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TaxRobin
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what would happen if a business bank account has been frozen

Customer Question

what would happen if a business bank account has been frozen due to the company being dissolved and a bacs payment has been made to that account after the date of it being dissolved.
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello and thank you for posting your question.
Your situation is frustrating I know. In the unlikely event that a payment doesn't arrive into because it has the wrong account details, the bank that received the payment will attempt to apply it to the correct account but if it is unable to do this it will return it to the account from which it originated.
The return normally takes place on the same day or the following working day. Your bank will be able to confirm whether they have returned a payment and the reason.
The sender is given a time to recall but the bank would need to again, deal with that an d see if the recall is allowed.
I sincerely hope this information is useful.
Customer: replied 3 years ago.

My question is that my business bank account has been frozen/closed and i gave my supplier these details instead of a new account at a different bank.

Will the bacs payment they have sent to the frozen/closed account be automatically returned to my supplier or will it be credited to the frozen/closed account.

Expert:  TaxRobin replied 3 years ago.
The bank will try and first credit the account but if it is closed they will not be able to. You would have to contact the bank and see if the funds were sent back already, only they would know that.
Customer: replied 3 years ago.

Is this still the case if the bank account was frozen due to the company being dissolved.


 


Basically the company was dissolved on the 17/9/13 and the supplier tried to make a payment via bacs on 27/9/13. Will that payment because the company has been dissolved be sent to HMRC or back to the supplier

Expert:  TaxRobin replied 3 years ago.
It is most likely that the bank would send the payment back to the supplier. If the account was frozen on the dissolution date then it is unlikely the bank would have placed it in the account.
You will need to contact the bank to know if the applied the payment to the account.

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