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Bona Vacantia....

Bona Vacantia....

Postby Albert » Thu Nov 17, 2016 3:00 pm

1. 20 years ago company X Ltd was dissolved.

2. The company was not liquidated.

3. It transpires that company X Ltd holds a charge over property owned by Mr Y.

4. Mr Y has died.

5. Mr Y's widow is unable to sell the property until the Land Registry release the charge which will require Mrs Y to pay the Government Treasurer the amount in question because Bona Vacantia would now apply.

6. Is there any possible remedy other than pay the Government Treasurer?
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Re: Bona Vacantia....

Postby atticus » Thu Nov 17, 2016 3:18 pm

You mean Treasury Solicitor.

The only other way may be to restore this company to the register. This will require an application to the Companies Court, and after so many years it is far from certain that the Court will make the order.

How much money is owed under the charge? Court proceedings will not be cost effective unless it is several thousand or more.
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Re: Bona Vacantia....

Postby atticus » Thu Nov 17, 2016 3:20 pm

If you/Mrs Y have no interest in X Ltd, just sort it out with the Treasury Solicitor.
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Re: Bona Vacantia....

Postby Albert » Thu Nov 17, 2016 3:25 pm

(Thank you for your reply atticus)

Yes, I meant Treasury Solicitor.

It seems too long ago to restore the company to the register, unless that can be done after 12 years (?)

There are directors who can be traced who may throw some light on the matter but would even that make any difference?

The amount in question is 5 figures so court proceedings would likely be worthwhile if there is anything that can be done without restoring the company to the register.
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Re: Bona Vacantia....

Postby Albert » Thu Nov 17, 2016 3:26 pm

Re previous reply.

Treasury Solicitor says pay me (The Treasury) the money.
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Re: Bona Vacantia....

Postby atticus » Thu Nov 17, 2016 3:32 pm

Pay the TSol. It appears to make no difference to Mrs Y who she pays - none of the money would come back to her. That is likely to be the cheapest and quickest route.
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Re: Bona Vacantia....

Postby dls » Thu Nov 17, 2016 4:26 pm

Agreed, The TS may request the company formally to be restored. The absence of past directors should not be a fundamental difficulty.

Limitation should not be a real issue here.
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Re: Bona Vacantia....

Postby atticus » Thu Nov 17, 2016 4:30 pm

Actually, I think the TSol will just take the money and pay it over to the Treasury.
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Re: Bona Vacantia....

Postby atticus » Thu Nov 17, 2016 9:17 pm

At the request of the OP I have deleted a few posts.

'Bona Vacantia' means unclaimed or unowned assets. By law they vest in the Crown. It often happens that a company is dissolved, but with money in a bank account. The Crown gets that money. In this case the dissolved company has an asset in the form of a mortgage to secure payment of a debt.
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Bona vacantia again

Postby theycantdothat » Fri Nov 18, 2016 11:17 am

While I was typing a post in the other thread it was locked. Whilst it is not my practice to re-open issues raised in locked threads some important information was missing from the other thread.

The Limitation Act 1980 would seem to apply. See section 20: http://www.legislation.gov.uk/ukpga/1980/58/section/20

For full discussion, see here: http://www.landmarkchambers.co.uk/userf ... _-_TPW.pdf
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