{"id":14164,"date":"2023-07-18T12:19:55","date_gmt":"2023-07-18T12:19:55","guid":{"rendered":"https:\/\/www.theukrules.co.uk\/?page_id=14164"},"modified":"2023-09-23T04:55:04","modified_gmt":"2023-09-23T04:55:04","slug":"directors-after-liquidation","status":"publish","type":"page","link":"https:\/\/www.theukrules.co.uk\/rules\/business\/closing-down\/liquidate-a-company\/directors-after-liquidation\/","title":{"rendered":"Directors after Liquidation | Accessing the Bank Account"},"content":{"rendered":"<p><strong>DIRECTOR CONDUCT AFTER WINDING UP<\/strong>: Appointing the liquidator affects director conduct. Following liquidation, company directors:<\/p>\n<ul>\n<li>Lose control of the company and anything the business owns.<\/li>\n<li>Cannot act for the company or on behalf of the business.<\/li>\n<\/ul>\n<p>During <a href=\"\/rules\/business\/closing-down\/liquidate-a-company\/\">company liquidation &#8216;winding up&#8217;<\/a> the director must:<\/p>\n<ul>\n<li>Provide all information about the company that the liquidator asks for.<\/li>\n<li>Hand over company records, paperwork, and any assets.<\/li>\n<li>Attend an interview conducted by the liquidator (where required).<\/li>\n<\/ul>\n<p><strong>Note<\/strong>: In some cases, the liquidator may decide your conduct was unfit. If so, <a href=\"\/rules\/business\/running-a-limited-company\/director-disqualification\/\">company director disqualification<\/a> can result in a ban for 2 to 15 years or a prosecution.<\/p>\n<p><\/p>\n<hr>\n<p><\/p>\n<h2>Reuse Company Name after Liquidation<\/h2>\n<p><strong>Note<\/strong>: There are strict rules about re-using company names after it has been liquidated.<\/p>\n<p>The director of a company in <a href=\"\/rules\/business\/closing-down\/liquidate-a-company\/compulsory-liquidation\/\">compulsory liquidation<\/a> or <a href=\"\/rules\/business\/closing-down\/liquidate-a-company\/\">creditors&#8217; voluntary liquidation<\/a> gets banned for 5 years from forming, managing or promoting any business with the same or similar name to the liquidated company.<\/p>\n<p>The ban also applies to the company registered name and any trading names (if relevant). Some exceptions apply such as where:<\/p>\n<ul>\n<li>A business gets sold by <a href=\"\/rules\/business\/debt-and-bankruptcy\/\">a licensed insolvency practitioner<\/a> giving the legally required notice.<\/li>\n<li>A court gives you permission to reuse the company name.<\/li>\n<li>You have involvement with another company that has been using the same name as the wound up company for at least one year. Read more on <a href=\"https:\/\/www.gov.uk\/government\/publications\/guide-to-liquidation-winding-up-for-directors\/guide-to-liquidation-winding-up-for-directors#sec-seven\" target=\"_blank\" rel=\"noreferrer noopener\">reusing the company name<\/a> after insolvent liquidation.<\/li>\n<\/ul>\n<p><\/p>\n<hr>\n<p><\/p>\n<h2>Accessing a Frozen Company Bank Account<\/h2>\n<p>If someone files a petition to <a href=\"\/rules\/business\/closing-down\/liquidate-a-company\/\">wind up your company<\/a> the bank account will get frozen. That means you would need a validation order to gain access to the account.<\/p>\n<p><\/p>\n<hr>\n<p><\/p>\n<h2>Applying for a Validation Order<\/h2>\n<p>The person who files a winding-up petition is the &#8216;respondent&#8217;. You must inform the respondent any time you apply for a validation order. You must also inform them which court you apply to and the date you will apply.<\/p>\n<p>In most cases you will be applying for a validation order at the Companies Court. Download &#8216;<a href=\"https:\/\/www.gov.uk\/government\/publications\/apply-to-the-court-about-an-insolvency-issue-form-iaa\" target=\"_blank\" rel=\"noreferrer noopener\">Form IAA insolvency act notice<\/a>&#8216;. Fill in form 1AA and send it with a witness statement to the court. There will be <a href=\"\/rules\/business\/debt-and-bankruptcy\/court-claims\/fees-and-interest\/\">court administration fees<\/a> to pay.