Successful recovery of Bona Vacantia funds

Holmes & Hills Solicitors’ Corporate and Commercial Department is pleased to have advised on the successful restoration and recovery of company funds that were Bona Vacantia.

The transaction:

Holmes & Hills Solicitors supported the former directors and shareholders of a dissolved management consultancy company, on its restoration, and the recovery of £60,000 formerly held in the company’s bank account at dissolution.

An Essex based company which was running for a decade, was voluntarily struck-off the Registrar of Companies by the directors under the presumption that there was no company assets or cash remaining in the company. To their surprise, post-dissolution they identified the sum of £60,000 in the company’s bank account, which was consequently transferred to the Crown due to them being ownerless goods (bona vacantia).

The company’s management team received expert advice and support from Holmes & Hills’ Corporate and Commercial Department, who supported the directors on the company restoration and recovery of the company’s funds.

In order to recover the funds successfully, a Court application was prepared and submitted by Holmes & Hills to the Central London County Court, which included appropriate evidence and supporting witness statements. A court date was then set and the court granted the restoration of the Company. Following restoration, Holmes & Hills assisted with the preparation and submission of a successful application to the Government Legal Department to instruct the Crown to transfer the company’s funds back to the company.

Result for the client:

The directors were then able to resume their roles in the Company, and the shareholders were able to receive a distribution of the Company’s funds.

From the commencement of the restoration process to the completion of the recovery of the company’s funds, the Corporate and Commercial Department worked closely throughout with the directors and shareholders.

Due to the extensive knowledge and expertise of the commercial solicitors at Holmes & Hills, the clients were able to recover the money and once again remove the company from the register.