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Liquidating a Limited Company

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  • 07-09-2013 12:17am
    #1
    Anju65
    Registered Users Posts: 3 ✭


    Hello everyone, I have been reading the different threads but am still a bit confused and would appreciate your help and advice.

    Me and my wife opened up a limited company in 2011. Unfortunately, we have not been able to run the business. In the year ending 2011-2012, I only had expenses with no revenue coming in and in 2012-2013, I only made €1500 in revenue around Dec 2012. This is a service oriented business.

    As the company has made no revenue, I as one of the directors have paid money to the company for expenses of the business. Today, I would like to wind up the business seeing no hope of success.
    The two creditors of the company if I understand is myself "money owed to the Director" and I have to pay around €750 to my accountant. I will be paying off the accountant in the coming months. My company year end is October 2013 and would like to wind up before then if possible.

    As far as I know, I do not owe any money to the revenue with a sale of €1500 and expense of €3500, I am trading at a loss.

    The shares of the company was set to €2.

    Having no additional income I would like to know what is the best possible way to wind up the company. I would really appreciate your advice.

    Regards
    Anju


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    #2
    Alan Shore
    Registered Users Posts: 735 ✭✭✭Alan Shore


    First of all you have to file a corporation tax return with the Revenue. Then apply to have the registration number cancelled.

    If all the companies annual returns are up to date then you can apply to the CRO to have the company struck off. The form is a H 15 and you will need a letter of no objection from Revenue and an ad from a national newspaper to go with it.

    http://www.cro.ie/ena/business-termination-voluntary.aspx


  • Options
    #3
    Anju65
    Registered Users Posts: 3 ✭Anju65


    Hi Alan, Thank you for taking the time to reply to my question.

    I looked at the link that you provided and it seems like I have to finish the financial year ending October 2013. My liabilities will be more than the said €150, as I will not be able to pay off the accountant's fee before that date.

    I wanted to avoid to pay another year of filing the returns as it would cost me another accountant's fee for 2013 which at the moment is becoming a huge burden due to financial crisis.

    Will I be able to submit the annual returns myself for 2013. I would like to say to the accountant that I wish to cease my service with him. Is that possible?

    Thanking you in advance for your help.
    Regards
    Anju


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    #4
    Alan Shore
    Registered Users Posts: 735 ✭✭✭Alan Shore


    When did the trade cease. That is the date that you need to get accounts done up to for CT purposes.

    The next CRO return is July 14 so by then the liability will be paid and you should qualify for voluntary strike off.


  • Options
    #5
    Anju65
    Registered Users Posts: 3 ✭Anju65


    Thanks Alan, I have not ceased trading yet as I was looking at the options to close down. Well, in fact there is no sales transactions.

    Only transaction that are there is that I am doing an online training to be a certified Coach which I had put in the books of the company but paid from my pocket. If I stop putting this in the company books then the trading has ceased. Sorry I may be a bit confusing.

    Can I submit the annual returns for 2013 myself instead of doing it with an accountant?


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