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Bona Vacancia daelings with small companies

Comment 7th July 2010

Bona Vacancia's (BV) companies group of treasury solicitors deal with the assets of dissolved companies: essentially bank balances. I have no doubt that their role is essential when large companies are involved, but that is where that role should stop.

As an independent Engineering Consultant with my own Company I had the unfortunate experience of trying to deal with BV over a £2,000+ balance. I found that my solicitors' costs and BV's costs involved in proving who I was and complying with BVs' guidlines for a Discretionary Payment, made it just not worth the effort.

I was also advised by BV that they had no obligation to return MY money and that I get only one shot at doing it.

I suggest that the ambit of BV should be investigated in depth and dealings with small businesses: say those with assets/ cash balances of <£25,000, should be dealt with in a different and less demanding manner.

Indeed, it could be left to the bamks. 

Why does this matter?

Owners of small businesses do not need these pressures, it is difficult enough to keep a business solvent and many are not aware of this lawful highway robbery.

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