An asset that is claimed by nobody, or not shown to be owned by an apparent owner. An example is a bank account that ends up ownerless due to dissolution of the holder business, whether after for failure to comply with its legal obligations or after a formal liquidation by its owners or creditors. In which case, and depending on jurisdiction, such an asset will belong to the state (or in specific cases, to the crown). An asset declared bona vacantia is usually either disclaimed or disposed of for full market value. It is the responsibility of a company’s directors and shareholders to find proper ways, before it dissolved, to avoid a situation where its property and assets are declared bona vacantia, for example by ensuring assets or property are transferred/ disposed of before dissolution.
Examples of bona vacantia assets include: land and interests in land, bank accounts, specific forms of cash (tax refunds, insurance policies, etc.), trademarks, copyrights, patents and intellectual property, and so on.
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