Synergy Information
Thursday, 21 March 2013 13:21

Closing a Limited Company

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How to close a Limited Company

If the company has ceased trading (or has never traded and is not going to do so) it should be taken off the Register of Companies.

This is vital for two reasons:

 

  1. A company, whether trading or not, has to file a return annually with the Registrar of Companies with a set of accounts. If the company is not trading, fees in the preparation of the accounts and filing fees will still have to be incurred.
  2. Directors of a company that do not file the required Returns in the Companies Office on time, leave themselves open to a potential fine by the Companies Office € 1,905 plus late filing fees which are enforced and are costly and unnessecary.

The Synergy Group can arrange to have your company taken off the Register. The cost of doing so is €350 plus expenses plus VAT (expenses will include the cost of preparation and printing a notice in a local newspaper, seeking approval for the strike off from the Revenue Commissioners and preparation and filing of all documents required in the Companies Office, etc.).

The winding up process includes the following:

Preparation of a statement to the effect that the company has ceased trading or has never traded, and that it will not re-commence or commence trading, as applicable, in the period prior to its being struck off the register

A statement to the effect that the company has no assets or currently outstanding liabilities

Filing of all outstanding annual returns and payment of relevant fees and penalties

A letter of no objection from the Revenue Commissioners

An advertisement published in one daily newspaper circulating in the locality of the registered office of the company.

If you have decided to wind up your company it is important to start the process as soon as possible - this is due to the way the Companies are actually written off by the Registrar. Essentially the Registrar opens a list twice or three times a year and closes it on a specified date. The company only ceases to have filing requirements on that list closure date, and the Company has to file any documents that became due in the period up to the closure date.

The strike off process is a lengthy one and the company will be formally asked on two separate occasions, a month apart, if it still wishes to be struck off. The Registrar will then advertise his intention to strike the name of the company off the register and finally, a further month later, the company will be struck off and dissolved.

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Robert Tallent

Bob is a Management Consultant, Mentor and Trainer. He is also an Entrepreneur from 1983 to the present day. Between 1983 and 1995 he ran four businesses with a turnover in excess of £1m. As well as having an Honours Degree in Business Studies, he is also an Industrial Engineer and managed a large department in a multinational with large budgets and responsibilities.

He studied to become a Management Consultant, Mentor and Trainer and setup The Synergy Group in 1995.

He has a huge range of business and management experience in practically every industry.

Call him privately on +353(0)87 232 6927

or email him on bob@synergy.ie

Main land line is +353(1) 821 5189

Website: www.synergy.ie
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