Under the provisions of the Companies Acts in the Isle of Man assets can be distributed among its shareholders on dissolution (subject to any provisions in the company’s own memorandum and articles and according to members’ respective rights). If the company has not distributed the assets on dissolution or the company has been struck off these will go to the Isle of Man Attorney General Bona Vacantia.
You may be interested to know that in the Isle of Man the Attorney General has the power to release property transferred to the State in this way. However, if the assets of the Manx company are in England there is an agreement by which it is the Treasury solicitor in the UK who may grant a release of the property. Therefore if for example the freehold to a block of flats in England or Wales was owned by a Manx Company which has subsequently been struck off the Companies Register in the Isle of Man without the freehold interest being conveyed, the property may be released by the Treasury Solicitor in England rather than the Attorney General in the Isle of Man.
If you wish to enquire further on this or another matter please do not hesitate to contact us.