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UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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Our company Club Olympus (Marketing) Ltd has had and operated

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Our company Club Olympus (Marketing) Ltd has had and operated a Bank Account with Barclays in the Isle of Man for approximately 30 years. Without giving any reason and without having any problems with our company whatsoever barclays issued notice that our account facility was being withdrawn. The only mandated signatory on the account was my Father who passed away on 31 May 2013. His estate is still in the process of being settled and therefore it has been impossible to obtain alternative banking arrangements without supplying directors and controllers for the account. We made strenuous appeals for a stay of execution all of which failed. We are now left with a business that has no bank account in its name and it is proving a nightmare to channel funds through other group companies to keep the business moving. Is there any legal action that can be taken for this wholly insensitive and damaging decision and can Barclays be forced to reopen the accounts as previously held.

Sorry to hear about this.

Unfortunately, this is the second or third case of Barclays closing business accounts in the IOM. I assume you were given 60 days prior notice of the account closure.

Unfortunately, you cannot force the Bank to provide banking facilities to you and legal action will be futile I am afraid. It is like forcing someone to continue supplying you a service or goods which the courts would not do unless there was an agreement that they would do so indefinitely or as otherwise agreed.

Sorry, I cannot give you better news but I can only advise you truthfully in accordance with the law.
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