COVID-19 saw a number of Company Directors deciding to close down their Company – indeed, in some ways, it prompted a “Tidy Out” for many Directors who held multiple companies, some of which they did not use on an ongoing basis and which were either dormant or “on the shelf” for future ventures.
In closing a Company, however, care must be taken! If there is any money in the Company bank account at the time of dissolution, the bank have the power to freeze the account, rendering you, even as the former Director, unable to access either the account or the funds contained therein. The resolution to this problem is fairly lengthy and involved – first, you must apply to restore the company (at a cost of £100). Once Companies House has restored the company, access to the assets must be approved, a process which requires proof of both name and address, both of which must be certified by a practising solicitor. Only then can you reach the stage of accessing the bank account to move out your money.
So – a word of warning for anyone embarking on this course of action. Further information can be found at https://www.gov.uk/government/organisations/bona-vacantia
