Didnt know to transfer funds when dissolving a LTD

BookKeepingStuff

Good afternoon,

I am totally panicing. I didnt know to transfer my funds before dissolving my limited company that I used to contract through and now my funds are not accessible. I didn't realise this was a law and only blame myself.

I am not sure what to do next, apparently I need to issue a court order to have the ltd opened back up before I can move the funds. Does any one know how much this can cost or how long it can take? I would really appreciate any advice,

JCS1

https://www.gov.uk/restore-dissolved-company


Have you tried this way first? Cost is £100 and some admin/form filling.


If that fails, then you have to go to court order, but this way worth a try first

Pennywise

Once you have the company restored and have recovered the money, don't forget to take proper advice as to withdrawing the funds - your choice is capital or dividend (tax treatment different in each way). Will depend on the amounts etc. Not taking advice has already meant you've messed up the striking off. You may well find that you end up paying too much tax by not following the correct method to draw out the money.

BookKeepingStuff

Pennywise wrote: »

Not taking advice has already meant you've messed up the striking off. You may well find that you end up paying too much tax by not following the correct method to draw out the money.

You are absolutely right and I only blame myself, I dont suppose you are able to offer direction as to how much such a process could cost me should I hire a professional?


I spoke with a couple lawyers this morning and they quoated me around about the £1,200 mark. I cant tell if that is reasonable or too much? Dont suppose you can reccomend someone in Scotland, Glasgow?

00ec25

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{Edited by Forum Team}

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