business bank account this morning and to my horror there is no money (£25K) in there. When I called them they informed me that the money was took out and sent to the treasury solicitors. Of course there was no warning or letter that this was occurring, just a procedural response from the bank lady.

    I have been dealing with family illness this year and I had taken my eye off the ball and really annoyed I am now in this situation - but I honestly had no idea a bank could do this post closing the company. On a positive side, I owe nothing to HMRC or debtors so hoping that will make things easier.

    Have you ever came across this situation before? and if so what would you recommend? and is this something my accountant can help me with or are there specialist companies that help with this?

    I have read on your thread that I can re-instate the company for a brief period and ask the bank to unfreeze the account so I can get the money transfered back in and in this way I can transfer it out and close the company again.

    I would really appreciate your advice especially if you have been in this situation.

    Thanks you Anne
     
    Posted: Feb 3, 2018 By: annC Member since: Feb 3, 2018
    #1
  2. g

    g UKBF Regular Free Member

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    Posted: Feb 3, 2018 By: g Member since: Jan 29, 2018
    #2
  3. annC

    annC UKBF Newcomer Free Member

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    Thank you for your response - I read your link and that is helpful and will pick up with my accountant.
     
    Posted: Feb 3, 2018 By: annC Member since: Feb 3, 2018
    #3
  4. Mr D

    Mr D UKBF Legend Free Member

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    The bank are required to act as they have.
    If must take your eye off the ball it helps to have someone else keep an eye on it. Multiple letters would have been sent before the company was closed.
     
    Posted: Feb 3, 2018 By: Mr D Member since: Feb 12, 2017
    #4
  5. annC

    annC UKBF Newcomer Free Member

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    Thank you Ralph,

    Point taken.
    However, I need a way forward so any help any one can provide would be much appreciated.
     
    Posted: Feb 3, 2018 By: annC Member since: Feb 3, 2018
    #5
  6. KAC

    KAC UKBF Enthusiast Free Member

    Posts: 576 Likes: 116
    This should be fairly straightforward for your accountant to deal with although I might ask him why he didn't warn you about it before
     
    Posted: Feb 3, 2018 By: KAC Member since: May 7, 2017
    #6
  7. Mr D

    Mr D UKBF Legend Free Member

    Posts: 5,172 Likes: 504
    Get the company restored by admin or court means it appears.
     
    Posted: Feb 3, 2018 By: Mr D Member since: Feb 12, 2017
    #7
  8. UK Contractor Accountant

    UK Contractor Accountant UKBF Big Shot Full Member - Verified Business

    Posts: 3,965 Likes: 671
    If you applied to Strike Off the company you will have to go through the Court Process of getting the company restored.

    I have just had a company restored via the Court Process - not an easy process. It took in excess of 6 months and a quite a few legal documents and Court Hearing adjournments.
     
    Posted: Feb 13, 2018 By: UK Contractor Accountant Member since: Sep 18, 2013
    #8
  9. STDFR33

    STDFR33 UKBF Big Shot Free Member

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    Did SJD not advise you what would have when you applied for strike off?
     
    Posted: Feb 13, 2018 By: STDFR33 Member since: Aug 7, 2016
    #9
  10. annC

    annC UKBF Newcomer Free Member

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    I am not getting the kind of support I would expect from SJD as they are saying they don't have a in house legal team that can deal with the court process?
    Agreed re this is a complicated process. What support should I reasonably expect from SJD and do i need a specialist solicitor? Also lastly, any ideas on costs particularly for solicitors?
    Many thanks
    A
     
    Posted: Feb 20, 2018 at 7:35 PM By: annC Member since: Feb 3, 2018
    #10
  11. UK Contractor Accountant

    UK Contractor Accountant UKBF Big Shot Full Member - Verified Business

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    Don't need a specialist Solicitor - as a Qualified Accountant I was able to do it all myself.

    Fees £2K + Court Fees & other parties Solicitor fee £350 approx
     
    Posted: Feb 20, 2018 at 8:00 PM By: UK Contractor Accountant Member since: Sep 18, 2013
    #11
  12. annC

    annC UKBF Newcomer Free Member

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    Anyone have recommendations on a solicitor I could use to go through the companies restorations process. I have seen good review on this company 'Brightonformations' any thoughts? Their fees are £400 +vat which sounds reasonable?
     
    Posted: Feb 20, 2018 at 8:01 PM By: annC Member since: Feb 3, 2018
    #12
  13. Mr D

    Mr D UKBF Legend Free Member

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    £400 plus VAT plus the similar fees UK contractor had?
     
    Posted: Feb 20, 2018 at 8:16 PM By: Mr D Member since: Feb 12, 2017
    #13
  14. annC

    annC UKBF Newcomer Free Member

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    Thank you for your help. So to be clear, here's what for I found out re fees:
    • Companies House Fees £300
    • Court Fees £308
    • Solicitor/Accountant fees £400
    I've read that the treasury can hold back 5% of the money so in my case that would be £1250 (25k)

    Are there any other fees - I haven't taken into account?

    Many thanks A
     
    Posted: Feb 20, 2018 at 8:45 PM By: annC Member since: Feb 3, 2018
    #14
  15. UK Contractor Accountant

    UK Contractor Accountant UKBF Big Shot Full Member - Verified Business

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    There is a different procedure depending on whether you applied for Strike Off or Companies House Struck the company off due to non filing of documents.
     
    Posted: Feb 20, 2018 at 9:20 PM By: UK Contractor Accountant Member since: Sep 18, 2013
    #15
  16. annC

    annC UKBF Newcomer Free Member

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    In my case the accountant failed to fell me I needed to take all my money out of my account before i closed the company - yep very costly omission indeed.
     
    Posted: Feb 20, 2018 at 9:57 PM By: annC Member since: Feb 3, 2018
    #16
  17. Mr D

    Mr D UKBF Legend Free Member

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    So which was it?
    I'm guessing companies house decided to strike the company off.
     
    Posted: Feb 20, 2018 at 10:02 PM By: Mr D Member since: Feb 12, 2017
    #17
  18. annC

    annC UKBF Newcomer Free Member

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    I disolved the company - all taxes, debts paid.
     
    Posted: Feb 20, 2018 at 10:09 PM By: annC Member since: Feb 3, 2018
    #18
  19. TODonnell

    TODonnell UKBF Ace Full Member

    Posts: 1,286 Likes: 193
    Urgh. Alas, you did not know that this is an automatic trigger for all company assets to go to the Treasury; a nice little earner for the government, I guess, but, also, the entity which owned the money has gone 'pouf', so the money has to go somewhere, and the bank shouldn't have it.
     
    Posted: Feb 21, 2018 at 4:00 PM By: TODonnell Member since: Sep 23, 2011
    #19
  20. UK Contractor Accountant

    UK Contractor Accountant UKBF Big Shot Full Member - Verified Business

    Posts: 3,965 Likes: 671
    I have heard that SJD service levels seems to have dropped.

    Mr Dolan himself I see has started back up again as a Contractor Accountant.

    Must have got bored racing cars - Le Mans and all that!
     
    Posted: Feb 21, 2018 at 4:04 PM By: UK Contractor Accountant Member since: Sep 18, 2013
    #20