CLIENT - CASH BALANCES
Monies held in respect of an individual or group of individuals (eg trustees) who cannot be traced are bona vacantia at common law. The QLTR office will accept them if we are satisfied that sufficient efforts have been made to trace the true owners.
Monies held for a company which is dissolved are bona vacantia pursuant of section 1012 of the Companies Act 2006.
Solicitors may wish to refer to the Law Society of Scotland’s website for Guidance for cash balances in particular guidance related to Rule B6: Accounts, Accounts Certificates, Professional Practice & Guarantee Fund
The guidance includes the information which must be provided to QLTR when submitting bona vacantia funds and to forms that can be completed. These forms set out the information required QLTR.