When a company is dissolved, its assets don’t simply disappear – they are transferred to the Crown, under a legal concept known as “bona vacantia” (ownerless goods). This means that any remaining funds in the company’s bank accounts, properties, or other assets automatically pass to the Treasury Solicitor.
However, in some cases, former company directors, shareholders, or creditors may still be able to recover these funds or assets from the Treasury. At Hutchinson Thomas Solicitors, we provide expert guidance on how to navigate the legal process of restoring a company to enable you to reclaim money from the Treasury Solicitor.
Here’s an overview of how you can recover dissolved companies’ assets from the Treasury in Wales.
How companies become dissolved
A company can be dissolved (struck off the Companies House register) for several reasons:
- Voluntary dissolution: When directors no longer wish to continue trading.
- Involuntary dissolution: If a company fails to meet certain legal obligations, such as filing annual accounts.
Once a company is dissolved, its bank accounts are closed, and any remaining assets automatically transfer to the Treasury.
Recovering assets from the Treasury
To recover money or assets from a dissolved company, you generally have two main options:
- Restoring the company: If a company has been dissolved but you believe there is a need to reclaim its assets, one way to access those funds is to apply to restore the company to the Companies House register. This process essentially reverses the dissolution, allowing the company to continue as a legal entity. Once restored, the company can recover its assets from the Treasury.
- Applying for a discretionary grant: In cases where restoring the company isn’t practical or desired, certain individuals—such as shareholders or directors—may apply to the Bona Vacantia Division (BVD) for a discretionary grant. This allows you to recover funds without going through the process of restoration. However, these grants are not guaranteed and are subject to the discretion of the BVD.
Steps for recovering money from a dissolved company
- Establishing grounds for restoration or claiming funds: The first step in recovering dissolved company assets is determining the best approach –restoring the company or applying for a grant. Hutchinson Thomas can help you assess the situation and decide the most effective course of action.
- Company restoration process: If restoring the company is the chosen route, we will help you prepare the necessary documentation and submit an application to the court for restoration. Once restored, the company regains ownership of its assets, and we can assist in reclaiming them from the Treasury.
- Applying for a discretionary grant: If you choose to pursue a discretionary grant instead, our team will guide you through the application process. We will prepare the necessary forms, submit evidence of entitlement, and liaise with the BVD on your behalf to increase the likelihood of a successful claim.
How we can help
The process of recovering money or assets from dissolved companies can be complex, and getting it right is essential to avoid unnecessary delays or legal issues. At Hutchinson Thomas Solicitors, we have extensive experience in handling company restorations and Bona Vacantia claims. Whether you’re looking to recover funds through restoration or a grant, our expert team will guide you through every step of the process.
If your dissolved company has left behind valuable assets, contact Hutchinson Thomas Solicitors today on 01792 439 000 or fill in our form here. We’re here to help you recover what’s rightfully yours.