Usually, bona vacantia assets are passed on to The Crown and The Treasury Solicitor is now called Government Legal Department (GLD), will handle the assets. Bona Vacantia assets are normally assets belong to dissolved company registered in England and Wales.
Waiver Letter from Treasury Solicitor
If you would like to claim back your dissolved company’s assets you must restore your company and obtain a waiver letter from the Treasury Solicitor. when you restore your company, you must submit your confirmation statement and company accounts together with your administration restoration application to Companies House.
If you are not familiar with the UK company law on restoring your company, our accountant would be more than happy to assist you.
Bona vacantia assets
The Treasury Solicitor WOULD NOT and CANNOT do the following for your dissolved company.
- Pay the liabilities of your dissolved company. Usually, the liabilities of your dissolved company is extinguished.
- Manage or insure your property or assets.
- Take formal possession of your assets before selling them.
- Sell assets for less than market value.
- Sell where it is not cost-effective to do so.
- Give any form of title guarantee when selling – the risk of buying a bona vacantia asset is with the purchaser.
- Give you legal advice.
- Help resolve problems where there is no value for the Crown or where it would not be cost-effective to do so.
