What happens to a Company's Assets once it closes?

Once a UK Limited company has been officially closed down (dissolved), the assets (if any still exist) will no longer belong to anybody previously involved with the company, instead the assets would be pass to the Crown and are regarded as ‘bona vacantia’ (‘meaning ‘vacant goods’).

It is therefore extremely important to make sure that any business assets are shared among the shareholders before the company is struck off.

Business Assets

Any asset can become bona vacantia including:

• land and interests in land in England and Wales
• bank accounts
• other forms of cash (such as insurance policies, tax refunds or sums paid into court)
• copyrights
• trademarks
• patents and other intellectual property
• the benefit of mortgages where sums are owed to a dissolved company
• the benefit of other assets or agreements that the company entered into