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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I had a UK limited company as an IT consultant. I closed the

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I had a UK limited company as an IT consultant. I closed the company in 2013, but forgot that I had a life assurance contract in company. ie the company owned the contract and paid the premium. The sum assured is around 150k and it currently has an investment value of circa 4.5k. I took over payment of the premiums in 2013, but forgot to transfer the value out of the company in 2013. I have been advised that because the company has closed down that the value of the contract on death or investment value would go to the crown. I also understand that I can 'reopen' the old company with a court order and then transfer the asset out of the company before closing it down again. Questions:
How easy is this process? what are chances of success? what would costs of doing this be?
My email is***@******.***
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.What is the value please?Alex
Customer: replied 1 year ago.
Life cover contract value is 150k, the underlying investment value of the contract is circa 4.5k
Expert:  Ash replied 1 year ago.
That is correct. You need to apply to restore the company.It's an easy process to do. The court fee is £280. You would need to complete form n208http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n208-eng.pdfThe court will list the matter for hearing and in reality it will restore it.But that is what you have to do.Can I clairfy anything for you about this today please?Alex
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