Company dissolved but money in account

Michela

Hi,

I dissolved by LTD company a few months ago, and stupidly didn't close the bank account, HMRC refunded money owing to me into the business account. When I tried to access it, it is now frozen with the money going to the treasury.

I feel so stupid for not transferring the money before and closing the account myself.

Is there anything I can do now to access the money or is to late now?

MattMattMattUK

Michela said:

Hi,

I dissolved by LTD company a few months ago, and stupidly didn't close the bank account, HMRC refunded money owing to me into the business account. When I tried to access it, it is now frozen with the money going to the treasury.

I feel so stupid for not transferring the money before and closing the account myself.

Is there anything I can do now to access the money or is to late now?

If you were one of the shareholders you can apply for a discretionary grant, or you can potentially restore the company, reclaim the funds then close dissolve it again. 

https://www.gov.uk/claiming-money-or-property-from-dissolved-company/apply-for-discretionary-grant

Michela

MattMattMattUK said:

Michela said:

Hi,

I dissolved by LTD company a few months ago, and stupidly didn't close the bank account, HMRC refunded money owing to me into the business account. When I tried to access it, it is now frozen with the money going to the treasury.

I feel so stupid for not transferring the money before and closing the account myself.

Is there anything I can do now to access the money or is to late now?

If you were one of the shareholders you can apply for a discretionary grant, or you can potentially restore the company, reclaim the funds then close dissolve it again. 

https://www.gov.uk/claiming-money-or-property-from-dissolved-company/apply-for-discretionary-grant

Thank you. I was the director.

What is the difference between the link you provided and this one?

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

If I restored it does that allow me to access the funds or does that just reopen it and I have to apply for the money back?

Sandtree

Michela said:

MattMattMattUK said:

Michela said:

Hi,

I dissolved by LTD company a few months ago, and stupidly didn't close the bank account, HMRC refunded money owing to me into the business account. When I tried to access it, it is now frozen with the money going to the treasury.

I feel so stupid for not transferring the money before and closing the account myself.

Is there anything I can do now to access the money or is to late now?

If you were one of the shareholders you can apply for a discretionary grant, or you can potentially restore the company, reclaim the funds then close dissolve it again. 

https://www.gov.uk/claiming-money-or-property-from-dissolved-company/apply-for-discretionary-grant

Thank you. I was the director.

Director is irrelevant, the company and its assets are owned by the shareholders not the directors. When the company is dissolved and its creditors paid off what remains should be distributed to shareholders 

Michela

Sandtree said:

Michela said:

MattMattMattUK said:

Michela said:

Hi,

I dissolved by LTD company a few months ago, and stupidly didn't close the bank account, HMRC refunded money owing to me into the business account. When I tried to access it, it is now frozen with the money going to the treasury.

I feel so stupid for not transferring the money before and closing the account myself.

Is there anything I can do now to access the money or is to late now?

If you were one of the shareholders you can apply for a discretionary grant, or you can potentially restore the company, reclaim the funds then close dissolve it again. 

https://www.gov.uk/claiming-money-or-property-from-dissolved-company/apply-for-discretionary-grant

Thank you. I was the director.

Director is irrelevant, the company and its assets are owned by the shareholders not the directors. When the company is dissolved and its creditors paid off what remains should be distributed to shareholders 

Ok well I am a shareholder. There is nothing owed, it was all sorted, this was a tax refund that went in. 

MattMattMattUK

Michela said:

MattMattMattUK said:

Michela said:

Hi,

I dissolved by LTD company a few months ago, and stupidly didn't close the bank account, HMRC refunded money owing to me into the business account. When I tried to access it, it is now frozen with the money going to the treasury.

I feel so stupid for not transferring the money before and closing the account myself.

Is there anything I can do now to access the money or is to late now?

If you were one of the shareholders you can apply for a discretionary grant, or you can potentially restore the company, reclaim the funds then close dissolve it again. 

https://www.gov.uk/claiming-money-or-property-from-dissolved-company/apply-for-discretionary-grant

Thank you. I was the director.

What is the difference between the link you provided and this one?

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

If I restored it does that allow me to access the funds or does that just reopen it and I have to apply for the money back?

If you restore the company you can then apply for the funds to be repaid to the company, you can then as the board distribute those funds as per the normal rules and then subsequently dissolve the company again as per the normal rules. There will be costs and fees associated with this.

If you apply for the discretionary grant you do not need to restore the company, it stays dissolved and the funds are returned to the shareholders, minus a fixed fee and a percentage. 

If I were you and unless the money is a lot of money (tens of thousands) then I would probably go down the discretionary grant route as it is easier and not particularly expensive. Although depending on how much the amount is even that might not be worth the effort once you account for fees, if it was only a few hundred for example.