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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3495
Experience:  Solicitors 2 years plus PQE
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we were dissolved by CH for not submitting annual returns. we

Customer Question

we were dissolved by CH for not submitting annual returns.
we have around £16k frozen and held by Bibby who factored our invoices.
Our only debt is VAT.
How do we get that money released from Bibby to pay the VAT
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.

ajlaj01 :

Hi, Thank you for your question and welcome to Just Answer. If the company was carrying on business at the time of striking off and it is only because did not file the AR's you can apply for an Administrative Restoration of the company. Are you a former director? Do you intend to carry on trading the company? Kind regards AJ

ajlaj01 :

Please do not be concerned if you do not hear from me right away. I am still on line and will continue this dialogue. Kind regards AJ

JACUSTOMER-uv07xl5e- :

We do not need to restore as we have retraded under a different trading/as name.

ajlaj01 :

Hi, Thank you. I am afraid you will have to restore it if you want its assets. The assets currently sit with the treasury solicitor (including any chose in action) and you will need to restore the company before the assets are sold or disclaimed.

JACUSTOMER-uv07xl5e- :

OK - If I restore the company can I take back the money held by Bibby Factors ?

ajlaj01 :

Hi, Thank you, once the company is restored it will be able to apply to Bibby to have the funds released. Presumably Bibby have only frozen the account because the company was dissolved?

ajlaj01 :

http://www.companieshouse.gov.uk/about/miscellaneous/administrativeRestoration.shtml Here is everything you need to know about restoring a company using the administrative route.

ajlaj01 :

I look forward to hearing from you.

JACUSTOMER-uv07xl5e- :

thanks for the good and prompt advice.

ajlaj01 :

Thank you I wish you the best of luck. Any feedback is gratefully received.

JACUSTOMER-uv07xl5e- :

Whose obligation is it to appoint an administrator ?

JACUSTOMER-uv07xl5e- :

Does an administrator have to be appointed in every dissolution ?

ajlaj01 : Hi. Thank you. Is the company in administration? An administrator can be appointed by a qualifying floating charge holder or by the directors. Please kindly leave feedback and I am happy to discuss this further.
JACUSTOMER-uv07xl5e- :

The company was dissovled by CH and our only debt is VAT. Will they chase directors for the VAT.

ajlaj01 :

Hi, Thank you. The directors will only be held personally liable for the VAT if they signed a personal guarantee for it or they have committed an offence under the insolvency act. Such offences include trading the company while insolvent or mis appropriating company funds. If the VAT is less than £16k they will probably end up just reinstating the company putting into liquidation and claim the £16k from Bibby's frozen account. I am happy to carry on with this but please can you leave some feedback on my answer.

JACUSTOMER-uv07xl5e- :

excellent service from you.

ajlaj01 :

Many thanks. If the option arises for you to rate my answer that would be greatly appreciated. Can I be of any further assistance?

JACUSTOMER-uv07xl5e- :

Company was dissolved by companies house on 22/1/13 for non submission of annual return. Company money was held by Bibby Factoring at this time.

JACUSTOMER-uv07xl5e- :

On 29/01/13 they invoked a £10k charge for ending the account. Are they allowed to do this as after dissolution it becomes the property of the Crown ?

Expert:  Alex J. replied 3 years ago.
Hi

Thank you.

If it is in their terms and conditions then they can make this charge.

Please can you leave positive feedback on this answer and I am happy to discuss it further.

Kind regards

AJ

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