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Screwed up with CRO

  • 13-02-2018 11:55am
    #1
    Harrybelafonte
    Closed Accounts Posts: 6,450 ✭✭✭


    So I started a business with a family member. I am director and he took secretary position. I'm currently a sole trader and he has another ltd company. It sat for a year with nothing happening. Letter came from CRO re accounts and i passed it on to him and he said he'd deal with it. I've just received a letter stating that we are about to be struck off as we never filed returns. He has apologised, but as director I'm in the lurch. My own fault and I am very much aware of this. I tried to submit my returns but they won't accept them without paying a substantial fine, which I do not have the funds for. I have tried to contact them, but all contact is ignored. I'm not surprised.

    I have contacted an accountant, but have been told just to allow the strike off to occur. I have no plans to take a directorship role again. However, I would like to seperate from this family member and start the same or similiar company alone. Am I dreaming?

    I know this was stupid of me BTW, but I was 100% assured by someone with more experience that I that it was not a big deal. More fool me, obviously.


Comments

  • #2
    L.Jenkins
    Moderators, Computer Games Moderators, Technology & Internet Moderators Posts: 19,242 Mod ✭✭✭✭L.Jenkins


    If you want to start another LTD, get in contact again with the CRO. I assume you'll have to pay the fine to ensure you're not struck off.


  • #3
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    L.Jenkins wrote: »
    If you want to start another LTD, get in contact again with the CRO. I assume you'll have to pay the fine to ensure you're not struck off.

    Not accurate. OP only risks having trouble with the ODCE if the company folded without paying its debts.


  • #4
    CeilingFly
    Closed Accounts Posts: 3,378 ✭✭✭CeilingFly


    Strike off is effectively a cleaning up exercise.

    If you want the company to continue you need to pay the fine. If its not trading and has no debts/assets, there's no issue and nothing that would stop you setting up again.


  • #5
    L.Jenkins
    Moderators, Computer Games Moderators, Technology & Internet Moderators Posts: 19,242 Mod ✭✭✭✭L.Jenkins


    pedroeibar1 wrote: »
    Not accurate. OP only risks having trouble with the ODCE if the company folded without paying its debts.

    Ah thanks for the correction Pedroeibar


  • #6
    Harrybelafonte
    Closed Accounts Posts: 6,450 ✭✭✭Harrybelafonte


    Thanks for the replies guys.
    CeilingFly wrote: »
    Strike off is effectively a cleaning up exercise.

    If you want the company to continue you need to pay the fine. If its not trading and has no debts/assets, there's no issue and nothing that would stop you setting up again.

    It wasn't in 2016, but began in late 2017 before all this came to my attention. Income is still minimal (sub 3k though)


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  • #7
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Harrybelafonte wrote: »
    It wasn't in 2016, but began in late 2017 before all this came to my attention. Income is still minimal (sub 3k though)
    That comment suggests the company is still trading. If that is correct and it is struck off, you will be in a world of trouble. Even if you resign now it is too late to escape liability.

    Strike-off is considerably more than a cleaning up exercise and to describe it as such is very misleading. Read this


  • #8
    Harrybelafonte
    Closed Accounts Posts: 6,450 ✭✭✭Harrybelafonte


    pedroeibar1 wrote: »
    That comment suggests the company is still trading. If that is correct and it is struck off, you will be in a world of trouble. Even if you resign now it is too late to escape liability.

    Strike-off is considerably more than a cleaning up exercise and to describe it as such is very misleading. Read this

    Ok. Thanks for the reply. I had previously read that particular piece which is why I want to get this sorted. I’ve repeatedly emailed the CRO asking how best to navigate and they do not reply.


  • #9
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Harrybelafonte wrote: »
    Ok. ......I’ve repeatedly emailed the CRO asking how best to navigate and they do not reply.

    But why would / should they reply to you on how to avoid a fine? They sent you reminders, they told you the position, they are bound by the law, the law is clear, the only answer they can give is pay the fine (which continues to mount at 2 euro a day until the ceiling is reached).

    There are thousands of companies struck off and neither the CRO nor the ODCE appear to bother with a follow-up to collect the fines. It would be a nice earner and someday they will wake up to it. You can take a chance, ignore it but always look over your shoulder that someday they might come after you, or that when you want to borrow a bank might not like the fact that you have a struck-off company.

    Ask your accountant if you should consider resigning from the co, Details on the CRO site, Form B10.


  • #10
    Harrybelafonte
    Closed Accounts Posts: 6,450 ✭✭✭Harrybelafonte


    I didn't email to avoid a fine. I emailed to ask what options I had, were payment plans etc available.

    I understand your point, however.


  • #11
    sysprogrammer
    Registered Users, Registered Users 2 Posts: 224 ✭✭sysprogrammer


    Can you ring or drop in to the CRO , at least ask to get the 2 euro interest per day suspended while you deal with the issue.
    Their office at the top of O'Connell street is rarely busy and they will discuss your problem with you.
    hth,
    SysProg


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  • #12
    tkd93
    Registered Users, Registered Users 2 Posts: 348 ✭✭tkd93


    sysprogrammer wrote: »
    Can you ring or drop in to the CRO , at least ask to get the 2 euro interest per day suspended while you deal with the issue.
    Their office at the top of O'Connell street is rarely busy and they will discuss your problem with you.
    hth,
    SysProg
    Wrong CRO has moved to a new address:

    Companies Registration Office
    Bloom House, Gloucester Place Lower,
    Dublin 1


  • #13
    sysprogrammer
    Registered Users, Registered Users 2 Posts: 224 ✭✭sysprogrammer


    well it's still off the top of O'Connell street and they still are very helpful people.
    Having the interest payment stopped is also not only useful, but uplifting when the info is delivered in the right manner.

    go have some coffee before telling people they are wrong


  • #14
    tkd93
    Registered Users, Registered Users 2 Posts: 348 ✭✭tkd93


    Well their new office is open. You will notice that the website also clearly only mentions their new office.

    Wouldn't want to end up wearing that coffee. Seeing as your the kind of person that uses this forum I will not be back.


  • #15
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    tkd93 wrote: »
    Seeing as your the kind of person that uses this forum I will not be back.
    Thanks Sys, it seems you have done us a favour!:):D


  • #16
    sysprogrammer
    Registered Users, Registered Users 2 Posts: 224 ✭✭sysprogrammer


    oh dear, that really wasn't my intention at all. And perhaps I could do with delivering my information better too.

    What I am getting at , is that it can be rather stressful in setting up any sort of company , be it sole trader or more.

    And with everyone who starts out in this path, we know how many times you will hear the word no , or come across a lack of information. it can be so frustrating.

    This is why I made my point of how we deliver information (sorry again) and how , in this shrinking forum , there is a need to be helpful to those looking for info.

    With this comes the cautionary : some people come here looking for everything handed to them.

    As our OP hasn't been back, I can only hope they have contacted the CRO and are feeling somewhat less stressed. They (the CRO) have been very helpful anytime I have visited.


  • #17
    Harrybelafonte
    Closed Accounts Posts: 6,450 ✭✭✭Harrybelafonte


    Sorry guys, didn't mean to start something here. I'm not 100% sorted with CRO, but did get to talk to them thanks to the help of forum members here. I just want to say thanks to everyone for giving me the info and understanding that I knew I was screwed and not lecturing me.

    Anyone else reading this... know what you're getting into when forming a limited company. Don't be me, be smart.


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