We have a trust matter whereby we have several lay trustees and Universal Trustees LLP as trustees of the Lifetime Settlement. The company Universal Trustees LLP was dissolved in 2020. STEP guidance is to in the first instance make contact with the police contact noted on their website and if this is unsuccessful to make an application to the court to remove the company as a Trustee.
Does anyone have previous experience of having to do this with either Universal Trustees LLP or a firm under similar circumstances?
Presumably, as Universal has been dissolved and ceased to exist, it has also ceased to be a trustee. I am not sure you would need to take any further action other than potentially registering that change with HMLR if you have a property in the trust.
That makes sense to me, I guess technically it may be possible for the LLP to be restored (see more below), and in which case it is deemed to have continued in existence as if it had not been dissolved or struck off. But until it is restored, as Andew says, it does not exist.
When an LLP (or a company) is dissolved, any property beneficially held by the LLP becomes bona vacantia. However, this is not an issue here as it does not apply to “property held by the LLP on trust for another person” - s1012 CA 2006, as modified by regulation 52 of The Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 - The Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009
Andrew mentions that you may need to make a change with HMLR. This is far from my area of knowledge, but normally when land is transferred the registered owners need to sign things. I don’t know if that is possible if the dissolved trustee is still on the register. I just don’t have a clue. But it may be a reason for wanting to restore the struck off LLP. If this were to be an issue (e.g. where the dissolved LLP was the only trustee) and it wasn’t possible or feasible for the LLP to be restored then it may be necessary to apply to the court under s44 Trustee Act 1925 - Trustee Act 1925
I don’t think bona vacantia is an issue as OP mentions that there are other trustees. Trust property is held jointly so, upon the dissolution of the LLP, the trust property simply vests in the co-trustees.
This should also be the outcome with HMLR. Dissolution of an LLP/company is akin to the death of a joint tenant: the property automatically vests in the co-trustees.