How to cash a cheque for Company who have ceased trading?

[blue12]

I wound up my company over 7 years ago and settled outstanding debts etc. As the company had ceased trading, I closed all accounts and completed all the necessary arrangements with the Companies Office. I recently received a Bank Draft refund for statement fees over charged during the period when I was trading. As the account was in the Company name, the refund is also made out to the Company. My wife and I were the sole Directors in the Company. Am I able to cash this cheque? I rang the bank and they have said it needs to be lodged to an account in the Company name. Its not for a huge ammount but would still get me a nice weekend break.

 

[bazermc]

Could you endorse the cheque (if you were one of the signatures on the company bank account) and then lodge into your own account?

 

[blue12]

I'll give that a go Bazermac as I am or was the signatory on the account.

 

[RonanC]

How did you wind the company up? I take it was a Limited Company?

If this is the case, as far as I know, you are not entitled to any money payable to the dissolved company.

You need to seek legal advice before landing yourself in trouble.

 

[mcaul]

How did you wind the company up? I take it was a Limited Company?

If this is the case, as far as I know, you are not entitled to any money payable to the dissolved company.

You need to seek legal advice before landing yourself in trouble.

He does state quite clearly that all debts were paid off and its was closed properly. The money effectively belongs to the company's shareholders at thie time of closing (as there were no outstanding debts) which I presume are himself and his wife, so in effect he is doing nothing wrong.

I'd go the the bank that the business accounts were originally with and see if the manager there will change the name on the draft

 

[RonanC]

He does state quite clearly that all debts were paid off and its was closed properly. The money effectively belongs to the company's shareholders at thie time of closing (as there were no outstanding debts) which I presume are himself and his wife, so in effect he is doing nothing wrong.

I'd go the the bank that the business accounts were originally with and see if the manager there will change the name on the draft

The Company is dissolved, it no longer exists as a legal entity and the shareholders have no claim to any assets. Section 310 of the 1963 Act gave the courts the power to void the dissolution of a company within 2 years of the date of dissolution.

[broken link removed]

I also had a read of Section 307 of the 1963 Act which refers to unclaimed dividends and balances of a company being wound up which is about to be dissolved.

307.—(1) Where a company has been wound up voluntarily and is about to be dissolved, the liquidator shall lodge to an account to be known as The Companies Liquidation Account in the Bank of Ireland in such manner as may be prescribed by rules of court the whole unclaimed dividends admissible to proof and unapplied or undistributable balances.

(2) The Companies Liquidation Account shall be under the control of the court.

(3) Any application by a person claiming to be entitled to any dividend or payment out of a lodgment made in pursuance of subsection (1), and any payment out of such lodgment in satisfaction of such claim, shall be made in manner prescribed by rules of court.

(4) At the expiration of 7 years from the date of any lodgment made in pursuance of subsection (1), the amount of the lodgment remaining unclaimed shall be paid into the Exchequer, but where the court is satisfied that any person claiming is entitled to any dividend or payment out of the moneys paid into the Exchequer, it may order payment of the same and the Minister for Finance shall issue such sum as may be necessary to provide for that payment.

 

[44brendan]

Net effect is that it is virtually impossible for you to access these funds personally.

 

[blue12]

Not to worry, as I said it wasn't going to make me rich. Glad they didn't find they'd over charged me a lot or I'd really feel sorry for myself. Ta for all replies.