Assets of a company?

n0_bunny

I have a teaser here from a company law question I am attempting to flesh out.

When a company has been struck out the register for failure to file annual returns, and its assets become invested in the state, how can one go about retrieving said assets...

Aside from attempting to re-establish the company via CRO and high court procedures, can assets such as a house or a car be privately used? They have not physically been seized or anything of the sort... May assets simply be transferred to a new company that is being established?

What are the potential repercussions of private use of such assets?

Our man in Havana

May assets simply be transferred to a new company that is being established?

Absolutely not, the assets are property of the state. That would be theft and fraud.

n0_bunny

Bond-007 wrote: »

Absolutely not, the assets are property of the state. That would be theft and fraud.

I know this is prima facie true... But if they are not in the state's hands and the state has made no move to acquire them (as mentioned in the original case) might not the potential claim of the state to the property be questioned.

Perhaps the company would have to be restored to the register before the assets were freed up again, or it may depend on the prior state of the assets in question, i.e. if they were privately owned before being registered as a company's assets. This is what I am considering, if anyone knows of any relevant cases or if i am overlooking something please contribute.

ronnie3585

n0_bunny wrote: »

I know this is prima facie true... But if they are not in the state's hands and the state has made no move to acquire them (as mentioned in the original case) might not the potential claim of the state to the property be questioned.

It would not be possible to transfer the assets to another undertaking as it would be deemed invalid as a post commencement disposition. S286 CA provides that any transfer or mortgaging of a Company asset is invalid if it is made within six months of the Company winding up. This time limit is stretched to two years if the disposition is between connected parties.

Pat Mustard

Would you not just have it restored using cro procedures and expedite it to speed it up? Bringing a/c's up to date is a headache but the cro fee is €300, which isn't too bad.

Our man in Havana

The fees could be huge. €300 is just the start of it. Factor in all the late fees and penalties and you are looking at a huge figure.

ronnie3585

As well as the fees, there is a HUGE amount of paperwork involved in restoring a Company to the Register.