# Voluntary Strike-Off



## WindUp (9 Mar 2010)

Hi

I've searched, but I dont think this has been answered before. I'm a director and shareholder of a company which we want to have struck off. 

The only creditors are the 2 company directors who have made loans to the company. The company has no material assets and we do not expect to be repaid. - There are no amounts owed to Revenue and all CRO and Tax returns are current.

Is a voluntary strikeoff possible when the company is insolvent due to the loans above?

Any help appreciated!!

Rgds

W-U


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## jack2009 (9 Mar 2010)

In order for the company to be struck off it must have a balance sheet with no assets or liabilities otherwise your alternative is to wind the company up by way of a members voluntary liquidation.


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## WindUp (9 Mar 2010)

Can the loans be written off and the strike-off requested? - I do not want to spend a fortune on a liquidator


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## jack2009 (9 Mar 2010)

Members Voluntary Liquidation (MVL), can be straightforward and will not cost you much more than a strike off ie c. €1,000 plus another €300 or so for an independent accountants report.

Yes the loans can be written off but you also mention that you have imaterial assets.  An MVL is just cleaner and the company is officially dissolved quicker it also means you have one person controlling the whole thing from begining to end and all the directors and shareholders is sign off on the particular forms.


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## WindUp (9 Mar 2010)

jack2009 said:


> Members Voluntary Liquidation (MVL), can be straightforward and will not cost you much more than a strike off ie c. €1,000 plus another €300 or so for an independent accountants report.
> 
> Yes the loans can be written off but you also mention that you have imaterial assets. An MVL is just cleaner and the company is officially dissolved quicker it also means you have one person controlling the whole thing from begining to end and all the directors and shareholders is sign off on the particular forms.


 
Thanks, looking at the CRO website the process seems straightforward enough for voluntary strike-off- Is there any reason I cannot do this myself- I have subbmitted all the ARs and prepared the abridged accounts myself to date.

One more question - the next AR date is late 2010 - if the voluntary strikeoff is completed before then is an AR due for 2010


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## jack2009 (9 Mar 2010)

No reason you cannot do it yourself.

For the adverts I suggest you contact mystrike off.ie as they are cheaper than going direct to the news papers.

Annual return will not be due as long as the strike off is completed on time otherwise yes.


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## WindUp (9 Mar 2010)

thanks


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## Liquidator (12 Mar 2010)

Hi Wind up, you want to be very careful with doing it yourself.  It can get very messy if you are not 100% sure of what you are doing.  Especailly if the books and records show outstanding creditors...even if it is only yourselves.  Most liquidation practitioners offer free advice.  If you call and explain your situation and that you want to do it yourself, they may be able to give you a step by step process or point you in the right direction in order that you avoid any pitfalls.


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## WindUp (12 Mar 2010)

Thanks,

I had planned to do a set of accounts up to the date of the dec of solvency , writting off the directors loans so there would only be a few hundred euro in the bank. I understand these accounts would not need to be filed with the CRO if the strikeoff is applied for before the next ARD, but they will be used as the basis for the final CT return up to the date of of the application for strike-off. 

Is there anything else I should be concerned about

EDIT-- just seen mystrikeoff.ie advertising strikeoffs for 200 euro, might give them a call.......


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## jack2009 (12 Mar 2010)

A declaration of solvency applies to a members voluntary liquidation.

You will need to deregister the company for all taxes and submit all tax returns up to that date before you can apply for the letter of no objection from the Revenue.


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## MandaC (13 Mar 2010)

Liquidator said:


> Hi Wind up, you want to be very careful with doing it yourself.  It can get very messy if you are not 100% sure of what you are doing.  Especailly if the books and records show outstanding creditors...even if it is only yourselves.  Most liquidation practitioners offer free advice.  If you call and explain your situation and that you want to do it yourself, they may be able to give you a step by step process or point you in the right direction in order that you avoid any pitfalls.



Can I ask if you have a vested interest in that link?


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## mystrikeoff (19 Aug 2010)

Hi Windup

Just looking through this thread. How did you get on with this company?


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## WindUp (19 Aug 2010)

decided not to have it struck off for the moment


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## 8till8 (20 Aug 2010)

I completed a voluntary wind up last year, newspaper notice cost €160 plus vat and there were no other costs involved except my time. I followed instructions on CRO website carefully and had no problems.


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## user name (24 Mar 2012)

Where do you write the outstanding directors loan off too.


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