What happens if company is struck off/bank account still open?

[protonos]

What happens is you have an account open, but the company is not in good standing/struck off the record?

We have an IBC and we were paying fees to our formation agent (offshoresimple.com), yet they never paid the annual corporate dues, so the company was never renewed and now they have disappeared. For the last 3 years we sent payments for invoices but the local agent/gov't fees were not paid, yet our bank account remained open.

We are trying to close out our account in order to reinstate the IBC (or start over with a new formation) but our bank is not making the outgoing transfer and they are giving us problems with KYC/AML. If they ultimately request a CGS we would not be able to provide it. Anyone know what happens if the bank is open but the company is not in good standing?

 

[abdulkaddir]

If the company is not in good standing, I think it's better to close the account to save from further dues.

 

[protonos]

Thank you. Yes, we agree. We are trying to close the account but they are not sending out our money. I am just wondering what happens when they know the company is not in good standing? Shouldn't the bank be forced to close the account? Are there consequences? Thanks again.

 

[Mark Rucken]

What happens is you have an account open, but the company is not in good standing/struck off the record?

We have an IBC and we were paying fees to our formation agent (offshoresimple.com), yet they never paid the annual corporate dues, so the company was never renewed and now they have disappeared. For the last 3 years we sent payments for invoices but the local agent/gov't fees were not paid, yet our bank account remained open.

We are trying to close out our account in order to reinstate the IBC (or start over with a new formation) but our bank is not making the outgoing transfer and they are giving us problems with KYC/AML. If they ultimately request a CGS we would not be able to provide it. Anyone know what happens if the bank is open but the company is not in good standing?

Hello! Even though your IBC is in bad standing for 3 years, I am pretty sure you can "bring it back to good standing". Find another Agent, give them your registration number and say you want to pay all outstanding fees. You would also need to appoint them as your new Registered Agent. I am not sure where was your IBC formed, but things work like this in most jurisdictions and it takes many years before the company is dissolved to the point that you can not bring it back to GS.

If your bank requests GS, which is possible, this is the only option you might have. If they figure our your company is not active for years, you might be in deep ......

 

[Andrew Gooden]

Thank you. Yes, we agree. We are trying to close the account but they are not sending out our money. I am just wondering what happens when they know the company is not in good standing? Shouldn't the bank be forced to close the account? Are there consequences? Thanks again.

MARK RUCKEN: Hello! Even though your IBC is in bad standing for 3 years, I am pretty sure you can "bring it back to good standing". Find another Agent, give them your registration number and say you want to pay all outstanding fees. You would also need to appoint them as your new Registered Agent. I am not sure where was your IBC formed, but things work like this in most jurisdictions and it takes many years before the company is dissolved to the point that you can not bring it back to GS.

I agree with exact what Mark said because it is the only opinion and exactly what you should have done. If your IBC was established in Panama then look up Panama Offshore Legal Services | POLS Attorneys This is a reliable firm. Good luck!

 

[protonos]

Thank you all for the advice. Right now we are just trying to close the account and send out our last transfer but I have a feeling they will keep requesting information until we come to the "provide a CGS" request. Every time we answer the banks questions (i.e. Source of Funds, Payment Reason, etc.), they come back with the same questions but always with some additional requests, for example "state who is the beneficiary", then next is "send signed document stating beneficiary". Anyway, we will make a few more attempts to please them and see what happens. Thank you again for the advice.

 

[Mark Rucken]

Thank you all for the advice. Right now we are just trying to close the account and send out our last transfer but I have a feeling they will keep requesting information until we come to the "provide a CGS" request. Every time we answer the banks questions (i.e. Source of Funds, Payment Reason, etc.), they come back with the same questions but always with some additional requests, for example "state who is the beneficiary", then next is "send signed document stating beneficiary". Anyway, we will make a few more attempts to please them and see what happens. Thank you again for the advice.

Which bank is it?

 

[protonos]

Which bank is it?

i-Account (EMI)

 

[TurnedToRobot]

Banks and EMI's are under heavy presure these days and it will only get worse.

 

[Andrew Gooden]

Banks and EMI's are under heavy presure these days and it will only get worse.

You are indeed correct, however, it does not matter as in this world there are opposites to everything and man will always find ways and means to solve problems. Therefore, there will be a solution to financial privacy that will surface, anyhow, in the mean time Bitcoins and other cryptocurrency are paving a new way.

 

[daxbr]

Or, you could create a brand new entity under the same name in new jurisdiction.