Voluntary Strike-Off

W

WindUp

Registered User
Messages
660
Hi

I've searched, but I dont think this has been answered before. I'm a director and shareholder of a company which we want to have struck off.

The only creditors are the 2 company directors who have made loans to the company. The company has no material assets and we do not expect to be repaid. - There are no amounts owed to Revenue and all CRO and Tax returns are current.

Is a voluntary strikeoff possible when the company is insolvent due to the loans above?

Any help appreciated!!

Rgds

W-U
 
In order for the company to be struck off it must have a balance sheet with no assets or liabilities otherwise your alternative is to wind the company up by way of a members voluntary liquidation.
 
Can the loans be written off and the strike-off requested? - I do not want to spend a fortune on a liquidator
 
Members Voluntary Liquidation (MVL), can be straightforward and will not cost you much more than a strike off ie c. €1,000 plus another €300 or so for an independent accountants report.

Yes the loans can be written off but you also mention that you have imaterial assets. An MVL is just cleaner and the company is officially dissolved quicker it also means you have one person controlling the whole thing from begining to end and all the directors and shareholders is sign off on the particular forms.
 

Thanks, looking at the CRO website the process seems straightforward enough for voluntary strike-off- Is there any reason I cannot do this myself- I have subbmitted all the ARs and prepared the abridged accounts myself to date.

One more question - the next AR date is late 2010 - if the voluntary strikeoff is completed before then is an AR due for 2010
 
No reason you cannot do it yourself.

For the adverts I suggest you contact mystrike off.ie as they are cheaper than going direct to the news papers.

Annual return will not be due as long as the strike off is completed on time otherwise yes.
 
Hi Wind up, you want to be very careful with doing it yourself. It can get very messy if you are not 100% sure of what you are doing. Especailly if the books and records show outstanding creditors...even if it is only yourselves. Most liquidation practitioners offer free advice. If you call and explain your situation and that you want to do it yourself, they may be able to give you a step by step process or point you in the right direction in order that you avoid any pitfalls.
 
Thanks,

I had planned to do a set of accounts up to the date of the dec of solvency , writting off the directors loans so there would only be a few hundred euro in the bank. I understand these accounts would not need to be filed with the CRO if the strikeoff is applied for before the next ARD, but they will be used as the basis for the final CT return up to the date of of the application for strike-off.

Is there anything else I should be concerned about

EDIT-- just seen mystrikeoff.ie advertising strikeoffs for 200 euro, might give them a call.......
 
A declaration of solvency applies to a members voluntary liquidation.

You will need to deregister the company for all taxes and submit all tax returns up to that date before you can apply for the letter of no objection from the Revenue.
 

Can I ask if you have a vested interest in that link?
 
I completed a voluntary wind up last year, newspaper notice cost €160 plus vat and there were no other costs involved except my time. I followed instructions on CRO website carefully and had no problems.
 
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