INS49075 - Other forms of insolvency: Company dissolutions: What should I do if a company is dissolved and items are outstanding?

Voluntary payment of liabilities or restoration of the company to the Register

If company liabilities can later be established the shareholders can be asked to voluntarily pay the amount due. See INS5108 and CT3220.

If the shareholders do not agree to voluntary payment (This text has been withheld because of exemptions in the Freedom of Information Act 2000)report can be sent to EO/ESS to consider restoring the company to the Companies Register. It can then be liquidated and its assets distributed.

Bona Vacantia

If a company is dissolved but is later found to own assets which were not distributed prior to dissolution, these become the property of the Crown under Bona Vacantia in accordance with Section 654 CA 1985. See CT3221.

Details of any known assets should be reported to the Treasury Solicitor’s Office.

Loans to participators

Where there are loans to participators outstanding according to the last accounts, liabilities might arise under

• S160(2) ICTA 1988 on the individual
• S419 ICTA 1988 on the company (see INS44180), or
• S421 ICTA 1988 on the individual where the company does not recover the full amount of the loan (see INS44180).

The information should therefore be passed to the appropriate PAYE District to follow up as necessary. See CT3221.