Cro Ireland Voluntary Strike Off: A Comprehensive Guide
Are you considering a voluntary strike off for your Irish company? This process can be a straightforward way to dissolve your company without the need for liquidation. In this detailed guide, we will explore the ins and outs of the voluntary strike off process in Ireland, ensuring you have all the information you need to make an informed decision.
Understanding Voluntary Strike Off
Voluntary strike off is a formal process by which a company can be dissolved without going through liquidation. This is typically done when a company is no longer trading or has completed its business activities. It is important to note that once a company is struck off, it ceases to exist as a legal entity.
Eligibility for Voluntary Strike Off
Not all companies are eligible for voluntary strike off. To qualify, your company must meet the following criteria:
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No outstanding liabilities or debts
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No ongoing legal proceedings or disputes
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No employees or directors
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No assets or liabilities that require winding up
It is crucial to ensure that your company meets these requirements before proceeding with the strike off process.
Steps to Voluntary Strike Off
The voluntary strike off process in Ireland involves several steps:
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Company Resolution: The directors must pass a resolution to strike off the company. This resolution must be filed with the Companies Registration Office (CRO) within 15 days of the resolution being passed.
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Notice to Creditors: The company must publish a notice in two newspapers, one in the English language and one in the Irish language, informing creditors of the intention to strike off the company. This notice must be published at least 2 months before the strike off date.
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Form B1: The directors must complete and submit Form B1 to the CRO, along with the resolution and notice of strike off. This form must be filed within 15 days of the resolution being passed.
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Final Declaration: The directors must make a final declaration that the company has no assets or liabilities and that all its affairs are fully wound up. This declaration must be filed with the CRO within 6 months of the strike off date.
Costs and Timeframe
The voluntary strike off process in Ireland can be completed relatively quickly, typically within 6 months. The costs involved may vary depending on the complexity of the company’s affairs, but the following table provides a general overview of the expenses:
| Expense | Cost |
|---|---|
| Form B1 filing fee | 鈧?0 |
| Newspaper advertisement | Approx. 鈧?00 – 鈧?00 |
| Professional fees (if applicable) | Varies |
Legal Implications
It is important to understand the legal implications of voluntary strike off. Once a company is struck off, it ceases to exist as a legal entity. This means that the company’s name becomes available for registration by another entity. Additionally, directors may be held personally liable for any outstanding debts or liabilities incurred by the company before the strike off.
Conclusion
Voluntary strike off can be a straightforward and cost-effective way to dissolve your Irish company. However, it is crucial to ensure that your company meets the eligibility criteria and that all necessary steps are followed correctly. By understanding the process and its implications, you can make an informed decision regarding the future of your company.
