Company ceased trading... need help!!!

N

noreta

Guest
Our company ceased trading end dec 2009. we had to walk away and close the door behind us as we ran out of money and could not keep going. bank would not give us an overdraft.
We are at the stage now where the CRO have written asking us to file our annual return. We are absolutely broke and are living on dole payments. Can't afford audited returns, can't afford an accountant in any capacity, can't even afford the money to do the return. Rang the CRO. Were as helpful as an ashtray on a motorbike. Said they have to be returned, legally obliged to do so. She said we must do a voluntary strike off. I read the instructions for this and the first thing you have to do is get your returns up to date. Have read the B1 form, most of it is double dutch to me. I'm absolutely depressed now. Not only is our private financial situation fecked, but now this on top of everything as well. What the hell am i supposed to do? Is there any help available out there for people like us? There must be other ex-directors in the same situation?
 
noreta said:
Our company ceased trading end dec 2009. we had to walk away and close the door behind us as we ran out of money and could not keep going. bank would not give us an overdraft.
We are at the stage now where the CRO have written asking us to file our annual return. We are absolutely broke and are living on dole payments. Can't afford audited returns, can't afford an accountant in any capacity, can't even afford the money to do the return. Rang the CRO. Were as helpful as an ashtray on a motorbike. Said they have to be returned, legally obliged to do so. She said we must do a voluntary strike off. I read the instructions for this and the first thing you have to do is get your returns up to date. Have read the B1 form, most of it is double dutch to me. I'm absolutely depressed now. Not only is our private financial situation fecked, but now this on top of everything as well. What the hell am i supposed to do? Is there any help available out there for people like us? There must be other ex-directors in the same situation?
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Are their many debtors/creditors/stock/bank loans taxes due etc in the company?

If you ceased 31/12/09 when was last accounts done up to and filed to?

Is a liquadation necessary?
 
This is, unfortunately, an increasing problem. Insolvent, unliquidated companies are growing in number. The directors can't pay to have them liquidated and no liquidator will take on the job without guarantee of payment. The CRO can only apply the law as laid down in the Companies Acts, to do otherwise would create havoc in the system. Late returns mean audited accounts required, which cost more money. Failure to file leaves the directors open to prosecution. It can be a vicious circle. There is very little one can do. MABS and FLAC can help take lender pressure off people in this situation but they can really do nothing about the CRO.
 
Are their many debtors/creditors/stock/bank loans taxes due etc in the company?

If you ceased 31/12/09 when was last accounts done up to and filed to?

Is a liquadation necessary?
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Debtors were sorted, creditors were informed but there was money outstanding. i just had to tell them i couldn't pay but in fairness we were a small operation and didn't owe much. No stock. Loan and overdraft were personally guaranteed so that side of things is taken care of. Don't think we needed to liquidate but even if we had to couldn't afford to anyway. When you say accounts do you mean with revenue?
 
Its a terrible situation to be in.

But it has to be sorted. And you will probably need an accountant if everything is up to date or an auditor if you are late filing.

What part of the country are you in? Maybe someone in your area could help you by an exchange of services or something? You never know!
 
But then there is all the fees outstanding to the CRO. Return fees and late fees at €3 a day etc etc.

If it is not sorted all that will happen is the CRO will strike off the company. They are striking off companies at an alarming rate these days.
 
There is no indication from the op that the retun is late, if its on time, the filing fee is only €20
 
Tomorrow said:
There is no indication from the op that the retun is late, if its on time, the filing fee is only €20
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As Said above can opening poster clarify

1. Next Annual return Date for Companies Office eg 30/09/10?
2. Last Accounting year end filed in Companies office eg 31/12/08
3. Were accounts late in recent years- Can you qualify for Audit Exemption? Were accounts audited in past?
4. Are you up to date with filing vat/paye/ct with Revenue?

If you can you might give best estimate of what is due in, left in bank and amount owe to creditors

amount owed to bank etc
 
Talk to a liquidator. Even in the most hopeless looking situations, a liquidator may be able to generate funds to pay himself eg trigger a VAT refund by writing off bad debts.

Most liquidators do not charge for an initial meeting and if they can't help, they will point you in the right direction.
 
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