closing limited company

tom_tom_123

hi,

I set up a limited company with a friend of mine to do some contract work on an on off basis over the last 3 years. We are planning to close it now..but as it hasn't brought us in a lot of money over the last while I am looking to find the least expensive and quickest way of getting rid of it ...does any body know the easiest way to close the company and whats invoveled ?

GerardKeating

Originally posted by tom_tom_123
hi,

I set up a limited company with a friend of mine to do some contract work on an on off basis over the last 3 years. We are planning to close it now..but as it hasn't brought us in a lot of money over the last while I am looking to find the least expensive and quickest way of getting rid of it ...does any body know the easiest way to close the company and whats invoveled ?

The Companaies Registration Office has a FAQ on the matter, it basically simple.

1) Ensure all the requred Annual returns have been made (You need an accountant to do this for you)

2) Ensure all debts are settled

3) Get a "letter of no objection" from Revenue. This letter states that you don't owe then any money. To get the letter, you might have to pay any back taxes

4) Insert a notice in a national newpaper.

5) Forward a copy of the notice and the relevant form to CRO....

6) Wait a month or so

The first 3 steps can be complicated.....

Our man in Havana

It may be easier and cheaper to keep the company alive. Your only costs would be the annual return €30 and a set of nil accounts, a very small charge.


Winding it up can cost hundereds and possibly more. Newspaper ads are not cheap.

esentziak

As mentioned, you can apply for voluntary strike-off if you have no liabilities.

Completing your annual return is easy; all you need to know are the directors, secretary, shareholders, etc. If there is any change in shareholding, you need to give the details. You can get the form from the CRO website.

also if you are not sure about anything, ask the CRO staff; they are knowledgeable.

The cheapest place to put the ad is the Examiner: they have a flat rate for legal notices.

It takes more than a month as the Registrar only proceeds with strike-offs once there are enough applications; generally, it's done two or three times a year.

Before being struck-off, you will receive two notices from the CRO in case you change your mind.

The instructions on the CRO website tell you everything you need to know.

Esentziak

neokenzo

Originally posted by Bond-James Bond
It may be easier and cheaper to keep the company alive. Your only costs would be the annual return €30 and a set of nil accounts, a very small charge.


Winding it up can cost hundereds and possibly more. Newspaper ads are not cheap.

To have a set of dormant company, all balance shee must be nil apart from the shares and the cost to keep the company alive would be an ongoing thing until you shut it down. You would still need an auditor to do a dormant company financial statements.
I agree with esentziak, go for voluntary strike-off and get it done and over with once and for all.

Our man in Havana

Originally posted by neokenzo
To have a set of dormant company, all balance shee must be nil apart from the shares and the cost to keep the company alive would be an ongoing thing until you shut it down. You would still need an auditor to do a dormant company financial statements.
I agree with esentziak, go for voluntary strike-off and get it done and over with once and for all.

If a company is under a certain size, you don't need an auditor at all. You do need to claim exemption from audit by making a statuatory statement on your accounts.

neokenzo

Originally posted by Bond-James Bond
If a company is under a certain size, you don't need an auditor at all. You do need to claim exemption from audit by making a statuatory statement on your accounts.

To avail the audit exemption, you need to get below a certain treshold. Cant remember the turnover part but you need less then Euro1.5 total assets and employees less than 50. Also you must have file your company secreterial stuff on time for the past 2 years. Otherwise you have to wait another 2 years or so before you can avail the audit exemption.

ger72

hi folks I have a limited company and owe a few pound here and there, what is the best and cheapest way to close this down

dbran

Do not drag up old threads please.

Dbran