CRO returns but no business to pay them

Hi, We are just about keeping afloat, if things continue as they are I will only be in business for 2 more weeks and I employ 19 people and am struggling hard to pay peoples wages. My problem is that I have received a strike off warning as my 2007 and 2008 accounts are due, I rang CRO who were very nice, but cant do anything for me.

The situtation I'm in is that I can just about afford the penalty fees, but I cant afford the accountant fees. I want to be compliant, but just havent got the money to be at the moment.

There must be a lot of people in the same situtation as me, we dont want to be filing late as that causes us more problems than we already have, but have no choice as the business is just not there to allow us to do so.

Has any else been in the same boat as me and what did they do? If I have to pay an accountant a large sum of money in the coming weeks I will have to close my doors and 19 people will be unemployed as a result but the CRO say there is nothing they can do for me.

Any advice greatly appreciated. Thank You.

What are the accounting years of accounts outstanding? eg is it 01/01/07 to 31/12/07.

What is annual return date ?

Could you get 07 accounts done to satisfy the companies office and get 08 done later.

Did you change accountant/Auditor from earlier post?

Hi our last annual return was made up to 31/07/07, I probably could get 07 done first but because we are late they will have to be audited which is additonal cost (our own fault I appreciate). That said, we have no vat or anything as we are eductional status, so its pretty straight forward, we didnt change accountant yet, we just havent gone back to him as we know from the past how expensive he is. Thanks for the advice on doing 07 first.

See if he has a payment option. Our accountant has standing order etc per month run by a finance company but make sure your not paying too much for the finance.

Once you receive a strike off warning, look on cro site and do company search on your company with company number, see is your company normal or strike off listed.

If strike off listed get date of strike off list date- normally one month plus maybe even two before they finally strike off.

If struck off- Have max 1 year to restore before need court permission to restore.

Be carefully- If struck off I think you become personally liable for all company debts while all company assets vest in Minister of finance(stand to be corrected)

If your records are clean I would suggest New Auditor/Accountant as reasonable fee to bring you up to date. Maybe a letter/Phone call from new auditor to Company office may put a short hold on strike off.

You should immediately deal with this next week as you would want to give Auditor/Accountant at least one month to bring up to date.

Also note as 08 ard date is late so is 09 now and you will have to get 07 and 08 accounts audited before you can go Audit Exempt.

Maybe do a deal on Auditor fee over 3 or 4 post dated cheques if you feel company can continue in existence.

Maybe take a look to see going concern of company over next 12 months or get meeting as soon as possible with your existing accountant for advise as he should know your background and amount of work involved to avoid strike off

I note not registered for vat.

Assume them just registered for paye/prsi and Corporation tax.

Are all P30's and P35 filed up to date.

Are you carrying much of a tax laiblity apart from Corporation tax.

Are you director tax returns also outstanding?

Thank you so much papervalue, I'm still listed as 'normal status' in the CRO, so thats good ...for now! We have no outstanding debts as such, we do owe Revenue 3,500 but are paying that in instalments so they are happy with that, but thats all we owe, I do feel the company can continue as long as I pair back peoples hours - as wages are our biggest cost, we had a staff meeting today and have cut back more hours, the staff have been brillant - they just want their jobs. I will ring around and see what deals I can get from accountants, thanks again for the reply and to fmc too, all help is greatly appreciated