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Repercussions for Leaving an LDT Dormant?

  • 07-02-2023 6:38pm
    #1
    OnlyTheRed
    Registered Users, Registered Users 2 Posts: 7 ✭


    I have an LTD and it's never traded. I'm in the process of striking it off but it's going to cost me around 170 euros to pay for the ad and whatnot.

    Are there any repercussions to just leaving it alone?

    I myself am in Australia and I am the only Director.

    My mother is the Secretary and she is married to a sole trader.

    Based on this info, will there be any repercussions for anyone involved, or if I return to Ireland and want to start another Business?

    Thanks



Comments

  • #2
    mondeoman72
    Registered Users, Registered Users 2 Posts: 936 ✭✭✭mondeoman72


    My company did not file returns for a couple of years and was struck off. That was it. No more said.



  • #3
    NoQuarter
    Registered Users, Registered Users 2 Posts: 4,632 ✭✭✭NoQuarter


    https://www.boards.ie/discussion/2058283321/repercussions-for-leaving-an-ldt-dormant

    If you are supposed to be filing annual returns and you miss them then a late fee applies to each one (€1,200). If there are a couple they can theoretically prosecute you and disqualify you as a director. If you miss an annual return you also lose the audit exemption for the financial statements (will cost a few hundred at least to have a nil-report audited financial statement prepared).

    I don't know of any exemption for companies that never traded but you should email the CRO to check as they are quite responsive.

    Instead of seeking voluntary strike off you can just file an annual return in time each year and attach a financial statement that claims the dormant company exemption - although if you have already missed an annual return date you might not be able to do this.

    Short answer is that there are reprecussions under the companies act and it is more serious than you would think (on paper anyways).



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