Lost account - solicitors

gindogga

First post, be gentle! 

dunstonh

Has been probate been applied for?  
Was the balance offset against the debts?

Thrugelmir

Then the bank account will remain in limbo. 

[Deleted User]

Is it worth contacting one of those lost fund tracing companies, see if they have any advice?

lincroft1710

So there is a business a/c to which only the deceased had access? So presumably it has been dormant for 20 yrs. What happened to the partnership and its assets upon the partner's death? Does the money in this a/c belong to the business or solely to the estate of the deceased?

lincroft1710

If it was a firm of lawyers why hasn't your father dealt with this already? He should know more than random posters on here

lincroft1710

gindogga said:

lincroft1710 said:

If it was a firm of lawyers why hasn't your father dealt with this already? He should know more than random posters on here

You try dealing with £700k of debt whilst still earning a living. He was a criminal lawyer, not savvy about business. Hard to believe but true. 

Yes he messed up and takes the blame, I’m just following up to see if any laws might have changed in the intervening years so that he could lay a claim to what is rightfully his. 

The question has to be asked is how does a partnership rack up £700K debt? If I had £700K of debt, the first thing I would be looking at is the assets of the partnership and knowing there was a locked a/c taking steps to unlock it. I find it hard to believe that your father has no contacts in the legal profession who could help him.

This link may be worth a read

https://legalbeagle.com/12717981-what-can-be-done-to-force-an-executor-to-finalize-an-estate.html

Thrugelmir

gindogga said:

Thrugelmir said:

Then the bank account will remain in limbo. 

Thanks. So there’s no way of claiming it without probate? Can anyone take out probate or is it too late now? 

The money technically belongs to the creditors of the business I'd suggest. 

Lack of probate suggests that the personal estate was insolvent. 

gindogga

Thrugelmir said:

gindogga said:

Thrugelmir said:

Then the bank account will remain in limbo. 

Thanks. So there’s no way of claiming it without probate? Can anyone take out probate or is it too late now? 

The money technically belongs to the creditors of the business I'd suggest. 

Lack of probate suggests that the personal estate was insolvent. 

The creditors were all eventually paid off by my father. Perhaps the deceased’s insolvency is why this occurred then. Just wondered if a good lawyer could find a way through to try and claim it back. Would it be a wills and probate lawyer needed if I were to try take it further? Probably a lost cause but it’s very irksome knowing the bank have his £40k. 

lincroft1710

You keep referring to "I", it is your father who has to act on this. As I asked previously, surely he must know people who are legal experts in the fields of probate or partnership law.. 

gindogga

lincroft1710 said:

You keep referring to "I", it is your father who has to act on this. As I asked previously, surely he must know people who are legal experts in the field of probate. 

My father is in his mid 80s and in ill health but has instructed me to research this matter on his behalf, I don’t see an issue with that. 

Are you asking a question or making a statement as you seem to be judging my/his actions rather than offering any help?