From 1 July 2015 the Bona Vacantia Division (BVD) will pilot a change in procedure.
This affects a mortgagee who wants to exercise a power of sale under a mortgage to sell land that previously belonged to a dissolved company and which has vested in the Crown as bona vacantia.
Under the new procedure a mortgagee only needs to contact BVD if they have surplus proceeds of sale due to the Crown.
The new procedure is set out in our guidelines Bona vacantia dissolved companies BVC6. A mortgagee no longer needs to contact us before a sale or after a sale if there are no surplus proceeds of sale due to the Crown.
The new procedure does not affect the right of the Crown to a surplus or the duties of a mortgagee when exercising a power of sale under a mortgage.
Mortgagees must refer any surplus proceeds of sale quickly after a sale. Please remember to check that the Treasury Solicitor has jurisdiction to handle your case by reading our guidelines Bona vacantia dissolved companies BVC1.
If you have any feedback on our new procedure please contact us at
Bona Vacantia - Companies
Government Legal Department (BVD)
PO Box 2119
Switchboard 020 7210 4700
Please use this email address for all enquiries relating to the non cash assets of dissolved companies (eg, land, shares, intellectual property, chattels, etc).
Published: 1 July 2015
From: Bona Vacantia