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dissolving a limited company.

  • 29-08-2017 7:56pm
    #1
    Slaphead07
    Registered Users, Registered Users 2 Posts: 2,323 ✭✭✭


    Hi all. I'm a director, along with my wife, of a limited company that hasn't traded for a few years and is unlikely to again. It has no assets and owes the nice people in teh city council a little over €8k. I am owed quite a bit from the company in directors loans but realistically I think I'll have to wave it bye bye.
    I've been paying my accountant to make annual returns (one just lodged) but with very little movement on the accounts, and virtually none expected in the next year, I'm inclined to simply wind up the company.
    Is this expensive to do "properly"?
    Can I simply stop making returns and let the company go into the ether?

    Any advice welcome. Thanks


Comments

  • #2
    Loughc
    Moderators, Business & Finance Moderators, Recreation & Hobbies Moderators Posts: 25,390 Mod ✭✭✭✭Loughc


    To be honest your Accountant will be the best to advise on the cost of wrapping up the company and dissolving it.

    I know a firm that used to charge between €500 & €700 flat fees to wrap up companies but I have no idea if that is competitive as they were expensive for everything else.


  • #3
    Slaphead07
    Registered Users, Registered Users 2 Posts: 2,323 ✭✭✭Slaphead07


    Loughc wrote: »
    To be honest your Accountant will be the best to advise on the cost of wrapping up the company and dissolving it.

    I know a firm that used to charge between €500 & €700 flat fees to wrap up companies but I have no idea if that is competitive as they were expensive for everything else.

    Yep, but my account will want me to do things "by the book" which is understandable but I'd prefer to simply let the company die out by not making annual returns. I've learned it's simple enough to end a company where there are no debts but, as stated in the first post, there are liabilities. This means formal liquidation which costs about €5000. :( You can see why I'd rather just let the company die out.


  • #4
    paul71
    Registered Users, Registered Users 2 Posts: 3,325 ✭✭✭paul71


    Slaphead07 wrote: »
    Yep, but my account will want me to do things "by the book" which is understandable but I'd prefer to simply let the company die out by not making annual returns. I've learned it's simple enough to end a company where there are no debts but, as stated in the first post, there are liabilities. This means formal liquidation which costs about €5000. :( You can see why I'd rather just let the company die out.

    It is an option to do this. The company will be struck off if you fail to make annual return submissions to the CRO after a certain period of time.
    HOWEVER there are probably sanctions in place against company directors who do this, I dont know what those sanctions are and you would be well advised to have a quick chat with a company secretarial professional prior to making a decision on which route to take.


  • #5
    Slaphead07
    Registered Users, Registered Users 2 Posts: 2,323 ✭✭✭Slaphead07


    paul71 wrote: »
    It is an option to do this. The company will be struck off if you fail to make annual return submissions to the CRO after a certain period of time.
    HOWEVER there are probably sanctions in place against company directors who do this, I dont know what those sanctions are and you would be well advised to have a quick chat with a company secretarial professional prior to making a decision on which route to take.

    Just for info http://www.mwkeller.ie/consequences-for-directors-of-leaving-a-company-to-be-struck-off/


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