<\/p>\n<p><\/p>\n<hr>\n<p><\/p>\n<h2>After You Apply for a Validation Order<\/h2>\n<p>As a rule, the hearing takes place on the same day or within a few days&#8217; of the application. The hearing is your opportunity to present your case. In most cases it will be to a registrar or a district judge.<\/p>\n<p>The respondent also has an opportunity to present their case. It allows them to make an objection if they do not agree to you getting a validation order. After the completion of the hearing, you will either:<\/p>\n<ul>\n<li>Receive a decision straight away (the court also sends a written copy to you by mail).<\/li>\n<li>Requested to attend another hearing (if the court wants more information or evidence).<\/li>\n<\/ul>\n<p>If you are successful the court will supply you with the validation order. You must then provide a copy of the order to your bank to gain access your company bank account.<\/p>\n<p><strong>Note<\/strong>: What if you disagree with the decision at the court hearing? In some cases you can make an appeal to the Chancery Division of the High Court.<\/p>\n<p><\/p>\n<hr>\n<p><\/p>\n<div class=\"content-inner-block\">\n<h4>ALSO IN THIS SECTION<\/h4>\n<p><a href=\"\/rules\/business\/closing-down\/liquidate-a-company\/\">How to Liquidate a Company<\/a>: The key aspects to consider when liquidating your limited company.<br \/>\n    <a href=\"\/rules\/business\/closing-down\/liquidate-a-company\/compulsory-liquidation\/\">Compulsory Liquidation<\/a>: How company directors can apply to the court for a winding up order.<br \/>\n    <a href=\"\/rules\/business\/closing-down\/liquidate-a-company\/\">Creditors&#8217; Voluntary Liquidation<\/a>: CVL involves creditors because the company cannot pay its debts.<br \/>\n    <a href=\"\/rules\/business\/closing-down\/liquidate-a-company\/members-voluntary-liquidation\/\">Members&#8217; Voluntary Liquidation<\/a>: MVL is the members&#8217; agreement to liquidate a solvent company.<br \/>\n    <a href=\"\/rules\/business\/closing-down\/liquidate-a-company\/\">What Does a Liquidator Do?<\/a> A liquidator is the official receiver who conducts the liquidation process.<\/p>\n<\/div>\n<p><\/p>\n<hr>\n<p><\/p>\n<div class=\"updated-data\">\n  <strong>What Happens to Company Directors after Liquidation in the United Kingdom<\/strong><br \/>\n  <time datetime=\"2022-01-01\">Last Updated 2022<\/time>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>DIRECTOR CONDUCT AFTER WINDING UP: Appointing the liquidator affects director conduct. Following liquidation, company directors: Lose control of the company and anything the business owns. Cannot act for the company or on behalf of the business. During company liquidation &#8216;winding up&#8217; the director must: Provide all information about the company that the liquidator asks for.&hellip; <a class=\"more-link\" href=\"https:\/\/www.theukrules.co.uk\/rules\/business\/closing-down\/liquidate-a-company\/directors-after-liquidation\/\">Continue reading <span class=\"screen-reader-text\">Directors after Liquidation | Accessing the Bank Account<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":2086,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Directors after Liquidation | Accessing the Bank Account - UK Rules<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theukrules.co.uk\/rules\/business\/closing-down\/liquidate-a-company\/directors-after-liquidation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Directors after Liquidation | Accessing the Bank Account - UK Rules\" \/>\n<meta property=\"og:description\" content=\"DIRECTOR CONDUCT AFTER WINDING UP: Appointing the liquidator affects director conduct. 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