Ownerless goods (also known as 'bona vacantia') include:
- assets (something which can be sold or taken) of dissolved companies
- assets of missing people
- lost or abandoned property
The Queen's and Lord Treasurer's Remembrancer (QLTR) deals with ownerless goods but doesn't have to do anything. The QLTR pays the value of the assets into the Scottish Consolidated Fund which is the main bank account of the Scottish Government.
Assets of missing people
The assets of missing people are usually:
- a building
- cash in a bank or building society
If the owner isn't easy to find the assets may fall to the QLTR.
Assets of dissolved companies
The QLTR isn't responsible for any debts the company had when it dissolved.
If the asset is land or a building the QLTR takes ownership subject to any Standard Security (like a mortgage).
Where there is a Standard Security the creditor can recover the amount of their loan from the sale of the property.
To restore a company without applying to a court in Scotland you need the QLTR's written consent. The QLTR will also charge a fee.
To make an application to restore the company you must first make sure that:
- the company has been dissolved
- the property is in Scotland
- you are able to make the application
Check if a company has been dissolved on the companies house website.
Companies are first struck off and then after 5 days are usually dissolved. If you make the application to restore your company before the 5 days are up you don't need the written consent.
Get the consent application form on the QLTR website.
Send the application with a cheque for the fee to:
Scottish Government Building
Find out more information about administrative restoration(including the QLTR's fee) on the QLTR website.
You can also restore a company by applying to a court.