Ownerless goods
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 King's and Lord Treasurer's Remembrancer (KLTR) deals with ownerless goods in Scotland.
If KLTR sells land or buildings at market value, then money goes to the Scottish Government.
KLTR may transfer ownerless land or buildings using the Ownerless Property Transfer Scheme (OPTS).
OPTS invites applications for public use from:
- community groups
- local councils
- public organisations
KLTR recovers professional costs and expenses from OPTS. This is known as ‘nominal value’.
You can find more information about ownerless property on KLTR.
Assets of missing people
The assets of missing people are usually:
- land
- a building
- cash in a bank or building society
If the owner is not easy to find the assets may fall to the KLTR.
Assets of dissolved companies
The KLTR is not responsible for any debts the company had when it dissolved.
If the asset is land or a building the KLTR 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.
Administrative restoration
To restore a company without applying to a court in Scotland you need the KLTR's written consent. The KLTR 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 KLTR website.
Send the application with a cheque for the fee to:
KLTR Office
Scottish Government Building
1F-North
Victoria Quay
Edinburgh
EH6 6QQ
Find out more information about administrative restoration (including the KLTR's fee) on the KLTR website.
You can also restore a company by applying to a court.
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