Closing a Ltd Company

cheekymeerkat

Hello,

I have an Irish Ltd company trading since 2016, both director's are British and living in the UK and the company has always been run remotely. The nature of the business was buying and selling services.

The accounts are filed up to date, up to the year end of April 2021. The company ceased trading shortly before this but has paid out for small things like accountancy and serviced office services recently. There is no debt.

The business is no longer viable and I want to close the company using the most cost effective route. I was hoping this would cost just a few hundred Euro but I'm hearing otherwise...

My Irish accountant has suggested a Voluntary Strike Off but they say to do this I would need to give a 2,000 euro non-EU director bond because the directors are UK citizens and we are now post Brexit. I don't have 2,000 euro, I could borrow it from a bank but would I be sure to get it back?

The other option presented was to pay a liquidator 3,000 euro to liquidate the company, again funds I do not have.

In the UK, it is typical to allow a company to be struck off automatically. You just ignore all the letters and then the Official Receiver get's involved, investigates and winds the company up at the governments expense, and all non filing fee's die with the company. From what I understand, the CRO are not so lenient?

I don't mind paying out for a liquidator but not 3,000 euro, there is no debt or assets, and the company would only ever raise 1 invoice per month and 2 expenses per month. The bank would only transact about 40 transactions per year so it is very, very minimal so I don't know where 3,000 euro is coming from to liquidate the company?

Any advice would be appreciated :)

DubCount

You may not like the pricing, but I think your Irish accountant gave you the correct options.