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Home » News & Insights » What happens to payments received after a company is dissolved?

What happens to payments received after a company is dissolved?

Posted on 21st October 2021

Any assets or rights (but not liabilities) remaining in a company at the date of dissolution will pass to the Crown as ownerless property. This happens under what is known as ‘bona vacantia’ which literally means vacant goods. The bodies that deal with bona vacantia claims vary across the United Kingdom, but they all ultimately represent the Crown.

The final step in bringing a company to a legal end is when the company is dissolved. Payments received after a company has dissolved are not bona vacantia as they are not an asset of the company immediately prior to dissolution. HMRC’s pursuit of a company debt should also cease as soon as the company is dissolved.

In fact, HMRC’s internal manuals state that:

Any payments voluntarily made by an ex-official after the company is dissolved (i.e., no action was taken to recover the debt after the company was dissolved) should be used in satisfaction of any company debt arising for a period before the date of dissolution. If no such debt exists, or there is an excess of funds, then steps should be taken to send the overpayment back to the sender. Any sums that cannot be returned should be allocated to Permanent Overpayments.

There are formal steps to take ahead of a company closure, to discuss this and how we may help, call MJB Avanti | 08000 388799

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Filed Under: News Tagged With: Bona Vacantia, Companies House, Company Closure, DS01, Limited Company

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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