NatWest emptied my business bank account

PARKY_P

Age 65, self-employed (sole trader) for virtually all my working life except for a change of status to limited company in 2008 (sole director/shareholder, no employees). I had intended to carry on working but Parkinson’s Disease forced me to give up at the end of December 2011.

I had a limited company business account with NatWest and informed the bank of the my situation and intentions. I also notified Companies House on 10 January 2012 and applied for a voluntary dissolution, but was informed that completion required entries in the London Gazette and would take 3 months or more.

As a few ad hoc credits were still appearing in the bank account for work done last year, I kept the account open for the time being. The balance had built up to £ 2,650, which was earmarked to pay for our summer holiday. On going into NatWest’s online banking yesterday to access the money there was no trace of the account or my money. I spent the next couple of hours trying to discover where my money had gone, and was eventually informed that NatWest had closed the account and the entire balance is going to HM Treasury. Apparently the limited company was dissolved on 1st May 2012 and NatWest said that “the money in the account belonged to nobody as the former limited company has no legal entity”.

I had no prior warning, notice or any information from “The Helpful Bank”, which just closed the account without comment or apology. On checking with Companies House a confirmation letter apparently went out to me on 26th April but not yet received. My income/corporation tax and Companies House returns are up-to-date; I have no overdraft with NatWest, and there is no question of any fraud or compulsory winding up etc. Unfortunately I rely on state-handouts and £2,650 to me is a significant sum.

Is there anything I can do ?

Thank you

usignuolo

Read this http://www.formationsdirect.com/dissolvedandstruckoffcompanies.aspx

missile

I have learnt banks are not our friends and only tell them if and when I think they need to know.

InsideInsurance

This is the problem with limited companies, they are not "yours" but a legal entity in their own right.

As soon as the company no longer existed the account was no longer owned by anyone and where as if a human legal entity ceases to exist (aka dies) the account gets transferred into the control of the executor and where a incorporated legal entity ceases to exist then the account goes to the HM Treasury.

As has already been linked to, you can request the company be reinstated, remove the funds as dividends or some other vehicle and then wind up the company again.

bni

After the company is dissolved, there is nothing NatWest can do but to pass on the funds to the Crown. Like mentioned before you will have to petition to have the company restored and reclaim your funds from the treasury.

There is a government website with all the information:
http://www.bonavacantia.gov.uk/output/companies.aspx

It does mention that: "The Treasury Solicitor can make discretionary payments to former members or former liquidators of dissolved companies from cash balances received by this office from banks and other financial institutions."

So your first step should probably be to phone or write to the Treasury Solicitor, explain your personal circumstances and hopefully they will be able to return the bank balance to you without having to jump through all the hoops of restoring the company.

property.advert

missile wrote: »

I have learnt banks are not our friends and only tell them if and when I think they need to know.

Ain't that the truth !