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What happens to the offshore corporate bank account when the corporation ceases to exist?

DaveFischer

New member
I used to live in the United Kingdom and operated through a Limited company. When moving back to my home country in Northern Europe, my accountant suggested we should close down the company.

My accountant didn't inform me to empty the bank account and I just assumed I could still withdraw the money after closing down the company. The treasury took all the money (£1000) that I already paid corporation and dividend tax over, because the bank account belonged to a corporation that had now ceased to exist.

I am a bit worried now with opening corporate bank accounts in e.g. Singapore. Does this just happen in the United Kingdom?
What happens to your offshore corporate bank account when your corporation ceases to exist?

TLDR: I had a bad experience losing £1000 (post tax income) on my corporate bank account when shutting down my Limited company.
 

khinkali

Active Member
@DaveFischer once the company is closed you're no longer shareholder or director, so you can't withdraw the money.

You should be able to restore the company and then you'll be shareholder and director again. As a director or shareholder at time of closing, you don't need a court order for this; just pay £100 to Companies House and £64 to the Treasury Solicitor to get them to release the money. Also submit accounts etc if you need to.

Alternatively if the money has already been taken by the Crown's Nominee then they might pay you if you ask them to (I think they would). If the company was registered in Cornwall or Lancashire then the money goes to charity if you don't claim it, else it goes to government funds.

I don't know about Singapore specifically but most jurisdictions derived from English Common Law should have a similar bona vacantia approach to the UK.
 
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