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Ceasing trading as Ltd Company

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  • 28-09-2005 9:23pm
    #1
    nylecoj
    Closed Accounts Posts: 1 ✭


    We need some help in this process ...

    2 directors of a Ltd Company, we are now ceasing trading and closing down the company.
    We received all teh information we need from CRO about striking off. But we can't resolve some issues around the money ans stock left.

    We both invested €2500 in it. We have some cash on the Company's bank account (say €3000). All fees etc have been paid off and we have some stock left (worth around €2000).

    1. What do we do with the stock?
    2. Can we take the money back from the account and divide it by 2 (2 directors)?
    3. Can we keep the stock to ourselves?
    4. Can we sell the stock to ourselves for a symbolic euro? (assuming we can use it ourselves)

    Some guidance will be appreciated.

    In advance, thanks.


Comments

  • Options
    #2
    finfacts
    Closed Accounts Posts: 25 ✭finfacts


    You can take the residue after every other claim - VAT etc has been paid off.

    If the stock is valued at €2K in your accounts and you have to provide a final balancing statement to the CRO, you may be able to claim ( if the issue arose) that the stock was worth nothing/obselote and write it off.

    Otherwise if taken out at value( benefit in kind) plus cash, these should be included in your tax returns.


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