Services

There are two types of liquidations that are typically availed of;

Members Liquidation

This occurs when the directors and shareholders decide to liquidate a company even though the company is solvent. This may occur when a business ceases, yet still holds substantial assets. The best option may be to liquidate in order for the shareholders to obtain their portion of the company’s net assets. It is imperative to obtain professional advice before taking this option.

Creditors liquidation

A Creditors Voluntary Liquidation (CVL) procedure is the most common type of liquidation. This is initiated when a company can no longer pay their debts as they fall due (i.e. it becomes insolvent). The creditors then have the option to appoint a Liquidator.

Our Liquidation Services

We can provide you with guidance on the liquidation process and we provide a free initial consultation to discuss whether your company is suitable for liquidation.

Although we do not perform liquidations ourselves, we can provide a company director with a list of liquidators who provide this service. Once a liquidation has commenced, we will have no input into any aspect of the process. Any dealings a client has would be directly with a liquidator. Consequently, we hold no responsibility for the work carried out by any liquidator on behalf of a company.

We can however, assist the directors in preparing a Statement of Affairs which is necessary before a liquidation commences. We can agree a fee structure with the client for the preparation of this Statement.

A non-trading company is a company that is no longer trading, but the directors have decided that they want to keep the company on the register.

If this is the case, then it is necessary to file an Annual Return and Abbreviated accounts once a year. We can provide this service at a cost of €150 plus vat on the assumption that there are no accounting transactions in the year.

There are several reasons why a director may wish to keep a company in existence i.e.

• They may want to recommence trade at some point in the future.
• The company may have tax losses forward, so in some cases they can be used in the future.
• There may be pending litigation against the company so the directors don’t have the strike off option until the litigation outcome is determined.
• The company’s name may have some value, so the directors may wish to keep the company going in the short to medium term.

Should you wish to discuss any of the items mentioned above, please do not hesitate to contact us for a free initial consultation.

We also provide a full strike-off service to close a company.

There are a number of tasks and checks to be undertaken to close a company properly and they are as follows;

• Ensure the CRO returns are up to date.
• Ensure the company meets the Assets and liabilities rule with regards to strike off.
• Prepare minutes for directors and shareholders approval to terminate the company.
• Send letter to revenue to obtain formal approval regarding dissolution.
• Insert advert in the national newspaper.
• Prepare and file the H15 form and submit to Companies Office.

At VoluntaryStrikeOff.ie we can carry out the above work for a fee of €150 plus Vat which includes the national daily advert.