How to close my deceased wife bank account

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a6915137
a6915137 Posts: 35 Forumite
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edited 7 February 2019 at 12:41PM in Deaths, funerals & probate
My wife died in a car accident couple of months back. She does not have any assets, but she used to work as self-employed through a limited company (she is the director of this company). The company / my wife has a business bank account that linked to the company. The bank is refusing to close the bank account and give me the fund, they say that in order to do this I have to become the company director. I have no idea how to do this also I don’t know if the suggest method by the bank is right. (there is no will, and we don’t have any children).

Can you please share your point of view on how to solve this mutter

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  • Keep_pedalling
    Keep_pedalling Posts: 16,636 Forumite
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    Under intestacy rules you will inherit your wife’s shares in her company, and you now have the option either to carry on with her business or wind it up. You are certainly going to need to jump through a lot of hoops to get this done. If your wife employed an accountant then your next step should be to speak to him or her.

    Getting the bank account shut down is a lot harder than it is with a personal account or a business account for a sole trader.
  • Keep_pedalling
    Keep_pedalling Posts: 16,636 Forumite
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    I forgot to add, that the other major issue is going to be filing a tax return, so more questions for the accountant.
  • a6915137
    a6915137 Posts: 35 Forumite
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    Thanks "Keep pedalling" for your input, unfortunately my wife had the company only for couple of moth So she had no chance to have an accountant.
  • Keep_pedalling
    Keep_pedalling Posts: 16,636 Forumite
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    You could try ringing the help line at companies house for advice on how to proceed (0303 1234500) Have you actually spoken to the banks bereavement department, If not I would do so, they are much more informed than the general bank staff for this sort of situation.
  • a6915137
    a6915137 Posts: 35 Forumite
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    edited 7 February 2019 at 4:47PM
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    Thanks "Keep pedalling" I have rang the companies house, then been told to fill AP01 form which to do with appointing a new director. I have been told the they will change the director name once they receive the form.
    thanks for the help I will keep updating.

    Thanks a lot
  • TBagpuss
    TBagpuss Posts: 11,204 Forumite
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    I agree with the suggestions to contact the bereavement officer and companies house.
    How much is in the account?

    I think that the problem is that the company is a 'legal person' so the bank is correct, they can only close the account or pay out the funds with authority from the company.

    I think you will have to (in your capacity as administrator of your wife's estate) appoint a new director who can then wind up the company. You may need to have letters of administration for your wife's estate to do this. https://www.gov.uk/closing-a-limited-company

    If you do nothing, then eventually Companies house will strike off the company, but I don't think that will help you to access any money in the account.

    I'm sorry for your loss.
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
  • Savvy_Sue
    Savvy_Sue Posts: 46,028 Forumite
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    Also it may be worthwhile for the OP to consult an accountant for help with this. If you intend to keep the company going, then definitely worthwhile because filing company accounts is not as easy as filing personal tax returns!
    Signature removed for peace of mind
  • wizzywilc
    wizzywilc Posts: 73 Forumite
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    I am sorry for a late response, but hope it is still helpful. I've just been through this process with my late husband's company. The stages were:
    1) appoint me as a director of a company (we were able to do this before he died, which is slightly simpler than your situation.)
    2) become a signatory on the business bank account
    3) take all remaining funds out of the business bank account
    4) apply to Companies House to have the business "struck off". It's essential to take all the money out of the bank account , and presumably liquidate any other assets too, before you apply to have the business struck off, as otherwise the business assets go to the state.
    5) deal with his personal tax returns to HMRC.

    The most difficult part of this was getting myself as sole signatory on the bank account. I had already provided a death certificate and my ID to the bank as he had a personal account there, but the business banking section wanted another lot of ID and a huge form filling in, contrary to what the bank's bereavement department had told me. At one stage they even suggested that there was a problem as my late husband was still listed as a director at Companies House - dealing with that was hardly at the top of my "to do" list. In the end I complained and it all got sorted very quickly, and the bank gave me some (unasked for) compensation.

    I hope things are sorting themselves out for you.
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