Restructure of UK Group

December 23rd 2021

We have continued to advise a long-standing client a global group providing security services and products on the reorganisation and restructure of its UK group of companies.

As well as dealing with the voluntary strike-off of two dormant companies, we also advised on the recovery of funds from the account of a dissolved company, which the bank had threatened to transfer to the Crown. The bank had been notified of the hive-up of the assets of the dissolved company prior to its dissolution but had not transferred the funds to the account of the transferee. We put forward a robust argument in correspondence with the bank that title to the funds had been transferred to the transferee and were able to resolve the matter by providing a legal opinion to the bank. This involved careful and detailed consideration of the hive-up documentation and the law of bona vacantia, and liaison with representatives of the bank and local and national level. The bank’s internal complaints procedures necessarily meant that this was a protracted process but the client was happy with the outcome.