I'm trying to wind up a dormant company that doesn't have up to date ARD returns.
The company is basically just a website that takes in PayPal payments and pays them out via PayPal. It has a bank account with €2k in it and no creditors.
If I go the voluntary strike off route, I'm going to have to pay €300 in fines and probably another €500 in audit fees.
So I'm thinking of going the Members Voluntary Liquidation route.
I've gone through the process, and while complex, I think its doable.
The only questions I have relate to the role of the Liquidator and the Independent person.
Does the Liquidator have to be a member of a professional body? I can see that requirement anywhere. Can a liquidator be just anyone?
I understand the Independent person has to be the "Company's auditor", but the company has never had an auditor, so who should this be? Does it have to be someone from the CRO's register of auditors?
No body would be silly enough to operate as a liquidator for a fee of under €500.00, The adverts are going to cost them over €300 plus VAT anyway.
As far as I remember there has to be a declaration from the auditor, stating that the company is solvent and can pay all acknowledged creditors, they are going to charge for making that declaration.
Get an audit done and get everything filed and then go for the strike off at that stage, be a bit cheaper.
I'm trying to wind up a dormant company that doesn't have up to date ARD returns.
The company is basically just a website that takes in PayPal payments and pays them out via PayPal. It has a bank account with €2k in it and no creditors.
If I go the voluntary strike off route, I'm going to have to pay €300 in fines and probably another €500 in audit fees.
I've gone through the process, and while complex, I think its doable.
Things don't work like that:roll eyes: You have to be fully up to date with the CRO before they will agree to allow you to proceed with the dissolution and they must agree! Should they refuse, then the only option is to go the the high court and that will cost you heaps of money...
There are several complex documents that must be correctly prepared and filed, failure to get this right could result in the CRO refusing your application and/or leave you subject to proceedings as well. And as I have already pointed out, should the CRO refuse your application then the only option is the high court - you can't just change your mind and walk a way once you start.
Bottom line - stop the DIY and go get proper legal advice or it will end up costing you a lot more than a few thousand Euro.
This thread started by the OP indicates that their company's tax and ODCE compliance status is problematic to put it kindly.
In these circumstances, an audit or members voluntary liquidation sounds like an absolute nightmare.
The reason my return was late was not because I missed my ARD date. I had the date in my diary and had everything ready to file it on CORE.
However, in the previous year, I had changed my accounting period dates, which meant there was a gap of > 9 months between the end of my last accounting period and my ARD, which meant I had to make up my ARD to Sep 30.
That meant is was late, and I lost the audit exemption.
However, technically, the CRO will regard you as "Up to Date" until your ARD date + 28 days, which means you can still proceed with a Voluntary Strike Off in that window.
My tax affairs for this company are up to date, so I should have no problem getting a Letter of No Objection, and beyond that, I just have to put an add in a national newspaper, advertising the strike off.
I have about 18 days to do this, so hopefully that should get me out of jail.
Is this a wind-up? You boast that you have 'been self-employed for 7 years and (you've) never paid a red cent to an accountant or a solicitor'. Yet you have walked yourself into this mess, and a parallel mess in another company, all of which would have been avoided with even basic advice.
Sorry, I don't understand you here. If your ARD was only 10 days ago, you should still be able to file an annual return online within the next 18 days without incurring late fees. You then have a further 28 days to file accounts and the signed return.
Fyi, the voluntary strikeoff will take approx 3 months to complete and the company must remain up-to-date in the CRO throughout this period, otherwise it is invalid. Also, letters of No Objection normally take a lot longer than 18 days to issue.
I have used mystrikeoff.ie for ads. with no hassle --- no connection
Perhaps you should consult the CRO statutory requirements before being so dismissive of others.
Your B1 Annual Return needs to be made *up to* the *earlier* of the following 2 dates:
The end of your accounting period + 9 months
Your actual ARD
Therefore, if the end of your last accounting period was 31/12/2010, your B1 Annual Return needs to be made up to Sep 30th *at the latest", which means that even if your ARD is in Nov, your return will be late if it is made after Sep 30.
The obvious course of action in that case is to change your accounts year-end date.
You can still prepare accounts for the period 1/1/2010 to (say) 31/3/11 and file an annual return, made up to your current ARD, accompanied by those accounts.
Thanks a millions for that. I realise you might not have been inclined to offer this advice given my attitude to members of professional bodies.
Glad to be of helpDon't worry, its totally up to you whether you use professional advice (which may or may not be from members of professional bodies).
I do think though that business people can save themselves headaches by availing of good quality advice, and if this is priced fairly, the savings might well outweigh the cost of the advice. Saying this isn't a cut at you, its just my own theory based on my own experiences. Each one to their own.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?