Involuntary Strike Off
The CRO continues to address the level of compliance by Irish registered companies. On average, over 7,000 companies are being struck off each year. This programme is continuing, and is being supplemented with a programme of prosecutions of companies and directors.
Companies have requirements under the Companies Act 2014, independent of a company's requirements with the Revenue Commissioners, and failure to file annual returns can result in a company being struck off the register. Companies which may have settled their affairs with the Revenue Commissioners are still required to tidy up the affairs of the company on the CRO register and may be eligible for Voluntary Strikeoff or will need to liquidate the company.
Consequences of Strike-Off
The consequences of strike off are very serious for a company that is still trading:
While it is possible in most instances to have a company restored to the register, this can be an expensive procedure.
Grounds for Strike-off
Under section 726 Companies Act 2014, the Registrar may institute strike off procedures where:
Companies and their advisers should note that a company may be struck off the register if it has failed to file an annual return for one year.
The strike off process is as follows:
It should be noted that where a company has been struck off for failure to file annual returns, application may be made to the High Court by the Corporate Enforcement Authority for an order pursuant to section 842(h) Companies Act 2014, disqualifying the company's directors from acting as director or having any involvement in the management of any company, together with an order for the legal costs incurred by the Director in bringing such application and the costs incurred by him in investigating the matter. The length of the disqualification period is a matter for the Court.
Copyright 2024 Public Office Address: Companies Registration Office, Bloom House, Gloucester Place Lower, Dublin 1. Phone: +(353 1) 8045200
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