Assets of a dissolved company become bona vacantia assets and will automatically transfer to the Crown unless the Crown disclaimed them. Take note that only the assets are transferred to the Crown and the company is usually extinguished. Section 1012 of the Companies Act 2006 deal with this subject.
Also, after your company is dissolved, you do not need to deliver Confirmation statements or company accounts to Companies House anymore. However, you can still reclaim your dissolved company assets, you must apply to restore your company with Companies House.
Which Crown representative deals with your dissolved company’s assets is depending on your company’s registered office location and the location of the asset. Generally, Treasury Solicitor handles the dissolved company’s assets with the last registered office address in England and Wales.
Type of bona vacantia assets
- 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
- BVD does not deal with assets that are held by a dissolved company as a trustee for someone else.
How the assets will be handled
Normally, an asset will either be disclaimed or sold for full market value.