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Closing a limited company.

  • 25-03-2009 8:25pm
    #1
    DeLaBass
    Closed Accounts Posts: 105 ✭✭


    Some few months ago I was involved in setting up a small limited company. We have not traded and due to a series of circumstances feel that it would be best to close the company.

    We still have a small loan within our company account, 3k approx. My question is if the company can be closed with this amount outstanding or how should we proceed?

    Thanks.


Comments

  • #2
    lecheile
    Registered Users, Registered Users 2 Posts: 703 ✭✭✭lecheile


    DeLeBass - I suggest you get some professional advice and there is a strict process that needs to be followed in a voluntary winding up a limited company. There are also costs involved and notice needs to be printed in a national newspaper. There should not be a problem with the bank once you inform them as they are likely to have guarantees in your individual capacity, so once you keep up repayments there will not mind!


  • #3
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,806 ✭✭✭GerardKeating


    DeLaBass wrote: »
    Some few months ago I was involved in setting up a small limited company. We have not traded and due to a series of circumstances feel that it would be best to close the company.

    We still have a small loan within our company account, 3k approx. My question is if the company can be closed with this amount outstanding or how should we proceed?

    Thanks.

    You cannot close the company with the loan outstanding, since all bank accounts (and a loan is a bank accouts) would have to be closed.

    Also to close down you need to state that there are no debts and this is not the case.


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