Resurrecting our Owner Management Co.

[charliehorse]

Hi Folks
I am wondering if anyone with an accounting background help us.
We have a four unit Multi Unit Development. The OMC was struck off in July 2005.
We are trying to resurrect the OMC. The time limit is 20 years so we have until July 2025 to get this done.
After a long search, I found a legal company that will help.
I also need to get an auditor to sort the CT1's for the years that it was dormant.
My own accountant knows nothing about this.
This is a quote from someone who knows what we need (they cannot help with the CT1's)
Thanks for looking Charlie.

Generally if nothing has happened in the company during the time it was dissolved then the last accounts can be rolled forward but they will need to be audited. Unfortunately there is no way of going to the High Court without filing these. Perhaps your accountant knows an auditor who is used to doing this with dormant accounts? This often needs to be done when companies are late filing and loose their audit exemption, regardless of their activity level?

 

[T McGibney]

I find the bolded part of your post very hard to read.

You will struggle to find an auditor willing to audit a stack of back years unless you have a fat chequebook to pay for it all.

You don't need an auditor to file CT1s, which are probably not required in any event.

(Edit - Are you mixing up CT1s (Corporation Tax returns) with B1s (Companies Office annual returns)? You don't need an auditor for these either.)

 

[charliehorse]

Thanks for your reply T.
Maybe it is B1's we need.
There was no expenditure or income during the missing years.
If this is the case, why is it so hard to get someone to do them and why is it so expensive?
Here is the statement again. Hopefully it's easier to read,

"Generally if nothing has happened in the company during the time it was dissolved then the last accounts can be rolled forward but they will need to be audited. Unfortunately there is no way of going to the High Court without filing these. Perhaps your accountant knows an auditor who is used to doing this with dormant accounts? This often needs to be done when companies are late filing and loose their audit exemption, regardless of their activity level?"
Charlie

 

[T McGibney]

"why is it so hard to get someone to do them and why is it so expensive?"

Because it's difficult, risky, highly regulated, and often unprofitable work, many statutory auditors won't do audits unless for their own client base and would be unlikely to consider any assignment going back many years.

You'll probably end up with a firm that specialises in audits, and that's a sellers market.

 

[charliehorse]

Thanks T for your input.
So it looks like the standard resurrection route is not possible.
Can anyone shed any light on the Trustee Act 1893 route?
See here,

If the foregoing information is not available or the cost of preparing and filing the accounts is financially prohibitive an alternative route can be pursued under the provisions of the Trustee Act 1893. This entails an application to your local Circuit Court based on a detailed affidavit of the history of the development and the Management Company and the reason for its dissolution. In addition notification has also to be made to the Office of the Chief State Solicitor and the Office of Public Works. A new Management Company will also have to be incorporated and the common areas will , if approved by the Court , vest in this new Company.