Late for NARD. Consequences?

L

lucy

Registered User
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Hi
Here is my current situation ... I started a Ltd company a few years ago as an IT consultant. I haven't worked for over two years so my company has no money coming into it or going out of it for the past two years. I have no assets in the company. My company owes nothing.
My NARD was at the start of April. I missed it and now owe over 300 euro in penalties. I really don't have the money to pay this. I still don't have my accounts done so would have to come up with the money to pay accountant also. Normally I am a very organised person and ensure that things are done on time and done right. However due to other issues going on, I have messed up on this issue and I don't know what to do now. I rang the CRO today and was told off the record that if I don't file that I will be struck off. Obviously in hindsight I should have voluntarily struck off earlier, I kept hoping that I would get some work and be back in business. I don't know what to do! Should I try and get the money to sort this out ( won't be easy !) and if I don't what are the real consequences of being struck off by CRO ? Am so worried in case I end up with a fine of up to 1200. Or end up in court ? Would really appreciate any help. Please no posts chastising me for ignoring this issue for so long ... I feel stupid enough already.
 
If you allow the company to be struck off involuntarily then you run the risk of being disbarred from acting as a company director in the future and also potentially being brought to court for non-submission of returns.

That's the theory anyway.

In reality (AT THE MOMENT) I have NEVER seen a person barred from acting as a director for allowing a company to be struck off and I have NEVER heard of a director being brought to court for non-submission of returns.

That's not to say that it won't happen in one year, two years, ten years or more but it's not happening now anyway.

If you decide to just let the company die off without getting it struck off properly then they are the potential consequences so just to make you aware of that.

If you decide to do the right thing then there is no way of avoiding any of the penalties or late charges. You need to get this sorted ASAP or it will become very punitive. If you file an annual return tomorrow online then this will stop the clock in terms of penalties for 28 days.

The first problem is that you will have to have your accounts audited for both this year and next year. You need a registered auditor (not just an accountant) and they need to file the accounts up to date and then you can get the company voluntarily struck off.

If you find a nice auditor you may be able to get it all done for €1,000 (incl CRO fees) but I would be amazed if you could get it done for less than that TBH.
 
Thank you so much for your swift response. I would like to do the right thing and close the business properly if possible. You mentioned in your post that if I file an annual return tomorrow on line that I can stop the increase of penalties for 28 days. Is this something I can do myself or do I need to source an auditor to do this? It would give me a few weeks to come up with the money. Thank you again.
 
You can do it yourself once you register with CORE

You need the notice of the NARD which you received from the Companies Office

Then go to www.core.ie and register. Then you can fill in the B1 online. Do it tonight and it'll stop the clock from today.
 
DB74 said:
You can do it yourself once you register with CORE

You need the notice of the NARD which you received from the Companies Office

Then go to [broken link removed] and register. Then you can fill in the B1 online. Do it tonight and it'll stop the clock from today.
Click to expand...


As this company is late filing and now subject to an audit, the auditor will have to be disclosed on the B1, so it cannot be filed until an auditor is appointed.
 
J.Ryan said:
As this company is late filing and now subject to an audit, the auditor will have to be disclosed on the B1, so it cannot be filed until an auditor is appointed.
Click to expand...

Oh yeah, forgot about that bit. Damn new legislation!
 
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