Barclays dormant business account

[silverback12345]

Hi,
I hope someone can give some advice.
My father and uncle had businesses together and they ceased trading several years ago the companies were liquidated and the assets divided between them.Due to my uncle's behavior they fell out and had not spoken for ten years. My uncle died recently and I discovered there was a business account that still had funds in it the account was meant to have been closed. The account is a Barclays one and is in both their names. It does not contain a large sum just a few thousand.
When we tried to withdraw the money we discovered the account is dormant even though it was accessed in 2008. I wrote to Barclays with the correct forms including a death certificate.

Barclays have replied but are asking for a copy of my uncles will or administration letters. I don't understand why the account is not being transfered solely into my father's name so he can withdraw the money.The account clearly shows my dad's name on it and he was the senior founding director. Barclays are treating the account as if it was solely my uncles.
My uncles will left everything to his girlfriend who was very manipulative and she ended up with his entire estate worth over £500,000. The last thing we want is she gets her grasping hands on this money.

I know when someone dies joint accounts are transferred into the sole name of the surviving joint account holder but I don't know if business accounts are handled the same way.
Any advice would be appreciated.

[ostell]

Re: Barclays dormant business account

When you say both their names do you mean both to sign?
Was this a limited company (or companies)?
If limited were they both officers of the business (directors) and how many shares did each hold?

[silverback12345]

Re: Barclays dormant business account

Hi ostell thanks for the reply.

"When you say both their names do you mean both to sign?" The original account mandate was set up so both directors had to sign.The account was held in the trading name with both of them listed on the statements. Even though dad's name is on the account Barclays local branch would not give us any information. They would not even confirm the mandate on the account.We know my uncle had removed large sums without my fathers knowledge or consent this is what started the bad feeling between them. My uncle also changed the account to his home address again without my dad's knowledge. I have a suspicion the mandate was changed although dad said he has never signed anything to change it. The company was not limited.They were 50/50 partners even though my dad founded the company and was sole director for several years. I hope this information helps.

[ostell]

Re: Barclays dormant business account

I'm no expert, only asked the questions to clarify. If it was a limited company then the account did not belong to dad or uncle, it belonged to the company. If your dad is still a director of the company then take Barclays to task about not releasing details if he is still a director. If the mandate has been changed without your dad's knowledge then get Barclays to document the change. (you could also ask why money was apparently removed without both signatures). It could be fraudulent actions by your uncle.

In any case the distribution of any money would be in proportion to the number of shares owned.

Companies House would be able to provide director and share details. Someone on here, with a Companies House account, might even offer to get them for you.

Someone will be along with more detailed knowledge. I just asked the questions because of my limited knowledge gained by working through my own limited company.

[silverback12345]

Re: Barclays dormant business account

Hi ostell.
The account was not for the limited company. I am gathering evidence as to why they allowed my uncle to withdraw money when the mandate required two signatures.
After nearly an hour on the phone Barclays have said the account has to go to probate. This means my fathers money will go to my uncles partner as she is the only one named in the will to receive his estate. I find this very puzzling how can someone else's money be included in the estate of another person?
I have contacted the FOS and they are writing a complaint to Barclays. I told Barclays I was aware when someone passes away with a domestic joint account the account passes to the surviving named account holder. Barclays maintain this does not happen with business accounts even though the company has ceased trading.
Barclays said we should seek legal advice dad should not have to pay to get access to his own money. They are bl**dy useless and I cannot even speak to dormant accounts because I was told they are an internal department and there is not a phone number for them which is ridiculous.

[ostell]

Re: Barclays dormant business account

Barclays are being ridiculous! Demand a copy of the original account set up details from Barclays (Your Dad will have to do it). As a joint signature business account it seems strange.

Hope someone with more knowledge arrives soon!!

[wales01man]

Re: Barclays dormant business account

Strange that the account was dormant for so long?
Now it crops up when one half of the business dies?
Looks like it goes into probate funds so the OPs father should if they were equal partners in a documented business get half or what ever share of the partnership he had,as for Barclays saying get legal advice whats wrong with doing that the situation may be complicated

[ostell]

Re: Barclays dormant business account

Just thinking that if all business accounts were suspended when one of the partners in the business died then it would cause chaos.

[wales01man]

Re: Barclays dormant business account

if the business was liquadated years ago why was there still a business account

[silverback12345]

Re: Barclays dormant business account

Strange that the account was dormant for so long?
Now it crops up when one half of the business dies?
Looks like it goes into probate funds so the OPs father should if they were equal partners in a documented business get half or what ever share of the partnership he had,as for Barclays saying get legal advice whats wrong with doing that the situation may be complicated

The account was made dormant in late 2010 even though it was live in 2008 so it hasn't been dormant very long. Business accounts are apparently made dormant after 6 years if no one accesses the account but the account was accessed in 2008.
In my first post it should have read "I had discovered there was a business account that still had funds in it the account was meant to have been closed" it has not come to light since my uncle died. None of the family were told of his death,where he died or when his funeral was. Believe me you would be appalled if you knew how evil he had been to my family and I mean evil.
We have been trying to get the money for nearly two years when my uncle was alive my dad and uncle signed separate letters to withdraw the money and share it equally between them and Barclays ignored them on two occasions.
Why should my father pay a solicitor for legal advice to get his own money it's stupid. If Barclays had released the funds in the first place when they were requested to by the insolvency company we would not have all the problems now.
My dad was the founding director and because he has a kind heart let my uncle into the business in a 50/50 partnership because he trusted his own flesh and blood. It was the biggest mistake he ever made.
As I said it's only a few thousands which is a small amount to my father but it is still his money even in part.

[silverback12345]

Re: Barclays dormant business account

if the business was liquadated years ago why was there still a business account

The business was finally liquidated in mid 2010. Unfortunately due to my uncles underhanded behaviour there were numerous court cases spanning several years which meant the liquidation took a long time. The money in the account was supposed to have been withdrawn and the account closed and as far as we knew it had been,funds were given to the insolvency company which were the correct amount. My uncle had a devious mind and had been moving funds around through the three different business accounts and removing money.This meant the statements did not always match up.
We then found out not all the money had been withdrawn a favourite trick of my uncle.The account was in his address and he had all the company records.I have a sneaking suspicion my uncle changed the mandates on the accounts so he could remove funds his partner could sign my dads name which came to light in one of the court cases.

[wales01man]

Re: Barclays dormant business account

I still say get some legal advice it all sounds rather complex and remember a share of the money may belong to the uncles estate there are legal implications there alone