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Dissolved company, does any legal entity exist post dissolution

  • 15-09-2007 6:49pm
    #1
    SMERSH
    Closed Accounts Posts: 198 ✭✭


    Where a company is wound up and dissolved by the CRO, can any debts be recovered? What if the company owed the state money, IE tax, vat etc can revenue recover the money if the company is dissolved?

    This is a hypothetical situation of course.


Comments

  • #2
    maidhc
    Registered Users, Registered Users 2 Posts: 7,674 ✭✭✭maidhc


    The assets of a company struck off by the CRO revert to the Minister for Finance.


  • #3
    Tom Young
    Legal Moderators, Society & Culture Moderators Posts: 4,338 Mod ✭✭✭✭Tom Young


    maidhc wrote:
    The assets of a company struck off by the CRO revert to the Minister for Finance.

    Agree. The Creditor should have been aware of the insolvency and had himself listed during examinership, members voluntary liquidation or petitioned the court in court liquidation. So if a creditor knows this is underway, either via Iris Oifiguil or the press they should call a solicitor and prepare petitions, or present at the Creditors meeting. The amounts owed to creditors will vary as usual and most likely be allocated based on priority and this can be done or dependant on charge allocations. That can be a little complex to explain here though.

    On a Section 311 Strike Off the entity still exists and the Directors Fiduciary duties carry for 8 years, Company name can exist dormant at CRO for 20 years. So important to check the Modus Op. of the company's cessation.


  • #4
    SMERSH
    Closed Accounts Posts: 198 ✭✭SMERSH


    AFAIK the company was struck for failing to file returns to the CRO. Would this be a section 311?


  • #5
    Tom Young
    Legal Moderators, Society & Culture Moderators Posts: 4,338 Mod ✭✭✭✭Tom Young


    Generally yes. There are a number of aspects to this, see the 1963 Companies Act. S. 311 is http://www.irishstatutebook.ie/1963/en/act/pub/0033/sec0311.html#zza33y1963s311

    You should read that. Further information as to next steps are best coming from a solicitor there is a detailed procedure. Suffice to say the company carries full liabilities as do its officers, subsection 6.


  • #6
    SMERSH
    Closed Accounts Posts: 198 ✭✭SMERSH


    Thanks Tom for that. That was what I was looking for.


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  • #7
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,538 Mod ✭✭✭✭johnnyskeleton


    SMERSH wrote:
    Where a company is wound up and dissolved by the CRO, can any debts be recovered? What if the company owed the state money, IE tax, vat etc can revenue recover the money if the company is dissolved?

    This is a hypothetical situation of course.

    When a company is wound up, however it is wound up, the revenue get the first bite of the cherry in the distribution. I wouldn't worry about the tax man.


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