Once a UK Limited company has been officially closed down (dissolved), the assets (if any still exist) will no longer belong to anybody previously involved with the company, instead the assets would be pass to the Crown and are regarded as ‘bona vacantia’ (‘meaning ‘vacant goods’).
It is therefore extremely important to make sure that any business assets are shared among the shareholders before the company is struck off.
Any asset can become bona vacantia including:
- land and interests in land in England and Wales
- bank accounts
- other forms of cash (such as insurance policies, tax refunds or sums paid into court)
- patents and other intellectual property
- the benefit of mortgages where sums are owed to a dissolved company
- the benefit of other assets or agreements that the company entered into
Please Note: It may be possible to restore the company. If this happens, the company comes back to life, bona vacantia no longer exists and the asset belongs to the company again. However, if while the company has been dissolved the Crown has disposed of the asset, you will not be entitled to the asset back but they will pay you whatever consideration they received from the sale (less whatever costs they had in dealing with the asset).
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