Cro Ireland Strike Off Listed: A Comprehensive Overview
When it comes to the business landscape in Ireland, the term “strike off listed” has become a buzzword. This article delves into the intricacies of this process, providing you with a detailed and multi-dimensional understanding. Whether you are a business owner, investor, or simply curious about the corporate world, this guide will equip you with the knowledge you need.
Understanding Strike Off
The strike off process is a legal mechanism used to dissolve a company that has ceased trading or is no longer viable. It is an official process that involves the Companies Registration Office (CRO) in Ireland. When a company is struck off, it is removed from the register of companies, effectively dissolving the legal entity.
Eligibility for Strike Off
Not all companies are eligible for strike off. To qualify, a company must meet certain criteria. These include:
| Criteria | Description |
|---|---|
| Not Trading | The company must have ceased trading for at least 18 months. |
| No Outstanding Liabilities | The company must not have any outstanding debts or liabilities. |
| No Legal Proceedings | The company must not be involved in any ongoing legal proceedings. |
| No Employees | The company must not have any employees on its payroll. |
It is important to note that the strike off process is not available to all types of companies. For example, companies that are in liquidation or have a share capital of less than 鈧?,350 are not eligible.
The Strike Off Process
The strike off process involves several steps, which are outlined below:
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Company Resolution: The directors must pass a resolution to strike off the company. This resolution must be filed with the 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 official language (English) and one in the native language (Irish). This notice must inform creditors of the intention to strike off the company and provide a deadline for any claims to be made.
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Form F68: The directors must complete and submit Form F68 to the CRO. This form includes details about the company, its directors, and the reasons for striking it off.
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Payment of Fees: The CRO charges a fee for processing the strike off application. The fee varies depending on the company’s share capital.
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Final Notice: The CRO will publish a final notice in the Gazette, informing the public that the company is being struck off.
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Strike Off: Once the final notice is published, the company is officially struck off the register and dissolved.
Consequences of Strike Off
Striking off a company has several consequences:
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Loss of Legal Entity: The company ceases to exist as a legal entity, and its assets and liabilities are transferred to the liquidator or the Crown, depending on the circumstances.
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Liability for Outstanding Debts: Directors and shareholders may still be liable for any outstanding debts or liabilities of the company.
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Loss of Company Name: The company’s name becomes available for registration by another entity.
Alternatives to Strike Off
While strike off is a common method of dissolving a company, there are alternative options available:
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Liquidation: This involves winding up the company’s affairs and distributing its assets to creditors. Liquidation can be voluntary or compulsory.
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Voluntary Winding Up: This is a process where the directors decide to wind up the company and distribute its assets to creditors.
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Compulsory Winding Up: This is a process where the court orders the winding up of the company due to insolvency or other reasons.
