Ii account closure with suspended shares

ErictheWhite

I had a punt on McColls retail just before they went pop via an Interactive Investor (Ii) account. I thought it was dead but started to receive emails asking for cash. The account is still generating fees and through non LSE trading hours appears to be in debit. There’s a residual value still here in out of hours. How do I ‘sell’ clear the fees and close the account?

wmb194

ErictheWhite said:

I had a punt on McColls retail just before they went pop via an Interactive Investor (Ii) account. I thought it was dead but started to receive emails asking for cash. The account is still generating fees and through non LSE trading hours appears to be in debit. There’s a residual value still here in out of hours. How do I ‘sell’ clear the fees and close the account?

Transferring suspended shares is difficult. There were some posters in the SVS* thread saying that had the same problem but I don't remember there being a solution before the company was dissolved and HMRC declared them to be of negligible value and of which it hasn't yet, see link below. IIRC someone had the idea to try to donate them to charity but I don't know how that went.

If you look at the administrator's report on Companies House it looks like it might not be resolved before Q4 2024.

https://www.gov.uk/guidance/negligible-value-agreements#companies-m-to-o

https://find-and-update.company-information.service.gov.uk/company/08783477/filing-history

https://forums.moneysavingexpert.com/discussion/6032496/svs-securities-shut-down/p1 Probably easier to search this one with Google.

*A broker that went bust.

Voyager2002

ErictheWhite said:

I had a punt on McColls retail just before they went pop via an Interactive Investor (Ii) account. I thought it was dead but started to receive emails asking for cash. The account is still generating fees and through non LSE trading hours appears to be in debit. There’s a residual value still here in out of hours. How do I ‘sell’ clear the fees and close the account?

Do you not hold any other shares? In which case you would want the account for your other investing.

In any case ask them about the dealing for which you are being charged: their customer service is pretty good and their staff are always helpful.