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How to shutdown a company

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  • 21-02-2018 11:25am
    #1
    Chrongen
    Registered Users Posts: 1,304 ✭✭✭


    A friend and I and 3 others have registered a company with the CRO. Actually the friend registered it and added me as director later on. The friend is living abroad while I am in Ireland. The reason for adding me as a director was to have "boots on the ground" in Ireland for company admin, bank accounts etc.
    However it has now transpired that we want to shut down the company and maybe resurrect it at a later date. Is it possible to make a company "dormant" and reactivate it later or do you have to shut it down and if you want to re-register it you must submit all the documentation again?

    The reason for the shutdown is because I / we don't want to have to file returns etc for a company that effectively is not trading. The company was set up in Ireland but because it took pulling teeth to open a bank account, it was decided to scrap it and open the company and account in the Netherlands.

    So if the only option is to shutdown the company then what is needed to do this? Thanks guys.


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    #2
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Chrongen wrote: »

    So if the only option is to shutdown the company then what is needed to do this? Thanks guys.

    Even if the company is dormant you will need to file returns annually. Easiest is to close it down by voluntary strike-off if it has never traded. Any of the businesses that create companies will do the paperwork for you , probably less than €500. Alternatively you could resign as a director and let your friend sort it out (assuming from your psots some time back that you are not a shareholder).


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    #3
    Chrongen
    Registered Users Posts: 1,304 ✭✭✭Chrongen


    pedroeibar1 wrote: »
    Even if the company is dormant you will need to file returns annually. Easiest is to close it down by voluntary strike-off if it has never traded. Any of the businesses that create companies will do the paperwork for you , probably less than €500. Alternatively you could resign as a director and let your friend sort it out (assuming from your psots some time back that you are not a shareholder).

    It has never traded. So can it just be stricken off directly with the CRO or does some third party leech company have to be involved?
    I'd like to help the guy out but I don't wish to incur any costs in dealing with this issue. Is voluntary strike-off a complicated procedure? There's no assets, no accounts, no nothing, just the company entity registered.


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    #4
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Chrongen wrote: »
    It has never traded. So can it just be stricken off directly with the CRO or does some third party leech company have to be involved?
    .............but I don't wish to incur any costs in dealing with this issue. Is voluntary strike-off a complicated procedure? There's no assets, no accounts, no nothing, just the company entity registered.

    The companies that will do the work for you are not leeches, they have a business model, they know the system, they do the donkeywork for you and charge a fair price for the work involved. You can do it yourself - see Here

    Setting up a company is creating a legal entity that brings legal protections and responsibilities. Operating it, or closing it down, also carries legal protections and requirements. You should have realised this at the outset when you were considering getting involved.


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